Jackpot surpasses previous mark held by January 2016 Powerball drawing
It's anybody's guess how high it will get
By Todd Northrop
A Mega Millions jackpot roll that had already made history has now reached a new world record for the biggest lottery jackpot ever.
After lottery officials worked into the early hours of the morning processing the hundreds of millions of lottery tickets sold for the Friday drawing, it was determined that there was no jackpot winner, propelling the new Mega Millions jackpot to a record $1.6 billion.
The big drawing will be held on Tuesday, Oct. 23, with an estimated cash option worth $904.9 million.
At $1.6 billion, Tuesday's Mega Millions drawing slipped past the $1.586 billion Powerball drawing on January 13, 2016, to become the largest lottery jackpot in history. Winners in California, Florida, and Tennessee shared the record Powerball prize.
"Mega Millions has already entered historic territory, but it's truly astounding to think that now the jackpot has reached an all-time world record," said Gordon Medenica, Lead Director of the Mega Millions Group and Director of Maryland Lottery and Gaming. "It's hard to overstate how exciting this is — but now it's really getting fun."
Lottery players wondering what all the cash will look like in their bank account after the initial federal and state tax withholdings can see an after-tax analysis of the current Mega Millions jackpot by visiting USA Mega's Jackpot Analysis page.
The previous record Mega Millions jackpot was $656 million, which was shared by winners in Kansas, Illinois, and Maryland in the drawing on March 30, 2012.
The last Mega Millions jackpot hit was in the drawing held July 24, 2018, when a group of 11 co-workers in California shared a $543 million prize. There have been 25 drawings without a jackpot winner since then, but there have been more than 34.4 million winning tickets sold across the game's nine prize levels.
The winning numbers for the October 19 drawing were: 15, 23, 53, 65, and 70, with Mega Ball number 7. The Megaplier was 2.
The rush of ticket sales over the next few days likely will propel the jackpot to an even higher amount before the drawing takes place Friday. Lottery Post and USA Mega will update the jackpot tallies displayed if such an increase occurs.
The quickest way to find the winning numbers after the drawing Friday will be by visiting USA Mega (www.usamega.com) at 11:00 pm Eastern Time (8:00 pm Pacific), when the winning numbers will be published live as they are drawn.
Reports of long lines and near pandemonium at lottery retailers were rampant leading up to the Friday drawing. To help avoid that problem for the Tuesday drawing, lottery players are urged to download the free Lottery Places app (for iPhone, Android, and Windows). Lottery Places is the only app available that can locate lottery retailers in every state and jurisdiction throughout the United States, and can even locate retailers across state lines.
Michigan lottery players can bypass the store completely and buy their Mega Millions lottery tickets online. Players outside the USA can use a reputable butler service, which provides scanned copies of the purchased lottery tickets securely held on behalf of the customer.
Whatever you do, don't wait. Lottery officials stress the importance of not waiting until the last minute to buy lottery tickets for this historic jackpot.
In the Friday Mega Millions drawing, although there was no jackpot winner, 15 lucky players matched the first 5 numbers for a $1,000,000 prize: 1 from California, 1 from Florida, 2 from Illinois, 1 from Missouri, 1 from New Hampshire, 1 from New Jersey, 4 from New York, 2 from Texas, and 2 from Virginia.
The California second-prize winner will be awarded a whopping $3,404,526 instead of the fixed $1 million prize awarded in the other states, due to the state's pari-mutuel prize payouts. By law, California awards all lottery prizes on a pari-mutuel basis, meaning the prizes will change each drawing based on the number of tickets sold within California and the number of tickets that won at each prize level in the state. This drawing the pari-mutuel prize calculation meant a much larger prize than normal, as one winner took the entire second-prize pool.
Only one of the second-prize tickets sold in Texas was purchased with the Megaplier option for an extra $1 per play, doubling the prize to $2 million since the Megaplier was 2. The Megaplier option is not available in California, because the fixed nature of the prize increase offered with the Megaplier is not compatible with California's pari-mutuel payouts.
Also, a total of 289 tickets matched four of the first five numbers plus the Mega Ball to win a $10,000 prize. Of those tickets, 35 were purchased with the Megaplier option, increasing the prize to $20,000, and 44 were sold in California, where the prize awarded this drawing is $10,719.
Following the Friday drawing, the Mega Millions annuity jackpot estimate was raised $600 million from its previous amount of $1 billion. The cash value was raised by $339.3 million from its previous amount of $565.6 million.
Mega Millions is currently offered for sale in 44 states, plus Washington, D.C. and the U.S. Virgin Islands. Drawings are Tuesdays and Fridays at 11:00 pm Eastern Time. Tickets cost $2 each.
The Mega Millions winning numbers are published at USA Mega (www.usamega.com) minutes after the drawing takes place.
Top 25 United States lottery jackpots of all time
Tuesday's Mega Millions jackpot currently stands as the largest lottery jackpot in world history. Undoubtedly record numbers of lottery tickets will be sold this weekend, possibly sending the jackpot even higher by draw time.
- Mega Millions: $1.6 billion, Oct. 23, 2018 - Preliminary estimate, not won yet
- Powerball: $1.5864 billion, Jan. 13, 2016 - California, Florida, Tennessee
- Powerball: $758.7 million, Aug. 23, 2017 - Massachusetts
- Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
- Mega Millions: $636 million, Dec. 17, 2013 - California, Georgia
- Powerball: $590.5 million, May 18, 2013 - Florida
- Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
- Powerball: $564.1 million, Feb. 11, 2015 - North Carolina, Puerto Rico, Texas
- Powerball: $559.7 million, Jan. 6, 2018 - New Hampshire
- Mega Millions: $543 million, Jul. 24, 2018 - California
- Mega Millions: $536 million, Jul. 8, 2016 - Indiana
- Mega Millions: $533 million, Mar. 30, 2018 - New Jersey
- Powerball: $487 million, Jul. 30, 2016 - New Hampshire
- Powerball: $470 million, Oct. 20, 2018 - Preliminary estimate, not won yet
- Powerball: $456.7 million, Mar. 17, 2018 - Pennsylvania
- Mega Millions: $451 million, Jan. 5, 2018 - Florida
- Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
- Powerball: $447.8 million, Jun. 10, 2017 - California
- Powerball: $435.3 million, Feb. 22, 2017 - Indiana
- Powerball: $429.6 million, May 7, 2016 - New Jersey
- Powerball: $425.3 million, Feb. 19, 2014 - California
- Powerball: $420.9 million, Nov. 26, 2016 - Tennessee
- Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
- Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
- Mega Millions: $393 million, Aug. 11, 2017 - Illinois
For those keeping score, the number of jackpots in the top 25, by lottery game, are:
- Powerball: 15
- Mega Millions: 10
Top 25 cash value jackpots
Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.
