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Jeffery Degner Advises Powerball Winners to Prioritize Privacy and Professional Financial Planning

Economist Jeffery Degner suggests that the first priority for Powerball jackpot winners should be protecting their privacy. As the jackpot reaches one of the largest in history, Degner notes that making a windfall public can quickly attract relatives and strangers seeking money. He recommends that winners remain anonymous if possible and develop the habit of saying 'no' to early requests. To manage the winnings effectively, Degner advises hiring a tax attorney and a certified public accountant to navigate the complex tax implications, which can take a significant bite out of the prize. While choosing between a lump sum and an annuity is a common dilemma, Degner notes that the total returns are often fairly close. He urges winners to avoid major purchases during the first few months to prevent 'lifestyle creep' and suggests paying off high-interest debt first. By focusing on tax strategy before lifestyle choices, winners can ensure the long-term preservation of their wealth.

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