WHAT WOULD YOU DO IF YOU WON THE $400M POWERBALL LOTTERY?
If you want to do more than dream about how you would spend those millions and millions of lucky winnings, move to San Diego. Why? It has nothing to do with the perfect weather. You're more likely to hit the jackpot there than in any other U.S. city, according to a survey conducted by Men's Health. The mens magazine crunched numbers and statistics to come up with this unlikely trifecta of lucky cities, using these criteria:
- Most winners of Powerball, Mega Millions and Publishers Clearing House sweepstakes
- Most hole-in-ones (PGA)
- Fewest lightning strikes, including the fatal kind, as well as deaths from falling objects (Vaisala Inc., National Climatic Data Center, CDC)
- Least money lost on lottery tickets and race betting (Bureau of Labor Statistics)
The top 10 luckiest U.S. cities:
- San Diego, California
- Baltimore, Maryland
- Phoenix, Arizona
- Wilmington, Delaware
- Richmond, Virginia
- San Francisco, California
- Las Vegas, Nevada
- Philadelphia, Pennsylvania
- Louisville, Kentucky
- Reno, Nevada
The top 10 least lucky U.S. cities:
- Charleston, West Virginia
- Tampa, Florida
- Jackson, Mississippi
- Memphis, Tennessee
- Sioux Falls, South Dakota
- Billings, Montana
- St. Petersburg, Florida
- Bridgeport, Connecticut
- Miami, Florida
- Fargo, North Dakota
(ABC News) Here are several tips that you need to take into account to make the most of that big payday.
Sign the Back of the Ticket
Imagine having the winning ticket but someone else claiming the money as their own. That's what could happen if a stranger gets hold of an unsigned ticket and turns it in as their own. Tracey Cohen, the interim executive director of the D.C. Lottery, confirmed to ABC News that a signed ticket with two forms of matching identification is what is required to get the payout.
Imagine having the winning ticket but someone else claiming the money as their own. That's what could happen if a stranger gets hold of an unsigned ticket and turns it in as their own. Tracey Cohen, the interim executive director of the D.C. Lottery, confirmed to ABC News that a signed ticket with two forms of matching identification is what is required to get the payout.
Stay Anonymous, If You Can
States differ about whether or not winners are able to remain anonymous or if their name is legally required to be made public once they claim their ticket. If anonymity is possible, Alexa von Tobel, the founder and CEO of financial planning site LearnVest.com, recommends taking that option. "It creates a ton of problems for lottery winners. We've seen everything from robberies to even murders of people who have won lotteries," von Tobel told ABC News. "A lot of your social dynamics around you change if people are aware of your status," she noted.
States differ about whether or not winners are able to remain anonymous or if their name is legally required to be made public once they claim their ticket. If anonymity is possible, Alexa von Tobel, the founder and CEO of financial planning site LearnVest.com, recommends taking that option. "It creates a ton of problems for lottery winners. We've seen everything from robberies to even murders of people who have won lotteries," von Tobel told ABC News. "A lot of your social dynamics around you change if people are aware of your status," she noted.
Assemble a Money Management Team
State-run lottery organizations do not give tax or financial advice to winners and they urge people to seek outside counsel. Von Tobel notes that in addition to just calling up the first financial planner from an Internet search, be sure to do thorough background checks on the individuals that you hire to help you navigate the win. She suggested hiring an estate planner, a certified financial planner and an accountant before claiming the ticket. In addition to completing background checks, von Tobel also noted the importance of confirming their respective fees before signing on any dotted lines.
State-run lottery organizations do not give tax or financial advice to winners and they urge people to seek outside counsel. Von Tobel notes that in addition to just calling up the first financial planner from an Internet search, be sure to do thorough background checks on the individuals that you hire to help you navigate the win. She suggested hiring an estate planner, a certified financial planner and an accountant before claiming the ticket. In addition to completing background checks, von Tobel also noted the importance of confirming their respective fees before signing on any dotted lines.
Once You Win, Don't Spend
Many experts, including von Tobel, suggest that any winners wait at least six months -- if not a year -- before making any purchases. "We often find that a lot of people end up blowing through millions," von Tobel told ABC. According a 2015 study by the Camelot Group, 44 percent of winners spend their entire winnings within five years.
Many experts, including von Tobel, suggest that any winners wait at least six months -- if not a year -- before making any purchases. "We often find that a lot of people end up blowing through millions," von Tobel told ABC. According a 2015 study by the Camelot Group, 44 percent of winners spend their entire winnings within five years.
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