With the Powerball jackpot climbing to an estimated $856 million ahead of Saturday night's drawing, financial experts say the first steps a winner takes could have lasting consequences.
Before celebrating, financial planner Robert Laura says the first priority should be protecting the winning ticket.
"The first thing before you pop the champagne is to sign the ticket," Laura told Scripps News. "As soon as you see those numbers match up, sign it and put it in a safe place."
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Laura also urged winners not to make major life decisions too quickly — even if the money would allow them to retire early.
"You still need purpose and direction," he said, noting that work often provides structure and relationships that remain important even after a financial windfall.
Managing requests from family and friends can be one of the biggest challenges, Laura said. Rather than handing over cash, he recommends creating clear boundaries. For example, if helping someone pay off debt, send the money directly to the lender instead of giving it to the individual.
He also encourages winners to develop a long-term financial plan instead of focusing solely on large purchases.
