$1 billion Powerball jackpot fuels big-ticket ambitions, but expert cautions

HOW DOES THE LATEST POWERBALL JACKPOT COMPARE?

The new jackpot for Wednesday’s drawing would rank third in size for the Powerball game and seventh all-time in the history of the United States. The $1 billion reward, which will be paid out over 29 years in annual payments, or a $516.8 million lump sum before taxes, can be accepted by a single player who matches all five numbers plus the Powerball number chosen.

On April 19, the most recent Powerball jackpot winner took home a top reward of over $253 million. Since then, there have been 38 lotteries with no jackpot winner.

 Powerball jackpot

 

WHAT CAN YOU GET FOR A BILLION DOLLARS?

Almost whatever you desire. Around 200 Bugatti Mistral Roadsters, dozens of eight-seater private planes, or multiple private Caribbean islands may all be purchased with a billion dollars. But Shean Fletcher, a money advisor in Kansas City, Missouri, advised against thinking you could never spend it all.

He mentioned that one thing to keep in mind is that large winnings also come with large tax obligations. Richly valued homes, vehicles, aircraft, and other property typically come with hefty recurrent tax and maintenance costs in addition to the money itself. The myth that lottery winners may simply spend a lot of money every day for the rest of their lives has been proven false by numerous lottery winners.

IF YOU DO WIN, WHAT SHOULD YOU DO?

The winning ticket should first and foremost be secured by keeping it in a secure location, such as a fireproof safe. Then, Fletcher suggested that you begin assembling your “team”.’

Included in it are probably your spouse, a parent, or a sibling, as well as a financial advisor, attorney, and certified public accountant. Following that, you can begin formulating strategies for how you wish to use the funds.

Additionally, MEGA MILLIONS JACKPOT SOARS.

The Mega Millions lottery jackpot is also reaching incredible heights as the $1 billion Powerball grand prize is receiving the majority of the media attention. The prize, which was at $640 million before to a drawing on Tuesday night, was the seventh-largest in the game’s history.

WHY ARE LOTTERY JACKPOTS GETTING SO BIG NOW?

The games have been created in this manner. Math and more challenging odds are to blame for such large payouts. The odds of winning the Powerball jackpot lottery increased from 1 in 175.2 million to 1 in 292.2 million in 2015.

The odds of winning the top prize increased to 1 in 302.6 million with the introduction of Mega Millions two years later.

 

WHAT HAVE been America’s biggest wins ever?

On November 8, 2022, a Powerball jackpot hit, totaling a staggering $2.04 billion. The winning ticket was purchased in California. On January 13, 2016, a Powerball win worth $1.586 billion was the next highest jackpot. However, three winning tickets purchased in California, Florida, and Tennessee shared the prize.

Mega Millions awards came in third, fourth, and fifth place, with a total of $1.537 billion coming to a single winner in South Carolina on October 23, 2018, $1.35 billion being won in Maine on January 13 of this year, and $1.337 billion being won in Illinois on July 29, 2022.

 

PLAY RESPONSIBLY, AS THE LOTTERY ADVERTISEMENTS SAY.

Purchasing more than one ticket only marginally increases your chances of winning. Experts advise against spending money you’ll miss on additional tickets because the odds are so long. Spending $10 for five number combinations increases your chances of winning the jackpot from 1 in 292.2 million with one ticket to 5 in 292.2 million with one ticket. It still applies if you spend $100.

Therefore, even if you spend a lot of money on tickets, it’s highly unlikely that you will win the jackpot. According to lottery authorities, the typical player purchases two or three tickets, which means they are betting money on a dream that has very little chance of coming true.

 

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