What you should and shouldn’t do if you win the millionaire jackpot, says an expert

Lucky winners still have a chance to win Friday’s Mega Millions jackpot, which is about $825 million, as no one won the jackpot in Tuesday night’s drawing.

A Mega Millions press release said that if successful, the jackpot could be the seventh-largest in the game’s history and the largest ever won in December.

While getting the golden ticket is all about luck, maintaining your newfound wealth after receiving such a windfall requires some strategy. In fact, lottery winners are more likely than the average American to declare bankruptcy within three to five years due to a lack of financial planning.

Yahoo News spoke with personal finance expert Andrew Lokenauth, founder of thefinancenewsletter.com, for some tips on what to do and what not to do if you’re a jackpot winner. Some answers have been lightly edited for length and clarity.

Someone just won a lottery jackpot, what should they avoid doing?

Andrew Lokennos: One: Don’t sign the ticket because once people know who collected the ticket, everyone will come after you. I would say put it in a safe place and depending on the state you are in you can pick it up anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina, or Maryland).

Second: Don’t tell anyone. This goes back to point one, in that you could be the victim of a robbery, or people could try to blackmail you.

Privatize until things are under control. You need to delete your social media or make it private until you resolve the issue. Legally change your address to a PO Box. And get a new phone number and email address, as these are easy to find online.

what action should What does the lottery winner get?

Make a digital copy (on encrypted storage) or print a copy of your ticket. If you lose it or someone steals it…this is time-stamped proof that you actually own the ticket.

You will need to consider hiring six different professionals. The first is a lawyer who will help you set up a legal entity [and set up a] Trust that protects your funds.

Who else should you hire?

Personal safety. You want someone to look after and monitor your bank account, your investments, and you want a professional security guard to keep you safe.

An accountant provides you with a monthly or weekly review of your money, including where it’s going, your expenses, your investments, as you’ll be looking to grow your money.

A financial advisor can assist you in building and creating wealth so that it can be passed on to future generations. Or, if you want to give back to the community, you could set up a charity.

A tax attorney can help you save money on taxes. I believe the tax code is over 75,000 pages. Many wealthy people exploit the tax code to benefit while paying very little in taxes.

An estate planning attorney can help you pass on your wealth to future generations.

Which is better, cashing out the bonus in one lump sum or receiving an annuity?

Since inflation and dollar costs decrease over time, it’s best to take a lump sum and then you can work with your financial advisor or hedge fund [to] Manage this money strategically.