Got the winning lottery ticket? Economist explains what to do with $750 mn

Here are a few tips based on research on how to handle an unexpected windfall

A yet-to-be-identified person in South Carolina recently won the Mega Millions jackpot of almost US$1.537 billion. Meanwhile, the Powerball’s prize continues to grow and is currently at $750 million.

This begs a question: What should you do if such a windfall falls into your lap, whether a jackpot, a large inheritance or huge profit from selling a business?

I have pondered this for years as an economist researching personal finance issues. I also ask my undergraduates every semester what they would do if they suddenly got $1 billion. The standard student response is