NEW ORLEANS – The Mega Millions jackpot now sits at just over $1 billion dollars, the highest payout in the game's history, and everyone seems to want their chance to win. Tonight, one lucky person could take home all of that cash.
If a Louisiana resident happened to win the record-breaking jackpot, it would make history for another reason. According to the Louisiana Lottery Association, a Louisiana resident has never won a Mega Millions jackpot. There have been 17 Powerball winners in Louisiana.
WWL-TV sat down with a financial planner, Beatrice Waesche, who told us what to do if you suddenly won close to a billion dollars.
“Definitely protect that ticket and seek financial advice,” Waesche said. “Go to a financial advisor and this financial advisor will help you establish a game plan. They’ll put together a team of professionals to help navigate the waters of coming into this newfound wealth.”
Waesche then recommends paying all of your outstanding debts and establish a budget. She added that winners will also want to put money into your retirement and savings account before looking for investments with higher returns.
"If you're coming right into a big lump sum of money, first, don't quit your day job," Waesche said. "I would recommend getting all of your ducks in order and then making these big purchase decisions. Because life is a long runway and you have to make sure you preserve and protect this wealth."
Waesche said it might not be a great idea to immediately go out and buy the most expensive car that you have ever seen. You would want to make sure to stretch the winnings over the rest of your life.
"We have a client who is a lottery winner. She lives within her means. She hasn't really changed her lifestyle since coming into this newfound wealth," Waesche said. "She's still living off of the earnings from her investments."
But the most important thing to do: sign the back of your ticket to protect your prize.
It is important to note that in Louisiana, with a jackpot this large, any winner would not be able to remain anonymous.
"What I would be aware of is people knocking on your door and asking for money," Waesche said.
The next Mega Millions drawing is set for 10 p.m. Friday night, so there is still some time left if you are planning on buying a ticket.
WWL-TV reporter Meghan Kee can be reached at mkee@wwltv.com. Follow her on Twitter at @MeghanKeeWWL