Employees at George Risk Industries in Kimball pool their money and buy their ticket each week, just as they have done for the last several years. Usually it doesn’t pan out, but occasionally the impossible happens, occasionally they win!

The pool includes about twenty men and women at the company, and though most of them were happy to talk with me, some did not want their names printed.

The purchaser from the pool buys ten powerball tickets and ten mega million tickets from area lotto retailers, spreading the purchases throughout the community.

This was not the first win for the lucky 20, but it was the largest to date. With two prior wins that netted each one $5, the latest win was $10,000.00 dollars.

One of the group signed the ticket and went to collect the prize money. After taxes, fees, and all the other ways the money was depleted, it was evenly distributed to each person in the pool.

Now that the pool from GRI has won, what to do with all that money?

Well, this time it was not so much that professional advice is necessary. But research shows that if a big win happens, there are some steps one needs to make to protect themselves, their heirs, and all that money.

On the web site, bankrate.com, it is stated that most winners take anywhere from four day to two weeks to collect. Doing so allows the winner to buy time to become accustomed to winning a large amount of money. That valuable time also allows a winner to seek advice from attorneys, accountants, or financial planners. The  web site also addresses the safekeeping of the ticket, and specifically mentions that a safe deposit box is a better method than a sock between mattresses or a plastic bag in the freezer.

The next thing a winner should consider is their job. It may be wise to take vacation time or a little sick time to deal with becoming wealthy overnight, instead of quitting right away. You may quit eventually, although most winners avow to continue working immediately after the big win. It is a good idea to consult a trustworthy attorney or an accountant with references. Most of us don’t have a financial advisor in our address book, so get referrals from trusted people. Find a professional who offers the needed services for the very wealthy, such as a personal banker. Or possibly, volunteer for the board of a  local credit union to learn the financial ropes. Before collecting the money, write down what you would like to do with it, and document any pitfalls you would like to avoid. Use that as a guide for future spending and saving, and refer to it as needed to stay on track. One thing winners may have to consider is changing phone numbers, but keep close friends and family members near. Those that were near and dear before the big win should continue to be after. Not only do close friends and family members offer support, but they will keep a winner safe from others wishing to be new best friends and long lost cousins. The decision to opt for the annuity or the lump sum payment depends on personal needs and values of the winner. The annuity option pays more in the long run and may be better for winners that do not have the ability to limit spending. On the other hand, the lump sum payout offers a large amount at once to pay off mortgages, loans, and bills, but still leaves plenty to invest or for discretionary spending. The prize money will come via wire transfer, so setting up a special account just for that purpose is a must. The money will be transferred regardless of the payout option that is chosen. It is then up to the winner to decide what to do with all those zeroes. What happens to all the dollars spent on the lottery if there is no big winner? Those dollars add up for Nebraska. Since it’s beginning in Sept. 1993, the lottery has distributed over $388 million to its beneficiaries, including funds for education innovation, opportunity grants, environmental trusts, state fair support, and gambler’s assistance. Congratulations to all the winners at GRI, but the word on the net is...spend some time planning before spending all that beautiful money.