There's still a chance — 1 in nearly 303 million — that a lucky winner will score Friday's Mega Millions jackpot, which ballooned to an estimated $825 million after no one won the top prize in Tuesday night's drawing.
If won, this jackpot could be the seventh largest in the game's history and the largest prize ever won in December, according to a Mega Millions press release.
While securing the golden ticket is all a matter of luck, holding on to one's new fortune after such a stroke of luck requires some strategy. Compared to the average American, lottery winners are more likely to declare bankruptcy within three to five years due to a lack of financial planning.
Trusted news and daily treats, straight to your inbox
See for yourself: The Yodel is the source for daily news, entertainment and feel-good stories.
Yahoo News spoke with Andrew Lokenauth, a personal finance expert and founder of thefinancenewsletter.com, for some tips on what to do and what not to do if you're the jackpot winner. Some answers have been lightly edited for length and clarity.
Someone just won the lottery jackpot, what not to do?
Andreas Lokenauth: One, don't sign the ticket because once people find out who claimed it, everyone will run after you. I'd say keep it in a safe place, and depending on the state you're in, you can claim it anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina, or Maryland).
Two: don't tell anyone. This leads back to the first point, because you could be the victim of a robbery, or people could try to extort you.
Go private until things are under control. You'll want to delete your social media or make it private until you find out. Legally change your address to a PO Box. And get a new phone number and email address, as both are easy to find online.
What actions should take lottery winners?
Make digital copies (on encrypted storage) or print copies of your ticket. If you lose it or someone steals it… these are time-stamped proof that you actually own the ticket.
You're going to look at hiring six different professionals. The first would be a lawyer, who would help you set up a legal entity [and set up a] trust that protects your money.
Who else should you hire?
Personal safety. You want someone to monitor and monitor your bank accounts, your investments, as well as professional security to protect your safety.
An accountant who gives you an overview of your money every month or every week, where it goes, your expenses, what your investments look like, because you want to grow your money.
A financial advisor who helps you build and create your wealth so you can pass it on to future generations. Or, if you want to give something back, you can start a charity.
A tax advisor who helps you save on your tax bill. The tax code is, I believe, over 75,000 pages. Many wealthy individuals use the tax code to their advantage and pay very little taxes.
An estate planning attorney who helps you pass on your wealth to future generations.
Is it better to cash out the winnings all at once or receive an annuity payment?
Since inflation and the cost of the dollar decrease over time, it's always good to take the lump sum and then work with your financial advisor or a hedge fund. [to] manage that money strategically.
