$1.6B Powerball winners, here's how to spend your cash

Visions of billionaire status danced through the heads of lottery players Wednesday night as they waited for the Powerball numbers to be drawn.

With a worldrecord-shattering jackpot of $1.6 billion US (almost $2.3 billion Cdn), this American lottery attracted Canadians in droves, sending them shopping for tickets over the border or through possibly dubious ticket-reseller websites.

Maybe you're convinced you can scrimp and save your way to billionaire status. Assuming you earn around the median total income for Canadians in 2013, $32,020, you could get to $1.6 billion US by saving all of your income. However, that's only if medical advances allowed you to live and work for 71,820 years.

Let's face it: $1.6 billion is a staggering amount of money, and most of us wouldn't begin to know what to do with it. If, by chance, you're holding all of the winning Powerball tickets in your hands right now, may we humbly suggest the ideas above for what to do with your newfound cash?