USDA loans are only available in USDA-eligible areas as designated by the USDA. *VA eligibility is required for VA loan products. Property insurance is required on all loans secured by property. Consumer unsecured lending program prohibits loan proceeds from being used for down payment. Please contact your banker to request this program and the applicable rates, terms, and conditions. This is a separate unsecured consumer loan we will underwrite in-house at the same time as your requested mortgage loan. CNN Sans ™ & © 2016 Cable News Network.*Qualification for up to $50,000 extra is for qualified borrowers and can be applied to all loan programs. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Plenty of past winners serve as cautionary tales about the psychological impact of sudden wealth, and all the changes that come with it. Your crack team of helpers can manage it all for you.īut there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health. The rest is mostly personal finance 101: Pay off your debts, set up savings for college, diversify your investments and keep up a robust emergency fund. Once you’re lawyered up and have a solid financial team you trust, have those advisers look over the lottery’s rules before you sign the original ticket, according to State Farm’s consumer-advice site Simple Insights. One of the biggest winners of the Powerball will be the IRS, which gets its cut in federal income tax, Herzig says, but you can offset some of your tax liability by using philanthropy as a way to receive a charitable deduction. (Your neighbor Gary the CPA might be a great pal who’s done your taxes before, but he almost certainly hasn’t dealt with an influx of wealth like the one you, lucky lotto winner, are dealing with.)Īnother thing to keep in mind: It pays to be a good person. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it.Īgain, you’ll want to look for experts at larger institutions who have experience figuring all this out. That means aiming for a specialist at a large national law firm. “Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Hiring a lawyer should be a top priority. “I think it can be more of a curse than a blessing for some, just in all of the work that has to be done,” Belinda Herzig, senior wealth strategist at BNY Mellon Wealth Management, told CNN late last year when the Powerball jackpot was last this high. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. Most states will not let you claim the prize anonymously, which means you’ll need to act fast to protect yourself before you’re inundated with vultures or new-found relations.Īnd while this might seem obvious, don’t forget to document your win. Shop owner scores $1 million bonus for selling the winning Powerball ticket CA Lottery officials presented a CA Lottery's retailer selling bonus check for "One Million US Dollars," for selling the lottery ticket that won a record $2.04 billion Powerball jackpot. Business owner Joe Chahayed smiles as he holds a check with his sons, Joe Chahayed, Jr., left, and Daniel Chahayed, right, outside his Joe's Service Center in Altadena, northeast of Los Angeles Tuesday, Nov.
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