Powerball Jackpot at $400 Million But Your Odds Are One In 292 Million

 

The next winner of the Powerball jackpot has a chance to claim what will likely be the sixth largest prize in the history of the game, 400 million dollars.

That drawing is Wednesday because no one won Saturday.

Before you go downing money on lots of tickets, here are some statistics that put that purchase in perspective.

The chances of…

-Dying from a bee sting: 1 in 6 million
-Getting attacked by a shark: 1 in 11 million
-Making a hole-in-one as an amateur on a par-3: 1 in 12,500, doing that twice 1 in 156 million

The odds of winning the Powerball Jackpot? 1 in 292 million.

Eric Hansen knows it’s a long shot, but bought one anyway.

“Gotta see if I win that big money,” he said.

Hansen says he spends about $10 a week on lottery tickets, adding up to more money than he’s won.

“Still want to try to win,” he said.

Kyle Atkins, a Certified Financial Planner and owner of Atkins Financial Group in Spartanburg warns within 18 month of winning the lottery or even getting inheritance money, statistics show the money is usually gone. He’s seen it first hand.

“I’m very familiar with a particular person who hit the lottery for $100,000 and was close enough where we tried to help and give them some advice, and today you know none of the money is left.  They do have a home, but the problem becomes they’re always trying to get that one more ticket to get one more step further ahead,” he said.

Atkins says putting away that cash, instead could add up to a year’s salary, even if you don’t invest it.

Think about it this way. The average person spends about $700 a year on lottery tickets. But if you took that money and saved it under a mattress for 50 years, you’d have $35,000 in cash.

Atkins says, if you do win, be sure to do these two things.

“Keep it to yourself and then seek professional advice,” said Atkins.

But Hensen may be just too excited.

“You might be interviewing me as a millionaire one day,” he told us, when we asked why he keeps trying.

Heck, the last powerball lottery winner to pull in close to 400 million was in South Carolina, whose to say it can’t happen again.

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