Though investing is one of the smartest ways to grow your wealth, it's not the only way. A lucky few become instant multimillionaires thanks to the lottery.
If you want to take a chance on joining them, Wednesday night's Powerball drawing is expected to be the second largest prize in history. After no one had Saturday's numbers, the total pot rose to $700 million.
Winners choose to receive the money in either 30 annual allotments over 29 years or to get it all at once in a single payment for a smaller amount. For example, a lump sum on the $700 million would be $443.3 million. Lottery site USAMega.com estimates the federal tax withholding would be about $110.8 million. Then, there are state taxes too.