How Much You Really Get If You Win The Powerball?

I have to be honest, I don’t play games where the odds are stacked against me. But every now and then I get tempted to play, after all I’m human, plus a friend of mine won the lottery and he got a little over 300k in cash.

His first step was to quit his job lol, which I don’t recommend more on that later.

But for this video lets, talk about how much money you would actually get if you won the power pall, which is sitting at $1Billion right now

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1. 1 Billion dollars in Pre-tax money, so let’s talk Taxes first

-The receivership of the money

-Annuity income of the money tax bracket ( 35-37%)

-Plus potentially split of the pot if another player wins

If you get 497.3M in cash at 24% tax rate

-You give up nearly 120Million ( in federal tax withholding )

-The actual federal taxes which will put you in the highest tax bracket (37%)

-Also the state taxes depending on where you bought the ticket

2. Lump sum vs annuity ( how long are they for )

-You would get the money across 3 decades

-Entity runs out of money

-Taxed at the highest tax bracket for decades

However even if you get a lump sum of lets say

-300M dollars ( that’s better than 600m over 30 years )

-If your smart and invest that money at 10% and live off 4%

-You get an income of

3. Investment options

Mistakes

-Quit job

-Think all of sudden they are business moguls

-To many chefs in the kitchen don’t help

4. Parkinsons law: the more you make the more you spend

5. New info I learned:

( rule change implemented in October ) The prizes are getting bigger while the odds are getting smaller, they had 59 white balls in the tumblers and now they have 69, which makes your odds 1 in 292 million instead of 1 in 175million

Fun fact:

-2 winners would probably receive 185M after taxes instead of 500m each

-Fun fact, poor people tend to spend the most on tickets

-The house always wins, they receive about 100billion and keep 30billion after taxes each year

-The odds of winning are almost the same whether you buy or you don’t, that’s how crazy it is ( for fun cool, for strategy stupid )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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