Looking at the cash value, the upcoming Mega Millions jackpot ranks as the 2nd-largest cash value in world history.
- Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) - California, Florida, Tennessee
- Mega Millions: $904.9 million cash, Oct. 23, 2018 ($1.6 billion annuity) - Preliminary estimate, not won yet
- Powerball: $480.5 million cash, Aug. 23, 2017 ($758.7 million annuity) - Massachusetts
- Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
- Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
- Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
- Mega Millions: $378 million cash, Jul. 8, 2016 ($536 million annuity) - Indiana
- Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
- Powerball: $352 million cash, Jan. 6, 2018 ($559.7 million annuity) - New Hampshire
- Mega Millions: $347.6 million cash, Dec. 17, 2013 ($636 million annuity) - California, Georgia
- Powerball: $336.8 million cash, Jul. 30, 2016 ($487 million annuity) - New Hampshire
- Mega Millions: $324 million cash, Mar. 30, 2018 ($533 million annuity) - New Jersey
- Mega Millions: $320.5 million cash, Jul. 24, 2018 ($543 million annuity) - California
- Powerball: $284 million cash, May 7, 2016 ($429.6 million annuity) - New Jersey
- Mega Millions: $281.9 million cash, Jan. 5, 2018 ($451 million annuity) - Florida
- Powerball: $279.1 million cash, Jun. 10, 2017 ($447.8 million annuity) - California
- Powerball: $273.9 million cash, Mar. 17, 2018 ($456.7 million annuity) - Pennsylvania
- Powerball: $268.6 million cash, Oct. 20, 2018 ($430 million annuity) - Preliminary estimate, not won yet
- Powerball: $263.5 million cash, Feb. 22, 2017 ($435.3 million annuity) - Indiana
- Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
- Powerball: $254.7 million cash, Nov. 26, 2016 ($420.9 million annuity) - Tennessee
- Mega Millions: $246.5 million cash, Aug. 11, 2017 ($393 million annuity) - Illinois
- Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
- Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
- Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland
The number of jackpot cash values in the top 25, by lottery game, are:
- Powerball: 14
- Mega Millions: 11
What???
I remember, being a member here at LP since 2005, when it was a big deal when Jackpots crossed the $300 million threshold, and the dream of watching the Jackpots ever reaching $400 million was looked at as dreaming over the top. Just the thought that we are on the brink of a Jackpot potentially reaching $2 BILLION now, is mind blowing. Simply mind blowing. I'm ALL IN. Let's do this!
I wonder how much it is going to roll just today.
$904.9 MILLION CASH ................(minus applicable 37% fed taxes,of course)...................
$570,087,000. Take home
I believe PB if not won tonight, will shoot up to at least $600mil.
People will probably be begging, borrowing, and stealing to get their hands on this.
I wonder how the economy will hold up since the holiday season is just around the corner.
That definitely isn't chump change!
Just think: 1 person/904 Million.....That's almost in the DNA test results range of certain elected officials astronomical
Lol. Lol And if you noted, the average American has better "odds" than that number!
If it rolls PB will be $620M/$354.3M tomorrow morning.
I was just looking at the jackpot list and realized if PB rolls tonight we could have 2 top five jackpots of all time being drawn next week!
Never say Never. A single ticket owned by a single person could win this jackpot.
Then again a record-breaking pool could win it.
A record number of tickets could do the job as well.
MM is an equal opportunity game.
Mega Millions rolls to a new annuity record but still has to get about $75 million in cash some were to beat powerball from 2016. I think mega can do it.-weshar75
Well. That just happened... Next stop: $2,000,000,000, arriving Tuesday night!
Is it likely there will be no winners Tuesday?
No. But, then again, it wasn't very likely last night. There will be 3x the ticket sales for Tuesday, though.
When some one in the USA wins this jackpot I think their will be happy people too because we can stop spending on this jackpot run.-weshar75
Bwahaha! (I mean, yes... Yes it is astronomical!) ;)
This is just stupid amount of money and it will grow. I will say 2B by next draw.
I will play my usual 3 lines.
Let me win so our generations and generations can live without worrying about money.
Hello Rolls Royce!!!
Now would be the time to do like that guy did, get his organisation in tact from all over the US and buy, buy ,buy !!
This group of people would have to be well trusted. 25 mega balls, 7 people assigned to 3 mega balls per , one person would have 4. They got 4 days to play all the pre-made slips. It's possible.
https://www.avbuyer.com/aircraft/private-jets/gulfstream/g450/354044
I prefer the Bombardier Global 7500. More leg room.
$1.6 billion? Reassessing my dream farm size. May add steer for freezer beef to creature purchasing.
So 1.77 bil to get 1 bil cash. I honestly hope like 10 people win this and end up walking away with ~60mil after taxes. Spread the wealth!
But then again, Gulfstream is an American made product... So, I'd probably go with them. (Decisions, decisions...)
Many many generations for sure. If I ever won that kind of cash I would add to the family by adopting 3 or 4 kids who’s descendents would hopefully work for the betterment of humanity.
Wagyu
MM went from $667 Mil to $1 Bil in 3 days. So, I'm sure it will go from $1.6 Mil to above $2 Bil in 4 days.
