Warren Buffett's annual March Madness bracket contest is a little more high-stakes than the typical office pool: Berkshire Hathaway employees can win $1 million a year for life if they correctly guess which teams make it to the Sweet 16.
Buffett, who has been running the contest since 2014, doesn't have much to worry about. Last year, of the 18.8 million brackets filled out on ESPN, only 18 people picked a perfect Sweet 16.
That said, last year, one of Buffett's employees nearly won the grand prize after correctly picking 31 out of the first 32 games. The employee didn't bring home $1 million a year for life but did receive a check for $100,000, the amount Buffett awards the person with the longest surviving bracket.
The odds of winning Buffett's jackpot may be quite slim, similar to the chances of winning the lottery, but if you do beat the odds in a contest like this, here is the smartest way to handle a sudden windfall.