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.
Live5News.com Poll
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
36%
269 votes
Buy a new car
2%
18 votes
Buy a house
15%
107 votes
Travel
7%
53 votes
Charity
10%
70 votes
Buy a ticket on a rocket to space
1%
6 votes
Disappear, get a new life
20%
145 votes
Swim in your money like Scrooge McDuck
9%
65 votes
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 >>
Saturday, May 18 2013 11:43 PM EDT2013-05-19 03:43:26 GMT
Shots were fired after an altercation tonight at a North Charleston gas station, according to North Charleston Police. The shooting happened just before 10pm at the Murphy's Gas Station at Rivers AvenueMore >>
Shots were fired after an altercation tonight at a North Charleston gas station, according to North Charleston Police. The shooting happened just before 10pm at the Murphy's Gas Station at Rivers AvenueMore >>
Saturday, May 18 2013 8:24 PM EDT2013-05-19 00:24:29 GMT
Thousands of boaters visit Lowcountry waterways each summer, and Coast Guard Charleston Response Chief Brian LeFebvre wants each one to stay safe. Chief LeFebvre and various maritime responders hostedMore >>
Thousands of boaters visit Lowcountry waterways each summer, and Coast Guard Charleston Response Chief Brian LeFebvre wants each one to stay safe. Chief LeFebvre and various maritime responders hostedMore >>
Saturday, May 18 2013 5:39 PM EDT2013-05-18 21:39:18 GMT
A Delta flight out of Charleston bound for New York City made an emergency stop in North Carolina Saturday morning after a warning indicator went off in the cockpit, according to an official with the airline. MichaelMore >>
A Delta flight out of Charleston bound for New York City made an emergency stop in North Carolina Saturday morning after a warning indicator went off in the cockpit, according to an official with the airline.More >>
Saturday, May 18 2013 2:41 PM EDT2013-05-18 18:41:08 GMT
Charleston police were called out to a motorcycle accident Saturday afternoon at the Crosstown in Downtown Charleston. Police say the accident occurred between a vehicle and a motorcyclist around 1:45More >>
Charleston police were called out to a motorcycle accident Saturday afternoon at the Crosstown in Downtown Charleston.More >>
COLORADO SPRINGS, CO (KRDO/CNN) – A farmer in Colorado is making history with his hemp seeds. He's planting the first crop of industrial hemp in the southeastern part of the state since World War II. GrowingMore >>
A farmer in Colorado is making history with his hemp seeds. He's planting the first crop of industrial hemp in the southeastern part of the state since World War II.More >>
HOUSTON (KPRC/CNN) – Four hundred pounds, seven hives and 250,000 bees were all inside one home in Houston, until this week. The homeowner said the bees had been living at their address for almost fourMore >>
Four hundred pounds, seven hives and 250,000 bees were all inside one home in Houston, until this week.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 >>
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As of Friday, the Powerball jackpot reached $600 million dollars. (Source: CNN)
