Caution for Powerball millionaires-to-be
OKLAHOMA CITY – The multi-state Powerball lottery is offering its biggest jackpot yet, $500 million.
Wednesday is the last day to purchase a ticket.
The drawing is scheduled for 9:59 p.m. Central Time.
Financial experts have some advice for the next Powerball millionaire or millionaires, even though the odds are not in your favor.
In fact, the chances are about one in 175 million of winning the $500 million jackpot.
Still millions of people will buy a $2 or $3 chance.
CPA Randy Thurman will not be buying a ticket this time around.
He said, “You have as much chance of being struck by lightning twice in your lifetime as wining the lottery.”
Thurman recommends these steps for the Powerball winner:
- Collect your winnings anonymously
- Hire a financial planner to help you invest the winnings
- Get out of debt
- Do not make any lifestyle changes for at least six months
- Set a budget to spend a portion celebrating
“Three out of four people who win the lottery have nothing to show for it in five years,” Thurman said.
Thurman also recommends tithing, giving 10 percent to charity.
“Afterall, if you actually do win the lottery, you’ve got to thank God for that,” he said.
Powerball Lottery tickets are $2, $3 if you add the powerplay option to increase your winnings.
Wondering how much interest per year you will make if you win the Powerball jackpot?
At 2 percent interest per year on $500 million, you would make $20,370,770 a year or $55,810.33 per day.
Since 2006, 26 Oklahomans have hit the big one with Powerball.
Each winner collected anywhere from $213,000 to just over $33 million.