Financial advisor gives advice on lottery winnings - WALB.com, South Georgia News, Weather, Sports

Financial advisor gives advice on lottery winnings

Vic Sullivan, Wells Fargo Financial Advisor Vic Sullivan, Wells Fargo Financial Advisor
Damioun Williams, Bought Powerball Ticket Damioun Williams, Bought Powerball Ticket
ALBANY, GA (WALB) -

South Georgia stores sold a whole lot of Powerball tickets today.Even if you take the cash payout, a single winner could take home $930 million. If you suddenly become that rich, a Wells Fargo financial advisor says you're going to need some expert help.

A $600,000 home is one of the most expensive houses now on the market in Albany.  If you win the jackpot, you could easily afford that and a whole lot more, but Damioun Williams says he has other plans if he's the lucky winner.

"Of course I'll take care of family and I have a few churches in mind,” said Damioun Williams.

Williams says he would be careful with how he spent his winnings.

"Really just take my time with it,” said Williams. “With that type of money you have to take your time."

Financial advisors say that's smart.  If you come into a lot of money you need to make a plan.

"Be secure, be sensible, and make some plans at the very outset in the long run I can't help but think that would make it a positive experience,” said Vic Sullivan, Wells Fargo Financial Advisor.

Vic Sullivan says the first thing the winner should do is sign their ticket.

"Whoever wins needs to make sure they know it is theirs, and there's no doubt about that,” said Sullivan.

The winner should also hire a financial advisor, lawyer, and insurance agent.

"That team is going to be important for the rest of your life because this amount of money is obviously an extremely unique situation,” said Sullivan.

He also says collecting the money in increments could be an option to consider rather than taking the lump sum after taxes.

"For some people that might be the best option simply because they truly have no experience whatsover in investing and they're not potentially willing to get some advice,” said Sullivan.

That investment is important.

"They'll be in a position with this amount of money to do some great things, ideally for their children,  their grandchildren and potentially leave a legacy for them,” said Sullivan.

Sullivan says it's important to remain discipline with the money so that you remain financially healthy. 

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