How Much Do You Actually Get If You Win The Lottery
Tonight’s Mega Millions drawing is estimated to be $1.1 BILLION dollars. It’s the second-largest jackpot in Mega Millions history. Of course, we’ve ALL fantasized about what we would do if we just so happened to win tonight. Houses, trips, cars, the best seats to all the championship games in pro sports, the list is endless. But once the dust settles, how much do you actually get if you win the lottery? I don’t want to say that it’s not worth it, I mean C’MON it’s free money, but the total amount you’re left with in your pocket might surprise you.
Courtesy of NJ Lottery
Winning The Lottery By The Numbers
For the sake of argument, let’s assume you are a resident of the great Commonwealth of Pennsylvania and are single (that makes calculating things a wee bit easier.) By a stroke of unimaginable luck, you match all the numbers AND the mega ball, and you hit the Mega Millions tonight. You are overcome with intense joy, followed by stone-cold panic. “Where do I put the ticket? Who do I tell? Holy *** I can go in and quit my job tomorrow!!” Curiously, almost immediately, you decide you’re going to forego the annual payments and will choose the cash-out-now option.
Out of that 1 billion dollar prize, how much will actually end up yours and no one else’s, safely secured in your bank account, stock portfolio, under your mattress, wherever? Let’s dig into the numbers:
The prize at the time of this article is $1,100,000,000, and you take the cash payout, which is almost exactly 50% of the jackpot:
$550.2 million left.
Before you’ve even figured out what to buy with all of this dough, the government takes 24% off of the top. BOOM – gone. That’s $132 million of your winnings going in the U.S. treasury in the blink of an eye. Now you have just shy of $418 million. But the fun is just beginning.
More lottery taxes??
Since you live in Pennsylvania, the state will immediately take 3.07% of the jackpot as well, since the amount was larger than $5,000. A lot larger. That would be about $20.3 million that ends up in Harrisburg and not your savings account.
This now leaves you with just under $397.8 million to play with. Not so fast.
Since you deposited that into your bank account, that’s income, baby! You will now be taxed the following year, just as you would your salary. For income over $539,900, you will be taxed at the highest bracket and that is 37%. The fine people at the IRS will then have their hand out for you to cough up $147.1 million.
I’m not even going to count state and local taxes but, even still, you’ll be left with enough cash to pay that off.
After winning the $1.1 billion Mega Millions and choosing the lump sum option, how much do you actually get if you win the lottery?
$250,610,598, roughly 45% of your lump sum, and 23% of the total jackpot. Though you may feel pillaged, that’s still more than enough to live a pretty comfortable life, even in London!
Of course, the numbers are a bit better if you choose the annual “salary,” option. However you play, if you do play, GOOD LUCK!
7 Cool Ways You Can Spend $1000 Around The Delaware Valley
Picture this. You just won $1,000. Now you’re looking for cool ways you can spend $1000. Because what’s better than some throwing-around cash?
There are tons of ways to ball out in Philadelphia and its surrounding areas. Some extra spending cash is never a bad thing. You can have fun in ways you never thought of before. The world tends to open up to you when you have room to play.
You can’t always throw a grand at something. It’s rare to have that much money just lying around. So, when you have it, you ought to spend it right. Use it on something that you will really value.
Experiences sometimes mean more than material things, so spend it on a time you’ll remember forever. You can have fun in ways you never thought of before. The world is open to you when you’re open to spending some cold hard cash.
$1000 can make a lot of change. It’ll change how you look at the price of almost anything in Philadelphia. A restaurant that may have seemed too steep for your price range then, can be a must-hit once you get your money. A vacation may seem impossible until you come into that cash.
Whatever you fancy can become more attainable with $1000 of play money, we get it. It can be overwhelming to decide what to do with it. Having it will change how you look at the price of almost anything. Coming into that cash helps make life and shopping more fun. Whatever you want is yours with $1000 of play money.
Now, it can be overwhelming to decide what to do with it. After some very scientific brainstorming, we have a few ideas…
Here are 7 cool ways you can spend $1000 around the Delaware Valley:
See Philly From New Heights
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As in, you can book a helicopter tour of the city. On adrenaline.com, you and two friends can pay to see Philly from above for 30 minutes. After that, you have roughly $230 left to treat yourselves to a rooftop meal at Assembly Rooftop Lounge. That way you are keeping with the theme of heights. Let the drinks flow!
Experience The Area's Wine
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You can really get bougie and book a wine experience in Philadelphia. These experiences can be private, if you pay a little extra, but they’re worth it. You and your group can get the classiest experience of your lives at one of these unique events.
Score Some Playoff Tickets
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Guys, Philly sports had quite a year in 2023. We hope 2024 and the years to come bring the same success. And when they’re successful, you wanna snag a ticket to a coveted playoff home game. Well with your $1000, you definitely can, and should! The further away your seats are, the more tickets you can buy with your $1000. But we don’t blame you for just buying one in the closest possible spot you can afford and going alone. That’s totally cool.
Plan A Private Boat Cruise
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Did you know you could do this in Philly? Cool, right? You can book a private charter and live it up on the Delaware. You and up to 5 guests can do this for just $850. The rest of the money can be spent on buying a cool outfit to wear on the classy boat. Or, if you’d like more guests, it only costs $1025 for 7 to 16 passengers, if you have an extra $25 to throw around on top of your $1000.
Go On A Shopping Spree
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I mean, duh, right? Second and Third Streets in Old City have tons of places to shop for fashion addicts. East Market Street not only boasts a nice view of City Hall. You can also find tons of nice shops to spend a lot of money in. You can also buy just one big-ticket item, but wouldn’t it be more fun to parade the streets with dozens of boutique bags, like in the movies?
Book A Night To Stay
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Philadelphia is home to some of the most luxurious hotels in the country. You can book a night for two in the Four Seasons Philadelphia, but you may have to pay a little extra on top. Or you can stay a few nights in a lakefront property in the Poconos. If you need R&R at a place that isn’t your home, use your $1000 on an unforgettable hospitality experience.
Take A Shore Vacation
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Kind of akin to the last option, a shore vacation may be what your $1000 is spent on. You can stay at an oceanfront property in Wildwood, NJ. Add on a ticket package at Morey’s Piers and spend the rest on a nice dinner at Santorini. Your $1000 could buy you a fancy beach experience at any local beach, not just Wildwood!
