"I am not against enjoying yourself a little bit if you win $700 million," says Holeman.
That being said, come up with a plan before buying anything. For starters, "you should account for taxes," which will take about half of your winnings, Holeman notes.
Next, think about your financial goals. What big, future purchases do you want to save for? How much do you want to donate, and to which charities and organizations? Do you want to gift money to family members?
In general, "you should be saving the majority of it and also looking to donate and help out others. Then, you can go ahead and splurge a little, but give yourself a spending cap," says Holeman. "There's the type of person who's the big spender, who will immediately buy a bunch of Lamborghinis, a yacht or a mansion. If you get used to having this lifestyle and don't track how much you're spending, then it's easy to forget that the money is not necessarily guaranteed if you're not smart with it."