ASHWAUBENON, WI (WTAQ-WLUK) – The Mega Millions jackpot hit $1 billion Friday, making it the largest in Mega Millions history.
The jackpot has grown by more than $300 million since Wednesday morning after no winning ticket was sold.
“I honestly never bought a lottery ticket before because I don’t know what I would do with the money. I feel like when you get the money, what do you do with it all,” said Green Bay resident Lauren Noack.
Another Green Bay resident, Leo Cortright, also agreed the jackpot was a lot but said he has a plan all figured out if he were to win.
“First off I would pay off my college loans and put some away and make sure I have it in my savings. I would probably help my family out, we will probably go on the run so people don’t ask me for any money,” said Cortright.
While the odds of you winning are one in 300 million, Patrick Stoa, a financial adviser for Macco Financial Group, said it’s never a bad idea to have some sort of financial plan in place.
“When people receive a lot of money one of the first things they do is let too many people know about it. If you tell too many people about it and you don’t have a plan for your money, a lot of other people do,” said Stoa.
Stoa said the first simple step you should take if you happen to win the lottery is to sign your ticket and put it somewhere safe.
“The second thing I would do would be to go on a vacation and get away from it all and process it. After that they will want to meet with a financial planner and an estate attorney because they might have estate tax issues that they are unfamiliar with,” he said.
The estimated cash value for Friday’s jackpot is $565 million, but the winner could choose to be paid annually over 30 years.
“Mathematically it’s better for them to take the buyout, but I would argue to take the monthly payouts so they won’t run out,” explained Stoa.
Meanwhile, there is a Powerball drawing on Saturday. That lottery’s jackpot has grown to $430 million, with an estimated cash value of $248 million.
