Powerball Jackpot Reaches Record High Of $500M
Today might be the last day that you have to go to work. That is, if you win the Powerball jackpot tonight.
The grand prize is now nearly $500 million. That translates into $327 million if you win and take the lump sum as opposed to an annuity. Seven-time lottery grand prize winner Richard Lustig gave KTRH some advice that will help you improve your chances of winning.
“Do not buy quick picks,” Lustig stated. “Let me repeat that. “Do not buy quick picks.”
You can expect to find long lines if you haven’t bought your tickets yet. You can also expect people to spend a lot of money on tickets with the thought that they have a better chance to win if they buy more tickets. Lustig says you shouldn’t go overboard.
“How much people should spend is all individual. Its how much they can afford to spend,” Lustig explained.
Hear the podcast with Matt Patrick and Houston's Morning News as he talks with Lustig:
The odds of winning aren’t very good. In fact, they are bad. Your chances of claiming the top prize are just 1 in 175 million. But what if that long shot comes through? What if you win? Financial planner Richard Rosso says forget about the annuity.
“If you want the most money that you are going to get even after taxes, you are best off taking the lump sum,” Rosso said.
The record prize has many people dreaming of the good life, and not working for a little while.
“With that kind of money, I’d take off for a bit,” one Powerball customer said.
Another player said he wouldn’t change a thing if he won it all.
“I think I’d have to keep working to be sane,” he explained.
And that might be good advice, because we’ve all heard stories about lottery winners going broke. Rosso explains people lose track of what’s important.
“It’s found money. And if it was gone today they’d be back to their normal life the way it was. But that’s not necessarily what happens. A lot of times people blow the windfall and wind up in debt,” Rosso said.
The winning numbers will be drawn tonight at 9:59pm.
Tips on winning Powerball on KTRH Connected with Rachel Estrada!