Mega Millions jackpot hits $977 million. Here’s what financial experts say to do if you score the winning ticket

The Mega Millions lottery has reached an astonishing estimated jackpot of $977 million, making it the sixth-biggest prize in its history.

Despite 29 consecutive drawings without a grand prize winner, the next draw on Friday at 11 p.m.

ET offers a tantalizing chance to strike it rich.

While the dream of winning such an enormous amount is thrilling, financial experts caution winners to proceed with wisdom.

A lump sum payout of approximately $461 million is an option, or alternatively, the prize can be received in yearly payments totaling $977 million.

Both amounts are before taxes.

Financial advisors strongly recommend utmost discretion and anonymity.

Certain states permit prize claims under a cloak of confidentiality, and it’s wise to keep the news private to avoid unwanted attention from numerous newfound acquaintances and relatives.

Assembling a team of professionals, including a financial advisor, an estate planning attorney, and a certified public accountant, is crucial.

Rushing to claim the prize without proper guidance can be detrimental.

The deadline for collecting the winnings varies by state, so it’s important to consult legal counsel.

Asset protection strategies, such as establishing trusts or purchasing insurance coverage, should be considered to shield the newfound wealth from potential creditors or lawsuits.

Every winner’s situation is unique, so the optimal approach will depend on individual circumstances.

This Mega Millions jackpot is not the only chance for a substantial windfall.

The Powerball jackpot has also escalated to an estimated $687 million.

However, the odds of winning either grand prize remain minuscule, at roughly 1 in 302 million for Mega Millions and 1 in 292 million for Powerball.