If you haven't heard, next week's Powerball Prize has ascended to over $1 billion dollars. Which, obviously, is a lot of money.
Actually, excuse us. It's not just "a lot of money." It's actually the largest lottery jackpot in United States' history, so, needless to say, whoever wins will sort of be drowning in cash.
Luckily, the winner will have enough money to buy a lifeboat! Or, like, 30 lifeboats.
Are you wondering how the prize got so high? It's because no one on Wednesday matched all the Powerball numbers to claim the prize, which would have been a pittance at $524 million.
Naturally, a lot of people have been buying Powerball tickets in the hopes that they'll be the ones to snag the prize.
It's much higher than the largest lottery victory ever, which was $590.5 million, and was won by an 84-year-old woman in Florida in 2013.
Now, of course, whoever wins won't just be handed over $1 billion. They'll be faced with a tough choice: whether they should take the lump sum, and face exorbitant taxes, or opt for the annuity, which would be more money spaced out over several years.
Since the maximum federal income tax rate is 39.6%, that means the government could take over $400 million. Since that federal income tax rate is always changing, who knows how much the annuity would be taxed?
[anad]
So we're going to make an assumption. We're going to assume the winner of the New York Powerball would opt for the lump sum rather than face an unknown annuity tax. We're also going to assume that winner would want to improve New York City.
How would the NYC winner spend the money, which would amount to well over half million dollars after taxes? We have some ideas. Read on to find out what they are.
1. Buy apartments for NYC's homeless
reconstructingreality The old Marjorie daw co-op house in west campus has become this #housethehomeless #westcampus #austintx #atx
2. Buy a vacation home outside the city
3. Level NYC's micro apartments
colinny1 The future is here. The city is building modular "micro" apartments. Can you see yourself living in an apartment with only 300 square feet? Checkout my blog at UrbanNYCProperty.com to learn more.
4. Demolish Penn Station to begin improvements
5. Might as well demolish Port Authority while you're at it
iminlovewithnewyork #NYCdotgram #NYCdimps #Newyork_world #newyork #newyorknewyork #strangers #iminlovewithnewyork #dreamer #city #gothem #bigapple #newyork_ig #street #manhattan #portauthority #centeroftheworld #bmw #youwillneverbethesame #fire #biglights #sunset #winter #newyearnight #newjersey #newyear2016 #oneplusx #bridge
6. Rebuild LaGuardia
elbuenosairesqueconozco #sdf #homeless #trip #travel #travelsouthamerica #tripsouthamerica #argentina #buenosaires #laguardia #caritadeasco
7. Buy an apartment on billionaire's row
calgaryluxuryportfolio #NewYork city may be adding a window tax to #billionairesrow but #Calgary luxury homes are getting a tax break this year!! Check out the blog for more details👆
8. Specifically, the penthouse in One57, its penthouse costs $47.8 million... no big deal for you now
sothebyshomesnyc New Listing: Be the first to live in this stunning approx. 4,193-sq.ft. half floor apartment in the famed ONE57 Condominium. This ground breaking new development soaring 1,000 feet above New York, exemplifies luxury living with grand proportions, unparalleled views, impeccable services and the best amenities in Manhattan. | WEB# 00110491 | #nyc #nycrealestate #sothebysrealty #luxuryrealestate #one57
9. Pay for the completion of the 2nd Avenue subway line
10. Decrease subway fares for everyone
thelycanphucks That's it people, start your engines literally lol The terror hikes is a commin' and who knows, we'll end 2015 with $3.00 mta fares smh @ohyoudidwhatt88 you knew anything of this? #farehike
11. Support your family, of course
12. Construct subways to make it easier to get around Brooklyn
13. Buy a motorboat for cruising the Hudson
river_watcher Sept 26, 2015 9am #greystoneyonkers #palisadescliffs #hudsonboats #hudsonriver #iloveny #ilovetug #iphoneonly #tugs #tugboats #ilovenewyork #just_newyork #boats #hudsonvalley
14. Also buy a jet ski for cruising the Hudson
nancy_pantz1026 These are also from our jet ski tour last week. It was a great way to see the landmarks. #nyc #jetski #jetskinyc #empirewatersports #jetskitouring
15. Check out One World Trade's Observatory (because you'd have to win the lottery to afford it)
[anad2]
16. Help Chick-fil-A pass the Health Department's inspections
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17. Bring the Bronx Zaro's back
fromthebronx Last night, after nearly 56 years, the Zarro's Bread Basket (@zarosbakery) in Parkchester closed its doors for the last time. The longstanding bakery will be replaced by a Boston Market (@bostonmarketcorp @bostonmarketrestaurant). 👎👎👎 #savenyc #zaros #zarosbreadbasket #parkchester #bronx #nycgneighborhoods #insiderguides #thisisnewyorkcity #nycgopress #nycgo #seeyourcity #fromthebronx #thebronxdoesitbetter #bostonmarket
[anad]
18. Buy Whole Foods food for everyone ... even at its illegal prices
19. Pay the student loans of every NYC recent college graduate
crazytogetherblog Have you heard the news? We successfully paid off $180,000 in student loans and are officially debt-free! We tried to take a celebratory photo of the two of us jumping with our hands in the air, and sadly this was the best photo of the bunch. We may have our finances in order, but it turns out that we are terrible at synchronized jumping. Check out yesterday's blog post to read the full story. There's also a video of us dancing. Go ahead and imagine how amazing that must be based on how well we jump together. Link in profile. On a more serious note, thank you so much for all of your kind words and encouragement as we worked to pay down the debt. We love sharing our story and we are overjoyed every time someone finds inspiration to conquer their own debt after reading the blog. @daveramsey's Financial Peace University is a truly life changing program! #debtfree #studentloans #daveramsey #crazytogetherblog #GavinsInLove
20. Eat at NYC's most expensive restaurants (when it isn't Restaurant Week)
21. See every Broadway show
22. All of the toilet paper
23. Disposable underwear anyone?
itsdogpower #TBT to that savage hangover spa day in Morocco with @davefields #CulturalSensitivity #DisposableUnderwear #ThisIsNotRome #FuckIt
24. Buy a hoverboard
25. Get a waterslide installed in your apartment... just for fun
26. Buy a trip into outerspace. They cost $250,000, no big deal!
rolex114060 One day...Eyes on the Stars.... #moon #astronaut #astronautwatch #nasa #nasabeyond #nasasocial #nasajpl #space #spacer #spaceexploration #spacex #virgingalactic #earth #clouds #sky #spacesuit #nasaastronaut #travel #traveling #spacetravel
27. Buy an $80 million submarine. Who knows? You might want to explore the ocean.
lego_funtime Bat Submarine #lego #batman #bricknetwork #instalego #legostagram #legos #toyslagram_lego #legogram #batsub #submarine #toyphotography #legophotography #afol #afolclub #thedarkknight #dccomics #legobatman #legosuperheroes #legomania #lego365 #legofun #legofuntime
28. The world's most expensive car: a $52 million 1963 Ferrari 250 GTO
29. A parking space in NYC for your Ferrari
30. Invest the money... because that's like, the smart thing to do
scalpersfx Scalpers Forex Be different .... With us u can invest your money with 5%monthly profits ... Just contact us Whatsapp 01200072392 .
[anad2]
31. Finally, buy a $700,000 personal jet
westonmagazines $700,000 Cobalt Aircraft Valkyrie Might be the Prettiest Personal Plane on the Market #privatejet #luxury #aircraft #privateplane #private #personaljet #nyc
Check out Turns Out Most Americans Are Almost Completely Broke.
[Feature Image Courtesy Instagram]