AS WE go to press, the whole nation is in a lottery frenzy, awaiting the nerve-wracking results of the Mega Millions jackpot, which is now estimated at $640-million – an unprecedented amount in the history of US lottery.
A latest report from Good Morning America says that the “cash lump sum payment is now worth $462 million, up from $389.8 million.”
Will someone finally be able to take home the prize money? Or will the stakes get even higher?
Here in California, brisk ticket sales have been reported across the Golden state.
“The jackpot initially was estimated at $476 million, and then $500 million, but stronger-than-anticipated sales nationwide have helped push up the figure,” said lottery officials, in a report from CNN.
Sales were also strong on Tuesday before the drawing, which produced no winner. On Tuesday night, the jackpot grew to an estimated $476 million, after no winner was declared, though there were six five-of-five winners from Southern California, and three more others from Sacramento, Redding and Mill Valley in Northern California, as reported by the LA Times.
Merchants were expecting sales to increase even further, as the next drawing became near.
“Lottery officials had placed the odds of winning Mega Millions at about 1 in 176 million. The retailer who sells the winning ticket will receive a maximum $1-million bonus,” said the LA Times.
This record-breaking prize money comes at a most relevant time — when most Americans are financially unstable due to unemployment, bankruptcy, foreclosures and other problems that come with an economic recession.
But at this point, there is really no telling what the odds will be.
However, in the event that someone wins the much-coveted prize, various sources have shared their “nuggets of wisdom” to whoever will become the new mega half-a-billionaire.
Here are some tips from the Associated Press:
-”Before anything else, sign the back of the ticket. That will stop anyone else from claiming your riches if you happen to drop it while you’re jumping up and down. Then make a photocopy and lock it in a safe. At the very least, keep it where you know it’s protected. A Rhode Island woman who won a $336-million Powerball jackpot in February hid the ticket in her Bible before going out to breakfast.”
-”Relax; breathe; take time to think about your next move. Don’t do anything you’ll regret for the next 30 years, like calling your best friend or every one of your aunts, uncles and cousins. It doesn’t take long to be overwhelmed by long-lost friends, charities and churches wanting to share your good fortune. You’ve waited a lifetime to hit the jackpot; you can wait a few days before going on a spending spree.”
– “Contacting a lawyer and a financial planner would be a lot wiser than updating your Facebook status. Make sure it’s someone you can trust and, it’s hoped, dealt with before. If you don’t have anyone in mind, ask a close family member or friend. Oklahoma City attorney Richard Craig, whose firm has represented a handful of lottery winners, says it’s essential to assemble a team of financial managers, tax experts, accountants and bankers.”
– Cash payout or annual payments? “This is the big question, and most people think taking the lump sum is the smart move. That’s not always the case. First, spreading the payments out protects you from becoming the latest lottery winner who’s lost all their money. Don McNay, author of the book Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery, says nine out of 10 winners go through their money in five years or less. ‘It’s too much, too fast,’ he says. ‘Nobody is around them putting the brakes on the situation.’
– “Invested properly, the lump sum option can be a good choice. There’s more planning that you can use to reduce estate taxes and other financial incentives. Others, though, say that with annual payments, you are taxed on the money only as it comes in, so that will put you in a lower tax bracket rather than taking a big hit on getting a lump sum. And you still can shelter the money in tax-free investments and take advantage of tax law changes over the years.”
But Richard Lustig, a 61-year-old man who has won seven lottery drawings in the past, gave the best advice to the New York Post:
“Go and buy tickets, but the most important thing I’m telling people to do is don’t go crazy. This is the biggest prize in history, and people are going to go out and buy a lot of tickets, and almost all of them — millions of people — are going to lose, so don’t spend the grocery money or the rent money. You have to buy tickets to win, and the more you buy the better your chances, but don’t go crazy.”
(www.asianjournal.com)
(LA Weekend March 31-April 3, 2012 Sec A pg. 12)
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