Mega Millions jackpot climbs to $429M for Friday's drawing
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A monstrous jackpot is on the line for the Friday, Dec. 16, Mega Millions drawing.
If someone matches all the numbers in Friday night's drawing, they could win $429 million, the third largest Mega Millions jackpot won in 2022, according to the Michigan Lottery in a Friday . The cash option for Friday's jackpot is $233 million.
In July, one ticket purchased in Illinois matched the five white balls and Mega ball to win a $1.3 billion jackpot. The Mega Millions jackpot was last won in October when two winning tickets purchased in Florida and California split the $502 million jackpot.
The Mega Millions jackpot was last won in Michigan in Jan. 2021 when an Oakland County lottery club won $1.05 billion. That jackpot was the largest ever won in Michigan and the fifth largest in United States lottery history, according to the Michigan Lottery in the release.
Drawings for Mega Millions are every Tuesday and Friday evening. The $2 game is sold in 45 different states across the U.S., as well as Washington D.C. and the U.S. Virgin Islands. For an additional $1 per play, there is an opportunity to add a "Megaplier" that can multiply non-jackpot prizes by up to five times.
What to do if you win:
There are several steps someone should do if they win the lottery before claiming their prize.
According to Forbes, the first step should be signing the back of the ticket.
"Make sure that you sign your winning lottery ticket," the Forbes article read. "It’s not as simple as picking the winning numbers. Why? You may lose your ticket between the time you bought the ticket, and there is no record that you purchased the winning ticket. A lottery ticket is considered a bearer instrument, which means that whoever signs the ticket can claim the lottery prize. So, don’t become the subject of a made-for-TV movie and forget to sign your winning lottery ticket."
Unfortunately, because of the next step, it might be necessary to wait before signing the ticket and instead lock it away somewhere safe until you talk to an expert.
Also, try to remain anonymous, if possible.
While some states allow you to protect your identity, others do not. So it is important to research and determine what the law is, and if anonymity is allowed for a prize of that caliber. In some states, it is possible to claim the winnings through a limited liability company or a trust, which could provide further anonymity. The best way to evaluate this is to hire a lawyer or financial planner.
After determining the best way to claim the winnings, the winner (or winners) will need to decide if they will claim the lump-sum cash payment or the annual payments.
With the Mega Millions, while the jackpot is estimated at $429 million, the lump-sum amount is much less. Meanwhile, an alternative is choosing the annual payment option, which spreads out the winnings and "nets" you the full jackpot amount. But most experts suggest choosing the lump-sum option and investing your winnings, which ultimately should generate a larger return.
Next, if you haven't already, it is important to hire a reputable financial advisor. Hiring an advisor can help protect your newfound assets, according to the publication.
"With your lottery jackpot winnings, one of the best ways to protect against financial loss is to hire a team that can help preserve and grow your newfound wealth," the Forbes article read. "A reputable team of experts can help you manage your investments, help guide your philanthropic interests and help you achieve other financial life goals. Make sure you vet anyone you hire, as you’re likely to be approached by hordes of advisers looking to guide you. Most importantly, make sure you sign your own checks so that you know fully where your money is going."
After securing your future, it is a good idea to pay off your past, by settling up your debts. While it might be advantageous to use your money to earn higher returns on your investments, who wants to deal with old debts and try to remember to make those payments?
The National Council on Problem Gambling operates the National Problem Gambling Helpline Network at 1-800-522-4700. The network is a single national access point to local resources for those seeking help for a gambling problem. The network consists of 28 call centers that provide resources and referrals for all 50 states, Canada and the U.S. Virgin Islands. Help is available 24/7 and is 100% confidential.
The National Problem Gambling Helpline Network also includes text and chat services. The features enable those who are gambling online or on a mobile phone to access help the same way they play. One call, text or chat will get you to problem gambling help anywhere in the U.S.
Help is also available via an online peer support forum at gamtalk.org.
