We have nothing available to help you out and we’re not interested in your project.” “That’s the person or adviser who keeps you from giving loans to anybody, who tells people all the money’s tied up in investments, not available. The plan also should include a “fall guy,” Azoury said. The cash option is a one-time, lump-sum payment equal to all the cash in the Mega Millions jackpot prize pool.Each payment is 5% larger than the previous one. An annuity option makes an initial annual payment followed by 29 annual payments.The plan will include which payout option to choose: “They’ll work hand in hand to figure out the plan.” “Get a tax attorney and a tax accountant right off the bat and then a financial adviser,” said Azoury. Steve Azoury, owner of Azoury Financial in Troy, Michigan, said he has advised many lottery winners, including a $181 million winner "who said ‘If I didn’t know you before, I don’t want to know you now.’” If you can’t tell everyone you won, what can, or should you do? WINNING: ‘We did it again’: Maryland mom wins $100K jackpot for third time in five yearsĪlso remember, "no real lottery tells winners to put up their own money in order to collect a prize they have already won," it said. No representative of Mega Millions would ever call, text, or email anyone about winning a prize, Mega Millions said.ĭON'T GET CONNED: Stay alert against financial scams “These scams all have one thing in common: They try to trick you into sending them money or personal information by claiming that you have won a large lottery prize.” “Some of those scammers have falsely identified themselves as being affiliated with Mega Millions,” Mega Millions said. For example, in Maine, New Hampshire, Vermont, the cutoff is 9:50 p.m. However, there are exceptions, so it's best to check the rules in your own state. In many states, eligible tickets are sold until 15 minutes before the drawing takes place. What's the Mega Millions cut off time to buy tickets? Mega Millions tickets – which cost $2 each – are sold in 45 states plus the District of Columbia and the U.S. The single chance of matching all six numbers is roughly 1 in 303 million. Most winners opt for the cash option, which for the next drawing Tuesday at 11 p.m. The $1.1 billion prize is for winners who choose the annuity option, paid annually over 30 years. Make an offer: As housing cools, some buyers get a second chance to grab their first choice How much is the jackpot, what time is the Mega Millions drawing, and what are my odds of winning? Interest rates rising: Why does the Fed raise interest rates? And how do those hikes slow inflation? Consider staying anonymous, if it’s a possibility.” “Don’t shout your win from the rooftop,” Rob Burnette, financial and investment adviser at Outlook Financial Center in Troy, Ohio, said. “If you’re lucky enough to win the lottery, keep it quiet. Claiming that much money likely also will draw taxes, grifters, and friends and family members, advisers say.Īll that attention means the first and most important piece of financial advice likely is what you should not do if you hold the winning ticket. And if someone wins it tonight, it will be the third largest jackpot in the game’s history.īut be careful what you wish for. That's the fourth time in about as many years the top prize has- topped $1 billion. The Mega Millions lottery jackpot ballooned to $1.1 billion after no one matched all six numbers Friday night and won the top prize. Watch Video: Odds of winning the Powerball and Mega Millions are NOT in your favor
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