Tried to buy tickets this a.m. at two places, but the computers are down in dear old Cali.
One or two people didn't believe me. I told some no one would hit last night. I predict three winning tickets actually. Since you have two teams projected world series New England area a winning ticket, Ca a winning ticket and I think Florida. Take a look at the 23'rd for any history.
To state the obvious: That's a lot of Doh-Ray-Me! Without hurting the principal (never spending a dime of the $500M+ after tax CV), this thing would throw off more than $1,000,000 per month in dividend income, after taxes, just with boring old safe investments. Meanwhile the principal will grow and grow and grow...
Move over Kylie Jenner, I’ll be a billionaire real soon!
If I win, I will look into not your typical beef cattle. redo my list. Again!!!!
If you win this monster Tuesday night, would you have to make educated guess on lawyer you hire or go with one you already know/have?
I got up this morning and emailed this to my kids:
10/20/2018
About the Mega millions Jackpot:
Don’t go crazy buying tickets. If you are like most people, you love to dream of winning the big one. It only takes buying one ticket to allow you to dream about what you would do with that kind of money. So, go ahead and buy one so you can get excited for a couple days. Even if you buy two, and, yes it does double your odds of winning, the chances of you winning are still pretty bad. Unless you pick the same numbers, only one ticket you have is going to win, if you do beat the odds.
What if you do win? First off, take a picture of it and put it away in a safe place. I assume you will consider sharing the win with relatives and possibly more, including a charity. If you claim the prize for yourself and then distribute the money, you will be paying the full amount of taxes plus any amount you give to someone else will be taxed as a gift.
The official lotteries of some states tell you to sign the back of it immediately. That is to keep someone from stealing it and cashing it in for themselves. That may be true, but if you want to maintain anonymity, it may not be a good idea to sign it right away, depending on what state you are in. I have heard in Maryland, for example that, once you sign the ticket, the name on the ticket cannot remain anonymous. Plus, you might be giving up the opportunity to distribute the winnings before taxes, allowing each individual you want to share it with to determine how they will deal with the windfall. So, take the picture of it in case someone does manage to steal it and tries to cash it in, so you can report the theft and have a chance to recover it.
Get a lawyer or a CPA to set up a trust with a unique name to put on the back of the slip. Have that representative contact the lottery HQ in the state you are in, on your behalf, to see what is necessary to maintain your anonymity. Few lawyers or CPAs have been in this situation, so they may have to look into the ways and means of dealing with this issue.
$1.6B is a huge amount of money that can help relatives and heirs for many years into the future. Maybe even forever if handled right. People can burn through it pretty fast if they are not careful. Consider your age and what you could do with a portion of the money in your lifespan that remains, as well as the people you would share it with in their life that remains. With this size of a jackpot, I would first figure out how much to allot to each of my kids on a percentage basis. Since I am already retired, I won’t need a whole lot for us to live very comfortably for the rest of our lives, so a bigger percentage would go for our kids and grandkids and future generations. I would take steps to ensure that this large sum would be around for many generations to follow, by giving out lump sums first, so people can exercise their dreams, but the biggest share of the money, I would put into trusts that would continue to grow, while paying out a portion of earnings on a regular basis, so all my descendants would be comfortable for as long as I could possibly live and for many years after that.
Anyway, this is some of the stuff I dream about and think about how I would deal with it if I would get so lucky. Just wanted you all to know that you are all in my dreams.
(Cruzincat)
Yup.
That's my plan.
Set up Family Office let them take care of everything at low risk investments 3-5% max. Have them hire couple of family assistants. So if someone in our family wants Michelin 3 star dinner in Paris with a view next Saturday, they make it happen. Wants a Luxurious Caribbean getaway, done.
I am still young enough at 40s and my wife at early 30s, have another child or two. Adapt few more and share wealth, do charitable stuff.
Ah--- . Stupid amount of money but that would be great life. I look over Family office during the day and have a lot of time off...
I'd go through my trust attorneys, but have them work with Jason Kurland. He's a well known lottery lawyer, has represented several huge winners in the past.
Uh Oh!
Imagine winning both the Powerball and MM. If someone were that lucky
Well.....I didn't win either, so no calling out RICH from work for me.
Conversation would go something like this......
Me: Hello boss, I'm calling out RICH.
Boss: What? You're SICK?
Me: No! I'M RICH, not sick! Stinking freakin' RICH!
Wouldn't it be a wise move to take the annuity? I mean,we are talking about a $700 mill difference here which by itself is astronomical. The first cheque itself would set you up for many years,so why bother about getting the cash option?
$2,000,000,000.00+
by Tuesday
now we can think about playing
thanks for pumping it up for us
I didn't stand in line for the last drawing & I won't stand in line for Tuesday's drawing!
I have my tickets!
Good luck to all LP Members!
How high will it go!
If I win I will stand for Truth, Justice & The Curmudgeon Way!
There are risks either way. I would be tempted to go for the annuity but would probably go for the lump sum.
Holy Bazinga Batman, THIS is some life changing amount of money! As if $1,000,000,000.00 wasn't. LOL
This sucker might even be $1.8 before the day is over?!?!
If you took the annuity and then developed residency in Puerto Rico or Saipan, would you still have to pay federal taxes?
.
Precisely Robbin
New crime computers for the Batcave . . .
New Batmobiles . . .
I would not want to depend on any one who has to keep up with that amount of money year after year...
Somebody has to keep up with your current address, would you want a check for $20,000,000 or whatever just sitting at the post office? Hell no, stuff gets lost to...(Envelopes) give me the cash now, it’s not worth the hassle...
They can wire the money, but yea...show me the money. Sadly I do not have enough total faith in our gubbmint to let them dole out the money over many years. I also believe I can grow it faster.
I agree it would be wise. But large amounts of money make some people think they are smarter than they really are.
Good luck everybody, got a good feeling.
Just think: The odds of NO ONE winning Tuesday's jackpot will probably be about the same as the odds of SOMEONE winning the $40M jackpot, but sometimes, rarely, but sometimes someone does win that 1st jackpot... So what if?
