$550 million jackpot for tonight's Powerball

CREATED Nov 28, 2012 - UPDATED: Nov 28, 2012

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  • Video by wtmj.com

  • As of Wednesday morning, the Powerball jackpot was $550 million. What can $550 million buy you? Here's 10 examples:

    1) Every home in the town of Elmwood Park in Racine County - 11 times over.

  • 2) A 2013 Harley-Davidson Fatboy motorcycle for everyone who lives in Whitefish Bay and Shorewood, or everyone in Neenah. (Photo: Harley-Davidson)

  • 3) A flight from Milwaukee to New York and back for every person living in the Milwaukee metropolitan area.

  • 4) Every case of MillerCoors-made beer currently inside the Miller Valley distribution facility - 110 times over.

  • 5) One triple scoop waffle cone from Kopp's Frozen Custard every day for every person living in the city of Milwaukee for six months, or one Kroll's original butterburger for every person living in Green Bay for more than three years. (Photo: Journal Sentinel)

  • 6) Tuition, room, board and fees for every undergraduate student at Marquette University this year, or every undergraduate student at St. Norbert's College for four years.

  • 7) Tickets to every seat at every Packers game at Lambeau Field for the next 8 years.

  • 8) 2,200,000 shares of stock in the Green Bay Packers. (That won't get you any closer on the season ticket waiting list.)

  • 9) The Milwaukee Bucks. (Of course, there's that issue of paying players with the leftover cash.) (Photo: Milwaukee Journal Sentinel)

  • 10) 275 million more Powerball tickets.

    But there's one key thing to remember: You won't end up with $500 million in the end. First consider the fact that the lump sum payment is actually said to be $327 million, according to Powerball's web site, and choosing to go with the annuity will actually get you about that much, or potentially less.

    Then, remove the portion to be allocated for taxes, and various estimates have the remaining value as slightly less than half to about half of the advertised jackpot.

WAUKESHA - Powerball fever has returned, and is bigger than ever in Wisconsin.

That's because the jackpot is bigger than ever: $550 million for Wednesday night.

Lottery sales have boomed over the last couple of days. At a Quick Trip in Waukesha, they broke a one day sales record on Tuesday and expect to sell another $7,000 in tickets Wednesday.

"I can't believe this.  That's why I'm here," said Pat Michaels, who bought five tickets.

Many people have spent time dreaming of what they would do with all that money.

"Help my kids out, give my kids money," explained Steve Bocek.

"I'm going to see my kids.  They're all over the country," explained Michaels.

If you are lucky enough to strike it rich, financial experts suggest that you remain quiet and not tell anyone right away, or you could find attention that you're not ready for.

You should also see a tax professional before you cash the ticket.

You'll also want to avoid any sudden lifestyle changes, such as quitting your job or buying a luxury car.

Save those for later after you get a grip on what to do with the money.

A lottery official told Newsradio 620 WTMJ's Dan O'Donnell that if no winner comes from Wednesday's drawing, the jackpot could reach $1 billion.