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Houston 'big money' dreaming of lottery win
Lottery players and dreamers have a chance at big money, this weekend with the Mega Millions and Powerball games worth a combined 1.4 billion dollars. FOX 26 Business Reporter Tom Zizka talks to people with visions of dollars drifting through people's minds.
HOUSTON - Lottery players and dreamers have a chance at big money, this weekend, with the Mega Millions and Powerball games worth a combined $1.4 billion. Lucky Rudy's in Rosenberg is among the busier places in the Houston area as it works to live up to its claim of being the number one lottery seller in Texas.
The odds are long for everyone in line: 1 in 302 million for the Mega Millions, 1 in 292 million for Powerball, and 1 in 88 quadrillion (that's a one with 15 zeros) to win both. Still, each ticket offers a chance at hope. Some are desperate, but most are 'dreamy' about the chance of winning millions and what we might do with such riches.
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A non-scientific sampling of ticket buyers suggests families and parents will fare well.
"I'll take care of my mom; take care of my dad; take care of the church," says one man, "After that, go do my bucket list of places I want to go visit."
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"I would pay off anything that my mom has debt on, anything that i have debt on and, then, go from there so I have a nice clean start," says another woman.
MORE: North Carolina man says he'll buy his mom a house after lottery win: 'She’s very happy'
Dallas financial advisor Bill Dendy has some experience guiding lottery winners through their newfound wealth, "I've heard a lot of people say that 'lottery winners' are not happy, but I'll tell you the ones I'm working with are pretty happy," Dendy says there definite advice to share:
- Sign the winning ticket, make copies, and lock it in a safety deposit box.
- Assemble a team of experts, like an accountant, a lawyer, and a financial advisor.
- Form a 'trust' to claim the winnings, and stay quiet about it, to shield you from the public eye.
- Put boundaries on spending, because it can all disappear as quickly as it came.
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Lotto fever in full swing at Lucky Rudy's
It's your weekend to win and Friday night's Mega Millions Jackpot is more than $500 million. And on Saturday, the Powerball is claiming to have the third largest price in its history.
"If you've got your life in order, a lot of money is going to be a blessing to you, your family, your entire community," says Dendy, "But if you're already messy, a lot of money can let you be extra-special messy."
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For the lucky winner, whenever that happens, there will be a dose of reality with the jackpot. The $875 million Powerball jackpot has a $441 million lump-sum cash payout. After taxes, that leaves about $260 million left over. If invested at a 5% return, there's $7-6 million after-tax profit to spend each year, without ever touching the principal.
Financial advisor Bill Dendy thinks it's healthy to dream about such things because it helps us prioritize what we have and what to do with it.