Visions of Wealth Draw Powerball Players to Record Jackpot

By Kathy Gurchiek Jan 12, 2016

Powerball fever has gripped the nation as the pot of money grows to $1.5 billion for the drawing on Wednesday. While lottery ticketholders dream of a huge windfall, there are more down-to-earth issues to consider. In the workplace, groups of co-workers pitch in to buy tickets and then split the winnings. Could that lead to hard feelings among colleagues? And how about employees who struggle with compulsive gambling?

Winning the Powerball Lottery Won’t Solve Your Problems
You’re not going to win the current Powerball jackpot, so don’t spend a bunch of money on tickets. Even if you do win, we’ve seen time and time again that lottery prizes are more often a curse than a blessing. Don’t just take my word for it, let’s look at the numbers.

Taxes on a $1.4 Billion Powerball Jackpot could be $400 Million
The next Powerball drawing is worth an estimated $1.4 billion (it may be even higher by the time you read this), and the odds are good that there will be a winner this time. If there’s only one, we will have a new member of the billionaire club. Right? Wrong, because your friendly tax collectors are silent partners in the deal. Here’s the story on all the tax hits on a huge payout.
(Market Watch)

The 1st Things To Do if You Win the Lottery
Don't let the winnings intoxicate you. With the next winning Powerball ticket set to be selected Wednesday, someone could be in for a huge windfall — one worth more than $1 billion. But before anyone rushes to claim the prize, they're going to need a crash course in financial management and a way to weed out scammers, including greedy family members.
(USA Today)

Winner of $1.3 Billion Powerball May Face Suits By Friends, Co-Workers, Family
Even after taxes, most people assume they will end up with a lot, but apart from paying the taxman, what if friends, family or co-workers claim a share in the loot? It happens more often than you might think, often based on an alleged oral agreement.

Video: Not-So-Lucky Powerball Winners
After Saturday night's Powerball drawing produced no jackpot winner, many are hoping they will be the lucky winner next time. It's the moment most of us have dream about. But what happens when that dream turns into a nightmare? For these Powerball winners, the luck of the draw brought more than just an abundance of newfound wealth.
(6ABC News)

Powerball Frenzy Can Trip Up Problem Gamblers
For those not solidly in recovery, the hoopla can trigger thoughts about gambling.
(NBC News)

But if you do win, and you can handle the winnings responsibly … here are some really fun ways to spend your windfall:

Powerball Lottery: Big Ideas to Spend the Jackpot (slide show)
As the Powerball lottery hits the biggest jackpot in U.S. history, here are some extravagant ways to spend those millions.
(Wall Street Journal)

How You Should Spend Your Powerball Winnings
Say you win the Powerball on Wednesday. What will you do? First, splurge on the best in the magazines for the ultra-rich to find out what folks in your new class are buying these days.
(New York Post)


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