Hitting the Lottery Jackpot

A $1.5 billion lottery jackpot is not enough to cover all the winning ticket combinations, but a larger lottery jackpot is always possible. As lottery fever takes hold, people buy more tickets in hopes of hitting the jackpot. By doing so, they increase their chances of winning by covering as many combinations as possible. However, there are some drawbacks to winning the lottery. For one thing, winning the lottery requires more than basic math. One must also account for taxes on the winnings, which are normally 25 percent of the prize.

After winning the lottery, you should wait a week to claim your prize before making any decisions regarding the future. The first step to taking your prize is to gather your financial dream team. You should hire an investment adviser, a certified public accountant, an estate-planning attorney, a private banker, and an insurance expert. If you are the jackpot winner, you should have a plan for how to use the money, such as forming an emergency fund or paying off high-interest debt.

Hitting the Lottery Jackpot by David Nibert is a provocative history of lottery promotion. Nibert points out the conflicted role of the state in the promotion of gambling. Ticket vendors, TV stations, and advertising agencies profit from the lottery promotion. Moreover, less than half of the winnings end up in prizes, and many lower-income groups, including people of color, lose more money. In sum, lottery winners are not the only people who gain from the lottery, but the authors’ book is a must-read for all history buffs.