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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.

Last updated on March 29, 2012.

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5 Responses to “Just won $390 Million in the Lottery? Maybe not so quick…”

  1. Dang, with everyone begging for a handout, that $65 m may not go far at all…;)

  2. 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!

  3. 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!

  4. Les says:

    It’s just SO hard NOT to buy some tickets when it gets THAT high!

  5. […] The other reason why you won't be buying a major sports franchise is that you won't get all $500 million. The last time I wrote about a high lottery in nearly 5 years ago, the $390 winner ended up with around $65 million: Just won $390 Million in the Lottery? Maybe not so quick. […]

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