As of right now, the estimated jackpot for Friday night's Mega Millions lottery is $540,000,000. Over Half a Billion Dollars! Should the winner choose to take the cash payout option they would get $389,000,000 before taxes. According to the website they withhold 25% in Federal Taxes from that and 6% in Ohio for State Taxes. I live in Columbus, which would be an additional 2.5% in city income tax. So if I were to win the Mega Millions Jackpot on Friday night and took the cash option, I could expect to walk away with $258,685,00 federal, state and city income taxes. I split the ticket with a friend, so my half of that would then be $129,342,500.
Now if I put 1/3 of that in a simple savings account earning just 0.1% it would earn $43,114 a year in interest. Since I wouldn't have to worry about a car payment or house payment, the interest alone would provide me with more than enough to pay my annual expenses for food and entertainment.
1/3 of the money would go towards paying off my house and car and taking care of all of those maintenance things that need done at my house. Then I would have plenty to sell my house and build a new house the way I want it with the land the way I want it, and maintain it. With plenty left over to make sure those things stay maintained and well taken care of. It would also provide plenty of money to make sizable donations to my church and to charities that I feel are worthy.
The last 3rd of the money I could use for whatever I wanted. Fun, vacations, giving away, or whatever. I have some more specific things I would use part of this money for, but those are things that will be part of my dreams unless it actually happens.
It's fun to dream about these things. And with the current jackpot being what it is, it makes it much more tempting to dream.
Now if I put 1/3 of that in a simple savings account earning just 0.1% it would earn $43,114 a year in interest. Since I wouldn't have to worry about a car payment or house payment, the interest alone would provide me with more than enough to pay my annual expenses for food and entertainment.
1/3 of the money would go towards paying off my house and car and taking care of all of those maintenance things that need done at my house. Then I would have plenty to sell my house and build a new house the way I want it with the land the way I want it, and maintain it. With plenty left over to make sure those things stay maintained and well taken care of. It would also provide plenty of money to make sizable donations to my church and to charities that I feel are worthy.
The last 3rd of the money I could use for whatever I wanted. Fun, vacations, giving away, or whatever. I have some more specific things I would use part of this money for, but those are things that will be part of my dreams unless it actually happens.
It's fun to dream about these things. And with the current jackpot being what it is, it makes it much more tempting to dream.
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