Hype about the Powerball jackpot is building across the nation, with the top prize in the next drawing coming in at a whopping $700 million (cash value of $443.3 million). That’s enough money to attract even those who normally don’t play the lottery into dropping a couple bucks into the game of chance. Even though the odds of winning are still drastically against the player, there aren’t too many people who would say no to a giant wad of cash.
However, some who find themselves with a windfall quickly realize that spending the cash poses as much of a problem as it does an enjoyable opportunity. With the need for balancing immediate enjoyment with longer-term goals, it can be difficult to properly budget out a large sum of cash.
Although no one is saying that there isn’t room to fit in that dream vacation once the millions have been hit in the lottery, a degree of prudence can go a long way to making sure that you don’t run out of money anytime soon. With that in mind, let’s examine seven tips to wisely using lottery winnings.