What you should know if you win the $1 billion Mega Millions jackpot

 What you should know if you win the $1 billion Mega Millions jackpot

What you should know if you win the $1 billion Mega Millions jackpot

DON'T BE CONNED: Be on the lookout for money scams.

Maryland lady wins $100K jackpot for third time in five years, saying "We did it again."

Moreover, keep in mind that "no actual lottery tells winners to put up their own money in order to receive a prize they have already won," it added.

Owner of Azoury Financial in Troy, Michigan, Steve Azoury claimed to have counseled numerous lottery winners, including one who won $181 million and declared, "If I didn't know you before, I don't want to know you now."

What are my odds of winning, when is the drawing, and how much is the jackpot?

For winners who select the annuity option, which is paid out annually over 30 years, the prize is worth $1.02 billion. The majority of winners choose the cash option, which for the upcoming drawing on Friday night is anticipated to be $602.5 million.

The probability of getting all six digits right is one in 303 million or thereabouts. In addition to 45 states, the District of Columbia, and the U.S. Virgin Islands, Mega Millions tickets are available for purchase for $2 each.

Rob Burnette, a financial and investment counselor with Outlook Financial Center in Troy, Ohio, advised against celebrating your victory loudly. Keep it secret if you're fortunate enough to win the jackpot. Create a plan and organize yourself. If it's possible, think about maintaining your anonymity.

How should you spend a billion dollars?

After no one matched all six numbers on Tuesday night to claim the top prize, the $810 million Mega Millions lottery jackpot grew to $1.02 billion.

According to advisers, claiming that much money is likely to attract tax authorities, con artists, and friends and family.

The first and most crucial piece of financial advice is probably what you shouldn't do if you have the winning ticket in light of all the attention, however.

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