Pretty much every human being on the planet has a plan for what they’ll do when they’ve won the lottery. They’ll buy an airplane, Ferrari, mansion, or go to a tropical island. Before you do anything or buy anything substantial, you should consider consulting with a financial advisor after you’ve won the lottery. An important decision has to be made. Will you choose to receive the money at once or opt for a structured annuity? Both payout options come with a list of benefits and drawbacks that you should learn about. A financial advisor can help your money grow while protecting your wealth with a diversified portfolio of investments. You’ll learn to keep most of your money in appreciating assets like real estate, and low risk large cap or blue chip stocks instead of depreciating assets like automobiles. One of the worst things you can do with your casino or lottery winnings is to let them sit idle in a bank account earning virtually zero interest. Firstly, the Federal Deposit Insurance Corporation (FDIC) only ensures that each depositor is insured to at least $250,000 per insured bank. The same holds true with credit unions. They are insured by the National Credit Union Administration (NCUA). A credit union account is also only insured up to $250,000. Additionally, savings interest rates for most big banks fall below 1%. Although it may seem “safe” it’s not allowing your money to grow as it should. You’ll also need to understand the federal and state tax consequences of your lottery winnings. An accountant can help you understand your tax responsibilities.