Pretend you just hit the lottery for a million bucks. Would that be enough to live the rest of your life basically stress-free?
According to a new survey in Australia, most people DON’T think winning nearly a million dollars would cover it. (We’ve converted the results to American dollars, so if they sound like arbitrary amounts, that’s why . . .)
Only 24% said an $800,000 jackpot would be enough to totally change their life. (In Australian dollars, that’s $1 million.)
17% said they’d need more like $6 million . . . and 30% would need about $8 million to live the rest of their life and not worry about money anymore.
33% said the best thing about winning a huge jackpot would be getting out of debt, and being financially secure.
22% said being able to help friends and family would be the best part.
14% said it would be having the freedom to do whatever they wanted.
If you’re listening to this, it means you didn’t win the giant Powerball jackpot last night. If it’s any consolation, we didn’t either.
The winning numbers were 4, 8, 19, 27, and 34 . . . and the Powerball was 10. Time to start beating yourself up for not picking them: “Damn, it’s my birth month plus one, Kobe Bryant’s original jersey number, my dog’s length in centimeters”
There were at least three winning tickets sold. One was in Chino Hills, California. That’s a small suburb east of Los Angeles. It’s also the sixth richest medium-sized city in America, whatever that means.
The other two were in Tennessee and Florida.
We don’t know yet if it’s three individuals, or if the tickets were bought as part of a lottery pool.
Either way, that means the jackpot won’t be $2 billion on Saturday. It’ll be back down to $40 million. I don’t get out of bed for jackpots like that.
And now we can all go back to NOT burning our money on lottery tickets. At least until the jackpot explodes again.
(ABC 7 – Los Angeles / New York Times)
The Powerball drawing is tonight at 10:59 P.M. Eastern. The prize is now up to $1.5 BILLION . . . and it’ll probably jump even higher over the course of the day. That means the LUMP sum should also cross the $1 billion mark, which is crazy.
So what do you do if you win? I mean . . . uh . . . WHEN you win. Here are six pieces of advice from MARK CUBAN. After all, he became a billionaire the old fashioned way. You know . . . by tricking the suckers at Yahoo into giving him a fortune.
- Hire a tax attorney first.
- Don’t take the lump sum, so you don’t blow it all.
- If you weren’t happy yesterday, winning won’t make you happy tomorrow.
- But if you WERE happy yesterday, winning will make you VERY happy tomorrow. You’ll enjoy a life where you don’t have to worry about bills.
- Tell all of your friends and family NO when they ask for money. No exceptions. If you help someone, it should be someone you’re close enough to that you knew about their financial issues BEFORE you won. And no one needs $1 million for anything.
- Winning the lottery doesn’t make you a smart investor, so don’t make investments. Just put the money in the bank and live comfortably forever.
(Dallas Morning News)
If you were ever going to buy a lottery ticket, this might just be the day to do it.
The Powerball drawing tomorrow night is going to have a jackpot of around $700 MILLION . . . possibly even more. And that’s the biggest lottery jackpot in HISTORY. The previous record was $656 million in 2012.
If you win and take the lump sum, you’ll get about $428.4 million. Assuming about half of that goes to taxes, you’re winding up with $214 million. Not too bad.
Your odds of winning the jackpot are one in 292.2 million. So I’m saying there’s a chance . . .
Powerball tickets are available in 44 states . . . everywhere but Alaska, Hawaii, Nevada, Utah, Alabama, and Mississippi. They cost $2, and the drawing is at 10:59 p.m. Eastern tomorrow.
Your chances of winning tonight’s $450 million Powerball jackpot are about 290 million to one. But we’re all about keeping hope alive. So when you DO win, here are the first four things you should do. Right after you change into unsoiled underwear . . .
1. Sign the back of the ticket. That way no one can steal it and claim THEY won. If you want to be extra careful, you can sign it before the drawing. It might make you feel extra pathetic when you don’t win though.
2. Resist the urge to tell everyone. Only tell the people you’re closest to, and maybe not even them. The point is you don’t want everyone you know hitting you up for money for the rest of your life.
3. Hire a money management team. Meaning an estate planner, a financial planner, and an accountant. And you should do it before you even claim the money, because they’ll explain why you take the lump sum instead of yearly payments.
4. Don’t start buying stuff yet. 44% of lottery winners blow through their entire winnings within five years. But that’s mostly if you win something like a million bucks. It’s kind of hard to blow through $450 million.
And here’s one more we added: Quit your friggin’ JOB already. You know those people who win the lottery and DON’T quit their jobs? Everyone hates those people.
(ABC News / Forbes)