If you’re ever lucky enough to win the Powerball lottery jackpot or any big jackpot for that matter, you’re looking at a life-changing amount of money.
Up until now, the biggest US lottery prize ever to be offered was paid out in 2012. It was a Mega Millions jackpot of a whopping $656 million.
Whatever the final jackpot amounts to, just know that the federal government does get its share – around 40 percent in taxes if you live in the US. It’s better if you’re in Canada – you don’t get taxed on your winnings.
So, whether you decide to take a lump sum payout or installments, you’re going to walk away one very happy winner.
You know that the chance of winning the Powerball jackpot is nearly 1 in 300 million. You also know that you can choose numbers yourself or leave it up to fate with the Quick Pick option.
Either way, if the universe is on your side and the numbers just happen to align, what would you do with all that cash?
For inspiration, and just a little fun, here are some of the most popular ways to spend those lottery millions.
Ask most people and the first thing they say they’d do with a lottery win is to buy a bigger house. That’s pretty much how it worked out for a couple from Tennessee. In January 2016, John and Lisa Robinson shared a mega $1.6 billion Powerball Jackpot with another two winning ticket holders.
At first, the Robinsons said they’d stay put in their one-story house, pay off the mortgage and sort out their daughter’s student loans.
That all changed 6 months later when it was revealed they really plowed some winnings into a 10-bedroom home with sensational rural views and overlooking a private lake. It’s said the house has 8 bathrooms and a private home theatre. Standard lottery winner stuff, really!
Some works of art are sensational. Just ask Steve Wynn. In fact, when Steve won a lottery jackpot, he decided that art wasn’t just for the eyes, it was for the entire body, too. Well, for him, anyway. When Steve invested in a $139 million Picasso masterpiece, he put his elbow through it, causing in the region of $40 million in damage. Yikes! Maybe it’s something cool billionaires do?
Many a jackpot winner spends some dough on a jet. We get that. Why drive when you can fly, right? But it’s not enough just to buy one, you could spend a little more pimping it out to just the way you like it. In fact, you could go the whole Trump and invest in heavy gold plating.
Need inspiration? The presidential 727 renovations of 2011 saw the likes of Rolls Royce engines, gold plated bathroom fixtures and let’s not forget the gold-crusted seatbelts!
Best of all, with a lottery win, you won’t need to build up a successful company or revolutionise an industry to earn billions. It just takes a little luck and the right winning numbers.
One lucky Canadian by the name of Bob Erb won $25 million in a 2012 Lotto Max jackpot. He kindly donated a big chunk to charitable causes – an estimated $8 million, in fact. One cause he supported at the time was the call to make marijuana legal.
How often do you dream of moving your nearest and dearest onto your very own private piece of land? Sounds like hard work. Instead, just buy a town. Take the town in Georgia called Toomsboro as an example. In 2012, the property developer who owned the majority of the town put the entire place up for sale. A website was created and everything.
This actually isn’t a new thing in Georgia. Kim Basinger famously threw $20 million at the historic town of Braselton. When she went bankrupt, she sold the town for just $1 million. But you’re going to be an overnight millionaire, so you’re okay!
From properties and jets to entire towns, jackpot winners cannot wait to spend. The wises way to spend your winnings, though, is on time with a financial advisor who can help you keep your cash safe, and maybe invest it so it can continue to yield income for years to come.
What would you do with your lottery winnings?