Bigger is better, well, that’s what they say. In my experience bigger is not always better. Numbers are the core of the lottery. In order to win the lottery you have to get all numbers straight. The main prize is the jackpot that increases with every subsequent draw. Do lottery winners benefit more from bigger jackpots. In my honest opinion, I’d settle with a less than to be greedy and ask for more. I guess, that’s how I was raised. Note, this is my opinion, you don’t have to agree with me. There’s some truth in what I’m about to say. However, the bottom line is that a bigger jackpot will bring you more cash. If that’s what you want, you can have it. But, if it’s too good, it’s rarely true.
Bigger Lottery Jackpots Come with Bigger Tax Tag
So, in the eyes of the media, in the eyes of your friends and family you’ve won $1 billion. The IRS tends to disagree. The bigger the jackpot, the bigger the tax bill. Furthermore, the bigger it gets, the bigger the difference becomes. A lottery jackpot advertised of $1 billion means you’ll get a little over $500 million after taxes. That’s almost half of the full amount. Now, you have the image of a billionaire, while you’re being just a regular multimillionaire that will most likely never become a billionaire. Hey! Don’t blame me! It’s how things usually turn out to be. In other words, people around you assume you have double the money than you actually have on your bank account. Regardless, lottery jackpots are delicious to claim and to spend.
Opting for the Lump Sum Payment Significantly Decreases the Jackpot Amount
People are by nature greedy. It’s never enough. At least I want more, I always want more when it comes to material stuff. I’m not saying I’m materialistic being, instead, it’s a challenge. Now, let’s say that I’ve won the aforementioned $1 billion jackpot. If I opt for the lump sum, there’s a hefty fee that will be deducted from the $1 billion. On top of this, deduct the taxes and I’ll end with a little less than $500 million. This just adds up to my point that a bigger jackpot comes with bigger fees, taxes, and the reality turns to be a whole lot less than you expected it to be.
This eventually leads to other issues that have no relation to money whatsoever. Believe me when I say that your social life will be affected by this huge pile of cash sitting in the bank vault. I’m not saying that being rich is a bad thing, but it can become a burden.
Can You Take the Pressure of the Biggest Lottery Jackpot?
Boy oh boy. Do I love to analyze the behavior of lottery winners. You see, with this fame, with this celebrity status, that’s if you go public, comes a lot of pressure. This pressure can change the way how you behave, how you think and most importantly who you will become.
Do you have what it takes to bear with the pressure of the biggest lottery jackpot? The bigger the lottery jackpot, the bigger the attention by the media. The media along with all passionate lottery players anticipate the jackpot months before it’s actually claimed. Once there’s a winner it becomes the center of all attention. People who can’t cope with this situation can end up pretty badly. On the other hand, say you’ve won an average jackpot that will still comfort you until the end of your life, won’t pressure you as much.
Record Breaking Jackpots Attract More Lottery Players
This is a big issue for full time lottery players. Once the jackpot becomes part of the news bulletin, there’s a surge of new lottery players that play the lottery until someone wins the record breaking jackpot. So how can this be bad? Well, with a bigger player pool the odds of multiple players winning the jackpot increases. Whenever two or more lottery players win the jackpot, they share it. Voila! Instead of a lottery player that’s been playing the lottery for years, some regular joe wins it. Or a better case scenario, this passionate lottery player has to share the jackpot with a newbie in the lottery. This shreds the lottery prize in half. No, wait! If there are 4 jackpot winners, the prize is divided by 4. You see where this is going.
The Bottom Line – Bigger Lottery Jackpots Are Always Better
Yes, I can try to discourage this statement, but the bottom line is that bigger is better! Even if I were to add all of the aforementioned situations in one, a bigger jackpot will always be better. I will be known as one of the winner of a given record breaking jackpot, I will win more just because the lottery jackpot was bigger.
It’s how things work. It’s how we got here after millions of years of evolution. Those who wanted more persisted. Those who settled with less, well, I guess they run out of food during winter. Should you be happy about winning one of the biggest lottery jackpots? 100%, positive, affirmative, yes!
You will pay the taxes, the media attention will disappear and your friends and family will cool off. The jackpot will still be yours. Every last cent will be yours to spend. Sure, if the jackpot was a $1m the hype would not be as big as if you’d won $1 billion, but it’s way better to spend $1 billion than $1 million. I mean, it’s obvious! Still, I hate it when some newcomer to lottery wins the jackpot. They brag how they won the lottery only after playing it for a couple of weeks. Look at me! Sitting here, whining how I still haven’t become a millionaire! That day will come!