This is a big weekend for state lottery drawings, which means that the new American dream of winning the lottery is going to be alive and well all weekend. What is more unusual about this weekend’s lottery news flow is that there are two different lottery drawings in which the jackpots are both in the hundreds of millions of dollars. The grand total: a whopping $403 million!
Friday night’s Mega Millions lottery drawing is for an annuity value of $233 million, with a cash option of $143 million. The Powerball lottery drawing is set for Saturday night at $171 million in an annuity value, or a cash value of $107.1 million.
24/7 Wall St. has made it a point to remind readers who play the lottery that winning instant wealth of anywhere close to this magnitude comes with a need for responsibility as well. Some lotto winners have gone broke literally just a few years after winning. There even reportedly have been murder cases and attempted murders around lottery wins, and of course there have been many lawsuits against winners and allegations of others getting bilked out of their winnings.
In an effort to prevent the unthinkable, 24/7 Wall St. came out with a list of 12 things to do (or not do) if you win the lottery. This was a unique view, and it has applications for those who unexpectedly inherit millions of dollars, win legal judgments, sell businesses, have a windfall or experience other sudden wealth-creation events.
The Mega Millions jackpot has been rolling since it was last won on March 24. Only two other big jackpots have been won this year. One was a $126 million on February 27 and the other a $265 million jackpot on January 16.
Powerball lists its odds of winning, and they are few and far between. The grand prize ($171 million) is put at 1 in 175,223,510, and the odds for the $1 million drawings are 1 in 5,153,632. Even a $10,000 prize has odds of only 1 in 648,976.
Again, winning the lottery creates an instant need for great responsibility. Do you live large, or just coast with a modest life? Are you now a genius, or do you now need a team of advisors? Do you give lavish gifts and cash to friends and family, or do you set up protective walls? Do you give heavily to charity or save? These and many other things have to be considered.
It used to be very hard to blow through millions of dollars in a short time. With all the ways to spend astronomical amounts of cash these days, it is possible to blow through tens of millions quite easily in a matter of just a few days.
Here is the full list of 12 Things to Do (or Not Do) If You Win the Lottery.