Friday’s Mega Millions jackpot has hit $1.1 billion, which could mark the second highest winning ticket for the jackpot game. Here’s a look at how much someone could take home and what they could choose to purchase with the winnings.
Mega Millions Jackpot: The Mega Millions jackpot for Friday July 29 has hit $1.1 billion. A winning ticket could be drawn Friday night and would give a winner an important decision.
Winners of large jackpots can take a lump sum cash payment or choose to be paid out the full amount over 30 years, with one payment upfront and additional payments each year going up by 5% to fight inflation.
To win the jackpot, a player needs to match five white balls numbered 1 to 70 and a Mega Ball numbered 1 to 25.
The odds to win the jackpot are 1 in 302,575,350.
Matching five white balls pays out $1 million with odds of 1 in 12,607,706.
Overall odds to win a prize of at least $4 from the $2 Mega Millions ticket are 1 in 24.
At the time of writing, the cash payout is $648.2 million.
A winner will have to pay federal taxes of 37% on the winnings and will be responsible for state taxes depending on where they reside.
After federal taxes, the lump sump payout is $408,366,000, which could be saved, invested or spent on various items by the winner. Here’s a look at 10 items that could be considered.
Related Link: Mega Millions Jackpot July 29: How To Play, Where To Buy Tickets And Where Winning $1 Billion Lottery Ranks
1. S&P 500: If a winner decides to invest the money in the SPDR S&P 500 ETF (NYSE: SPY), which tracks the broad based S&P 500 Index of 500 of the largest U.S. companies, the $408.36 million won could purchase 997,961.88 shares of SPY. For perspective, investing the same amount in the SPY 29 years ago (July 29, 1993) would be worth $3.7 billion today, which would beat the 30-year payouts from the winnings.
2. Cryptocurrency: A potential …
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