The top prize for the Mega Millions lottery has reached a whopping $1.6 billion, according to the game's official website. That's the second-largest grand prize in U.S. history.
And while your chance of winning is a slim one in 302.6 million, coming into money like that would be life-changing. The median American household has only $11,700 in total savings. Even the top 1 percent of earners has $2.5 million in savings on average, or about 400 times less than the current lottery jackpot.
Meanwhile, credit card debt in the U.S. has reached a high, according to a report from the Federal Reserve, surpassing $1 trillion in 2017, and student debt is holding back a generation: The average 20-year-old with loans owes $22,135, and the average 30-year-old with loans owes $34,033.
If you find yourself holding a winning ticket, though, it doesn't mean all your financial worries will go away. Lottery winners are actually more likely to declare bankruptcy than the average American.
CNBC Make It spoke to some money experts about coming into a huge windfall. Here are three mistakes they say you should avoid if you want to make the most or your winnings: