Ball player: Why winning Powerball comes with slew of choices

01/12/16 by Rennie Detore

So you want to be an instant billionaire, right? Who doesn't?
That is the attention centering on Powerball and the jackpot that crept over a billion dollars as the world waits for the drawing on Wednesday, January 13, 2016.
From office pools of people chipping in $10 and $20 to go in as a group to the husband and wife that is hopeful that winning can actually happen, you have to love the excitement of a long shot.

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A really long shot.
Chance are, you're not going to win, and even that slew of office workers aren't going to be able to win and watch the entire office go home in a walk out of epic proportions. But part of the allure of Powerball is the what if, the idea that if you won, what you would do or how you would spend the money.
Naturally, financial institutions and experts around the world are quick to point out that if you somehow, some way in a miraculous fashion that can only be described as a miracle win Powerball and have the money to yourself that you should be certain that you're making all the right money moves after that fateful occurrence has taken place.
Take for instance the idea of a lump sum payment versus being able to take it over a period of time. Experts in money will tell you that it's better to take the money in a lump sum and get over the idea that you'll lose about half of it up front to taxes. Yes, that's the reality of the situation when you win that kind of cash. But don't fret; it's part of the business at hand when you win that kind of fortune.
And that money still is on the table to be part of your income tax for years to come. From interest payments to the fact that you can't ignore it doesn't exist, that money is yours from positive buying to the burden of having it as an asset.
Pony up to the lottery machine, pick your numbers and close your eyes and keep your fingers crossed. Have the rabbit's foot in your hand, horseshoe over your door way or anything else that will help with luck.
So if, no when, of course, you can revel in the cash that is coming your way even if it's going to be less than you thought. The important thing is figuring out how to receive it, spend it and that even though you'll have it forever essentially, you can't be silly with how its spent .

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