You know it's funny to think about what would grandpa do with $650 million dollars. But most of us have a different perspective on the matter. Each of us are in a different place in life; young with a family, single, middle aged with college aged children, empty nesters, or grand parents. Plus we all have different goals; fun life style, secure future, leaving a legacy for the grand kids.
Very few people have any experience with that much money let alone getting it all at once so finding experts to guide you is important and I mean more than one.
Some advisers will have a plan for all your money but you are far better off having a couple of different advisers and spreading it around so that you can get more than one opinion and get the advantage of multiple perspectives on your money. Even if you don't win the lottery you should discuss your financial goals with at least two different insurance agents or financial advisers, even agents that offer financial advising differ in their approach from financial advisers so take advantage of the opposing views.
For example you might have a $10,000 CD and want to leave as much money as you can for the children, the advisor might say take the CD and roll it into a higher yield variable annuity that will grow with the market and the agent might say that advantage of the tax benefits from a single premium life policy and use the $10,000 to buy a $30,000 death benefit. Each will bring a different perspective to you and give you a clearer path toward your goals.
Good luck on the lottery and call if you win.
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