- There was a winning ticket in South Carolina for the $1.5 billion Mega Millions lottery.
- The Powerball jackpot is at an estimated $620 million.
- When it comes to handling that much money, in some cases, you might be better off not winning.
Unless you are one specific person in South Carolina, you didn’t win the $1.5 billion Mega Millions lottery on Tuesday, Oct. 23. And that might be for the best. As much fun as it is to dream about what you’d do with such an outrageous amount of wealth, there are a lot of reasons you’re better off not to have won:
1. Money Doesn’t Solve Everything
If you have 99 problems, winning the lottery will only solve one. Although it would be nice to never worry if you have enough money on your debit card before you make that big purchase, there might be other things in your life that money can’t improve.
Learn how to turn your finances around and ease your money stress even if you don’t win the lottery.
2. You Won’t Be Deluged With Requests for Help
Many lottery winners are overwhelmed with the number of people who ask them for handouts.
3. You Might’ve Actually Spent It All Had You Won
Although the number of lottery winners who end up broke might be inflated, it’s still a possibility.
Related: 50 Weird Ways People Go Broke
4. Managing That Much Money Can Be a Full-Time Job
You’ll need help to manage your winnings, and you’ll have to find someone you can trust.
5. Kids Can Suffer
Stories of children who were raised in wealth and struggled because of it are not unusual.
6. Now You Don’t Have to Worry About Problems With Friends
Although true friends will be happy about your good fortune, there could be some who are envious or downright angry about your luck. And you never know who will try to take advantage of you.
7. The Tax Bill for Winning Is Enormous
The cash option for the recent jackpot was $878 million, which would have generated a federal income tax bill of over $324 million.
8. Winners Can’t Always Remain Anonymous
Only six states — Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina — allow lottery winners to remain anonymous. In the rest, winners’ names are made public.
9. Winners Can Become the Targets of Crimes
Lottery winners have been robbed, kidnapped and even killed for their winnings.
10. Now You Don’t Have to Move
Some lottery winners are harassed to the point where they need to leave town to get some peace.
If none of these reasons have you convinced that you’re better off keeping that $2 in your pocket, Wednesday’s Powerball jackpot is estimated at $620 million.
Click through to find out which expenses successful people don’t waste their money on — like lottery tickets.
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- Watch: Treating Finances Like a Game Will Help Get You Rich
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