The U.S. Mega Millions lottery jackpot was just $400 million earlier in the week and was $344 million prior to that. This is the second largest jackpot ever for the Mega Millions lotto. Friday’s drawing has followed 20 such drawings without a winner. The winner will have the choice of receiving the full jackpot in 30 annual payments (close to $14.1 million per year, on average), or can choose the all-cash option valued at roughly $228 million before taxes.
What lotto winners need to understand is that, along with empire-building money, this also brings the need for great responsibility. 24/7 Wall St. wants to alert its readers about what they should (and should not do) in twelve steps if they happen to be lucky enough to win a vast fortune such as this.
There are some serious pitfalls for many lotto winners, and it seems ironic to think that coming into a vast amount of wealth in this manner can create problems if not handled properly. Can you imagine winning a vast fortune of this magnitude and then ending up bankrupt in a few short years? Believe it or not, this has happened to many lotto winners who have lost millions.
Mega Millions holds the record for the largest jackpot ever, at $656 million. That jackpot on March 30, 2012, was split by three winning tickets in Illinois, Kansas and Maryland.
Again, it is imperative that lottery winners take action and be mindful of pitfalls. Our own 12-step program for lotto winners is intended as a first-step guide on how to protect you and your newly won empire. It includes some of the obvious issues, but it goes into evaluating what to do for tax purposes and financial and personal security, what not go splurge on, and many other things.
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