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So, you won the lottery. Will you be able to hold onto the money?

Ohio County
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July 04 2021 08:00 pm

OHIO COUNTY, W.Va. (WTRF) —

Today, one Pennsylvania resident is more than 5 million dollars richer after winning the big prize in the Mega Millions lottery. 

So what would you do if you hit big on the lottery? Retire early, maybe buy a new home? Those are only some of the decisions you would have to make after taking home the big prize.

Statistics show that the average lottery spends their winnings within 18 months. However, financial experts say there are a number of steps you can take to make that money grow over time.

 Jason Haswell of the says a diverse stock portfolio, as well an municipal bonds are a great start.

“If they bought municipal bonds that are Pennsylvania bonds, they pay no state or federal income tax. So, say you got three percent on those bonds, over that period of time, you’re ahead.”

Jason Haswell. Managing Director, Monteverde Group

Haswell says it’s important to seek professional advice early on from a number of sources. That includes a legal as well as financial advice.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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