Powerball jackpot reaches $457 million; $2.5 million ticket sold in Compton

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KTLA Los Angeles 16 September, 2021 - 11:36am 28 views

When is Powerball drawing?

Powerball draws on Mondays, Wednesdays and Saturdays at 10:59 p.m. The odds of winning the jackpot with a $2 ticket are 1 in 292,201,338. cleveland.comPowerball winning numbers for Wednesday, Sept. 15, 2021; jackpot $432 million

When is Mega Millions drawing?

Mega Millions draws on Tuesdays and Fridays at 11 p.m. cleveland.comMega Millions winning numbers for Tuesday, Sept. 14, 2021; jackpot $383 million

How much is Powerball jackpot?

The Powerball is now worth $432 million, but with a cash value of $313.5 million. pennlive.comPowerball $432 million jackpot (9/15/21): When and how to find out if you’ve won

Who won the Mega Millions?

June 7, 2019 - $522 million ($340.0 million cash) won by Laarni Bibal with a ticket purchased in San Diego, Calif. megamillions.comMega Millions

With Mega Millions and Powerball jackpots both topping $400 million, there are likely a lot of players daydreaming about how they'd spend such a windfall.

They also may want to think about what to do as a winner before the money actually reaches them. That is, there would be some big decisions to make before they even think about heading to lottery headquarters to claim the prize.

"This is extreme wealth," said Walt Blenner, an attorney and founder of Blenner Law Group. "You really need to have everything in order."

The Mega Millions jackpot has reached an estimated $405 million for Friday night's drawing after no ticket matched all six numbers drawn Tuesday. Powerball's top prize is $432 million for Wednesday night's drawing.

While the chance of a single ticket winning the top prize in either game is miniscule — 1 in 302 million for Mega Millions and 1 in 292 million for Powerball — it's still worth considering how you would handle such a windfall if you were to beat the odds.

Here are three immediate considerations for winners.

It's best to share the news with only a small group, experts say

"Tell as few people as possible," Blenner said. "That means your nuclear family, although I'd say don't tell children other than to make a vague reference about how there will be changes to your life coming."

You also may be able to shield your identity from the public, depending on what state you're in. Although only a handful allow winners to remain completely anonymous, you may be able to claim your prize via a trust or limited liability corporation that doesn't have your name on it.

Generally speaking, this means enlisting the help of professionals. You should assemble a team that includes an attorney, a tax advisor and a financial advisor — all of whom are experienced in helping lottery winners navigate their windfall.

You get to choose between receiving your win as a lump sum of cash or as an annuity spread out over three decades. Either way, the money will be taxed when you receive it.

Most lottery winners choose to get a lump sum. For the $405 million Mega Millions jackpot, the cash option is $294.7 million. For Powerball's $432 million top prize, it's $313.5 million.

Keep in mind that right now, federal income taxes are low from a historical standpoint — and it's impossible to know where they may be years from now. This means that from a tax perspective, it could cost you more to take the annuity because tax rates are more likely to increase than decrease.

Generally speaking, lottery winners get anywhere from a few months to a year to claim their prize, depending on the state. This means that you don't have to rush down to headquarters the day after you discover your good fortune.

It will take a while to get everything set up, Blenner said. That includes putting together the team that will guide you.

"That takes some time," he said.

In the meantime, be sure to make a copy of your ticket and put it in a safe place, such as a fireproof lockbox or a safe deposit box at a bank.

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Read full article at KTLA Los Angeles

Dutch Bros Just Went Public And Now Their Owner Is A Billionaire

Raleigh News & Observer 16 September, 2021 - 11:51pm

A company going public and making a big opening day splash on Wall Street isn’t exactly rare. But when it’s an IPO for a coffee company, that’s a new one for me. And when that IPO makes the owner of the company a certified billionaire—with a B—well, that’s stratospheric. And that’s exactly what happened today with the coffee chain Dutch Bros making its public debut, making owner Travis Boersma a person of many commas.

