What should you do with $810 million?
Claiming Tuesday night’s prize money – the third-largest ever Mega Millions jackpot – likely also will draw taxes, grifters, and friends and family members, advisors say.
All 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.
“Don’t shout your win from the rooftop,” Rob Burnette, financial and investment advisor at Outlook Financial Center in Troy, Ohio, said. “If you’re lucky enough to win the lottery, keep it quiet. Get organized and make a plan. Consider staying anonymous, if it’s a possibility.”
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How much is the jackpot, when is the drawing, what are my chances of winning?
Since no ticket matched all five numbers plus the gold Mega Ball 16 drawn Friday night, the jackpot rose to $810 million, with a cash option of $470.1 million, according to the Mega Millions website. It was not known immediately Tuesday night if someone – or several people – matched all six numbers.
The single chance of matching all six numbers is roughly 1 in 303 million. Mega Millions tickets – which cost $2 each – are sold in 45 states plus the District of Columbia and the U.S. Virgin Islands.
Why shouldn’t you tell everyone?
Scammers.
