BROOKPARK, Ohio — Two major jackpots, totaling almost $2 billion, are up for grabs this week, but as everyone runs to try and get that winning ticket, financial experts advise that if you win, be smart with the money.
Everybody has their key to winning, but Julie Kuhur, the owner of the Smith and Snow Shell Gas Station out in Brookpark, says you just got to take a chance.
“Just be optimistic, try your luck and wish for the best,” Kuhur said.
At her gas station, they are known for having winners for anything from $1,000 to a million dollars, which is how they coined the name “The Luckiest Gas Station in Ohio.”
Each week, they sell more than 80,000 tickets. Monday, people are lining up, hoping to be the next winner of the 800-million-dollar Powerball that draws tonight and the 1.1 billion Mega Million jackpot that draws Tuesday.
If you are the lucky ticket holder, Charles Geiss, a financial consultant with Ta-Check Financial, says you should consult an attorney before spending all the money.
“Federally it's going to be a 37% tax bracket and there are some nice investments out there that are very tax friendly, but you got to also remember to that the winnings is subject to federal state and local taxes right off the bat,” said Geiss.
Then make a plan, because though so many already know how they’ll spend the millions. If you're smart with your funds, you can turn that one-time win into generational wealth.
“You're going to have enough money to have fun, to take care of the people around you and to set yourself up with investments that will last you for the rest of your life, last your children for the rest of your life and last your grandchildren for the rest of your life," Geiss said.
But before you get there, you have to get the number right.
