378: Billion-Dollar Jackpots and the Bright Side of Buying a Lottery Ticket
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 25 January 2023
⏱️ 61 minutes
🧾️ Download transcript
Summary
“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!
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, |
| 0:02.4 | bohemous episode edition where we interview Carol and Becker |
| 0:05.6 | and talk about the lottery. |
| 0:07.6 | Hello, hello, hello, my name is Mindy Jensen |
| 0:09.6 | and with me as always is my not using the lottery |
| 0:12.8 | as part of his retirement plan, co-host, Scott Trent. |
| 0:15.8 | That's right, Mindy, my winning tickets are real estate and stocks. |
| 0:18.9 | Those are good winning tickets. |
| 0:20.7 | Scott and I are here to make financial independence less scary, |
| 0:23.9 | less just for somebody else. |
| 0:25.5 | To introduce you to every money story, |
| 0:27.3 | because we truly believe financial freedom is attainable for everyone, |
| 0:30.4 | no matter when or where you're starting. |
| 0:32.3 | That's right, whether you want to retire early |
| 0:33.9 | and travel the world, going to make big-time investments |
| 0:36.0 | in assets like real estate, start your own business, |
| 0:38.2 | or figure out how to responsibly handle winning a lottery jackpot. |
| 0:42.2 | We'll help you reach your financial goals and get money out of the way |
| 0:44.4 | so you can launch yourself towards your dreams. |
| 0:46.3 | Scott, I had a lot of fun speaking with our guest today, |
| 0:50.4 | Carolyn Becker, who is the WD Director for Public Affairs |
| 0:54.0 | at the California lottery. |
... |
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