Cash Live
    Trending
    • Mark Cuban predicts AI will dominate the future workplace: To be successful, ‘you’re going to have to understand it’
    • Retiring soon with a pension? Here’s how rising interest rates can affect your lump-sum benefits
    • ‘I made $245,000 in a month’: This 29-year-old got rejected from 15 medical schools—now he runs a $1.5 million business
    • Cramer’s lightning round: I’m going to pass on Harley-Davidson
    • Inflation is costing U.S. households an extra $311 a month. Here’s what’s more expensive and how you can save some money
    • Stock futures are flat with S&P 500 teetering on edge of a bear market
    • Want to travel to space? In 2024, balloons might take you part of the way there
    • House passes bill aimed at curbing the $2.9 billion seniors lose each year to financial scams
    • Personal Finance
    • Investing
      • Investing
      • Advisors
      • Investor Tips
    • Earnings
    • Business
      • Business
      • Small Business
    • Finance
      • Finance
      • Wealth
    Cash Live
    Home»Wealth»Here’s what to do first if you win Powerball’s $454 million jackpot
    Wealth

    Here’s what to do first if you win Powerball’s $454 million jackpot

    April 27, 2022No Comments3 Mins Read
    105477256 1538145168359gettyimages 504805944
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Justin Sullivan | Getty Images

    If you play Powerball, there’s a good chance you’ve daydreamed about how you would spend the money if you hit the jackpot.

    With the lottery game’s top prize at an advertised $454 million for Wednesday night’s drawing, you may also want to give thought to what you’d actually do if you were to match all six numbers drawn. Experts recommend big lottery winners take steps right away to protect their windfall.

    For starters, remember that a lottery ticket is considered a “bearer instrument,” meaning whoever holds it is considered the owner. This means you need to protect it.

    More from Personal Finance:
    Here’s how to buy new work clothes on a budget
    These are the best and worst U.S. places to die
    The IRS has sent more than 78 million refunds

    You can take a picture of yourself with the winning ticket, and then put it somewhere safe — such as in a safety deposit box — until it’s time to claim your windfall.

    Additionally, you may want to sign the back of the ticket. Just be aware that in some states that don’t allow you to claim your winnings anonymously, doing so could interfere with your ability to take ownership of the prize via a trust or other legal entity that would shield your identity from the public.

    It’s also worth sharing the life-changing news with as few people as possible. If you won’t be able to remain anonymous, you need to consider how to avoid becoming a target for scammers as well as long-lost family and friends.

    You also should turn to experienced professionals to help guide you through the claiming process and the many facets of protecting your windfall. Your team should include an attorney, financial advisor, tax advisor and insurance professional. 

    This group can help you determine whether to take your winnings as a lump sum or as 30 payments spread over 29 years. Most lottery winners choose the immediate, reduced cash amount. For this $454 million jackpot, the cash option is $271.9 million.

    Either way, the money would face a 24% federal tax withholding before it reaches you. For this jackpot, taking the cash would mean about $65.3 million getting shaved off the top. However, additional federal taxes would likely be due at tax time, given the top rate of 37%. There also may be state taxes withheld or due.

    It’s also worth giving some thought to how your life is going to change — and not just from a financial perspective. Some experts suggest seeking guidance from a financial therapist or mental health professional to help you deal with the stress that comes with winning.

    Meanwhile, the Mega Millions jackpot is $43 million ($25.9 million cash) for Friday night’s drawing.

    The chance of a single ticket hitting Powerball’s jackpot is 1 in 292 million. For Mega Millions’ top prize, it’s 1 in 302 million.

    This article was originally published by Cnbc.com. Read the original article here.
    “Cryptocurrency
    fqw82np

      Related Posts

      Mark Cuban predicts AI will dominate the future workplace: To be successful, ‘you’re going to have to understand it’

      May 13, 2022

      ‘I made $245,000 in a month’: This 29-year-old got rejected from 15 medical schools—now he runs a $1.5 million business

      May 13, 2022

      Want to travel to space? In 2024, balloons might take you part of the way there

      May 13, 2022

      Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers

      May 12, 2022
      Add A Comment

      Leave A Reply Cancel Reply

      Signup for our Newsletter
      Advert
      “Managed
      Investing

      MicroStrategy’s bitcoin bet looks shaky as crypto market encounters turbulence

      May 12, 2022

      Retail investors are continuing to buy the dip in tech despite recent turmoil, says TD Ameritrade

      May 12, 2022

      Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

      May 11, 2022

      SoFi stock falls after fintech firm accidentally releases first-quarter report early

      May 10, 2022
      Finance

      Retiring soon with a pension? Here’s how rising interest rates can affect your lump-sum benefits

      May 13, 2022

      Inflation is costing U.S. households an extra $311 a month. Here’s what’s more expensive and how you can save some money

      May 13, 2022

      Stock futures are flat with S&P 500 teetering on edge of a bear market

      May 13, 2022

      House passes bill aimed at curbing the $2.9 billion seniors lose each year to financial scams

      May 12, 2022
      Earnings

      AMC shares rise after results outpace Wall Street expectations

      May 12, 2022

      Beyond Meat shares tumble after jerky launch leads to wider-than-expected loss

      May 12, 2022

      Rivian stock jumps as the EV automaker says demand remains high and production is on track

      May 12, 2022

      Disney shares slip after earnings report, as Covid closures take a toll on parks in Asia

      May 12, 2022
      Categories
      • Advisors
      • Business
      • Earnings
      • Finance
      • Investing
      • Investor Tips
      • Personal finance
      • Small Business
      • Wealth
      Archives
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • September 2019
      • July 2019
      • September 2018
      • May 2018
      • March 2018
      • February 2018
      • December 2017
      • September 2017
      • June 2017
      • May 2017
      • April 2017
      • March 2017
      • December 2016
      • September 2016
      • August 2016
      • July 2016
      • June 2016
      • May 2016
      • April 2016
      • March 2016
      • October 2015
      • September 2015
      • July 2015
      • June 2015
      • March 2015
      • February 2015
      • January 2015
      • December 2014
      • October 2014
      • September 2014
      • July 2014
      Signup for our Newsletter
      Advert
      “Cryptocurrency
      Uselful links
      • Contact
      • About us
      • DMCA / Copyrights Disclaimer
      • Privacy Policy
      • Terms and Conditions
      • Cookie Policy (US)
      • Cookie Policy (EU)
      © 2022 Designed and Powered by JL Digital webbyrå.

      Type above and press Enter to search. Press Esc to cancel.

      Manage Cookie Consent
      To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
      Functional Always active
      The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
      Preferences
      The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
      Statistics
      The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
      Marketing
      The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
      Manage options Manage services Manage vendors Read more about these purposes
      View preferences
      {title} {title} {title}