A lucky person who bought a ticket in Arkansas will take home a whopping $1.817 billion Powerball jackpot, which has a cash option of $834.9 million.
The Christmas Eve prize is the second-largest U.S. lottery jackpot ever won and the largest Powerball prize this year, according to a news release from the Multi-State Lottery Association.
I understand the instant payout’s attraction. In this case, it makes you nearly a billionaire. It solves every financial problem a normal person has immediately. Take the payout, buy a “modest” $1 million home, live lavishly by spending $1,000 every day for 90 years straight, and still have $800 million left - still nearly a billionaire
$1 million is just a normal home in most of the populated parts of the US. Literally 3 bedroom, 2.5 bath, 2000 sq ft.
Real estate prices are out of control.
No it’s not. It is that way in some parts, but no where near most.
Most of the land in the US does not have million dollar 3 bed homes, but I bet most of the population lives within a commute’s distance where it’s true. I was expecting the quotes around “modest” to do some heavy lifting in both directions. Could be an apartment in a cultural center, could be an extraordinary place in the mountains. Winner’s preference
Realistically you’d probably be taking home $400-500M after taxes but thats still enough to never need to work again and pretty much buy whatever you want.
If you invested $450M and it only earned a low 5% APR, you’d make $22M after just a year and $124M after 5 years which would be enough to live on without ever even touching the principle.
Huh, I thought the cash value wasafter taxes
No only the payout if you take the lump sum at once and then taxes would be additional. I still think its the better way to go in most cases because you can invest it yourself rather than relying on some third party keep your money and dole it out to you yearly.