What would you do if you stumbled on a pot of gold?
Quit your job? Buy a beach house? A shiny new Corvette? New Gucci shoes?
Thousands of Americans are entertaining these questions after the Mega Millions multistate lottery jackpot skyrocketed over the weekend to unprecedented heights.
The Mega Millions drawing Tuesday night will offer a jackpot of at least $1.6 billion, edging past a 2016 Powerball drawing as the highest in U.S. lottery history.
“Mega Millions has already entered historic territory, but it’s truly astounding to think that now the jackpot has reached a world record,” Gordon Medenica, Lead Director of the Mega Millions Group, said in a prepared statement. “It’s hard to overstate how exciting this is – but now it’s really getting fun.”
But as the hysteria and excitement surrounding this record-breaking jackpot swells, PNC Bank officials issued some advice for potential winners.
“We see that a financial windfall tends to bring new-found family and friends, but a financial adviser can help provide an analysis before you make any big financial decisions,” PNC Wealth Director Callie Jacoby said.
Ms. Jacoby said winners should immediately pay off all debt, maintain an emergency fund that could cover up to six months of expenses, and invest money for retirement. And the lottery winner should assemble a team of professionals that includes an accountant, an attorney, and a financial planner.
The advertised jackpot is the annuity value for the prize, paid out over 29 years. Anyone electing for the current cash value would be paid $904 million — before taxes, of course. And if more than one winning ticket is sold, the top prize is split.
A steady flow of people shuffled into an In & Out Mart in South Toledo Monday afternoon hoping to buy a winning ticket.
Councilman Rob Ludeman, who purchased three tickets, said he only buys tickets when the jackpot reaches a large amount.
“You can do an awful lot of good with that money,” Mr. Ludeman said. “My church wouldn't have to worry about a new roof.”
Coy Eakin, 79, said he's done a lot of thinking about what he would do if he hit the jackpot.
“I'd probably give most of it away,” he said. “I might even give some money to the city of Toledo to pave some streets,” he said jokingly.
People waited eagerly last Friday night with the jackpot already at $1 billion. However, no ticket matched all six winning numbers from that night’s drawing: 15, 23, 53, 65, 70, and the gold Mega Ball 7.
The Powerball jackpot is also soaring, with a jackpot of $620 million after no ticket matched Saturday’s winning combination. Its next drawing is Wednesday.
Monday afternoon people also strolled into D&J’s Snack Shack, inside the PNC Bank building downtown, hoping to try their luck.
“You have people who never play the lottery coming in and buying tickets now,” said Debi Meldrum, the store’s owner.
Cindi Gladieux of Toledo was buying tickets for herself and several co-workers. She said winning the money wouldn’t change her lifestyle, but admitted she might buy a new car after stashing enough money for her two children’s college fund.
While the chances of winning are slim, the prospect of winning a fortune is enough.
“You can’t win without a ticket,” Mr. Eakin said.
An Associated Press report was used in the preparation of this story.
First Published October 22, 2018, 11:55 p.m.
