No one can honestly say they don’t dream about private planes, luxurious yachts and living in the Beverly Hills zip code. While some of us happen to live that privileged lifestyle, most of us purchase lottery tickets in hopes that one day we could live like the rich and famous.
However, some lucky lottery ticket buyers could be a step closer to a luxurious lifestyle.
The multistate Powerball jackpot is at an estimated $500 million, CNN reported. According to the source, the prize is the fifth largest lottery jackpot in U.S. history.
Keep in mind that your chance of winning the jackpot is one in 175 million, according to the Multi-State Lottery Association.
There’s also a one in 5 million chance you can win $1 million and a one in 12,000 chance to win $100, according to the association.
Even though the chance of winning big is nearly impossible, someone has to win, so why can’t it be one of you?
While it would be nice to pay off those student loans and go on a European vacation, sometimes money isn’t all it’s cracked up to be.
According to NBC News, several past lottery winners ended up either broke or in debt. While it seems impossible to spend all that money in such a short amount of time, it also seems like it’s impossible not to spend it all at once.
If you do happen to win a chunk of the prize, don’t visit a car dealership to purchase a new Rolls-Royce, see a financial advisor, NBC News advices.
While I may want to spend my lottery winnings on a beach drinking piña coladas, it’s important to be smart about money, even though all I may want to do is spend it all right away.
While winning the lottery is a long shot, it’s not impossible. If you happen to be one of the lucky winners from last night, enjoy the win. But keep in mind the importance of spending your money wisely so it can last a long time.