Just won $390 Million in the Lottery? Maybe not so quick… |
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The news is hopping with word that the $390 Mega Millions has been won. There's always a big rush to buy tickets when the jackpot reaches these amazingly high numbers. I never understood why. It seems like the odds of splitting the lottery just goes up when that happens.
And that's exactly what happened this time. Instead of the $390 that everyone was dreaming about, it will be split into two $195M awards. That's still a pretty great prize though, right? Because it's wise to take the money in a lump-sum rather than wait for the payments over the 20 years (and pay taxes on them each year), the value of that is about 100M about 50% of the award. When taxes kick in, it's suddenly down to some $65M or so.
One could still do quite a lot with $65 Million, but the dream of buying a baseball team is pretty much dead.
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Next: My Financial Week in Review #9
Dang, with everyone begging for a handout, that $65 m may not go far at all…;)
i bought a lotto ticket too.
thats the 8th dollar i’ve spent on the ’stupidity tax’ in the past 4 years (when i bought my first).
one of these days(maybe when i’m 82) i’ll win!
A buddy and I have a plan….minor league baseball team – in someplace like Clinton, Iowa. No spoiled rich ballplayers, no gouging people for $9 beers, and no dealing with that dimwit Peter Angelos at owner’s meetings. Plus, you get to have a role in the community, 10-cent hot dog night, and wacky mid-inning contests.
You’ll have room to spare with $65M – maybe enough to buy a good mascot costume!
It’s just SO hard NOT to buy some tickets when it gets THAT high!