.
Kyle, please re-consider that decision. If something gets lost or mis-sorted at the post office, the check, should be direct-deposited, anyway, to your account.
But the annuity could be a viable option. (I'm still thinking like a poor person, which is what I am.).
I could set up donation investment accounts, for things like Wounded Warriors to St. Jude's.
The Jackpot Analysis "Cash" State payout net , is that right, this that the true amount ?
I am 100% ready to win the Mega Millions !!!
Along with my solid plans !!!
I think at this point I’d do the annuity. The idea of getting paid pretty big $ steady every year sounds nice.
Annuity. Remember inflation and taxes. They could both go up and up for over thirty years.
I would talk to prospective money managers, CFPs Certified Financial Planners, and other Financial Advisers.
i knew you no one would hit last night am glad i only played two tickets... i saw people buying 100.00 and up on tickets last night.. the guy at the seven Eleven was so tired saying the machine was constant printing tickets... it will be 2B BY Tuesday..
Its like you signed a top-level NBA contract for 30 years. Westbrook makes 41 mil a year and his contract is for five years. I would still take the lump sum for many reasons, including estate taxes.
I agree with your concern about estate taxes. A good Trust & Estate Attorney could fill you in on all the ways to look at the annuity.
You will have plenty of cash to pay for all the advice you need.
^ I have been checking out Wealth Management firms, many seem to offer legal advice and trust creation services.
57% of all combinations were covered yesterday! 43% chance it rolled, and that it did! I think Tuesday's drawing will have 85-90% of all combinations covered!
Here in California, it is recommended that you create a Trust instead of a Will. I will create a Living Revocable Trust. A Last Will and Testament has to go through Probate. That is expensive and time-consuming.
There is a YouTube video titled, Mrs. Trust and Mrs. Will It compares the two.
Legal advice may include asset protection services. You could become a target of frivolous lawsuits.
Enjoy your billions!
Usually only get 1 ticket but I just got 5 for this historic event.
Like the Rapper Biggie says, "Mo money, Mo problems"
15 lines + megaplier check!
I'm shocked nobody won last night! I figure this thing will either go to 2 billion, people will cut back on playing, or people will stop playing in protest. I know that some people have won with the current odds, however, some may think you just can't win anymore and stop playing. Some may think the greed is ridiculous. As for myself, I'm cutting back and only playing 1 line for every 300 hundred million until I win. I figure this thing will at least go to 1.8 billion. So, I am only buying six lines unless I can get in a lottery pool.
A SFO for a low to mid level centimillionaire is an unnecessary waste of money. A MFO is a better option for a small family without a large yearly income stream from a secondary source. Because if you put $500,000,000 million under management, you'd have to shell out at least $5 million every year for a SFO.
There are many boutique firms that do nothing but cater to the whims of the rich 24/7 so that even a MFO would be unnecessary. Have one of them handle things on the personal side of things, then hire a tax lawyer and CFA used to managing high net worth clients to handle things on the financial side, and you're set. Doing it that way wouldn't cost anywhere near $5M/year
The store where I purchase my tickets has two lottery terminals and both were being used this morning!
I got my tickets from the secondary terminal and I am hoping for a change of luck!
There's still a chance for Christmas in October!
My financial plan is in place and ready to be implemented.
You forgot about Powerball.
I wouldn't be surprised if someone started a lotto hedge fund.
Interesting artcle: https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this/
What is an SFO and MFO?
I would hire advisors, especially legal, tax, trust, and insurance. I would never trust someone else to invest my money for me, but I would use advisors to teach me and to bring me up to speed on investment instruments I'm not yet sophisticated enough to use. I'd get umbrella insurance policies to protect me from lawsuits, that sort of thing. It would be an amazing learning experience, that's for sure.
Oh, and one other thing I would do right away is get an "Executive Physical", to make sure I'm healthy and to stay ahead of any potential health problems. I think these usually run around $10,000, but it would be worth it if you have the means.
Because we understand the risks that will come from inflation, taxes and retroactive changes in federal law, all of which have negatively impacted annuity winners in the past. And since the best predictor of future events is past events, add to that the fact that the annuity is backweighted, and I'll be saying no thank you to an annuity. Besides, when invested properly, the lump sum amount will almost always outpace the annuity, so no one is leaving anything on the table and you have the benefit more autonomy and control of the funds. As far as I can tell, the only reason to choose the annuity is because one is too afraid to receive that much money at one time, which I see as absurd.
I agree 100% ... (And I need to figure out how to make that emoticon holding the "I agree" sign, lol)
Living a life of wealth for sure. Flying private jet everywhere.
I DON'T think it's high enough for me to justify spending $2. Let me know when it hits 2.4, ok? LOL.
Well worth the time and effort to type in the www. address. A good first step when pondering a billion dollar jackpot.
I hope there is only one winning Mega Millions ticket that wins the largest jackpot in United States history! The Mega Millions jackpot is now up to at least $1.6 Billion dollars or $904.9 million dollars if one ticket wins the jackpot and chooses the cash value option or the one time payment lump sum making Hurricane Hung a category 5 storm with sustained winds of 160 miles per hour with gusts of 190 miles per hour everyone especially you DALVIN PAYNE Bringa Timewalkerv wander73 Bodia77 and Marcie for Tuesday October 23rd!
"https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this/"
And that's why ladies and gentlemen the annuity is always the right choice. The lump sum is too stressful to manage. You could lose it all to crooked lawyers, investors, money managers or die of stress trying to deal with all that, regretting ever buying that dam ticket. Who said that before???? Truth is that if you have never managed/invested this amount of money successfully for your yourself or for others, you should have no business choosing the lump sum. Yeah, it is easy now that you are broke to say I'll hire this guy and I'll hire two more, I'll do this and I'll do that. You are a newbie multi-millionaire now and the pros know that. You stand a big chance to be conned or be a victim of a really bad investment advice/decision. You'll have bullets and wolves coming at you from EVERYWHERE; the latter wearing suit and tie. You also stand a big chance to lose it all due to your own bad decisions (yeah, people change when their pockets are full), stress, this and that, which comes with the lump sum.
