Could your powerball money be better spent elsewhere?Fargo, ND (WDAY TV) -- Surprise, surprise, we all woke up this morning with dreams of mansions, yachts, personal jets all down the drain with the powerball going to someone else.
Fargo, ND (WDAY TV) -- Surprise, surprise, we all woke up this morning with dreams of mansions, yachts, personal jets all down the drain with the powerball going to someone else.
We want to give you a different perspective, show you how the money spent on powerball tickets can make dreams come true, maybe not a yacht, but a better life.
We ran the numbers, comparing a person who spends 10 dollars a week on Powerball tickets, to a person who invests 10 dollars a week.
Anyone who spends the money on powerball tickets might not want to see the outcome. There are people who hope and wish and spend money every week so these 6 numbers can change their life.
Financial advisor Steven Stremick showed us a more realistic approach to "hitting it big." He went over an investment plan using a hypothetical rate of return.
If a person from 18 to 63 years old would invest 10 dollars a week it'd total $23,400 dollars and turn into $81,000. You'd have to hit 4 white balls and the powerball 10 times to make that kind of cash and the odds of just doing it once are nearly 1 in 650 thousand.
Stremick: "like we say on the farm you can crap in one hand and wish in the other and I know which one will fill up faster."
For the person who lives on the edge 10 bucks a week for 45 years on powerball tickets would get you 11,700 plays. The powerball probability converter shows us you'd likely win about 17-hundred bucks after spending $23,400.
The investment is a gain of 57,600. The powerball gamble loses nearly 22 thousand dollars.
But the chances of hitting it big do get better.
In this 45 year span the powerball player takes the odds of winning from 1 in 175 million down to 1 in 150 thousand.
Stremick: "that means if every person in Fargo-Moorhead bought a ticket one would win in that span of time."
Those are odds that some people would be thrilled with.
One of 2 winning tickets from last nights record jackpot is now confirmed.
The winner will be announced tomorrow morning at the high school in the small Missouri town.