Barry Ritholtz, Columnist

How to Deal With a $759 Million Lottery Jackpot

The odds of winning were long; so are the odds of keeping those winnings.

August 25, 2017 at 4:58 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

Oh, I guess I'll take it.
Photographer: David L. Ryan/Boston Globe/Getty Images

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On Wednesday night, Chicopee, Massachusetts, resident Mavis Wanczyk won the $759 million Powerball jackpot. Her first act was to call into work to say she wouldn't be coming in the next day. Or ever again.

Before she starts celebrating beating those 292.2 million-to-1 odds,1503679292861 there are a few things Wanczyk needs to consider about her good fortune. If she learns these lessons quickly, then she and her heirs will be much happier and more satisfied with their lives.