Mega Millions Hits Record $586 Million, What Would You Buy?

What would you do if you won the $550 Million Dollar Mega Millions? (That's Half a Billion Dollars!)

 If you're like most, you've been daydreaming about how you would spend the jackpot. Take care of family, new car(s), new house(s), vacations and retirement are just some of the things that come to mind.

But the truth of it all is very basic, THE ODDS of winning are HUGE! 1 in 259 MILLION chance of winning.

You have a better change of getting hit by a meteor. ( 1 in 100 Million)

Good news is, IT can Happen!

Here are a few tips that you should follow IF you Win

According to Jill Schlesinger, CFP,  Editor-at-Large for CBS MoneyWatch

1. Read the rules on the ticket and on the lottery's website
2. SIGN the Ticket and make a copy of it. See Rule #1
3. Assemble your team: attorneys, accountants and financial advisors.
4. Don't feel compelled to tell the world just yet. In fact, while this is amazing news, try to refrain from telling anyone beyond your nuclear family. In fact, you can even take your time before contacting the lottery authorities, because they usually provide a pretty lengthy time period (180 days) before you lose your chance.
5. TAXES: Pay them! Federal Tax Rate is 25%

 With all that important part out of the way, WHAT can you buy with your $290 million? (cash option )

1. You can buy the El Paso Chihuahuas Baseball team ( it’s cost the city $65 million so far)  
2. You can buy a High end Luxury Box for 6 of your closest friend for every Super Bowl ($1.2 million) for the next 50 years!
3. Buy a few or most of  Downtown El Paso buildings : $100,000 to $3,000,000
4. Sponsor the Sun Bowl? (The KLAQ/Super Mario Sun Bowl) $15 million
5. Take a Space Flight every weekend for a full year. (Space America $500,000)  $13 million

What would you Buy ?

 The next Mega Millions drawing will be held Tuesday night and tickets will be sold until 7:59 p.m. that day. Good Luck!