Those who stumble into large sums of money — whether through the lottery or an inheritance — should first pay off debt, like student loans and credit cards, and then place a significant chunk of money in federally insured bank accounts for emergencies or future plans.

To pad his/her 401(k), given that increasing the principal would mean less dependence on returns. In turn, that would mean the people could opt for very low-risk investments. People also created two 529 college savings plans for his/her grandchildren, toddlers who will one day be able to use that money to fund a portion of their tuition. And then kept the remainder for vacations and other recreational spending.

People considering where to further invest the money should consider low-cost index funds.

People would be better off opting for incremental payments of the winnings, rather than one lump sum.

Put it in the bank, and then let’s read some books on investing,. Take six months and learn about wealth management. Go take some free meetings with financial planners, and accountants and lawyers. There’s nothing wrong with parking it in the bank.