Someone Could be a Multi-Millionaire Tonight

Tonight when the Powerball drawing takes place the estimated jackpot will be worth $320 million dollars, that’s a lot of beer money. If you take that win in a cash pay out that’s $198,300,000, that would change your day.  Now, I don’t play the lottery a lot but when it the jackpot climes up like this I play a few numbers. I know the chances of me winning are 1 in 176 millions, but for a couple of bucks I’ll take a shot at that kind of money.

Even if multiple people hit the winning numbers you will still get a nice chunk of money. Say five people hit the jackpot, you would still walk away with $35 million or so. That should be good enough to retire on, unless you’re like one of those crazy people who blow through $10 million in 10 years. It’s sad but this sort of thing happens, earlier this week there was a story of a woman who had won $10 million and after 10 years she was broke. There was also the woman who sold her internet company (in the late 90’s) for just over $70 million (that’s like winning the lotto) and she was just in court for selling drugs to an undercover cop, Why, because she had blown through the cash in just 20 years.

Unless you have that sort of money coming in regularly the 45,000 square-foot home and fleet of sports cars will bleed you dry in no time. That is were most winners of a lottery get into trouble. They get the money and one of the first things they do is buy a huge home, but they don’t think about the taxes or up keep of the property. They also buy a ton of crap, stuff they don’t need or really ever use. When I was in high school on of my classmate’s parents won a little cash in the Missouri Lotto. That spring he got a brand new sport bike, I think it was a Ninja. Did he need a new sport bike? No he didn’t even know how to ride as he totaled it with in a month. That was like throwing $9,000 right out the window.

If you are the big winner tonight remember this is a one-time win. There is nothing wrong with a new home or car but plan it out so you’re not broke in a few years. Pick your numbers well and good luck if you’re playing Powerball tonight.