The Mega Millions jackpot is now over half a billion dollars and everyone seems to want a ticket to win the $540 million grand prize.
It’s a record day for the lottery, and people are buying up as many tickets as they can. Nevertheless, the odds of winning this money are about 1 in 176 million, according to the official Mega Millions web site. Can $1 actually give someone $540 million?
Not likely, because most people are spending hundreds of dollars on tickets. There are reports that people are spending as much as $2,000 for each drawing. The money is gone, but the jackpot is soaring.
In addition, keep in mind that Uncle Sam will want about 40 percent of those earnings. That’s almost half the jackpot. The lottery will pay you for 26 years, or you can take a lump sum now for $389 million.
The truth is, at that amount of money, it doesn’t matter what taxes you pay, because the cash is still in your favor.
Someone is about to become very rich, but the odds are against them. If you walk into a convenient store today, you will witness the buying frenzy, and I’m sure there will be 2 clerks at the counter. One line will be dedicated to the Mega Millions ticket buyers.