Inflation and other costs that might come up in the future is the price you have to pay to be rich and sleep tight at night. First payment is over $18,000,000. That's more than enough to do your thing and then some. Your heirs can claim the rest if you die as it is part of your estate. Whether you are 18 or 109, you should choose the annuity, unless you are a big shot money guy who can handle his own. Thank you.
Here is an example of what they call a boutique financial management firm. It's the one used by several members of the Jobs family.
https://wealth.bmoharris.com/
Normally I skip the "What NOT To Do If You Win Tonight's Lottery Jackpot" articles (they always give the same inane advice), but that was both funny and informative! Thanks for that!
Where did you find this information? Been trying to figure out the search terms to get this data.
Single Family Office vs Multi Family Office. They are wealth management firms. Single, dedicated to you alone vs Multi which handles and protects the finances of several families.
https://en.wikipedia.org/wiki/Multi-family_office
"2. Mega Millions: $904.9 million cash, Oct. 23, 2018
($1.6 billion annuity) - Preliminary estimate, not won yet"
When did 2nd place become a world record? Is that anything like a participation trophy just for showing up?
I hear what you're saying, the annuity is (estimated to be) a world record. I guess one might say, "it is a world record jackpot estimate." lol... It needs to hit roughly $1.75B before the CV catches the world record.
CHARLIEO123: google "Megamillions Jackpot" and click on the Washington Post article. It says 57% of combinations were covered yesterday.
Article link.
Thanks for the help now I know how to find this information.
It is fun to think about the absurdity of being able to spend $247,000 a week for 50 years, but this is when the "How much is too much?" increase of the odds becomes apparent. If there is no winner at the $1 billion maximum ticket buying frenzy level, if 43% of combinations were not covered even at $1 billion, that says to me that the combinations covered probably won't go above 75% even if the jackpot is $2 billion. The winning number could go unplayed for months and hit $10 billion dollars. That could be the unintended consequence of designing the odds to get to a $1 billion jackpot.
SFO = Single Family Office
MFO = Multi Family Office
Both manage the money and investments of ultra high networth families, but the bill for all the services in a SFO is footed one family whereas with a MFO, the expenses are shared between different uber-wealthy families.
The old rule used to be that if you needed to have the SFO manage at least $100 million in investable assets for the SFO to be cost effective but that's been shown to be incorrect because secondary income sources and # of family members is also a factor.
What happened was that when it came to generational wealth and/or wealth intricately tied to a business, the family office blurred lines with the home office. These new SFOs don't only handle the investment side of the family's money, but the personal side as well.
Anything that could be a liability to the family is usually managed by the family office. Anything that is needed to retain or increase the value of the family's assets is usually managed and budgeted by the SFO. As you can imagine, that basically covers everything.
They vet contractors, run background checks on dates, coordinate travel arrangements, manage the family's charitable foundations, make sure the security detail is adequate. They make sure the private jet is serviced, the vehicles are registered, that all personal property is recorded and insured and that the pets have all their shots. If the pilots are required to have physicals and recert training, the SFO makes sure it's done.
Non-contracted hires who work in the homes of the family members are usually interviewed, vetted, hired and paid by the family office. They are not the employees of the family member. They are employees of the family office. Even though they're working directly for the family member(s). This helps to reduce personal liability issues.
The SFO will also generally take care of most/all the family's expenses. From dry cleaning to the utility bill to the credit card bill, the SFO budgets and pays for it all.
The cost of a SFO is usually a percentage of the total wealth being managed. Which is why if the family isn't large enough, wealthy enough and busy enough to fully utilize the services of the SFOs, then it's simply a waste of money.
The article never said how they got the 53%. With 280 million tickets sold that couldn't be what they used for calculations. Just guessing but maybe 2 of the 15 five number matches were duplicates and that's what they used.
Most of the lottery websites give a 1 in 24 chance of a MM ticket winning anything, but that's playing fast and loose with the term "winning". Last night 8,279,174 tickets matched only the bonus number getting back the $2 ticket price. Would it be more accurate to say "there is a 1 in 24 chance your ticket won't lose money"?
Thank you for clarifying. This is great information.
What is "absurd" is how easy it would be to spend $247,001 a week, if you fall into a certain type of lifestyle. Billionaire level security, estate maintenance, staff, etc... Even though you can technically afford to purchase a $70M jet with cash, it still costs upwards of $5M per year to operate it, plus the not inconsequential cost of av-gas, which can cost tens of thousands per flight. It doesn't matter if you earn $247 per week, or $247,000 per week, you still need to keep tight reigns on your budget or you'll find yourself in a different kind of "jackpot".
But, to your point, I've been sort of curious about that myself. At what point would ticket sales slow down if nobody wins this jackpot? What if it rolls after Tuesday night? Say it rolls to $2.5B? Will lottery fatigue kick in simply because the jackpot seems unreal and unobtainable?
If you win, I suggest NetJets or WheelsUp for transportation! Live the Life Amigo!
I thought last night that there were no winners when it took so long to announce the winners. And they were trying to think of a way to spin it. How long are people going to buy tickets for a jackpot that can't be won? They may get a ticket or two but not big ticket buys. It's just a waste of money to play a game no one can win.
Yes! Especially after they just spent too much on tickets that didn't even come close... It proves the futility of buying more than one ticket at a time, regardless of the size of the jackpot.
According to <snip> :
Total Tickets (Sets of Numbers) Sold: 280,217,678
Total Combinations in Game: 302,575,350 = 92.8%
Someone said 59% sold. That means multiple same numbers were sold.
In a side note, I have a question to all lottery players here:
What is the first thing you will do after collecting the prize?
me:
Donate 10% pre-tax to charities...
you?
I'd disappear for a year.
