378: Billion-Dollar Jackpots and the Bright Side of Buying a Lottery Ticket

“What to do if you win the lottery." This question is getting more online searches than ever before. But what would you do? The wheels start turning as soon as those lucky numbers get picked. You stare down at your ticket in disbelief. Then, you make sure to match the ticket in your hand to the numbers on the screen. You could be staring at a million or billion-dollar prize, and for a second, most of your financial worries start to slip away, soon to be replaced by a new set of challenges. How will you manage it? How much will you owe back in taxes? Should you take the annual payouts or the lump sum? A better question is, “how do I redeem this thing!?” The lottery is played by millions across the United States, hoping to get their hands on the winning prize. But how does the lottery work? Where does the money you spend on a ticket go? And do you really have a chance of ever winning? Carolyn Becker from the California State Lottery knows more than most. She’s been working with lottery agencies for years, making sure that winners are genuine players and ensuring that a percentage of the lottery profits go to good causes within the Golden State. She outlines exactly how the lottery works, how the winning numbers are chosen, the philanthropic side of buying a ticket, and what to do when you win millions or billions of dollars at once. She also drops some tips on better ways to play the lottery and why there’s a higher chance of you winning than you think. So, if you’re buying a ticket in hopes of a billion-dollar jackpot, Carolyn’s advice could help! In This Episode We Cover The history of the lottery and using ticket sales to fund philanthropic causes Why Mega Millions and Powerball jackpots are hitting the billion-dollar mark The actual odds of winning the lottery and the chance of you getting a cash prize Interest rates and the Federal Reserve’s effect on lottery jackpots What to do if you win the lottery and why a financial advisor should be your first hire The “lottery curse” and why so many winners blow their money after hitting a big win And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Megamillions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-378 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices