Here's a question/problem that many of us really, really hope is something we'll have to deal with in the next 24 hours: "What do I do with a billion dollars?"

With the odds of winning tonight's Mega Millions lottery jackpot hovering around 302.5 million to one, I think it's safe to assume that not many of us will actually end up having to lose sleep over figuring out our billion-dollar financial plan going forward.

I just want you to know that I'm here for you, and I'm willing to shoulder that burden.

Lotto, Falling Lottery Balls on Green Background - Lottokugeln
Getty Images
loading...
She's either won some money, or there's a spider on her ticket. (Getty Images)
She's either won some money, or there's a spider on her ticket. (Getty Images)
loading...

Just For Fun, Let's Say That You, An Illinois Resident, Turn Out To Be The Big Winner Of Tonight's Billion Dollar-Plus Mega Millions Drawing

What's the first thing that you do? Quit your job? Go car shopping? Rent a yacht to float around the Mediterranean while you figure out your next move (my son Spencer's idea)?

I've been reading some advice from financial planners, and it seems that it's not really what you should do if you win, it's more of what you shouldn't do--and that's run around and tell people that you've won. The planning advice that I read basically says that you should:

  • Keep your mouth shut about it to almost anyone except for your closest, most trusted family members
  • Get organized
  • Get a financial plan implemented with a professional
  • Keep yourself anonymous
Getty Images
We are never answering the phone again! (Getty Images)
loading...

Let's Get Back To What You'll End Up With If You Win Here In Illinois

According to Forbes.com, it breaks down like this. You can take 30 annual payments over 29 years (the annuity option), or an immediate cash lump sum, which is what most winners end up going with.

If you go for the cash lump sum, you'll get around $602.5 million. Then, the feds come in, wanting their piece of the action. Your winnings will get hit with an initial 24% federal tax withholding, which takes away about $144 million.

Forbes.com:

The winner would also owe additional taxes at higher brackets, up to the 37% top federal marginal tax bracket for ordinary income: For a single taxpayer with no additional income, no dependents and no itemized deductions (like big charitable contributions), the total additional tax would be another $78.3 million due, leaving the winner with $379.6 million before state taxes.

Getty Images
Getty Images
loading...

State Income Taxes Vary, And Not Every State Even Has A State Income Tax

Florida and Texas aren't going to take more of your lottery winnings, but Illinois most certainly is going to. Throw in Illinois' 4.95% flat tax, and you've reduced your winnings by about $19 million to a total take-home amount of around $360.5 million.

Good luck tonight!

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

KEEP READING: See the richest person in every state