Friday, May 17 2013 1:22 PM EDT2013-05-17 17:22:26 GMT
This Saturday's Powerball drawing is now worth at least $600 million. No one matched Wednesday night's numbers, making Saturday's jackpot the third largest in U.S. history. The largest jackpot was $656More >>
The Powerball jackpot is now one of the largest in U.S. history.More >>
(RNN) – Those buying a $2 Powerball ticket are fantasizing what to do with the $600 million jackpot.
Buy a boat? Travel? Buy your mom a house? Party so hard that you would put the Rolling Stones to shame?
"First thing, you should not get any new friends, you've already got enough," said Nathan Bachrach, of Simply Money.
Then take a deep breath. Don't rush into any decisions regarding your windfall.
"Emotions are a horrible tool when it comes to making money decisions," he said.
Bachrach suggests putting the money in the bank and going to a professional financial adviser – don't go crazy buying things for you and everyone else.
Paying off any debt is a first good step, and make a list of things you want to do with your winnings. Work with the financial adviser to make sure you have enough money to live on and with which to retire.
Managing money is not a do-it-yourself proposition. Bachrach pointed out that if training for the Olympics was easy, the athletes would be using coaches recorded on video.
"There are two things we've never learned in school; we never learned how to raise kids and we never learned how to manage money," Bachrach said. "Just because you won the lottery doesn't mean you know any more about money than you did before."
Copyright 2013 Raycom News Network. All rights reserved.
What would you do if you won the lottery?
Thank you for participating in our poll. Here are the results so far:
Pay off bills
Buy a new car
Buy a house
Buy a ticket on a rocket to space
Disappear, get a new life
Swim in your money like Scrooge McDuck
Don't go on a spending spree if you win the PowerballMore>>
Friday, May 17 2013 2:40 PM EDT2013-05-17 18:40:02 GMT
An official with the Walterboro Public Safety Department tells Live 5 News that Chief Otis Rhodes was fired Friday morning. The department is expected to release a statement today. Stay with www.Live5News.comMore >>
Walterboro Public Safety Chief Otis Rhodes has been let go. The department released a statement Friday afternoon stating Rhodes, who has been the chief of police and public safety director for nine years, has been relieved of his duties.More >>
Friday, May 17 2013 11:24 PM EDT2013-05-18 03:24:35 GMT
Swimming is a life-saving skill says James Island swim team coach Eddie Mason, who teaches kids as young as five. "It keeps them from being afraid of the water as they get older, and we find that the kidsMore >>
As kids make their first splashes of the summer, the City of Charleston is encouraging parents to keep their kids out of danger by enrolling them in swim lessons, and some coaches say the younger the better.More >>
Friday, May 17 2013 9:28 PM EDT2013-05-18 01:28:52 GMT
Charleston County deputies say they are searching for a suspect who took officials on a high speed chase that was called off in Orangeburg after the suspect was spotted selling cocaine in West Ashley. AccordingMore >>
Authorities have released dash camera video of a chase where a suspect led investigators on a high speed chase on I-26 in a pursuit that started in West Ashley and ended in Orangeburg. In the newly released video, authorities are seen pursuing the suspect who is driving a Lincoln Navigator along I-26 on Monday.More >>
Friday, May 17 2013 8:01 PM EDT2013-05-18 00:01:35 GMT
Authorities have arrested two people suspected of an armed robbery in downtown early Friday morning. The Charleston Police Department charged 23-year-old Eric Wigfall and 22-year-old Brittany RobinsonMore >>
Authorities have arrested two people suspected of an armed robbery in downtown early Friday morning. The Charleston Police Department charged 23-year-old Eric Wigfall and 22-year-old Brittany Robinson.More >>
Authorities say a 15-year-old runaway has been found safe following an investigation by the Moncks Corner Police Department which led to the arrest of two men. Investigators announced Friday evening that Dana Sweazy has been found and is back home with her parents. More >>
Friday, May 17 2013 7:45 PM EDT2013-05-17 23:45:25 GMT
Officials with the Mount Pleasant Police Department say the intersection of the Isle of Palms Connector and Rifle Range Road is closed following an accident. Authorities say the area will be closed forMore >>
Charleston County dispatch officials say traffic is moving again on the Isle of Palms Connector following an accident.More >>
Friday, May 17 2013 6:56 PM EDT2013-05-17 22:56:45 GMT
The Berkeley County Sheriff's Office is investigating a shooting outside of Club Pluto in Goose Creek early Tuesday. Deputies aren't commenting on what happened, but our photojournalist saw shell casingsMore >>
Law enforcement reports recently released reveal that after a man was shot twice at a Berkeley County nightclub, a car leaving the same club was shot at and suffered damaged from the shooting.More >>
Friday, May 17 2013 5:02 PM EDT2013-05-17 21:02:58 GMT
The man convicted of voluntary manslaughter two years ago in the 2009 death of 28-year-old Kate Waring is again seeking a new trial. According to the South Carolina Attorney General's Office, 33-year-oldMore >>
The man convicted of voluntary manslaughter two years ago in the 2009 death of 28-year-old Kate Waring is again seeking a new trial.More >>
Friday, May 17 2013 4:52 PM EDT2013-05-17 20:52:41 GMT
Plans for a new road in Mt. Pleasant are in the works to ease the traffic on Highway 17 near Wando High School. Developers are building a new road behind the high school that will connect the roundaboutMore >>
Plans for a new road in Mt. Pleasant are in the works to ease the traffic on Highway 17 near Wando High School.More >>
Friday, May 17 2013 4:06 PM EDT2013-05-17 20:06:59 GMT
Charleston County sheriff's deputies are looking for 47 year old Walter Stanley Mintz. Mintz is wanted on charges of burglary 2nd degree. Deputies say on February 21, 2013, Mintz broke into the D&V convenienceMore >>
Charleston County sheriff's deputies are looking for 46 year old Walter Stanley Mintz. Mintz is wanted on charges of burglary 2nd degree. Investigators say on February 21, 2013, Mintz broke into a convenience store in Adams Run and stole five rolls of lottery tickets. Deputies say he was paid $20 to commit the crime and gave the lottery tickets to two men who cashed them.More >>
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