Expert Advice: Hitting Jackpot is No Cake Walk
By: Jacob Long, WMBD/WYZZ-TV
Updated: November 28, 2012
BLOOMINGTON - It is a sound Mike Shabah is hearing a lot.
The lottery machine at his Bloomington gas station is printing tickets almost every time a customer visits.
"(I) have seen more customers who I have not seen before since I opened this morning, and I have been selling more than what I always sell," Shabah said.
People are trying to win Wednesday's night Powerball jackpot of $550 million. It is the highest jackpot in game history.
Whomever wins will take home around $360 million after taxes and payouts.
"That is a lot of money," said Twin Cities resident Micheal Smith.
Debbie Mason of the Twin Cities added, "You can't win unless you play."
Even Shabah bought a ticket. "We (the station) gets a piece of the pie. Would be nice."
But what anyone playing the lottery game might not realize is winning is no cake walk.
"This is going to be a life changing sum of money whether you take it at once or you take it over a period of years," said Troy Frerichs.
Frerichs is a senior investment officer at COUNTRY Financial who specializes in wealth management.
He said Wednesday any winner should first consider staying anonymous if possible.
"You're going to get solicitations. You're going to get people trying to make some money off you, have something to sell you," he said.
Next, he recommends assembling a team of financial and legal experts you trust with your life and checkbook.
"Get a good feel. Look at credentials. Look at, you know, if they references. Maybe you know people you do trust that can recommend others to you," he said.
But bottom line, Frerichs believes accurate planning is key for anytime you have a newfound fortune.
"You want your portfolio to reflect what you're trying to achieve with the money," he said.
And that is something many hopeful players already have ideas for when they buy their tickets.
Debbie Mason said, "I would get my own house. I'm renting right now." 31:09
"I'll invest it. Put it in the back. I do a lot of stuff with it," Smith said.
The lottery machine at his Bloomington gas station is printing tickets almost every time a customer visits.
"(I) have seen more customers who I have not seen before since I opened this morning, and I have been selling more than what I always sell," Shabah said.
People are trying to win Wednesday's night Powerball jackpot of $550 million. It is the highest jackpot in game history.
Whomever wins will take home around $360 million after taxes and payouts.
"That is a lot of money," said Twin Cities resident Micheal Smith.
Debbie Mason of the Twin Cities added, "You can't win unless you play."
Even Shabah bought a ticket. "We (the station) gets a piece of the pie. Would be nice."
But what anyone playing the lottery game might not realize is winning is no cake walk.
"This is going to be a life changing sum of money whether you take it at once or you take it over a period of years," said Troy Frerichs.
Frerichs is a senior investment officer at COUNTRY Financial who specializes in wealth management.
He said Wednesday any winner should first consider staying anonymous if possible.
"You're going to get solicitations. You're going to get people trying to make some money off you, have something to sell you," he said.
Next, he recommends assembling a team of financial and legal experts you trust with your life and checkbook.
"Get a good feel. Look at credentials. Look at, you know, if they references. Maybe you know people you do trust that can recommend others to you," he said.
But bottom line, Frerichs believes accurate planning is key for anytime you have a newfound fortune.
"You want your portfolio to reflect what you're trying to achieve with the money," he said.
And that is something many hopeful players already have ideas for when they buy their tickets.
Debbie Mason said, "I would get my own house. I'm renting right now." 31:09
"I'll invest it. Put it in the back. I do a lot of stuff with it," Smith said.
