By: Law Offices of Peter J. Lamont
Tonight is the drawing for a record Powerball jackpot totaling more than $500 million. Those who do not live in states offering the Powerball lottery are traveling to enter for their chances at wealth. Taxes will probably cut the winnings by half, but over $200 million is not exactly small change either.
Thoughts always turn to how one would spend that much money. There are horror stories about families being torn apart over new found wealth or irresponsible spending and ultimately debt. On the other hand, there are winners whose lives have been truly improved by their luck.
What will you do if your numbers are called tonight? Invest it in the market? Start or expand your business? Pay back debt or donate to charity? There are many options out there.