How to win the lottery, on February 2015 in North Carolina
a 26 year old mother of four children was one of three winners of a huge Power ball Jackpot totaling 564 million dollars. The chances of that happening were one in a hundred and seventy five million, so how does the lottery work? and what should you do if you win?
a 26 year old mother of four children was one of three winners of a huge Power ball Jackpot totaling 564 million dollars. The chances of that happening were one in a hundred and seventy five million, so how does the lottery work? and what should you do if you win?
Well in America only 44 states have lotteries plus the District of Columbia Puerto Rico and the US Virgin Islands the other US states exclude themselves for various reasons like religious objections or in Nevada's case the fact that they already have other gambling agencies. Lotteries are mostly government-run and state officials use part of the proceeds toward funding things like education across the country, lottery sales totaled seventy billion dollars for the year 2014.
So what happens if you actually win big? in the lottery after signing your ticket make sure to get a photo and a video of yourself with it then usually there's a number you can call to identify yourself as the winner, however you don't have to come in to claim the prize just yet, depending on the lottery and the state you're in sometimes you have up to a year to claim the prize. In fact financial advisers usually recommend that you wait before you claim the prize. You need to have a few things figured out do you want the annuity prize or the cash lump sum what are you going to say to the press do you want to remain anonymous and is that even possible in your state? find a lawyer or a certified financial planner or both and possibly a press agent to help you figure out the details. If you win the lottery you can be offered the annuity prize or the cash prize the annuity is listed at a higher face value because it's invested in safe bonds and the prize money is released to you over time however most people take the cash lump sum amount on paper it seems drastically lower than the annuity prize but most people think that they can invest the money themselves and make a higher overall profit.
Usually taxes hit lotto winners pretty hard, the IRS alone can take up to 40% of your prize money then you can face an additional state tax Mega Millions reports that only about half a dozen states don't tax lotto winnings. If you live in New York City you may be paying, of the highest state taxes on lotto winnings at around 13% in 2012 the odds were lowered for major state lotteries and jackpots have been climbing to astronomic levels the largest jackpot ever won in US history was in 2012 at 656 million dollars, but before you start buying tons of lottery tickets just remember that the odds of getting struck by lightning are much much higher.
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