MONEY FACTS
How to spend the $785 million Mega Millions jackpot for 3 January
There is so much up for grabs on Tuesday night and there are plenty of ways to spend the huge winnings.
Another Mega Millions draw is fast approaching and it is attracting a lot of attention, unsurprisingly for the size of the current jackpot: $785 million.
The one-time cash option of $395 million is a pretty decent wedge and the fourth-largest prize in Mega Millions history. It has been years since the last jackpot of this magnitude, back in January 2021, which eventually rose to $1.05 billion.
The draw will take place 3 January 2022 at 11 p.m. ET.
Spending the jackpot to the max
Probably the first thoughts in people’s heads when winning a lottery is swanky houses and flash cars, so let us start there. Beverly Hills has long held a reputation of one of the most desirable places to live in the US. An average house price of $5 million could have you picking up 157 different pads, though absolutely nothing to put in them. To take it to the extreme, a 12 bed 38,000 sqft palace in the area would cost you $85 million with plenty of money left over.
What about cars? At present the most expensive car on the market is the Rolls-Royce Boat Tail. While it isn’t your typical supercar it can boast of the world famous badge and is tailor-made for each customer.
One of these would set you back (or not!) $30 million, meaning you could pick up 26 of them, just enough for your soccer team, bench and coaching staff. Not bad to turn up to a game in a fleet of these.
If classic is not really your style then what about the Bugatti Chiron. This baby has a crazy 1,578 bhp engine and costs around $3.5 million. Your garage could have a whopping 224 of them.
Where you could store this amount is anyone’s guess.
Spending the jackpot sensibly
Seriously though, careful money management after winning a lottery is crucial. There are plenty of stories of new winners who have ended their job only to spend their money frivolously only to end up with nothing.
“People are actually going through an enormous change, they’ve had an enormous shock,” says Andy Carter, a lottery winner advisor in the UK. “Winning the lottery gives you lots and lots of opportunity to do lots of fantastic stuff but it takes a bit of getting used to,” he added.
So by all means go and enjoy that dream holiday or wicked car, but make sure you have the neccessary help and support to properly conserve your winnings, such as a good financial advisor to help with investments.