It's Friday the 13th, but possibly one American will be the lucky winner of the next Mega Millions Jackpot after the drawing on Friday night. The prize is $1.35 billion, the second-highest in the game's history, and the sheer size of the winnings is pushing some reluctant gamblers to buy a ticket.
"To be honest, I'm not much of a lottery guy, but I'm jumping on the bandwagon this week," said Tom from New Rochelle, New York, from a deli counter.
What will he buy if he wins? "A couple of Lamborghinis… maybe the New York Giants."
But figuring out your first big purchase is just one of many things to consider if you hit the jackpot. Rebecca Walser, a financial planner and author of Wealth Unbroken: Growing Wealth Uninterrupted by Market Crashes, Taxes, and Even Death, offered three tips.
— "Number one, tell nobody and do not sign your ticket. Make sure you take selfies with it and make copies of it, but put it in a secure location. Only tell potentially your spouse."
— "Number two, come up with a financial budget. Most lottery winners actually declare bankruptcy within three to five years of their winnings." (Check out this MIT study from 2011 if you need any convincing.)
— "Number three, make sure that you hire a team of legal experts, tax lawyers, and financial experts to not only implement your legal strategy for accepting your winnings but also to come up with a financial budget."
In short, she said, "seek professional and legal help immediately."
Cheddar News checks in with your coast-to-coast weather forecast for Friday, Oct. 20, 2023 and the weekend.
An Army private who fled to North Korea before being returned home to the United States last month has been detained by the U.S. military, two officials said Thursday night, and is facing charges including desertion and possessing sexual images of a child.
Israel bombarded Gaza early Friday, hitting areas in the south where Palestinians had been told to seek safety, and it began evacuating a sizable Israeli town in the north near the Lebanese border, the latest sign of a potential ground invasion of Gaza that could trigger regional turmoil.
With warmer oceans serving as fuel, Atlantic hurricanes are now more than twice as likely as before to rapidly intensify from wimpy minor hurricanes to powerful and catastrophic, a study said Thursday.
The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans.
Israel pounded the Gaza Strip with airstrikes on Thursday, including in the south where Palestinians were told to take refuge, and the country's defense minister told ground troops to “be ready” to invade, though he didn’t say when.
Addressing the nation from the Oval Office, President Joe Biden has made his case for major U.S. backing of Ukraine and Israel in a time of war.
Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market.
According to a new survey from the Federal Reserve, income inequality grew during the pandemic.
Cheddar News checks in with your coast-to-coast weather forecast for Thursday, Oct. 19, 2023.
