Big buzz over Powerball jackpot

CREATED May 18, 2013

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You can't win unless you buy.

 
That's the mindset for most people snatching up tickets for the world's second largest jackpot ever.
 
At the BP gas station on Humboldt and North Avenue, hopefuls took advantage of every last minute to snatch up what could be the lucky ticket.
 
"Hi, do you guys sell lottery?"
 
It's a question asked countless times of clerks around the country Saturday with at least 600 million dollars on the line. 
 
"For real, 600 million?" asked a woman as she walked inside Pantry 41, hearing the buzz.
 
The number too shocking for customers to pass up. As of saturday afternoon 80 percent of the possible combinations were already picked. We found one woman playing for the first time.
 
"I see what's going on. Let me try my luck. Maybe I'll win something..be a millionaire." 
 
Desha  Wilson's mom and grandma sent him out for tickets
 
"I wouldn't know what to do with that much money. For real."
 
The chances of winning are low -- 1 in 175 million. But should you strike it big with the Powerball drawing, financial advisor and CPA Mike Arnow says  there's three things you should know.
 
One -- hold on to the ticket. 
 
"It's as good as cash. Be real careful with it. I'd say number two, call your CPA because you'll want to have some tax advice. There's going to be a lot of tax consequences to winning the lottery."
 
Thirdly, find someone who can give you independent advice on how to balance saving and spending goals. 
 
"The safest thing is called a fee only, not fee based, fee only financial advisor and this is someone who is charging only on an hourly basis. They're not going to try and sell you anything," said Arnow.
 
If you win an amount other than the jackpot, Arnow broke down the math on how much you'd need to net to quit your job.
 
"If you want a take this job and shove it fund, it's going to be 20 times your annual income. So lets say your annual household income is 50 thousand dollars, multiple that times twenty you get a million dollars."
 
With that you'd have enough to live on your same salary for the rest of your life with inflation taken into account.
 
To find a certified financial advisor, click on the link below.