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Wednesday, November 28, 2012

Tonight's near record Powerball jackpot is giving the nation lottery fever. Hopefuls are snapping up $2 tickets at a rate of more than 100,000 a minute.

But what are they getting themselves into?



Today's Random Fact:

The odds of winning are astronomical: about 175 million-to-1, according to Powerball. And even if you do win, you won't bring home all $550 million. The federal government takes a quarter of the jackpot in taxes, most states take a small share, and some cities even take a slice. That puts the actual cash value of the winnings around $360 million.


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Bonus Fact:

If you do win you could fall prey to the "lottery curse". According to Chelmsford wealth counselor Szifra Birke, roughly one-third of lottery winners find themselves in serious financial trouble or bankrupt within five years of turning in their lucky numbers. But I bet most people would be willing to take the risk.