The first Mega Millions drawing of the New Year will be a big one, as the jackpot continues to climb.
No ticket won all six numbers in Friday night’s drawing for a $306 million jackpot.
12/29/2017 Friday night’s Mega Millions numbers are:
4-10-18-28-62, Mega Ball: 7, Megaplier: 2
Saturday’s Powerball drawing is for $384 million.
Right now, both the Mega Millions and Powerball drawing have a combined jackpot of $700 million.
Hurray! You Won The Mega Million, Now What? Relationships~Family~Friends ……….
You never thought it would happen. Not to you. After all, you don’t usually play the lottery. Why would you? You can’t win. But this time, you figured, this time, just maybe, lady luck would find her way to you. And, boom! You just won the lottery.
However, there are already too many stories of couples and individuals whose lives have fallen apart after hitting the jackpot. Here we take a look at the pros and cons of dealing with winning the lottery in a relationship and avoiding the possible pitfalls of how lottery winnings could ruin your love life.
The relationship pros and cons of winning the Mega Millions lottery.
It Will Change Your lifestyle: Are you living paycheck to paycheck? Does your or your partner’s car break down for reasons unbeknownst to every mechanic in town? No worries. With $ 384 million as (the jackpot), you won’t have to worry about the late fees that come with not paying your rent on time. In fact, your winnings might even push you and your partner out of your apartment into a condo or house. If your car has had it’s run, buy a new one. Heck, buy two! Winning the lottery affords you a lot of opportunities to change the way you live, and to stop worrying so much about money.
Pay off old debts: Many young adults continue to pay off their student loans years after they’ve graduated. Though a college education is priceless, the payments are burdensome and it can limit what you spend on other aspects of your life. A lottery win could get your loans all taken care of, especially if you’ve charged them to a credit card. If you and your partner take care of your loans, restore your credit, then you have more money to invest into your future. What is better than securing a happily ever after with your significant other?
Now You Can Give Back: Simply put, it’s important to give back. You’ve now come into all this money, and what better way to spend it than on the less fortunate? A lot of lottery winners donate a portion of their winnings to local charities, and if you have kids, this can instill great values. When two people share this belief, it’s a good sign that in your relationship that you’ll enjoy a nice balance of giving and receiving (of their time, money, efforts), which is helps keep life in harmony.
Poor Money Management: When you’re not used to having a lot of money, you suddenly become anxious to spend it on any and everything you couldn’t afford before. It is a luxury, but the money can easily inflict stress and distrust on your relationship. For example, you or your partner may buy something without consulting one another, thus leading to a disagreement over wasteful spending. You could begin questioning if he/she is reliable, and if you aren’t careful about your spending, the two of you may very well go bankrupt. A tip for avoiding this unfortunate outcome? Consult a financial advisor. If the two of you weren’t financially responsible before, you can’t expect to be now, and if you don’t want to lose everything or each other, this is a necessary step to take.
Insincere Relationships: Everyone wants to be friends with the people who have a lot of money. Now that you and your partner are millionaires, you’ll find you’re getting phone calls from friends you’ve lost contact with or friends you were never really friends with at all. It may become difficult for you and your partner to see who is genuine and who isn’t. Pretty soon people will be asking for hand-outs, and you and your partner may begin to argue about whom you should or shouldn’t help with your money.
Keep A Hold Of Your Emotions: Bankruptcy. Divorce. Distrust. Just as a lot of money can solve your problems, it can create even bigger ones. Some lottery winners can’t handle the responsibility of a lottery win, and this can overwhelm them. This pressure and stress can cause depression, not to mention the end of your relationship. Not only could you lose everything you’ve won, you could lose yourself. Money can bring out a side of people, or yourself, that you never even knew existed. Settling your debts and making smart spending choices, like donating to a local charity, can help keep the two of you stay grounded. And it’ll make it easier for you to enjoy the luxuries of the lottery rather than be crushed beneath them.
Caution: Take It Slow
First things first, don’t do anything. “You want to let the emotional dust settle and you want to give yourself some time to put a plan in place”. The key, is not to go wild. Financial experts recommend taking some time to think about what just happened, to let the excitement wear off, and to insulate yourself from the public.
You also want to keep a low profile. Combined with the disorientation of sudden wealth, the addition of sudden fame can create a huge emotional strain.
While you’re deleting your social media accounts and taking stock of who your friends are, you should begin to develop a team of advisers you can trust, including an estate planning attorney, a competent accountant, an insurance agent, and a reputable financial adviser. (In fact, you may even want a few of each.)You want to put your team together early to help you decide on how to collect your winnings (and pay your taxes). Once you have a dream team you can begin to figure out what it is you really want—and what you value in your life.
For the lottery, you can choose to take a lump sum or collect an annuity over thirty years. Either way, you’ll have to pay taxes.
Live Your Life
Regardless, everything you do will have tax implications, and your advisers will be the ones who can help ensure that you plot out the impact of your craziest choices as well as help you give smartly to your friends, family, and community. Everyone you know is going to come out of the woodwork, but there are tax implications to giving people money.
So, to all the dreamers out there, don’t worry!
Winning the lottery, and doing it right, is actually pretty exciting ! Sure, you might one day buy a house in Hawaii or a yacht in the Caribbean, but look at all the fun you’ll have doing it.
In the meantime, Enjoy The Journey!