In an electrifying discussion surrounding the Powerball lottery, financial expert Michael Tormenta has issued urgent advice for potential winners on how to manage their newfound wealth wisely. As the jackpot soars to a staggering $1.1 billion, excitement mounts, but so does the risk of financial mismanagement. Tormenta warns that without a solid strategy and professional guidance, winners could find themselves in dire straits, echoing the fate of many past lottery winners who ended up bankrupt.

The first crucial step? Silence. Tormenta emphasizes the need for privacy—winners should remain discreet to avoid an influx of requests from relatives and friends. He advocates for assembling a “team of Avengers,” including a fiduciary financial advisor, an estate attorney, and a CPA, to create a protective structure around the winnings. This team can help establish trusts that safeguard assets and potentially minimize tax burdens.

When it comes to the payout options, Tormenta advises most winners to take the lump sum, which, after taxes, could net around $282 million in California. However, he cautions that this immediate influx can lead to impulsive spending if not managed properly. He stresses the importance of taking time to reflect on priorities—whether it’s upgrading lifestyles, engaging in philanthropy, or ensuring that family members are equipped to handle the wealth responsibly.

“Skipping steps can lead to ruin,” Tormenta warns. He highlights that many lottery winners fall prey to poor investments and overcommitment, often driven by unsolicited advice from well-meaning acquaintances. The key to lasting wealth lies in careful planning and professional oversight, ensuring that the money not only lasts but also builds a legacy for generations to come. As the Powerball excitement escalates, the message is clear: winners must tread carefully to secure their financial future.