Millions of dollars are up for grabs ahead of the next Mega Millions drawing.
While the odds of winning the $70 million jackpot (or any jackpot, really) stand at 1 in 302.6 million, there's no shame in betting on yourself while still planning for your future.
In the event you do win, the smartest thing you can do is keep calm and carry on, financial advisers previously told USA TODAY. You should also keep all details about your win under wraps and off social media to avoid drawing the attention of potential scammers.
"If you’re lucky enough to win the lottery, keep it quiet," said Rob Burnette, an Ohio-based financial adviser at Outlook Financial Center. "Get organized and make a plan. Consider staying anonymous, if it’s a possibility."
Steve Azoury,
owner of Azoury Financial in Troy, Michigan, who has advised many lottery winners, including a $181 million winner, added: "If I didn’t know you before, I don’t want to know you now."
Who should I talk about my Mega Millions win?
Azoury suggests winners get in touch with a tax attorney, a tax accountant, and a financial adviser "right off the bat" to help you figure out a plan.
According to Azoury, the plan should help clarify things like whether you will take an immediate cash payout, or if you'll receive the cash in payments. Financial experts can help you figure out the best way to protect you and your money.
"One suggestion would be putting your winnings in a brokerage account, as many brokerage firms can spread the cash deposits across multiple banks," Azoury said. "Within one brokerage account, up to $4 million can be insured, if single, and up to $8 million can be insured on a joint account."
The difference between the two options is outlined below:
- An annuity option makes an initial annual payment followed by 29 annual payments. Each payment is 5% larger than the previous one.
- The cash option is a one-time, lump-sum payment equal to all the cash in the jackpot prize pool.
Your goals, age, and whether you'd squander a lump sum are all important factors that should be taken into consideration. The size of the prize as well as your current and projected earnings also matter.
Finding a "fall guy," a person or adviser "who keeps you from giving loans to anybody, who tells people all the money’s tied up in investments, not available" is another equally important task your panel of financial experts can help you with.
How much of my Mega Millions win will I get?
The sum of your total winnings will vary. Because different states have different lottery-related regulations and laws, the total amount of your prize is largely dependent on which state you won the Mega Millions jackpot in and your state of residence.
Either way, you'll likely be propelled into the highest federal tax bracket after that, and the amount you'll pay in taxes will change, especially if you've filed taxes in other states.
Fortunately, there are a dozen or so states, including California, Alaska, Delaware, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, that do not tax lottery winnings.
"This is where a tax professional really comes in handy. State taxes can be very tricky," Mark Steber, chief tax officer at Jackson Hewitt, said.
As for the money itself, it shouldn't take more than a couple weeks to get it.
When is the next Mega Millions drawing? And how do I play?
The next Mega Millions drawing is scheduled for Friday, Aug. 7 at 11 p.m. ET. Tickets are available up to 15 minutes before the drawing begins.
To win the jackpot, you must match all six winning numbers in a drawing. Players may pick up to six numbers from two separate number pools.
Five numbers are drawn from white balls numbered 1 through 70, while the final number is drawn from the gold Mega Ball, numbered 1 through 25. Players can also choose the "Easy Pick" or "Quick Pick" option, which allows the computer to randomly generate a six-number combination.
The "Megaplier," a $1 add-on feature, can increase non-jackpot prizes by 2, 3, 4, or 5 times. Before each regular Mega Millions drawing, the Megaplier is drawn.
From a pool of 15 balls, six are marked "3X," five are marked "2X," three are marked "4X," and one is marked "5X."
You win the jackpot by matching all six winning numbers in a drawing. In the event of multiple jackpot winners, the jackpot prize will be shared.
Where to buy lottery tickets
Several locations, including your local convenience store, gas station, or even grocery store, sell lottery tickets. In some states, Mega Millions tickets can be bought online.
Contributing: Medora Lee, USA TODAY
This article originally appeared on USA TODAY: Did you win Mega Millions? Here's why experts say 'keep it quiet'
