| Years To 80 | |
| Federal Tax Rate % | |
| State Tax Rate % | |
| Jackpot | |
| Cash Value | |
| Federal Tax Estimate | |
| State Tax Estimate | |
| Group Split | |
| Lump Sum Payout |
| Make Purchase |
| Money in the Bank | |
| Yearly Spendable Until 80 |
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| Years To 80 | |
| Federal Tax Rate % | |
| State Tax Rate % | |
| Jackpot | |
| Cash Value | |
| Federal Tax Estimate | |
| State Tax Estimate | |
| Group Split | |
| Lump Sum Payout |
| Make Purchase |
| Money in the Bank | |
| Yearly Spendable Until 80 |
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Item Name Purchase Price Maintenance Cost Rebuy |
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Item Template
Item Name
Purchase Price
Maintenance Cost
Rebuy |
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Jackpot Amount Cash Amount |
This is just a worksheet to help estimate how much things will cost and how long you can live off a lottery winning should you stay within strict spending limits.
This is the number of years you have left until you hit 80 years old - the average lifespan of an American citizen.
If you've purchased tickets with a group (an office pool, friends, etc...) set this to the number of people in the group and your Lump Sum Payout will be divided by the number of people in the group.
This is an estimate of the amount of money you might expect to hit your bank account after Federal and State taxes. This is only an estimate and should not be taken as financial advice.
These are the major purchases you would hypothetically make, such as houses, cars, vacations, donations, etc...
Everything costs money to maintain, unless it's a one-off throwaway purchase. A good rule of thumb to follow is:
If you don't want to attach a maintenance cost to a purchase set the Mintenance Cost value to 0.
Sometimes you'll want to buy the same thing every N number of years. In this case, you can set Rebuy to anything above zero and the worksheet will calculate how much you would end up spending per year on that item.
For example, if you wanted to buy a new car around the same price as your inital purchase every year, you would enter "1" into Rebuy. If you wanted to upgrade that car every 2 years, enter "2" into Rebuy, and so on.
The worksheet will divide the original price of the item by the number of years and add that to the Yearly Recurring Spend.
This is the amount of money you might spend every year based on maintenance cost and rebuy value. Essentially, this is what it would cost every year to live your lottery lifestyle.
This section at the bottom of the page tracks your Money in the Bank and Years Spendable Until 80.
This is the difference between your Lump Sum Payout, Major Purchases, and Yearly Burn. After all is said and done, this is the amount of money you could theoretically have in your bank account after the first year of expenses.
This is the amount of leftover money you would have each year to spend on anything else not listed in the worksheet until you reach 80 years old.
If you spent this money extra money every year by the time you hit 80 years old you would have nothing in your bank account.
If this number goes negative at all, then you've learned how 70% of lottery winners go bankrupt!
The odds of winning the Mega Millions are 1 in 302,575,350. To contextualize that, one ticket has a 0.000000003% chance of winning. In order raise your chances to just 1% you would need to buy just over 3 million Mega Millions tickets.
The odds of winning the Powerball Grand Prize are 1 in 292,201,338. That means one ticket also has a 0.000000003% chance of winning, although this number is slightly higher than the Mega Millions. For a 1% chance at the Grand Prize you would need to buy just under 3 million Powerball tickets.
I hope this explanation puts the odds of winning into perspective. Don't get disappointed when you don't win the jackpot because the chances of winning were so small, it shouldn't matter to you! :)