GREEN BAY, WI (WTAQ) — A $316 million Powerball ticket was sold at a Green Bay gas station this month, and the winner has yet to come forward.
When they do, Robert Reidl, president of Endowment Wealth Management in Appleton has some bad news to share, first: they’re not getting $316 million. After taxes and the cash payout, it’ll be closer to $124 million.
“They have to get some perspective,” Reidl told WTAQ. “The Green Bay Community Foundation has $154 million. Aaron Rodgers’ last contract was worth $134 million over four years.”
That’s still a lot, so he has some advice, too.
“One, first and foremost, protect the ticket and don’t talk to anybody,” Reidl says. “Protect your privacy so you aren’t inundated with new friends and family.”
That privacy has an expiration date, too. In Wisconsin, lotto winners have to come forward publicly. Reidl says there’s no reason to rush, and that the winner should hire a personal Certified Professional Accountant.
Investing that money, Reidl says, will go a long way.
“Lets just say it makes 5% [annually], and they spend that. That’s six, six and a half million dollars, or approximately like, $110,000-$115,000 a week.”
As 90’s era rap duo Blackalicious once wrote, “don’t let money change ya”. It’s advice that Reidl echoes.
“You want to stay the person that you are and the values that you have,” Reidl said Monday. “But you have a responsibility now. To your family, to your charities, whatever interests you have.”
Reidl says some previous winners have wound up bankrupt.
The winner has 180 days from the day of the drawing to claim the prize. The winning ticket was purchased at the Jackson Pointe CITGO on Packerland Drive in Green Bay.
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