Financial experts advise on how to avoid blowing all the money with Mega Millions' $740 million jackpot's two payout options.

Since its last winner in June, the Mega Millions jackpot has grown every week, reaching $740 million, the seventh largest in history, before its next draw on Friday at 11 p.m. ET.

If you win Friday night's draw, you'll have to choose from the available payouts.

• A 30-year annuity, which pays out the full listed jackpot amount
• A substantial amount of money, approximately half of the advertised jackpot value

Since they receive a substantial amount of cash, most winners choose to take the lump sum to invest and start growing their wealth immediately.

Opting for the annuity would result in a net gain of at least $230 million, but the payments would be spread out in increments of $15.8 million or less over a 30-year period, according to USmega.com.

What financial experts recommend

Experts suggest that taking the annuity is the safest option, especially for inexperienced investors looking to minimize the risk of losing money.

"According to D.J. Hunt, a certified financial planner in Florida, the annuity is the safest option as it prevents the winner from spending all their winnings and becoming broke, like many lottery winners do. Furthermore, it eliminates the uncertainty of future investment returns."

If you're a disciplined investor, the smart financial decision is to take the lump sum, according to Noah Damsky, a chartered financial analyst in Los Angeles. The annuity option is like choosing the lump sum plus buying a bond, but it's not as competitive as what you can achieve in the market.

DON'T MISS: How to master your money and grow your wealth

You could increase the return on a larger lump sum more quickly by investing in stocks, which historically have an average return on investment of 10%, according to financial platform Smart Asset.

"Are you sure you want to invest your money so conservatively for 30 years?" asks Damsky.

Before deciding on any payout, it's recommended to consult with a certified financial planner first. They can provide personalized advice on the best investments based on your goals and risk tolerance.

Winning a large sum of money can bring about unexpected problems, such as an influx of people seeking loans or gifts, and scammers offering fraudulent investments, according to Monica Dwyer, a CFP in Ohio.

It's better to keep quiet about winning the lottery until you hire professional planners to advise you on how to manage your newfound wealth, as people may behave strangely when they discover you have money.

Sign up for CNBC's online course to master your money this fall. Our practical strategies will help you hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for a 30% introductory discount, extended through September 30, 2024, for the back-to-school season.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.