GOLDEN VALLEY, Minn. - Even though you know the odds of winning the Powerball jackpot aren't good -- chances are you probably bought a ticket for the recent record setting jackpot.
About half of American's have played the lottery in the last year.
You should also know that your odds of winning that grand prize were somewhere around 1 in 176 million... ouch.
Dan Ament, our regular Financial Advisor with Morgan Stanley of Wayzata, visited Sunrise to help discuss making your own mini 'powerball' prize. Dan Ament, Financial Advisor with Morgan Stanley of Wayzata.
You are more like to ??? vs winning the lotto...
- Winning the lotto with a single ticket? 1 in 175,223,510
- Dying in an air transportation incident? 1 in 7,178
- Getting struck by lightning? 1 in 134,906
- Killed by bees? 1 in 79,842
- Attacked by a shark? 1 in 11.5 million
Powerball can't buy happiness - A handful of psychology studies over the years have evaluated the happiness of lottery winners over time, and found that after the initial glee of getting one of those big giant checks has faded away, most winners actually end up no happier than they were before hitting the jackpot. When it came to rating everyday happiness, the lottery winners took "significantly less pleasure" in the simple things like chatting with a friend, reading a magazine or receiving a compliment.
Make your own 'powerball' the old fashioned way - starting at age 20, $4 (two tickets) 2x / week = $32 / month @ 6% (S&P500 averaged about 6.5% for the last 10 yrs) delivers you about $64,000 when you turn 60.
Bottom line? Whether is it curbing your Powerball purchases or the many other discretionary dollars that we spend on a daily basis, there are meaningful ways to improve your financial picture one dollar at a time.
Dan Ament is a Financial Advisor with The Ament Group at Morgan Stanley located in Wayzata, MN and may be reached at 952-475-4302 or firstname.lastname@example.org.
(Copyright by KARE. All Rights Reserved.)