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Considered Mega Millions “Mega Headache:” Meaning of Earning Money

Pittsburgh (KDKA) – Life has changed forever, so someone could wake up tomorrow.

Tonight’s Mega Millions jackpot is worth $ 1.1 billion and it can feed many dreams.

Since all that money is on the line, what are the odds for the chances of winning?

All you need to know is that there is a difference.

When the jackpot reaches the desired stratosphere, Michael Young, an associate professor of mathematical science at Carnegie Mellon University, said his phone would start ringing.

“This happens quite often, and I give them the same truth I’m giving you,” he said.

Dr. Mark Glickman of Harvard’s Faculty of Statistics has received a similar call.

“Well, I think all the smart people know that there is little help I can give them because there is nothing you can do to improve the odds,” he laughed. ..

So let’s start there: odds.

“There are about 302 million ways to pull the ball,” Young said.

“The odds of winning a lottery with a single pick are between 1 and 3.03 million,” added Dr. Glickman.

Okay, yes, they are odds, but they can improve your chances.

“I can definitely buy more tickets,” Young said.

“Of course, the more tickets you buy, the more chances you have,” Dr. Glickman agreed.

If you buy 10 tickets, you have 10 chances, but each chance still faces odds of 1 to 3.03 million.

“It’s hard to find an opportunity to make a billion dollars, especially if it only costs $ 2,” Young said.

If you win, how terrible would the tax be? The Federal Reserve wants 37%, but only 24% withholds, so we need to come up with another 13% at the time of taxation.

Very rough figure-$ 1.1 billion: Take cash, just over $ 603 million minus taxes, and you’re looking at about $ 362 million.


Lump-sum payment or pension: Which is better?

03:33

Well, with all that money, it’s not good to think about all the people you can help, don’t worry about debt and invoices, but first … you have to win.

Everyone else in the country is also trying, ignoring the fact that everyone is facing a probability of 1-3.03 million.

“There are enough people playing across the country and I’m hoping someone will win,” Young said.

Young said choosing his own number wasn’t really an advantage.

“Whatever number you choose, it’s the same probability that a computer chooses,” he explained.

In fact, Dr. Glickman said it was not a good idea to choose birthdays, anniversaries, and so on.

“If you choose those types of numbers as the lottery chooses, you’ll probably have someone else who will make those same choices,” he explained. “The problem is that if you win the lottery number, you’ll split the cash price with those people.”

Experts say quick picks are a better way to separate your winning tickets.

If you win, do you receive a lump sum or full amount through your pension?

“If you’re a pretty young person and you’re sure you’re alive within 30 years, that might be a reasonable way to actually go,” Dr. Glickman said.

But – a warning word about pension checks.

“It starts with a relatively small amount, it’s not just the total price divided by 30-it’s less than that,” said Dr. Glickman. “Then I think it will increase by 5 percent each year.”

After tax, the first check will be just under $ 10 million and will increase each year to $ 41 million by the last check.

Be careful if you plan to share your money. There is a history of proceedings based on the unruly comments that lottery winners will share and those who take those comments seriously.

So make sure your lawyer and accountant are ready … and remember what you promised.

Considered Mega Millions “Mega Headache:” Meaning of Earning Money

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