Buy your ticket, and dodge that meteorite

Oct. 22--"You've got to be in it to win it," is the idea that drives the lottery. Regardless of the odds, you only have a chance if you enter.

With a record $1.6 billion dollars up for grabs in Tuesday's MegaMillions drawing, lottery gamblers are lining up nationwide for their chance at a windfall beyond the dreams of Avarice.

If the winner chooses to receive a lump sum payment, the jackpot is a paltry $930 million -- $600 million, after taxes.

With the average chance of winning at 1 in 302 million, your chance of becoming the President of the United States are 10 times greater than they are of becoming the next billionaire.

The odds of getting stuck by lightning -- at a one in a million -- are 300 times greater than hitting Tuesday's MegaMillions drawing; the odds of getting killed by a meteor or asteroid are about 200 times greater.

No bookie in his right mind would touch those odds. Even so, people from all walks of life are giving ticket-printing machines nationwide a workout in the hours before Tuesday's drawing.

But don't feel too bad if your numbers don't come in: Instant riches might bring instant gratification, but often the luxury ride is short.

The Certified Financial Planning Board of Standards said roughly one-third of all lottery winners in the United States eventually declare bankruptcy, leaving them in worse financial straits than they were before they purchased their tickets.

Other studies have shown winners frequently become estranged from family and friends, and have a greater chance of suffering depression, drug and alcohol abuse, divorce, and suicide than the average American.

People just can't handle it.

To avoid becoming one of these statistics, financial experts suggest winners follow a few basic rules.

1. Sign your ticket upon purchase, and put it in a safe place. If the ticket is a winner, taking precautions will protect the purchaser from theft and loss.

2. Talk to a financial planner and estate advisor BEFORE telling anyone else -- including family and friends. People and charities will come out of the woodwork, asking for money and offering "can't-miss" investment ideas. Saying "no" is much easier if you have a financial advisor to blame.

3. Do not start giving money away. Restrain yourself until you have a plan.

Everyone dreams of suddenly striking it rich. To keep from becoming a "riches to rags" story, however, experts say winners must immediately stop dreaming and immediately start planning.

___

(c)2018 the Palestine Herald-Press (Palestine, Texas)

Visit the Palestine Herald-Press (Palestine, Texas) at www.palestineherald.com

Distributed by Tribune Content Agency, LLC.