(WJBK) - We all have plans for what we would do if we won the jackpot, but the better question is what should you do with all that money?
Lyle Wolberg from Telemus Financial Life Management joined us on The Nine with some advice.
"People don't make smart decisions with their money; that's what professionals do. There's some things that, whether you win the lotto or not, that you should take care of," he says.
"The first thing to do is breathe," he says. "By that I mean, don't make any crazy decisions. There's some legal, financial decisions you've got to make. Is it better for your wife to claim the ticket? Should you claim the ticket? There's some things in there, legal aspects; you want to take a break before you make the claim."
2. ASSEMBLE A TEAM
"This is for everyone, too, not just the lotto winners," Wolberg says. "You want to assemble your lawyer, your CPA, your financial adviser; get a great team around you."
3. STAY WEALTHY
"This goes to anyone who is either in retirement, or getting close to retirement, and especially the lottery winners - we have a saying, 'Once you have accumulated what you have, your job is to stay wealthy and not get rich.' So, you've got to be smart about the investment decisions you make. Allocate, don't put too many eggs in one basket so to say," he says. "Chances are, you don't have to take that much risk with that much money; the million-dollar winner probably still wants to take some risk."
4. LEARN TO SAY NO
"That's the biggest one," he says. "When you come into money, you will have so many people coming to you, asking you for money, with smart ideas; there's restaurant ideas; there's startup ideas. You really need a gatekeeper. Unfortunately, a lot of people can't say no. It's your family, your cousin you haven't seen in whenever, and so, that's where a lot of the money goes."
Watch the video above for Wolberg's smart money ideas for 2016.
This odds of winning the Powerball Jackpot are one in 292.2 million. No one won Wednesday's prize, worth an estimated $500 million.
The next drawing is Saturday, January 9, 2016. As of print time, that jackpot has reached $800 million.