What You Should Do If You Win The Lottery - Palm Springs News, Weather, Traffic, Breaking News

What You Should Do If You Win The Lottery

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Palm Springs, CA -

A woman won millions from a lottery ticket bought at the Albertsons in Palm Springs. So far, the winner still hasn't come forward.

While most people would want to splurge after winning the lottery, experts say that's not the first thing you should do.

"Although it's your urge, and you have your wish list, you want to take your time out, take a deep breath, and really think it through," said Robert L. Schein, the Managing Director at HighTower.

By think it through, he means find a financial adviser.

"What we want to do is preserve it, protect it, reduce and minimize the taxes of it because there's a lot of obligations there, but also make sure that it's there long into the future," Schein explained. 

One lottery player says he buys tickets, but doesn't expect to win. 

"It's a guilty pleasure. You don't really think you'll win, but there's always that chance," said Wayne King. 

In case that chance comes becomes reality, he's thought it through the smart way.

"I'd call a financial adviser, and the second thing I'd do is get a first class ticket to Paris and start looking for an apartment," said King.
 

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