Powerball: What to Do if You Win

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As Wednesday's Powerball drawing looms just days away, it's already projected to be the biggest prize in history.

With so many people buying tickets, the odds of winning can seem daunting, but if you do find yourself in possession of those lucky numbers, what should you do next?

California Lottery officials say once the surprise wears off, you'll need to have a solid financial plan in place.

Lichine's Liquor and Deli is a rumored hot spot for winning tickets. On Monday, customers came in droves to buy tickets. For many, the chance to become an overnight billionaire is intoxicating.

For Jeff and Cheryl Franklin, the allure of complete financial freedom is dazzling.

"I would get new golf clubs, and guess what? A 2016 Corvette Stingray convertible with super charge," said Jeff Franklin.

Customers who frequent Lichine's Liquor and Deli store say this particular location at the Florin West Center is just a bit more lucky than all the rest. The proof can be found in a never ending line snaked in and around the building for hours.

For Doug LaBeff he celebrated his birthday by treating himself and his family to Powerball tickets.

"Lichine's is famous in Sacramento," said LaBeff. "They've sold six or seven big winning lotto tickets, they're the place to go."

If you do take home the winning ticket, once the shock wears off, there are many decisions to be made if you want to set yourself up for financial success.

Alex Traverso, a spokesman for the California Lottery says you shouldn't try to navigate this alone.

"Seeking out financial advisors, attorneys, looking into accountant, tax folks, all those things can really help you make the best decisions with this money," said Traverso.

A superstar team of lawyers and financial advisors can help you stay level-headed and help make sure you budget your money so it lasts.

Also important -- remain responsible and practical. In other words, don't quit your day job. Experts say pay off the debts that you owe.

"You want to line up a plan before you come in and take on this massive nine figure check," said Traverso.

Also, don't forget to sign the back of your lotto ticket. This will ensure no one can steal it from you. In addition, placing the ticket in a safe place and remaining quiet about your big win can help you remain in control until you're prepared to cash in your check.

Your final choice will be to decide whether to take the lump sum or the 30 year installments. There is a lot of debate over which option is preferable, but if you're confident in your budgeting skills, some experts say the yearly payout is the best option because you'll keep more of your money by not paying hefty tax fees.

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