What to Do With Big Jackpot? Ask Experts

Like a scene out of the 1971 classic “Willy Wonka and the Chocolate Factory” the craze over Mega Millions lottery tickets hit an all-time high Friday night, as did the jackpot itself.

Millions of people flocked to stores to get their chance a $640 million.

But what should you do if, by an amazing stroke of good fortune, you do win it all? Central Oregon financial experts say: Have a plan.

“You’re now getting into a world, none of us are likely prepared to handle that kind of wealth,” Jay Kolar of Valentine Ventures said Friday. “That is life-changing, so it requires a significant amount of planning.”

When it comes to the deciding whether or not to take the lump sum or the winnings in payments, they say don’t take it all at once.

“A lot of people when they receive the lottery winnings it’s gone in lighting speed,” said Kolar, “if they receive the payout option, they know they have that money for life.”

If you find it hard to say no to friends, family and people you don’t know with their hand out have a gifting plan ready.

” It makes it easier for you to say no,” said Kolar, “if it doesn’t fit what your gifting plan is then you can more easily say no.”

Experts say it’s a good idea to give some of the money to charity. They say it will help you out when tax time rolls around.

If you do win the any multi-state jackpot in Oregon, lottery officials say be prepared to wait a few weeks to a month to collect your money.

If you are looking for privacy in the state of Oregon, think again: The Oregon Lottery says your name, the city you live in, where you bought the ticket and how much you won will all be made public.