Winning the lottery, never working again, and having all your hopes and desires come true — for most people, that’s only a dream. But in the happenstance that you do hit the jackpot, what should you do with the winnings? What financial decisions will you have to make?

Heath Grossman, CFP® breaks down next steps in this week’s Money Wisdom Question Series.

Protect Your Ticket

A winning ticket is essentially a bearer instrument, meaning whoever holds it can claim the prize. Therefore, it’s critical to treat it like cash. The first step is to sign the back of the ticket to establish ownership. Then, make several copies and store the original in a secure place, like a safe or a bank deposit box.

As tempting as it may be to celebrate publicly, discretion is key. Keeping the news private can help you avoid scams, unwanted requests, and unnecessary pressure.

Gather Your Team

If you don’t already have one, you’ll want to assemble a team of professionals to help you navigate this windfall. Your team may include a financial advisor, an accountant, a lawyer, and possibly an estate planning attorney.

As you begin to sort out legal, financial, or estate planning matters, start thinking about the broader plan for your money. A well-rounded team will help you stay focused on achieving your long-term financial goals.

Create a Plan for Your Money

A major decision you’ll face after winning the lottery is whether to take a lump sum or a payout over several years. While part of this is a math question, it also depends on your personality, spending habits, and financial discipline. If you’re not great with money, a structured payout might be safer and better in the long run.

Next, consider what kind of lifestyle you want. Will you share your winnings with your family? Are there charitable organizations you wish to support? No matter how you choose to spend the money, it’s important to stay grounded in who you are throughout this whole process.

We’ve all heard the horror stories of lottery winners who went broke or had major personal issues. Money doesn’t solve all life’s problems, so try your hardest not to lose your sense of self or greater purpose in life.

Decide How to Invest the Winnings

If you decide to invest your winnings, you need to have a clear strategy in mind. Will it be more profitable to invest in stocks, bonds, real estate, or a mix of asset classes? Don’t just focus on the returns, consider your goals, needs, risk tolerance, and personal values when creating your investment plan.