Forget investing long-term in a 401K, playing the stock market successfully, or growing nine inches overnight while simultaneously developing a jump shot NBA scouts drool over, there is another sure-fire way to get rich, and it might happen tonight for some lucky person.
The Mega Millions jackpot has grown to nearly a billion dollars, currently sitting north of $820 million which means in one night, if you win, you could be worth more than Kylie Jenner.
There are many stories out that talk about the downside of winning a lottery that size, specifically in regards to the taxes you’d have to pay. Yes, the government will take a sizable chunk of your fortune, be prepared to kiss goodbye $113 million, to be specific, if you choose the lump sum payment.
Most winners do indeed select that single lump sum payment, which has a more significant tax liability. There’s no official reason why, but one can only assume, based on whom we’ve seen win these jumbo lottery prizes in the past, that the winner is on a mission to try to blow it all as fast as humanly possible.
The other option is to take the annuity payment, where a nice seven or eight-figure check shows up every year for 30 consecutive years.
On a list of potential problems or hardships, worrying about how to pay taxes on an $800 million prize won off a $2 investment is at the very top of the list of problems that many people would kill to have.
As of now, this is the fourth largest lottery jackpot in history.
The chances of you having any of these tax considerations to worry about are as slim as the cast of The View planting Republican campaign signs in their yard. Your official odds of winning are 1 in 302 million chance.