WXMI — The Mega Millions jackpot has grown to $1.28 billion, which has many people hoping for a win.
Friday's winning numbers are: 67, 45, 57, 36, and 13 and the Mega Ball is 14.
If you are that lucky winner, there are a few things to keep in mind when it comes to getting all that money out of nowhere.
Financial advisors told FOX 17 Friday that it’s important to decide if you prefer a lump sum payment or payments over time.
Opting for payments over time would result in a lower tax hit.
They also say it’s important to have a game plan of what you will do with the money if you win, whether that’s donating to a charity, saving or spending.
Financial experts say that while it’s important to treat yourself, it’s also important to save.
“The first thing to realize is not all of that is your money. Number one is recognizing a portion is going to go to the government. There’s going to be taxes, federal and state taxes, because that’s now the income that you received, so just, you know, getting that sort of scale down. But what I would tell someone is, you know, enjoy a portion. There’s nothing wrong with doing something you want to do with the money. Maybe you’re donating a portion or paying something or doing some great deed, but then the next part is making sure you save a portion,” said Phillip Mitchell, CFA at Kroon and Mitchell Integrated Tax and Investments.
Advisors also suggest investing in stocks or bonds and working with a professional to make sure you have the right resources to make the best decisions moving forward.
“Of course, naturally, you want to invest money because you’d rather try to grow over time, and so you’re looking at all the traditional routes, stocks, bonds, real estate. Again, I think they key is to work with the professional to get a good strategy that best fits you,” Mitchell added.
Friday's Mega Millions jackpot drawing was at 11 p.m.
