This past week’s Powerball jackpot was at an astounding $220 million dollars. And I WON! Only $4 but I still won! Actually, I really lost since I invested $5 in those tickets and only got $4 in return. But fortunately, no one won the jackpot so this week’s jackpot is at around $260 million dollars! What would you do with that kind of money?

First off, if you won the jackpot, would you take the lump sum cash value at $134 million or take the annualized 30 payments over 29 years. There are advantages and disadvantages for both options. It’s always thrilling to have a big lump of over $100 million right way. You’ll be an instant 9-figure-aire. Who wouldn’t want that? But then again, I hear so many stories where big jackpot winners often go broke and become worse off then before winning because of poor money management. If you take the annuity option, it pretty much guarantees you of not being broke for the next 30 years. And you still become an instant multi-millionaire!  You can’t replace the sense of financial security that comes along with choosing this option.

What would you do? How would you spend your winnings? Would you live your life and budget your money the same way?

Don’t Play The Odds

I try to play the big lottery games when the jackpot reaches over $100 million. So, that means I’ll be playing the Powerball again for this coming Wednesday’s drawing. I don’t go overboard and buy hundred of tickets. I only spend $5 each time and that’s enough for me. The odds of winning the jackpot is 1 in 195 million. If I buy two tickets, I’ll double my odds. When I buy 5 tickets, I increase my odds five fold. But really, whether your odds are 1 in 195 million or 5 in 195 million, the odds are stacked heavily against you…EXTREMELY heavily. So I really don’t understand those who spend hundreds or even thousands of dollars playing these games. Consider this. A lottery vendor probably sells thousands of tickets for each drawing, if not more. And yet, over the course of 10 years, more than likely, that vendor probably has not sold the winning ticket ever. So if you want to play, play for fun. Don’t go broke playing it.

How To Play Powerball

In Maryland, there are two major jackpot lottery games: Powerball and Mega Millions. They’re essentially the same game, run by different companies. The rules are the same and but the odds are slightly different. Basically, 5 numbers are drawn from one single drum and the Powerball (or Mega Ball) is drawn from a separate drum. If you match all 6 numbers, then you win the jackpot.

For Powerball, 5 balls are drawn from a single drum of 59 balls numbered from 1-59. The Powerball is drawn from a separate drum filled with 35 balls numbered from 1-35. For Mega Millions, 5 balls are drawn from a single drum of 56 balls numbered from 1-56. The Megaball is drawn from a separate drum filled with 46 balls numbered from 1-46. So you can already see that the odds will be slightly different. This means that the payout will be slightly different as well.

It looks like the odds and payouts are slightly better with Mega Millions than Powerball. But when you’re playing for big bucks and the odds are sky high, the differences are neglible. Since the jackpot for Powerball is $260 million for this week and a measily $12 million for Mega Millions, I will be investing my $5 in Powerball. Remember, when you play these mega jackpot lottery games, don’t worry about the odds. Just have fun and hope for the best!

What was the most you’ve ever won in a lottery game? The most I won was $15 playing Keno.

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