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Lottery now close to a billion!! What i would like to know is why media and States do not publish the books. The normal person should know what each State gets in revenue, how many tickets are sold in each State, and what percentage of that is given back in winnings, plus the winners taxes. It may be public knowledge but I'm not smart enough to find it. And if a State can have lotteries, what laws prevent private companies from doing the same? I can remember when States didn't have lotteries or even income tax, it was all supposed to help the school system. I always say " you can't lose if you don't play".
If I were to win,I would take care of my parents for life. I would give money to only 3 friends...one of them knows...the other 2 wouldn't have any idea.I will not hide from ANYONE!! I also would give to 1 charity and that would be it.There are always so many other more important stories that would quickly take up the place of the lottery winner or winners.I would quickly come forward after dealing with my tax attorney and lawyer.
Life is too short to be afraid of people coming out of the woodworks.I don't care about that.People are always wanting money from others...just say NO..ignore them...it wouldn't be hard for me at all.
I would make sure I buy a home for myself and a vehicle and that's it.I wouldn't do any investing because there would be no need to.I would be ready to live a nice secluded life.
Mega Millions jackpot hits $1B, thanks to worsening odds
Quote:
Lottery officials changed the odds in recent years to lessen the chance of winning a jackpot, which in turn increased the opportunity for top prizes to reach stratospheric levels. A look at how the numbers work out:
WHY REDUCE THE NUMBER OF JACKPOTS? The theory was that bigger jackpots would draw more attention, leading more players to plop down $2 for a Mega Millions or Powerball ticket. The more tickets sold, the more the jackpots grow, leading to more players and ... you get the idea.
When they made this change, I was so hoping they would decrease the number of white balls so that a dozen or so people would hit the million dollar prize every single draw. They could increase the megaballs even more to make sure that every jackpot got high enough to cause a frenzy. That frenzy would help them pay out the more frequent million dollar prizes.
I think more people would play every draw, because a million (2 million or more if they play the extra dollar) is enough to encourage many people to buy a ticket when the jackpot is low. But leaving it like it is, even the one million seems unattainable. There are many draws when not even one person wins a million bucks.
Mega Millions jackpot hits $1B, thanks to worsening odds
When they made this change, I was so hoping they would decrease the number of white balls so that a dozen or so people would hit the million dollar prize every single draw. They could increase the megaballs even more to make sure that every jackpot got high enough to cause a frenzy. That frenzy would help them pay out the more frequent million dollar prizes.
I think more people would play every draw, because a million (2 million or more if they play the extra dollar) is enough to encourage many people to buy a ticket when the jackpot is low. But leaving it like it is, even the one million seems unattainable. There are many draws when not even one person wins a million bucks.
Ive mentioned this before, but there is a guy in our city who won the big lottery twice. this was back in the 80s/90s, the first one was around $3 million and the second he won a couple years later was for 17 million I believe.
I went to school with one of his kids, after the win, they drove nicer cars, but didnt move away, they actually stayed in the same general area, he put most of the money into his auto body shop, which was already doing very well before he won. the shop is one of the best in the state today.
don't take the lump sum at this level... the 30 year monthly payment will be way beyond what anybody needs and should be able to spend. That annual layout will buy you time to build out a proper team of professionals and an investment/allocation strategy. $300M+ after tax windfall is way too much money for any one person to just come into and handle responsibly.
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