(NEXSTAR) – Assuming you beat the infinitesimal odds and win the Powerball jackpot Saturday night, there are several things you must do to avoid costly mistakes, experts say.

On Friday, the jackpot grew to $1.8 billion, making it the second-largest U.S. lottery jackpot in history, trailing only a prize claimed in California in 2022 that surpassed $2 billion.

The pre-tax numbers are staggering, but a winner’s game plan after matching the numbers may determine how rich that person ultimately remains.

“The biggest fear that pretty much all sudden wealth recipients have, and especially lottery winners, is that they’re going to screw it up,” Robert Pagliarini, author of “The Sudden Wealth Solution,” told Nexstar.

Pagliarini has been advising clients, including lottery winners, for over 20 years on how to handle large influxes of money. He says that the goal is always to turn that lump sum into lasting wealth, but added that for lottery winners there are some must-dos.

The crucial first step

The winning lottery ticket is just a slip of paper and can be stolen, lost or even destroyed in a washing machine.

Until it is signed, the ticket is a bearer instrument, or a financial document that is payable to the person who physically possesses it.

“That means that they really need to document that they are the owner of the ticket,” Pagliarini said. “So I would take a selfie with the ticket, I would take a video of me and the ticket, I would sign the ticket and I would keep that ticket in a very, very safe place.”

Don’t go it alone

If possible, experts advise, keep the lottery win a secret while building a team of experts.

Pagliarini warns that strangers, friends and even family members may all come knocking once word circulates. To safeguard the winnings, he recommends hiring an attorney, tax advisor and financial advisor as soon as possible.

There’s going to be helicopters flying overhead when you go and collect the winnings like this. This stuff happens because the world gets excited. And now everyone knows that you’ve got a billion dollars that’s not good. In no circumstances is that a good thing.

He recommends staying out of the spotlight and telling as few people as possible, as well as crafting a plan to prepare for speaking to the media.

Annuity or lump sum?

A monumental decision that Mega Millions jackpot winners face is how to receive their winnings – in a big lump sum or spread out over years in annuity payments.

If someone beats the 1-in-302,575,350 odds and wins the current Mega Millions jackpot on Friday, they will ultimately have to choose between taking the pot in 30 payments over 29 years, or the reduced lump cash sum of roughly $602 million.

Nicholas Bunio, a Pennsylvania certified financial planner, said even with his expertise, he would take an annuity because it would so dramatically reduce his risk of making poor investment decisions.

“It allows you to make a mistake here and there,” Bunio said. “People don’t understand there is a potential for loss. They only focus on the potential for gain.”

The gulf between the cash and annuity options has become larger because inflation has prompted a rise in interest rates, which in turn results in potentially larger investment gains. With annuities, the jackpot cash is essentially invested and then paid out to winners over three decades.

“You’ve got to see what is the best option for you,” Steven Evensen, CFP, a financial advisor with Gerber Kawasaki Wealth and Investment Management, told Nexstar.

While the lump sum is more popular and would grant immediate access to the cash, it also means more taxes.

“You’d be taxed up to 37% federally, and then even more so depending on your state tax,” Evensen cautioned. “So I would speak to an accountant about that to make sure you aren’t kind of overspending in your head before you actually receive the money and receive your tax bill at the end of the day.”

Regardless of which payout plan you choose, Evensen recommends investing some of the money. What you invest in depends on your goals, but “low cost mutual funds, index funds are a great place to start.”

The Associated Press contributed to this report.