Estimates for 10/23 drawing:
The formula for estimating the number of duplicate tickets sold is as follows:
(total tickets sold)-((total combinations)*(coverage))
coverage = 1-((e(-lambda)*(lambda0))/0!)
lambda = (total tickets sold)/(total combinations)
Sidenote: using this formula (which assumes all random picks), and the actual sales for 10/19, the number of unique combinations estimated to be sold was actually ≈10MM more than the actual 57% quoted by The Washington Post. I believe fewer unique combinations were sold due to self-picks, so if we take this to apply to the new drawing as well then the chance of rollover should be slightly higher than estimated.
This article made no claim that it's the better choice. That's your own personal belief. If you don't think you can manage that much money successfully, then you don't have to take the lump sum should you win. Better yet, do not play when the jackpot gets this high.
I have news for you, crooked lawyers and fund managers have bankrupted winners who took the annuity. Bad life choice and bad investments have bankrupted winners who took the annuity. Annuity winners are not less likely to spend it all.
Not so long ago there were people making this comment about $100 million jackpots. Then $300 million jackpots. Whenever any new threshold of JP is broken, out come people like you to tell others they HAVE to take the annuity so they don't go broke because they'll never be able to manage the lump sum amount.
Do you know what usually happens? They manage the lump sum amount. They get comprehensive financial advice, they read books, they consult lawyers, and...they manage that money. So how about tempering the fearmongering with actual evidence.
It's a secret!
Again, total agreement, Teddi. I keep a monthly budget, spend less than I make, give, save, make my own investment choices, retain a lawyer and a tax accountant, etc... All of this for a person of modest means, like myself. For someone who has never balanced a checkbook it would seem too overwhelming, I suppose, but it's all a part of being a responsible adult and small business owner. It tickles my brain to think of scaling it up from managing thousands to managing mega-millions. I'm not afraid nor am I intimidated, and although I do not know everything and I've never managed millions, I know the right questions to ask, and/or the right people who can guide me to the right question.
I wouldn't think so. Even if Americans spent all of their discretionary income buying tickets for the previous JPs and they're tapped out making large ticket purchases, the game is open to non-Americans. For $2.5 billion I'm betting we'll see large numbers of people driving into the US for a few hours just to buy tickets. Their purchases would likely pick up the ticket sales where regulars dropped off.
I also think people in states that don't have MUSL will be willing to drive into states which do to buy tickets.
These two types of lottery players who only ever make an effort to buy tickets when it's high enough to justify the inconvenience of a long road trip.
I know that not everyone can win the jackpot but I would be happy with the cool million.-weshar75
here here
Good info thanks!
Hey, check me out! I found the emoticon dude! ;)
Yeah, good point... Also, at some point it might be mathematically feasible to throw $604M at it to make a couple hundred million profit, lol. Imagine if the JP was over $3B, but the projected ticket sales slumped down to a point where the likelihood of a winner were an acceptable risk for some "fund" to buy up all of the combinations. Even if there was one other winner, the "fund" would walk away with $243M pre-tax, lol. ($3B x .565= $1.695B(CV) x .5(2 way split)= $847.5M - $604M(cost of tickets)= $243.5M pre-tax profit. lol, just a thought.
Provided I/you/someone win this monster of a (MM)jackpot, to me this is where the real life changing mission begins. Scheduling and choosing a representative team. Do I look at the Super Lawyers list under lotteries to see who they suggest in my state? Do I interview 2-3 firms? How about choosing a professional accounting firm to assist you ? Again,interview 2-3 of them ? Financial Advisers team ? A whole bunch of those folks to sort through. Get the trust established and decide who's going to be in it.
How much are you giving to charities or will you establish your own ? What are the challenges of getting that charity going ? How much do I give to family, friends or folks that I know are in need ?
Will I live here in the area or even in my state ? Do I want a new home or shop for one that's already built ? If I build a new one, who will build it for me and how long will that take? (For those of us that have built new homes, you know all the headaches of that undertaking)
For us who have a significant other, what are their desires on all the above subjects? While spouses usually agree on life situations, this kind of wealth can open up ones mind with all kinds of possibilities/changes
Just my 2 pennies on the subject....
Spend spend and then look at Chuck Feeney.
CDanaT, I will make my CFP, Certified Financial Planner the leader of all my advisers. He or She will ask the tough questions that I need answers too.
The "charity" thing has been weighing on my mind. At this level I think I'd separate 10% of the after tax CV and start some sort of foundation. I'd invest the money for the foundation, and also contribute 10% of my after tax income into it every year. The dividends earned from the investments I'd distribute to a variety of causes. But, here's the rub: I don't want to be like Andrew Carnegie and struggle to find worthy causes to give to, so I'd need to hire some good, like-minded folks to do the due diligence for me... Just a thought... Oh, and when I die, the bulk of my net worth would be added to the foundation.
Can't resist
lowellm, Have you heard of, "Donor Advised Funds"? It might be an option instead of a Foundation.
Who thinks tonight's Powerball will get hit or will it continue to roll like MM?
$620M if it rolls...................
Somebody justify needing the sums this jackpot would provide, either way,annuity or cash.
I hope the record jackpot brings a record split.
I haven't heard of that, but I'll look into it. :) When I say "foundation", I'm using it as a catch-all, I don't mean it in any specific or litigious sense (In other words, I didn't know what else to call it, lol!) Thanks, music*!
I don't know... Credit card debt? ;)
.
I agree. And hope for the same. Would 100 first prize winners be asking too much?
good one lowellm.
And, one other thing. Although this technically falls under the "luxury" category, rather than the "need" category, but it sure would be fun to flaunt it in front of the ex-wife! lol (I'm just kidding. but not really.)
There will be a shocking number of winners if birthday numbers are drawn. 50+ winners for the JP and 1,000+ winners for the 5+0 tier I’d bet.
A person's attitude towards money determines their level of success with it. I used to see it all the time. A guy who couldn't budget to live on $50,000/year ended up with a job where he's making $150,000/year, and he still can't budget it. He ends up still spending more than he brings in. It's never about the money,
it's about the mindset.
