What to Do if You Won $980 Million

When someone buying groceries at the Arbor Springs Publix in Newnan casually picked up a Mega Millions ticket a few weeks back, they probably expected milk, bread, and maybe a rotisserie chicken — not a $980 million windfall. As the news spread, people online immediately answered the question, “What would you do with $980 million?” with everything from charitable dreams to grand gestures for friends and family. But all I could think was with rampant spending: you’d be out of money.

So I called someone whose job is to guide people through life-changing sums: Teresa M. Fitzgerald, WMCP®, Wealth Management Certified Professional®, Financial Planner,  Fiduciary and Founder of Affinity Planning Partners.

Over the course of a wide-ranging interview, Fitzgerald offered a steady, practical playbook for new multimillionaires — one that mixes calm realism, detailed planning, and just enough humor to keep someone grounded while their world tilts.

1. Tell Almost Nobody

Fitzgerald said the first and most important step is to stay quiet. “I would tell them first not to tell anybody other than people who are sworn to confidentiality,” she explained. While it may be tempting to call loved ones immediately, she warned that sharing the news too early can invite pressure, requests, and risk. Georgia allows winners of $250,000 or more to claim anonymously, but only if the proper legal structures are prepared in advance. 

The winning ticket should be stored in a fireproof safe or a bank safe-deposit box. “You don’t have to claim that ticket yet,” Fitzgerald said. “You have six months in Georgia. Use that time to prepare.”

2. Build Your Team Before You Claim the Prize

Fitzgerald said the next step is not rushing to the lottery office but assembling a confidential team. “You need your financial professional, a CPA, an estate-planning attorney, and an asset-protection attorney — ideally all in the same room.” Every member should be willing to sign a non-disclosure agreement. This early preparation allows the team to establish trusts, open accounts, and structure titles so the assets are received properly. “This isn’t just wealth — it’s generational wealth and tax planning,” Fitzgerald explained. “You want everything lined up before anything moves.”

3. Protect Yourself Immediately: Freeze Everything

Before claiming the prize, Fitzgerald recommends enrolling in identity-theft protection, freezing credit, reviewing all open credit lines, and pulling all credit reports. “There are programs designed for high-net-worth situations,” she said, “but at minimum, freeze your credit and monitor everything.” Securing the ticket physically is part of this same protective mindset.

4. Don’t Make Big Decisions Yet

Fitzgerald described sudden wealth as emotionally overwhelming. “People who receive large sums sometimes find they don’t even want it because they’re so overwhelmed,” she said. She encourages winners to make two lists: what they want to happen with their money, and what they do not want to happen. “That second list is usually more important,” she said.

5. Lump Sum or Annuity? It Depends.

Many people assume there is one right choice, but Fitzgerald said it varies greatly. “You can’t make a blanket recommendation. It depends on the person’s habits, background, savings, and comfort making big decisions.” A fiduciary financial professional should model and compare both options before anything is claimed.

6. Why So Many Lottery Winners Go Bankrupt

Fitzgerald said the reason many winners lose everything often comes down to lacking support. “The key is guardrails — legal guardrails, financial guardrails, emotional guardrails.” 

She strongly recommends adding a licensed therapist to the support team, noting that guilt, pressure, and sudden attention can overwhelm decision-making. “A therapist helps you stay grounded and make decisions based in reality, not emotion,” she explained.

7. Pay Off Your Debts — But Don’t Start Buying Things

Once the legal structures and trusts are established, Fitzgerald said winners should eliminate their personal debt quickly. “People feel instantly better when their debt is gone,” she said. After that, credit lines should be frozen to prevent fraud. Even then, she emphasized that purchases should wait until the full plan is in place.

8. Give Wisely (and Safely)

Scams increase dramatically when someone becomes wealthy overnight. Fitzgerald recommends using donor-advised funds or working with established community foundations, such as the Caring Communities Foundation. “They vet nonprofits, and that matters,” she said. “There are scams out there.” Charitable and qualified tax-deductible giving can also be integrated into estate planning if done strategically.

9. Protect Children and Grandchildren Through Trusts

A common mistake new millionaires make is giving minors too much money too soon. Fitzgerald said this can undermine both financial stability and personal development. “You may not want an 18-year-old handed $500,000,” she said. Properly designed trusts allow wealth to be distributed based on age, milestones, or specific conditions, and also protect the inheritance from misuse by adults who might control custodial accounts. “Trust planning protects children — and it protects the money from bad actors.”

10. Where Do You Put Hundreds of Millions?

Once the dust settles, Fitzgerald says the investments should reflect the winner’s personal priorities, not the advisor’s. “There is no one right portfolio. The real question is: what do you want preserved in your lifetime? What do you want preserved for heirs or organizations?” A fiduciary’s job is to align the plan with the client’s goals, wealth retention ideals and taxation. 

Most People Won’t Win $980 Million — But Many Will Inherit a Large Sum

Sudden wealth isn’t limited to lottery winners. Fitzgerald said she sees similar emotional and financial challenges when people inherit money or receive large settlements. “This applies to inheriting money too,” she said. “Women especially are sometimes shocked by the size of settlements or inheritances.” 

Guilt, pressure, urgency, and fear often lead to quick decisions that people regret later. “People want to get rid of the money because they feel guilty,” she said. “And then they regret the decisions.” The same rules apply: pause, build a team, protect your identity, and get emotional support if needed.

We Asked Teresa What She Would Do If She Won $980 Million

When asked what frivolous thing she personally would do with the jackpot, Fitzgerald laughed before answering. “I would buy a bunch of land and rescue dachshunds,” she said. “I’d call it Big T’s Wiener Haus.” She said she would also buy homes in Sicily, Greece, and the fjords of Scandinavia. “I’ve never been — but I’d love to go.” 

The answer was lighthearted, but it reflected the same themes she encourages clients to consider: values, joy, and what truly matters.

13. A Final Word to the Newnan Winner

Fitzgerald emphasized that the greatest danger comes from moving too fast. “Don’t rush. Don’t panic. Don’t make fast decisions,” she said. “Assemble your team, protect yourself, and take time to build the life you really want — not the one people expect you to have.”

And once everything is secure, maybe start by taking that dream trip to Sicily.

Teresa M. Fitzgerald, WMCP®
Financial Planning Consultant
Wealth Management Advisor
Wealth Management Certified Professional®
Founder & Owner, Affinity Planning Partners
Advisory services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker-Dealer, Member FINRA/SIPC www.lincolninvestment.com Affinity Planning Partners and the above firms are independent and non-affiliated. 259 Highway 74 N. Suite 2, Peachtree City, GA 30269