The jackpot for the Powerball on Wednesday, January 13th, is expected to top $1.4 billion. Can you believe that? What would you do with all that money? I’ve never had a massive windfall like that; my money has always accumulated slowly. I like to think I wouldn’t go crazy, but who knows? So, what should you do if you actually win the lottery?

First, stop buying lottery tickets. You’ve likely spent a significant amount already, and the odds of winning twice are extremely low. Save your finances and stop playing. If it’s hard to quit, consider why you play. Is it for the thrill? You’ve already won. Is it to pass the time? Find a new hobby. You have the money now.

Next, do nothing for a while. Instead of immediately splurging, take some time to let the initial excitement settle. Yes, if you need groceries, buy them. But steer clear of luxury purchases like cars or real estate. Those things will still be there after you’ve had time to think things over.

Keep your win on the down-low. Wonder how many friends you’d have if you got rich overnight? Probably a lot, including new ones who want to party and borrow money. You don’t want that. Share the news with a few close friends or family members you trust. Remember, you’re still the same person you were before.

Pay off your debts. Clear those credit card balances, personal loans, and your mortgage. The interest savings alone make this a smart move, and it’s freeing to owe nothing to anyone.

Treat yourself a bit. While it’s wise to avoid extravagant purchases, after clearing your debts and getting your finances in order, set aside a small percentage of your winnings—say 10%—for guilt-free spending. Enjoy yourself within that limit.

Invest the rest wisely. Many lottery winners end up broke because they try to live beyond their means. Buying a multi-million dollar house sounds great, but do you know how expensive it is to maintain? Instead, invest your money and follow a prudent strategy like withdrawing a safe percentage each month. This way, your winnings can last indefinitely, providing a generous monthly income.

Finally, seek professional financial advice. With your sudden wealth increase, managing finances on your own might not cut it anymore. Hire a fee-only financial planner who won’t earn commissions on products they recommend. They’ll help you make informed decisions that align with your long-term goals.