Community Corner

What Would You Do with $540 Million?

People across the country are asking that question as Friday's world-record Mega Millions drawing approaches.

 

(UPDATED 1 p.m.) What would you do if you won $540 million?

Many people are asking themselves that question following the Maryland Lottery's announcement Wednesday that no one won Tuesday’s Mega Millions drawing—worth $363 million to a single winner.

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Since then, Friday’s drawing rose from $476 million to $500 million to now a world-record annuity jackpot of $540 million, according to the lottery.

Lottery spokeswoman Carole Everett said that figure includes a cash option of $389.8 million.

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“That total is something most people can’t fathom,” Everett said. “This obviously shouldn’t be an investment plan, but when the jackpot gets this big, it becomes fun to fantasize what you would do if you win. Lots of people who don’t normally play will decide to take a chance.”

The chances of winning are 175 million to one, Everett said, but there are examples of local lottery players hitting it big.

In 2003, former postal worker Bernadette Geitka hit the $183 million jackpot after buying her ticket from Geresbeck's Food Market in Essex. That's the biggest win ever for an individual in Maryland.

In 2007, Ellwood August "Bunky" Bartlett won $48.6 million as one of four people to hit a $330 million jackpot. He bought his ticket at Walther Liquors in Nottingham.

Everett said there are steps people should take when playing Mega Millions or other lottery games to reduce the chances of problems should you win.

  • If you have the winning ticket, make sure to sign the back of it immediately. That is the same as endorsing a check so someone else can’t cash it.
  • Those who do office pools should keep a list of everyone who bought tickets and how much they contributed.

Everett also said that while the state can’t legally offer any financial advice to winners, most who have won some of the larger jackpots in lottery history have contacted some sort of investment and/or legal adviser prior to claiming the winnings.

wouldn’t mind being the financial adviser getting that call. DiPaula, a former Baltimore County police captain who retired as Essex Precinct commander last fall, is a financial representative with Everest Wealth Management.

“This is life-altering money for sure,” DiPaula said. “The first thing I would recommend would be to put a team together, including a lawyer, a financial adviser, an accountant among others. This type of money would set up you, your children and future generations for life if managed properly.”

DiPaula said if he was the lucky one, he would set up an annuity and establish a yearly payout he could live off of the rest of his life. He would also set up a foundation where he could help those who need it the most.

“That’s more money than anyone would ever need, so why not do some good with it,” DiPaula said. “I would make it like a ‘Secret Santa’ organization. Then sick people who needed help with bills or medical supplies or others who came upon some hardship that was not of their doing could be helped. You could help a lot of people like that.”

According to lottery officials, Mega Millions game is played in 44 states and Washington DC. Mega Millions drawings are aired Tuesdays and Fridays at 11:22 p.m. on WBAL-TV Channel 11, and at 11:53 p.m. on MPT. Tickets for Friday’s drawing will be sold until 10:45 p.m., Everett said.

What would you do if you won $500 million? Tell us in the comments section below.


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