We reported last month that the Grants Pass, Oregon-based coffee company with nearly 500 locations across 11 states was going to go public some time in the near future. That time, it turns out, was yesterday, September 15th, and the results were staggering. As reported by Yahoo Finance, Dutch Bros, or BROS as they are known on the New York Stock Exchange, opened the day selling at $23 a share. With the IPO, the brand was hoping to reach a valuation of $3 billion. They did that and then some.

By noon, the company’s price had already risen 48% to $34.01, which at the time gave the company a valuation of $5.6 billion. Boersma, the largest shareholder and former dairy farmer, saw his own value grow to $2.3 billion. (Quick math shows that he owns around 41% of the company.)

That was at noon. The price peak just under $40 a share before coming back down to earth a touch. When the day closed, the price on Dutch Bros over 21 million shares of class A common stock landed at $36.68, nearly a 60% increase over the opening price. This places the companies valuation somewhere in the ballpark of $6.04 billion, adding around an extra $150 million to Boersma’s billions.

Even with the influx of cash, Dutch Bros President and CEO Joth Ricci states that the company will continue the steady growth trajectory it set for itself, which includes adding more locations across the US. Ricci also states that Dutch Bros will be sticking with what works for them—drive-thru coffee—as opposed to adding “new categories like food” to their menu.

We had previously joked that with the IPO, Dutch Bros would be able to afford to hire both Macklemore AND Ryan Lewis. But after day one, they might be able to buy them outright, so who's laughing now?

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With Jackpots Above $400 Million, How Much is Left if You Win?

WJTV 12 News 16 September, 2021 - 05:16pm

Both of the Mega Millions and Powerball jackpots are worth well over $400 million. Before you start dreaming of how you'd spend the windfall, just how much would be left over if you were to win?

The website usamega.com has done the calculations on the tax liability and what you could "take-home" depending on whether you chose an annuity or lump sum payment.

The current Powerball jackpot for Saturday, Sept. 18 is expected to be $457 million with a cash option value of $331,600,000.

If you chose the cash value option, you'd pay roughly 37% in various federal taxes reducing your jackpot to $208,943,928, according to usamega.com. Texas doesn't tax lottery winnings, so you'd have no further tax burden like winners in some other states who have to pay an additional 5% to 9% in state taxes.

If you chose the annuity, you would receive 30 average annual payments of $15,233,333, before taxes, or $9,632,928 after taxes, though because the Powerball lottery jackpot is awarded according to an annually-increasing rate schedule, early years include smaller payments while the final years include much larger payments. The Texas annuity payments, usamega.com says, total $288,987,840 after taxes.

The Mega Millions jackpot for Friday, Sept. 17, is $405 million with a cash value option of $294,700,000.

If you chose the cash value option, you'd pay roughly 37% in various federal taxes reducing your jackpot to $185,275,928, according to usamega.com. Texas doesn't tax lottery winnings, so you'd have no further tax burden like winners in some other states who have to pay an additional 5% to 9% in state taxes.

If you chose the annuity, you would receive 30 average annual payments of $13,500,000, before taxes, or $8,540,928 after taxes, though because the Mega Millions lottery jackpot is awarded according to an annually-increasing rate schedule, early years include smaller payments while the final years include much larger payments. The Texas annuity payments, usamega.com says, total $256,227,840 after taxes.

So, what are you going to do with your winnings?

Powerball ticket worth $2.5M sold at Compton liquor store

KABC-TV 16 September, 2021 - 12:24pm

Powerball ticket worth $2.5M sold at Compton liquor store

Each jackpot starts at $40 million, but how does it grow to hundreds of millions or more?

Powerball ticket worth $2.5M sold at Compton liquor store

cleveland.com 16 September, 2021 - 12:24pm

Powerball ticket worth $2.5M sold at Compton liquor store

Each jackpot starts at $40 million, but how does it grow to hundreds of millions or more?

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