There has already been a big winner here in the stateline, after a ticket worth $19 million was sold in Roscoe last week. For many, the instant wealth ends careers and begins financial independence, but if you're not careful with your dough, that money can disappear almost as fast as it landed in your pocket.
When you're lucky enough to win the Lottery, you're still forced to make an important decision, take the money in a lump sum, or accept smaller annual payments. The vast majority of winners select the first option, which, after taxes, cuts the jackpot nearly in half.
That's where financial advisors like Anthony Pozzi come in. Pozzi, Executive Vice President at Alpine Asset Management in Rockford says it's extremely important to assemble a team of tax experts, attorneys, and advisors before making any rash decisions. From there, it's time to come up with a long term game plan.
Investing in a variety of sources, Pozzi says is always a safe, conservative option, but if you're feeling the need to spend some of that newfound wealth, there are also some options that could pay off, such as real estate, valuable art collections, as well as vintage cars.