Americans are eagerly awaiting the Powerball drawing for an estimated $1.7 billion. Dan Geltrude, a certified public accountant, joins CBS News with advice for the lucky winners.

With the Powerball jackpot reaching an estimated $1.7 billion, financial expert Dan Geltrude advises winners to carefully consider their payout options and manage their newfound wealth responsibly. Geltrude recommends taking the lump sum payment only if the winner is confident in their investment abilities, otherwise suggesting the annuity option for greater long-term security.

He highlights that after federal and state taxes, winners in high-tax states may only net around $400 million from the lump sum. Geltrude stresses the importance of secrecy, assembling a professional team, and paying off debts before making further financial decisions. He also cautions against overspending, noting that a significant percentage of lottery winners eventually go bankrupt.

Advice for Powerball winners

Hey, listen up. Did you get your tickets yet? You know what I'm talking about. Tomorrow's Powerball jackpot now grown to an estimated $1.7 billion. It is now the third largest in U.S. lotto history with an estimated cash value of $770.3 million. Joining us now to chat more about this is Dan Geltrude, a certified public accountant and founder of the accounting firm Geltrude & Company. Dan, great to have you with us. OK, so we're just dreaming here, right? This jackpot, obviously a lot of money. What would you take, the one-time cash payout or the annual payments? I personally would take the lump sum payment. Oh, OK. Because I feel comfortable in how I can invest my money. However, having that much money for a lot of people is dangerous. Can you believe that 70% of lottery winners end up going broke? So if you do choose the annuity payment, which is 30 payments over 29 years, well, now it will take you a while to lose all that money. So that's the safe bet. So how much do you actually get to take home after taxes and everything? Well, as the saying goes, $1.7 billion ain't what it used to be. So you said the lump sum right off the bat, $770 million. But when you factor in the tax man, and the tax man is both federal and state, you only end up netting, if you're in a high-tax state like New York or New Jersey, only about $400 million. So you have to decide whether that's worth it for you. What do you do with that? Not enough, right? OK, so if you do win, what's the best thing to do with the money? Because you were saying you would take the lump sum, but you know what to do with it. Yeah, so let me tell you this. When you talk about can money buy you love, I don't know, but it'll buy you a lot of friends. So here's what I would tell you. Do not tell a soul that you won. You need to keep this quiet. And the first thing that you need to do besides don't tell anybody, sign the ticket, put it in a safe place, get your team in place, attorney, CPA, financial advisor, and then what I would tell you is get rid of all your debts. That's the first thing that you want to spend your money on. You want to get back to even. Now you have a bunch of money to figure out what it is that will make you happy. I got to say that's kind of unsexy to start with paying off your debts. But I do want to ask, as you mentioned, people come flocking after these big moments. Obviously, people want to be your friends, families popping up from left, right and center. Does mo' money really mean mo' problems? Oh, absolutely it does. If you're in a situation where people know you have that kind of money, literally you are a magnet for everybody that's going to be asking you for money. And it's very, very easy, especially if you get that lump sum payment, to change your lifestyle. So as I said, if 70% of the people who win the lottery end up going bankrupt, there's certainly something to it that people simply overspend even with that kind of money. But nice to be a little generous, right? Sprinkle the gratitude around. No doubt about it. Listen, it's always good to give back, and you have plenty of room to give back. But you also have to put limits on your spending. Now I'm not saying you don't buy the things that you really want to have, but do you really need to buy everything? Fair enough. All right. Dan Geltrude, thank you so much. We appreciate it.

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