Big-ticket dreams spurred by $1 billion Powerball jackpot, but expert warns: Take is slow
someone won the Powerball jackpot was April 19 for a top prize of nearly $253 million. Since then, no one has won the grand prize in the past 38 drawings. The jackpot will keep growing until someone wins.Pretty much anything you want. A billion dollars could buy you around 200 Bugatti Mistral Roadsters, dozens of eight-seater private jets, or several private islands in the Caribbean.
Among things to keep in mind are that huge jackpots also bring huge tax bills, he said. Not just on the money itself, but high-dollar houses, cars, planes and other property also usually come with big recurring tax and upkeep bills. The idea that lottery winners can just spend lots of money daily forever is a fallacy that has seen more than one lottery winner blow through their winnings, he noted.
“So by far, the biggest misconception that we hear or read and see is, is that the money seems to be infinite when it certainly is not,” Fletcher said.First and foremost is to secure the winning ticket by putting it in a safe place such as a fireproof safe. Then you should start putting your “team” together, Fletcher advised.
The $1 billion Powerball top prize is drawing the lion's share of attention, but the competing Mega Millions lottery jackpot is also reaching massive heights. Ahead of a drawing Tuesday night, that jackpot stood at $640 million, the seventh-largest in the game’s history.That's how the games have been designed. The credit for such big jackpots comes down to. In 2015, the Powerball lottery greatly increased the odds of winning from 1 in 175.2 million to 1 in 292.2 million.
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