Financial Planner LA David Rae is the go-to resource when the Powerball and Mega Millions jackpots soar to record heights. Having worked with previous lottery winners, he has appeared across the spectrum of new channels discussing what to do it you win the lottery, receive a large inheritance or receive any other windfall.

Keep watching to see David Rae, the FUN CFP, on KCAL 9 News discussing the recent billion-dollar Powerball jackpot.

By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

Steps To Take Now If You Win The Powerball

1. Smile; you just won a boatload of money. Do something nice for yourself. Perhaps, pop some champagne and go out for a nice dinner.

2. Build Your Financial Freedom Power Team. The more money you receive, the larger this financial freedom dream team may need to be. It will likely include a Certified Financial Planner™, Certified Public Accountant, Tax Attorney and an estate planning attorney. It may include professionals like a therapist or charity consultants.

For the typical windfall or inheritance, you will likely be good just working with a great tax planning focused Certified Financial Planner.

3. Keep Your Powerball Win Quiet

Not too dramatic, your family security, as well as your financial security, could be at risk. Once you go public with your win, you may become a target for moochers and fraudsters. People will come out of the woodwork with business proposals, get rich schemes, or they may just ask for a handout.

Let your financial planner be the bad guy. Tell your friends, family members, and people you met once that one time (eons ago), that you have to run all financial decisions past your financial team.

4. Develop A Financial Roadmap For Your New Found Wealth

You find yourself owing hundreds of millions of dollars in taxes on your Powerball win. Good problem to have, right? But those checks will still be painful to write. Some good here, California does not tax Powerball winnings, which could save you millions of dollars in state taxes.

Let’s be real; if you won a billion dollars (or inherited it, or perhaps saw the company you founded grows into a multi-billion dollar company that goes public), you could probably quit your job. However, if you have merely won a million dollars in the lottery, your ability to maintain financial freedom will likely depend on the tax planning, and financial planning steps your take after your winning.

Odds are you are not the Powerball winner. But you can still take proactive steps to become a millionaire many times over. It is easier than you might think, yet many people never take the step to truly build life-changing wealth.

DAVID RAE, CFP®, AIF® is a Los Angeles-based financial planner with DRM Wealth Management, a regular contributor to Advocate Magazine, Huffington Post, and Forbes, not to mention numerous TV appearances.  He helps smart people across the USA get on track for their financial goals and minimize their tax bills.  For more information, visit his website at www.davidraefp.com

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