Tips for Sustaining a Windfall

Recently, Paul White from Minnesota andtwo people from New Jersey won $448 million dollars in the Powerball jackpot.Most of us will never win the lottery, but some people might expect a heftywindfall at one point or another. Below are some tips on how you can get yourmoney will last as long as you do.

1. Brokers and insurance salesperson work offcommission so you are better of not dealing with them. 
2. Have a fee- only certified financialplanner draft a comprehensive financial plan. 
3. Have an estate plan so you can avoidprobate court. 
4. Have a prudent spending plan. 
5. Continue investing in human capital. 

See John Wasik Powerball Planning: Five Things to do with A Lottery Windfall, Forbes,  Aug. 8, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.