Largest Agreement in US Lottery History: Massachusetts Powerball
The Massachusetts State Lottery will begin selling Powerball tickets in a number of states using 7,500 of its agents. It’s expected that Powerball ticket sales will increase lottery sales for Massachusetts by $50 million annually and generate a $25 million profit annually. What does this mean to you? It means more money being wasted on gambles that will not help their financial situation at all.
The Powerball is expected to draw in millions of new participants that will raise jackpots dramatically. Powerball drawings are done each Wednesday and Saturday at 10:59 p.m. at Universal Studios in Orlando. You can watch the drawings locally on WCVB-TV Channel 5.
Let’s take a second to think about this whole lottery business. The money being channeled into the Powerball game could be invested in things like CDs. $50 million at a conservative 4% investment rate would equate to $2 million in additional wealth created for the entire state, versus the lottery going to one person. The winner will most likely pay half to taxes back to the federal government and squander the rest. That’s because a large majority of lottery winners end up worst than they were before, with many declaring bankruptcy.
Winning the lottery is a dream for many, but it’s only a dream. Instead of spending your hard-earned money on a gamble, invest it instead and get a sure return. Of course the interest you earn on CD accounts can be small at first, but over a lifetime of compounding you’re sure to amount a sizeable nest egg that’s more valuable than wasted lottery tickets.
Researching CD rates in Massachusetts is the first step you should take. Simply type in your zip code and within seconds you can search for the best CD rates in your area. You can also search for the best CD rate in the United States and sign up with a national bank if that’s your preference.
The hard truth is that you have more of a chance of being struck by lightning than winning the lottery. Instead of gambling, try investing. It’s a safe and sure way of earning interest on your money.
To read more about the Powerball lottery coming to Massachusetts, click here.
