Transcript for 'Shark Tank' star's tips for handling a financial windfall
Thank you. Our "Gma" cover story how to handle a financial windfall. The winner of that Powerball jackpot Mavis Wanczyk has quit her job after taking the lump sum of $336 million after taxes. Rebecca Jarvis here with some tips on what you can do if you come into some cash. It's a lot money and took the lump sum. There are now more than 40 others who also won $1 million to $2 million prizes so what do you do if you are lucky enough to come into ray windfall? Yay. Reporter: This morning, this woman waking up to a windfall. $758 million. The largest single ticket jackpot winner ever. I'm still like, oh, this isn't true. This can't be. Reporter: And while playing the lottery's one way to get there more often that is an inheritance, a bonus at work or proceeds from the sale of a home. That first number -- Why does it seem like rationalest thinking goes out the window? Within six years they've lost all the money. Not experienced in how to manage that amount of capital and that's because they tend to invest it immediately in things frivolous. Reporter: If you do find yourself coming into a lot of dough, psychologist Steven Danish who has consulted many lottery winners tells us it's important to focus on what you want to accomplish, not how you want to spend it. The next important thing you develop or have goals and a plan for how you want to proceed. The first thing I want to do is I discuss want to sit back and relax. Reporter: Financial experts also tell us that's the smart thing to do. The best thing to do if you win a lottery is do nothing and live off the interest. "Shark tank's" Kevin o'leary advises to put it in different banks and diversify. Put it across maybe three or four financial institutions and you let them compete for your business. Reporter: And always go for the lump sum payment. Get the cash up front. Why? Because states in many cases are technically bankrupt. Reporter: So get that money, live off the interest. Hire a good lawyer and an accountant. Someone that you can send requests to so every time a family member or a friend or a distant acquaintance comes looking for money all you have to do is my adviser makes me send these all past her or him so now you're set, ready to go. You have involved 9 definition of a high class problem. You're very welcome. Back over to Amy.
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