It looks like lottery history is in the making for this holiday weekend. Neither the Powerball nor Mega Millions lotteries have produced a winner for the hundreds of millions of dollars up for grabs from June into July. With Mega Millions now rolling up to $415 million and with the Powerball now at $243 million, this now puts the weekend of July 1, 2016 as having a whopping $658 million combined.
The Mega Millions drawing is set for Friday, July 1 and the Powerball drawing is set for Saturday, July 2. There already could be a winner
It seems that the new American Dream is winning the lottery. After all, you can become filthy rich in an instant. Winning the lottery also has to sound much more exciting than a life of hard work followed by a lifetime of savings and being responsible. Besides that, the media and the politicians keep telling you how hard it is to get ahead and to succeed in life these days.
The odds should have generated a major winner in each of these lotteries by now. What is amazing is that the $658 million combined would not represent a record lottery even if it was combined. If no winners come this weekend, then they will likely roll up to around $700 million.
Lottery players must know that the cash option is lower. The annuity value of $415 million for the Mega Millions would be $286.4 million for the cash option, while the Powerball annuity value of $243 million would be just over $165.9 million for the cash value. Whether lottery winners take the annuity or the cash option, either lottery should be generating multi-generational wealth.
What lottery winners have to understand is that sudden extreme wealth brings the need for sudden extreme responsibility. This is why 24/7 Wall St. has created the 12 Things Not to Do If You Win the Lottery.
Can you imagine winning a sum of over $100 million, $200 million, or $300 million? Even after you back out the cash discounts and the taxes, this is empire-building money. The lure of the lottery is simple enough. It gives ordinary people the dream of becoming filthy rich overnight, and without all of that pesky hard work year after year and having to save endlessly all along the way. The reality of the lottery is much less clear and much less realistic than the lure.
Again, all newly attained wealth comes with the need for extreme responsibility. Many lottery winners seem to have ignored that serious life lesson. It is sad to report that many lottery winners have gone absolutely broke, some in just a few years after becoming filthy rich.Maybe it seems hard to imagine that you could blow through $100 million, $200 million, or more. The reality is that this is now simple to do. Temptations lure many winners down the wrong path. Careless planning and careless actions can wipe out almost any sum in short order. You should only have to become rich once. Think about this for a moment. There are many pitfalls waiting for unprepared lottery winners. Again, extreme wealth comes extreme responsibility.
Instant wealth is likely to impact all of your family relationships and friendships. Bragging to everyone could be more than dangerous, and it could even cost you your life. Immediate financial advice and tax advice is a must, and so is a budget. Being your friends’ ATM and banker can wipe you out. Knowing the world of high finance is a must, and the notion that you just got rich won’t teach you about money without effort. If all of these points sound like they are extreme or just for other people, then the odds are quite high that you are a prime candidate to go broke after gaining massive wealth.
Temptations await those who unexpectedly come into vast fortunes. Buying jets and yachts, or mega-mansions and third and fourth homes, owning private islands, keeping an entourage, hosting private concerts, and on and on. You can spend hundreds of millions in days if you want. Any combination of these unneeded temptations could wipe you out.
Hopefully there is a reality check setting in. The whole point of 12 Things Not to Do If You Win the Lottery is that there are more temptations than there are reality checks. 24/7 Wall St. simply just does not want to see anyone who gets rich go broke. Again, extreme wealth brings extreme responsibility. Remember that you should only have to become rich once.
Here are the 12 things not to do if you win the lottery.
1. Do not forget to sign the ticket and do not forget to report to the state.
It may seem crazy that people might not sign a ticket. It seems even crazier that they might lose a ticket, or fail to report to the state that they won. Can you imagine losing a lottery ticket? Then imagine what can happen if someone else snags your ticket and shows up to collect the prize. Fighting over this is no simple task and disputes have arisen over who owns what ticket.