In the United States, lotteries raise billions of dollars each year. Some people play the lottery for entertainment, while others believe that winning the jackpot is their ticket to a better life. The truth is that the odds of winning are incredibly low. In fact, you’re more likely to be struck by lightning or die in a car crash than win the lottery. However, that doesn’t stop many people from spending $50 or $100 a week on tickets.
A lottery is a game in which numbers are drawn at random to determine winners of prizes. The term comes from the Dutch word for “drawing lots,” and the earliest recorded lotteries took place in the Low Countries in the early 15th century, with records of towns raising funds to build town fortifications and help the poor.
Lottery cash is a popular option for those who want to avoid long-term taxes, as it’s usually transferred directly to the recipient’s bank account. However, it’s important to consider your tax situation and discuss all of the options available with a financial advisor before making any decisions.
In this episode, CNBC Make It contributors Matt Levine and Ben Carlson talk to Lottery Millionaire winner Richard Lustig about his journey from a struggling salesman to a multimillionaire and the secrets of his success. Learn the tricks and tips that he used to transform his fortune by investing in the long-term payout of the lottery, and how you can use his methods to improve your own luck.