For these people, no matter what payment method you put them on or how much the sum is, they'll find a way to squander it all. It's not that hard to pick out those who will end up broke. We knew it was going to happen with Leroy Fick. We knew it was going to happen with Cynthia Stafford. Ditto with DLE.
And it's not just lottery winners that have a tell. When Sheree Whitfield said "A budget. What's that? I don't shop on a budget." and when Toni Braxton blasted Oprah for telling her to never spend money until she knows how much she actually has, I knew they'd both be broke in no time flat. I had a good laugh when Toni filed for her second bankruptcy and Sheree got booted out her house.
Ohio tickets purchased. Broke my cardinal rule and did not do Powerplay or Megaplier. Not a bad day went to two casinos with $300 and came home with $450 which included the $40 for lotto tickets.
The only real concern is with the MA Season Ticket. Wonder if it can be claimed through a trust? That would be all anyone would need to have their name plastered all over the place. Best of my knowledge and one case comes to mind that they wait for the photo-op on Season ticket winners then release the information.
.
Music*,
You seem well versed in the area of financial planning and/or such things.
Because of you, I now know what to do, if the unthinkable happens, tonight, Tuesday or on any lotto date.
This Certified Financial Planner is a yet another term, I've not known about.
What kind of tough questions could be expected?
Mr. Groppo
No idea, but I hope it rolls, just to make things interesting and to freak people out.
You nailed it. There are stories of past lottery winners who sold out their annuities because they blew through the annual payments before the first quarter and knew more money was there for the spending. Even people with expert consultants put them on blast when the financial team's advise runs contrary to their whims.
Groppo, Thank You for your compliments. I am not a Certified Financial Planner.
A tough question that my CFP will ask is like, How are you paid? What experience do you have? I am sure that my CFP will have many other questions when I am hiring say, a CPA or an investment firm.
A qualified CFP will have both academic credentials as well as on the job experience.
Try googling Certified Financial Planners. I own and have read Susan Bradley's book titled, "Sudden Money".
An excellent adviser will be worth the money you spend on him or her.
.
Yes, it may as well roll, because of what we've experienced with the MM this time around,
. . . everybody is losing their brains on the constant rolls and everything.
"Peepoles needs ta just ca'm down and purtind like dey a gonna lose, not win, but lose."
Time to disappoint everyone and go buy this winning ticket.
I am satisfied with current jackpot. Time to reset the jackpot with my ticket. Thank you universe.
Absolutely! I've heard it described as a "thermostat" (it might have been Jim Rohn who said it). Everybody has a financial "thermostat". If it's set at $50k per year, and it's August and you're only on track to earn $40k, you'll bust your buns to get that income back on track for $50k. But once you're back on track you relax and settle into your $50k lifestyle... The thing is, a person can reset their thermostat. Could be lower, could be much higher. If you earn a million per year, that thermostat will kick the heater on if you're on track to only make $900k... Likewise, if you win a million, but you still have poor person thoughts, you'll become poor again in 2 shakes of a lamb's tail.
I hear ya OSPa
OldSchoolPa, You are welcome!
Universe
Susan also has an advisory firm!
lm, with a jackpot the size of either the PB or MM. If some individual can't take just $50M for a nest egg(never to be touched), $10M for house, cars & toys, $1M a year to spend as they please(based on living to the age of 90).... Then they just suck as a human being !!!
I enjoyed the chapter titled, "Finding your windfall: The Chute of Emotions."
The more money you have, the BIGGER the toys!
https://www.suddenmoney.com/about-susan-bradley
She does sound as it would be worth a phone call or video-chat
I'd throw in another $10M for a nice cozy bunker, preps, ammo, and a respectable arsenal ;)
Sharon Tirabassi from Canada is an example of losing it all. I guess she was bad at math.
She won $10,000,000.00 Canadian dollars and lost it all over ten years. She did set up trust funds for her kids.
Aaaamen
Canada, that spoke volumes right there
.
Has anyone actually sat down and tried to figure out why the numbers are so elusive,
that has left the big prize still at bay (or maybe adrift somewhere in the Pacific) ?
I mean the whole world has to be in on this game.
I could sit here and say "OK, TUESDAY IS IT, somebody better win it.", but will it be won?
DO WE WANT TO FIND OUT THAT SOME ICELANDIC FISHERMAN HAS WON IT?
PLEASE FOLKS, DO YOUR BEST TO KEEP THE WINNERS IN THE USA.
I'm too old to take this excitement much longer.
I'm not even excited anymore, I'm starting to get annoyed.
With all of this hullabaloo, it hadn't even occurred to me to pick up a PB ticket for tonight. It's scary/sad when a $470M jackpot seems so insignificant that you lose track of it, like a set of car keys.
............. You ARE in IL... Your state does have some unique things happen.... Don't be tempting fate
Haha! You're right! When you're right, you're right! What else can I say? I tell ya another thing, my state sure could use the tax revenue from my impending big win, but I don't trust them to spend it wisely once they get it. It would be one thing if they had an ounce of common sense, heck, I'd be happy to help. Some folks just can't be helped. I'm talking about Chicago, of course, not my beloved down state folks. ;)
I’m just annoyed it’s not up to 1.85 Billion yet.
Now JJ...................just kidding......... 2 weeks perhaps ?
Thanks. Makes it clear for anyone who considers it or not.
A neighbor-friend of mine just snapchatted me, said she was going to the store and do I need anything... I said yes, since you mention it, pick me up a PB w/powerplay option... Fortune smiles upon me yet again! ;)
I wish. Maybe an operation? :)
You know you play a lot when your friends know what PB w/power play option is lol.
Lol, true! But, full disclosure, I had to explain the powerplay thing to her (on snapchat), and then I texted the explanation to her (because snapchat "forgets", lol). But she just now dropped it off. Mission Accomplished! She (not a lottery player) actually bought two tickets, one for me and one for her!
