The first thing recommended, upon receiving the money, is depositing a reasonable amount in the bank, after you have it set up for investments and take off for 6 months to separate the news of the win for yourself and enjoy a nice vacation as you figure out what to do with the rest of your life.
I’ve also heard that the 6-month ‘cooling off’ period is sound advice for numerous reasons. Take a hundred grand or so in cash and put the rest in US Treasury bonds as a parking place while plans are made by a cooler mind.
Excellent advice to take off for six months to figure out what to do. Anyone who wins such a large sum has no idea how that will change their lives. Sure, we have visions of buying a new house or a big truck. You may even have a vision of a house in that new subdivision just a couple of miles away. After you’ve bought it, you will realize that you can buy a far better home. You need time to realize just how big a deal this is. One of the best theories I’ve seen is to buy/lease a Travel Home, load up the family and spend the next six months driving around the country. Gives you time to think and expand your horizons.
Great advice. I'm going to Shanghai, where multimillionaires are a dime a dozen and I can buy fab jewelry without raising eyebrows.. Gorgeous place. Loved it decades ago when I was there, will surely love it again.