Financial Adviser Says Winning the Lottery is Dangerous

By: Litsa Pappas Email
By: Litsa Pappas Email

The total jackpot for the Mega Millions lottery is at $640-million.

It's hard to imagine that one ticket worth one dollar could give someone that much money overnight.

If you do win the jackpot, it would change your life completely maybe not for the better.

Financial Adviser Ray Kingsfield said if you're the only winner, you will only receive about half of the money after taxes.

You could take the cash option or you could get annual payments over 26 years.

Kingsfield said the cash option is best option, that way you avoid inflation and changes over the years.

No matter what, he said the winner should be extra cautious with that ticket and the money.

"This is something to take pause, don't be rash, secure the ticket, engage an attorney or CPA, an accountant that you trust to work with, establish a game plan," said Kingsfield.

Kingsfield said the odds of winning are very slim. In fact, you only have about a one in 176-million chance.

But even Kingsfield got in on the fun, he said his office went in on buying more than a hundred tickets.


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