2 Lotteries Now Up to $175 Million: What Not to Do If You Win

Investing

Published: February 1, 2016 1:45 pm

Last Updated: January 13, 2020 1:48 pm

The first week of February may not be a record for the lottery drawings, after December and January crossed the $1 billion mark, but as of Monday there was a combined $175 million up for grabs in two different lotteries with drawings this week. The Powerball has reached $112 million for a drawing on Wednesday, February 3. Mega Millions has a drawing valued at $63 million for a drawing on Tuesday, February 2.

The $112 million annuity for the Powerball jackpot has a $72.3 million cash prize value. Mega Millions’ annuity value of $63 million has a cash value option of about $40 million.

Regardless of whether you take the cash or the annuity value, and regardless of which lottery you win, winning either will be a life-changing event for the winner(s). Unfortunately, with great reward comes great responsibility.

24/7 Wall St. has created a quick hit view of 12 Things Not to Do If You Win the Lottery. Sadly, many winners have not considered this, given that many of them go broke. Yes, broke. They couldn’t handle the influx of cash and they let temptation and outside pressure get the best of them.

What should be considered here is that lottery winners need to immediately protect themselves. That is protection from all aspects: scam artists and con-men, friends and family, and even from themselves! Imagine if you suddenly come into tens of millions of dollars and ended up broke. That will make you the brunt of every family joke for years and years.