What if You Win the Lottery?

By: Chay Lee
By: Chay Lee

The Virginia Mega Millions jackpot is now at $290 million. For all you gamblers, out there, here is some advice if you happen to win the lottery.

If you win, half of the jackpot will be handed over to Uncle Sam. You will have to decide if you want your money in one lump sum or in installments. Experts say you should get a team of advisers that include a financial planner, a lawyer, and a CPA. But most of all you have to be smart.

"You want to take an amount of that money that would essentially guarantee a lifestyle that you would want to maintain, and you put that in very conservative investments that are not going to have the real ability to depreciate on you," says Dan Grandstaff, a financial advisor at A.G. Edwards.

Next it's time to bring on the fun.

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