Local financial planner tells you what to do if you hit the Powerball jackpot

Powerball mania is also hitting the desert.

Lines are nearly out the door as people try to get their hands on a winning ticket.

But let’s say you do win, the reality of all that money can be overwhelming.

So we asked financial planner Michael Clark to share some tips on how to manage your money if you hit the jackpot.

First, sign the back of your ticket.

“If it flies away in the wind and someone picks it up, it is their money to have,” Clark said.

Clark said you should remain anonymous and only tell the people who can keep it a secret while you figure out what you’re going to do.

Then it’s time to assemble your money squad.

“That team should be a good estate planning attorney, a tax attorney, a CPA and a certified financial planner. And not only that, but make sure those people have worked with lottery winners in the past,” Clark said.

Next you need to decide if you want to take the lump sum or annuity, which consists of more money spaced out over several years.

“I could argue that it might make more sense for certain clients to take the annuity or the income stream from it,” Clark said.

It sounds silly but set a budget.

“I do think there should be some cash flow planning and really memorializing in writing what your goals are. Maybe it’s having fun goals, blowing money goals, philanthropic goals or maybe it’s things you want to do for your family and friends,” Clark said.

It’s always smart to have a plan and with all the fame and fortune you might want to hire a therapist.

Remember the drawing takes place Wednesday at 7:59 p.m.