Do it if you win a $ 900 million jackpot tonight

There is a combined Powerball and Mega Millions jackpot of $ 889 million up for grabs.

Here’s what you need to know – and what if you are the winner.

Lottery: Powerball and Mega Millions

The Powerball jackpot has reached $ 457 million and the Mega Millions jackpot is now $ 432 million. If you become the next big lottery winner, be sure to do these 5 things:

1. Sign your lottery ticket

Make sure to sign your winning lottery ticket. It’s not as easy as picking the winning numbers. Why? You may lose your ticket between the time you purchased the ticket and there is no record that you purchased the winning ticket. A lottery ticket is considered a bearer instrument, which means that anyone who signs the ticket can claim the lottery prize. So don’t become the subject of a TV movie and forget to sign your winning lottery ticket.

2. Stay anonymous if possible

Some people like attention; some do not. If you fall into the latter category and don’t want to attract attention after winning the lottery, you may be able to remain anonymous. Otherwise, your long lost cousins, favorite coworkers, and “best friends” might suddenly want to remind you of the close relationship you’ve always shared. If you are a lottery winner and live in one of six US states (Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina), you can choose to remain anonymous when claiming a lottery prize. . To protect their identity, some lottery winners choose to accept a lottery prize through a legal entity such as a trust. This could impact the signature on the back of the ticket, so be sure to consult a lawyer. Other states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands, require winners to publicly disclose their identities, including name, city, and prize amount.

3. Choose between lump sum and annuity payments

If you’re the next Powerball or Mega Millions winner, you have to choose between a lump sum cash payout or annual payouts. Make sure you understand the difference. For Powerball, for example, the initial lump sum cash option is $ 331.6 million (less withholding tax). Alternatively, you can choose 30 payments of about $ 15 million each over 29 years (and you will be responsible for paying taxes as you receive annuity payments). Which option is the best? Financially, the lump sum payment is preferable. Why? You can invest your earnings up front and get a stable return that could exceed the amount of the annuity payments. This is based on classical financial wisdom on the time value of money which says, “A dollar today is worth more than a dollar tomorrow. That said, if you’re worried about spending your money too quickly, your choice of annuity payments may be more prudent. It’s not necessarily the best financial choice in terms of ROI, but it can help you stay organized and limit potential financial losses.

4. Hire financial advisors

With your lottery jackpot wins, one of the best ways to protect yourself against financial loss is to hire a team that can help you preserve and grow your newfound wealth. A team of reputable experts can help you manage your investments, guide your philanthropic interests, and help you achieve other financial goals. Make sure you control anyone you hire, as you risk being approached by hordes of advisers looking to guide you. Most importantly, make sure you sign your own checks so you know exactly where your money is going.

5. Pay off the debt

Winning the lottery isn’t just about spending money. Winning Powerball or Mega Millions is a great time to pay off debt. This includes pay off student loans Where pay off credit card debt, for example. Or maybe you want to pay off your mortgage. Yes, you could keep that debt unpaid and possibly get a higher return on your investments. However, as a hundred millionaire, do you want to focus on paying off student loans or credit card debt each month? You might enjoy getting out of debt today so you can enjoy tomorrow.

Powerball Lottery Questions and Answers

How do you play Powerball?

Choose five numbers from 1 to 69 and a Powerball number from 1 to 26. You can also select Quick Pik and the numbers will be selected automatically for you. The next drawing is tonight.

Where can I play Powerball?

The Multi-State Lottery Association administers Powerball in 45 states, Washington, DC, Puerto Rico, and the US Virgin Islands.

How much does it cost to play Powerball?

Each ticket costs $ 2. There is no limit to the number of tickets you can purchase.

What are the odds of winning the Powerball jackpot?

The odds of winning the Powerball jackpot are approximately 1 in 292 million.

Mega Millions Q&A

How do you play Mega Millions?

Choose five numbers from 1 to 70 and a Mega Ball number from 1 to 25. You can also select Easy Pick / Quick Pick and the numbers will be selected for you automatically. You win when you match all six numbers.

Where can I play Mega Millions?

Mega Millions is available in 45 states, Washington, DC, and the US Virgin Islands.

How much does it cost to play Mega Millions?

Each ticket costs $ 2. There is no limit to the number of tickets you can purchase.

What are the odds of winning the Mega Millions jackpot?

The odds of winning the Mega Millions jackpot are approximately 1 in 302 million.

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