So, who wants to be a billionaire?
Its the third-largest Powerball jackpot in history.
Now, as professional Penny Hoarders, we generally advise against spending your hard-earned money on lottery tickets.
(Invest itinstead!)
But its still fun to think about, isnt it?
How much of those winnings would you actually get, though?
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Ever wondered how millionaires get to be… millionaires?
So we looked into it.
What we found aresimple, millionaire-approved tipsthat anyone can use to manage their money.
How Much of That $1 Billion Would You Take Home?
Lets say you win.
(Itisfun to think about, after all.)
Then there are taxes.
(There are always taxes.)
That brings your theoretical winnings to about $326 million.
Youd also pay state taxes.
How much obviously depends on which state youre in.
That could drop your winnings down to as low as $269 million.
But realistically, nearly everyone takes the one-time cash payment.
Seriously, almost everyone.
Youve Won Powerball.
No matter how you count it, a $1 billion grand prize is certainly a lot.
The biggest Powerball jackpot ever was the $2.04 billion prize won last year.
So think about it.
Powerball tickets cost $2.
Maybe spend a little money on that dream.
Or you could, you know,invest it.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