Yup, exactly. Which is why I'm always so surprised when people keep insisting that a person should take the annuity if they don't know how to budget. If they don't know how to budget, they won't miraculously learn how when come into a large sum of money even if the money comes once a year. They either sell off future payments or borrow against it to cover their overspending.
Someone win the Powerball already. It's a distraction.
Thank you for your cooperation.
No problem. I volunteer to take the PB Jackpot tonight.
It's incredible to think that you'd be able to win it and ride off into the sunset while everyone else is worried about the "big" Mega Millions jackpot winner.
I Love STATS.. So if we based the sales to be at 80% coverage, then there is a 20% chance of a roll? or 1 in 5?
ONE TICKET!
ONE WINNER!
Yep, that would be true (or close enough, there are variables). If there are enough tickets sold that 80% of all numbers are likely chosen, then statistically there is a 1 in 5 chance of a roll. But those odds aren't favorable for a roll.
You ever noticed , when you read article or headlines and it never
has anything Positive !!! How to lose your money between 3 - 7 years .
Why can't there be an article saying .....How to make your money last forever !!!
Media loves to be so darn negative , instead of being Positive !!
You've to have a solid plan , to make it last . Do's and Don't !
Andrew Carnegie sold his company BEFORE Income Tax was law.
Carnegie died on August 11, 1919, in Lenox, Massachusetts at his Shadow Brook estate, of bronchial pneumonia. He had already given away $350,695,653 (approximately $76.9 billion, adjusted to 2015 share of GDP figures) of his wealth.
His Foundation STILL helps people to this day!
That's how Capitalism WORKS!
Based on sales projections, 75 percent of the 302 possible combinations will be chosen for Tuesday's drawing, up from 59.1% in Friday's drawing, said Carole Gentry, spokeswoman for Maryland Lottery & Gaming. About 280 million tickets sold in Friday's drawing, none matching.
l would love to be a jackpot crasher and bring PB down.. tonight! The journey would end there.
All I know is, somebody is going to have a very merry Christmas this year.
On foreign soil...
Why do you say that?
Yeah, they'd be smart to go somewhere (nowhere) for a year or so, let things blow over.
Here's a positive article published yesterday that should make you happy: https://www.lotterypost.com/news/323150
Guarantee nobody "picked" those Powerball numbers tonight, they're pretty ugly. Maybe a quick pick.
I wonder if the people who dropped hundreds of dollars on the last draw have any money left to do it again.
Oh, they'll find it somewhere. Pawn shops will be a booming business enterprise this month, lol
Plus, the "cash burn rate" is much higher with 2 jackpots at high levels. At some point, there will be a realization that "I am a dumbass". lol
That has a vaguely familiar ring to it......
oh, wait
Ein Volk!
Ein Reich!
<insert Horst Wessel lied here>
dpoly1
Carnegie was one of the men profiled on The Men Who Built America......
No jackpot winners were.
QUESTION: Whose idea was it to start national and state lotteries in the 1980's anyway? Anybody know?
Delaware Lottery is reporting the Powerball rolled to $620M !!
Powerball site just posted the rollover to $620.3 Million/ $354.3 Million Cash
Ho-Hum... Just $620.3M? Yawn... ;)
Holy Guacamole! Powerball will be $1 BILLION with one more rollover for next Saturday. Kind of like Groundhog Day movie!
Lol.... 620.3 is barely above the after tax take home for the MM
These are crazy times! Signs & wonders!
These high numbers drawn for both jackpots is obnoxious... spread it out so I can feel equally irritated
I picked 3 of the 6
just not in the right spots...
i pick my own...
Right there with you kyle.. I had all 5 numbers between 7 lines.
Yep, that was always the problem I had when I calculated my own sets of numbers. I'd get most of the numbers, I just couldn't get them to line up straight.
Well,time to call it a night.... Us saints have to get up early to help the rest of you sinners tomorrow to repent from your heathen thoughts and certain finger waives from not winning either jackpot this weekend.
Haha! Put in a good word for me!
State lottery, New Hampshire 1964, this round anyway.
Interesting read;
https://en.wikipedia.org/wiki/Lotteries_in_the_United_States
U.S. lotteries
?
First
Ticket Sales
Joint
Games
MM+PB= Over $2.2 Billion.
Should be a very interesting week.
I dreamed this morning MM would raise to $3.5 billion until the draw.
It may be more then 1.6 Billion close to drawing time. If no one hit jackpot. It will be billion dollar after taxes. I hear I maybe wrong.
Itz funny how PB increased over $100 mil
https://www.lotterypost.com/thread/304162
Life imitates art. It won't be long before this fictional story becomes reality.
It would be a wonderful time to win a state lottery or Lotto America jackpot(*if available in your area), leaving all the attention to the MM/PB jackpots. Quietly collect and ride off with limited attention....Course, with these jackpots getting this big, even the PB will garnish excessive attention. Be cautious, be silent and be smart should you win.
Dang, I don't recall if TN has a way to collect winnings anonymously. Dana do you know off top of your head?
The Dragon lady would never permit anonymity, lol. Please groom the goats prior to the photo shoot.
And you sound like a Stalinist
Can't you do a blind trust in Tennessee??
HG.... I am afraid not...We can collect via trust. Unfortunately the Dragon Lady and the other cast of characters have not pushed for anonymity or allowed that opportunity to arise.
Not sure about a Blind Trust. However the option of dressing like this comes to mind when meeting ole Rebecca
I could do like the Preds coach did last night after they won last night. Bull mask!!!
I had come closer than that CD!
Back in 2014, I bought a $5 quick-pick up in Connecticut on Dec 29, 2014 for the $177 Mil jackpot Mega Millions drawing the following day.
The winning numbers drawn were 3-7-44-63-67 MB 12
When I checked my ticket on Dec 31, I had ALL 6 NUMBERS on the one ticket....just not all on the same line.
I did, however get 4 on one line for $500 and the Megaball number for $1
So close, yet still so far!