ORLANDO, Fla. – The Mega Millions drawing is at a record $1.6 billion jackpot, and we're all hoping to be big winners Tuesday night.
All eyes will be on the six winning numbers around workplaces and at home across 44 states after the drawing.Â
"It's a lot of money," Troy Flowers said.
Flowers said he'd spend it in different ways.
"Help the community out more or so, you know, the churches, the local fire departments, the police departments. Mom, dad, that sort of thing and more so, I guess, I want to get into politics," Flowers said.
While Flowers wants to be the next city commissioner, William Neeve, on the other hand is having a tough time figuring it out.
"I don't know. I really don't know -- does anybody?" Neeve asked.
Neeve might not know yet, but his neighbor, Paul Bortzfield, has a clear idea of what to do.
"I'm gonna declare war on cancer, especially breast cancer," Bortzfield said.
Neeve had a word of advice to the winner.
"You just spend it wisely," Neeve said.
Of course, everyone has imagined buying into luxury, but there are important factors to consider first.
Financial adviser Bryan Repple suggests the smartest way to handle big winnings is to set up a pension plan if you decide to take the lump sum option.
"It gives them more choices, what to do with the money, so they'll receive after taxes whatever that number comes out to -- let's say it's a billion dollars, they are their own personal economy at this time," Repple said.
Another idea on how you can invest:
"I really think that if you can continue to get people to work, start businesses, contribute back into the economy, is probably one of the greater things," Repple said.
If you choose to take a one-time lump sum payment instead of annual payouts over 30 years, you're looking at about $905 million.
If you're the lucky winner, make sure you do the following first.
"Florida does not allow you to claim the prize anonymously, so you wanna sign the back of the ticket to ensure that the ticket is safe and most importantly, put it in a safe spot, you know, get a lock box," Moses Dewitt, an attorney, said.
Dewitt also noted the importance of having a team that includes an attorney, accountant and financial advisor in case that forgotten uncle, aunt or cousin suddenly knocks at your door.
"You want a buffer between you and all those people who are gonna show up at your door asking for money, and it also prevents from people being scammed," Dewitt said.
In the state of Florida, you have 180 days to claim the prize, but if you want the cash payout, you have to claim it within 60 days.Â