If someone wins the record breaking $1.4 billion Powerball jackpot Wednesday, there's a huge decision to make: opt to take the winnings in 30 payments over 29 years, or take the money in one lump sum at the tune of $868 million. After federal taxes, the winnings are reduced to $524.3 million, and then followed by state and local taxes, which could reduce your net winnings to $394.1 million, according to CNBC.
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"People like the idea of winning, and they don't like the idea of paying the tax," Susan Bradley, a certified financial planner and founder of the Sudden Money Institute in Palm Beach Gardens, Fla., told CNBC. "My general feeling on that is, get a good accountant, pay all the tax and be done with it."
Either way, $1.4 billion is a ton of money. Sometimes it can be difficult to grasp how much money a billion dollars really is. These ridiculous facts will attempt to put the wealth in perspective
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