Tuesday’s Mega Millions’ drawing came up without a winner, so the jackpot climbs to $630 million for this coming Friday.
It’s the fifth-largest jackpot in history and heading for fourth place.
So what would you do with the money?
“It’s a shock in a lot of ways to those people both positive and negative,” said Chris Chiampis, a financial advisor for Northwest Mutual in Bend.
“Oftentimes in my profession, we come across people that come across large sums of money,” Chiampis said “More often than not, they’re thinking of fantasyland first.”
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Chiampis said he knows of many people that come to a financial advisor only after their finances are on the downturn.
Lottery winners should seek out a financial advisor, tax planner, public accountant, and attorney.
As for spending, Chiampis says that any immediate investments is a bad idea, so don’t pretend you’re an investor on “Shark Tank.”
But there’s more to think about than what to buy.
“A big aspect I think is also safety, believe it or not,” Chiampis said “And where that information is displayed or who knows about that I would minimize that.”
In Oregon, the names of the lottery winners, the money they made, and the city they bought the ticket in are all public records.
Even wearing a mask, like some winners donned in the past, can’t help conceal your newfound fortune.
“Oftentimes, you hear old stories of athletes that get big sums of checks and you know some years later end up washed up in some shape or form,” Chiampis said.
So if you won the Mega Millions jackpot, people will know. But you can be smarter than 70% of lottery winners that wind up broke after seven years.
“Without that plan, you might see someone do what they think is an investment, per se, but isn’t wise,” Chiampis said.
The next Mega Millions numbers will be announced Friday at 8:00 p.m.
And though no ticket sold in Oregon has ever won Mega Millions jackpot, it’s still fun to discuss what you would do with the money.
“I would spend my money to make an animal sanctuary, because I want to be a zoologist,” said Faith Rockwell.
“I’d buy the town local bar that’s up for sale, and turn it into a kids and youth center,” said Angela Blank.
“Probably pay my college bills,” said Talia Segal.
“Probably college tuition and giving to families that are less fortunate,” said Georgia Lee.
“Probably my college tuition and I’d like to travel all over and not worry about it,” said Juliet Rie.
“Probably buy a bunch of cars,” said Abby Akins.
“Put it into savings for college so I don’t have horrible student debt to pay off,” said Maddie Joyce.
