For many, the lottery may seem valuable enough to risk a few dollars on a ticket that could make your wildest dreams come true. However, the reality of lotteries isn’t so rosy, especially for Black Americans.
Powerball and other jackpots deliberately target low-income Black communities with billboards, commercials, and special promotions. But if that doesn’t seem like a big deal, then there is an aspect of the lottery that is.
The odds of winning the lottery are stacked against us. We have about a 1 in 300 million chance of winning. Experts say you’re more likely to be canonized as a saint than to win.
But if you’re still intent on taking a chance, be sure to spend only what you can afford to lose on tickets and focus on the fun of taking a chance. So what should you do on the off chance that you win?
Financial experts suggest taking the lump sum and paying taxes upfront if you can control your spending and invest. Take the annuity if you want to draw interest and have constant payments over time.