10 Things You Can Buy With Powerball Jackpot After Taxes: SPY, Crypto, Teslas, Real Estate, Sports Teams and More
Saturday's Powerball jackpot soared to $1.6 billion, one of the biggest lottery jackpots of all time. Here's a look at how to play Powerball and what you could buy with the massive payout.
The Powerball Jackpot: Saturday's Powerball jackpot is $1.6 billion, the biggest Powerball and lottery jackpot ever.
There have been 39 consecutive Powerball draws without a winner. If there is no winner on Saturday, the consecutive streak of no winner will equal a record 40 drawings.
The odds of winning the Powerball jackpot are 1 in 292.2 million. The overall odds of winning a prize are 1 in 24.9 tickets.
Powerball tickets can be purchased for $2 and are sold in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.
Those who play can choose their own numbers or receive a random selection. Five numbers between 1 and 69 are selected, as well as a Powerball number from 1 to 26. Here are the winnings:
5 numbers + Powerball: Grand Prize 5 digits: $1 million 4 numbers + Powerball: $50,000 4 issues: $100 3 numbers + Powerball: $100 3 issues: $7 2 numbers + Powerball: $7 1 number + Powerball: $4 Powerball: $4Lottery Winnings: Big jackpot winners can receive a lump sum cash payment or choose to receive the full amount over 30 years, with an initial payment and additional payments each year increasing by 5 % to fight inflation.
Cash payout is less than full payout over 30 years. The current cash payout listed on the lottery website is $782.4 million. A winner will be liable for 37% federal taxes on winnings and will be responsible for state taxes based on their place of residence.
After federal taxes, the lump sum payment is $492,912,000, which can be saved, invested or spent on various items by the winner. Here is an overview of 10 elements that could be taken into consideration.
1. S&P 500: If a winner decides to invest the money, they might consider the SPDR S&P 500 ETF Trust SPY, which tracks the broad-based S&P 500 Index of 500 of the largest US companies. The $492,912,000 could buy 1,309,751.82 shares of SPY with the earnings. The S&P 500 has averaged annual returns of 9.89% from 1992 to 2021, which would be a better return than the 5% return choosing the 30 years of payouts.
2. Cryptocurrency: A potential investment for the winner could be putting money into cryptocurrency, which is often more volatile than the stock market. The gains could be split between three popular cryptocurrencies of Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD. Winnings would turn into 7,702.95 BTC, 100,357.93 ETH and 1,293,732,283.46 DOGE based on prices at time of writing.
3. Investing with the Oracle of Omaha: Legendary investor Warren Buffett has been one of the best stock pickers of the past 50 years. While Buffett would tell the winner to put their money in bonds or index funds to preserve their wealth, the winner could buy 1,714,715.1 B shares of Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) .
4. Apple Stock: One of the best performing stocks of the last 10 years is
Saturday's Powerball jackpot soared to $1.6 billion, one of the biggest lottery jackpots of all time. Here's a look at how to play Powerball and what you could buy with the massive payout.
The Powerball Jackpot: Saturday's Powerball jackpot is $1.6 billion, the biggest Powerball and lottery jackpot ever.
There have been 39 consecutive Powerball draws without a winner. If there is no winner on Saturday, the consecutive streak of no winner will equal a record 40 drawings.
The odds of winning the Powerball jackpot are 1 in 292.2 million. The overall odds of winning a prize are 1 in 24.9 tickets.
Powerball tickets can be purchased for $2 and are sold in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.
Those who play can choose their own numbers or receive a random selection. Five numbers between 1 and 69 are selected, as well as a Powerball number from 1 to 26. Here are the winnings:
5 numbers + Powerball: Grand Prize 5 digits: $1 million 4 numbers + Powerball: $50,000 4 issues: $100 3 numbers + Powerball: $100 3 issues: $7 2 numbers + Powerball: $7 1 number + Powerball: $4 Powerball: $4Lottery Winnings: Big jackpot winners can receive a lump sum cash payment or choose to receive the full amount over 30 years, with an initial payment and additional payments each year increasing by 5 % to fight inflation.
Cash payout is less than full payout over 30 years. The current cash payout listed on the lottery website is $782.4 million. A winner will be liable for 37% federal taxes on winnings and will be responsible for state taxes based on their place of residence.
After federal taxes, the lump sum payment is $492,912,000, which can be saved, invested or spent on various items by the winner. Here is an overview of 10 elements that could be taken into consideration.
1. S&P 500: If a winner decides to invest the money, they might consider the SPDR S&P 500 ETF Trust SPY, which tracks the broad-based S&P 500 Index of 500 of the largest US companies. The $492,912,000 could buy 1,309,751.82 shares of SPY with the earnings. The S&P 500 has averaged annual returns of 9.89% from 1992 to 2021, which would be a better return than the 5% return choosing the 30 years of payouts.
2. Cryptocurrency: A potential investment for the winner could be putting money into cryptocurrency, which is often more volatile than the stock market. The gains could be split between three popular cryptocurrencies of Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD. Winnings would turn into 7,702.95 BTC, 100,357.93 ETH and 1,293,732,283.46 DOGE based on prices at time of writing.
3. Investing with the Oracle of Omaha: Legendary investor Warren Buffett has been one of the best stock pickers of the past 50 years. While Buffett would tell the winner to put their money in bonds or index funds to preserve their wealth, the winner could buy 1,714,715.1 B shares of Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) .
4. Apple Stock: One of the best performing stocks of the last 10 years is
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