Squandering all that money is easier than it seems.
The latest Powerball jackpot swelled to US$1.5 billion on Nov. 2, 2022 – just shy of the record amount – after another drawing passed with no winning ticket. The next drawing will be held on Nov. 5.
You’re 400 times more likely to get hit by a bolt of lightning than win the Powerball. Jerry Kestel/EyeEm via Getty Images Economists Guido Imbens and Bruce Sacerdote and statistician Donald Rubin showed in a 2001 paper that people tend to spend unexpected windfalls. A look at lottery winners approximately 10 years after they won found they saved just 16 cents of every dollar won.
Demographic research on lottery players’ characteristics shows that lottery playing peaks when people are in their 30s and falls as people get older. And the average female in the U.S. lives to age 80.5 and the average male to 75.1. Hartford, who lived from 1911 to 2008, was the heir to the Great Atlantic & Pacific Tea Company fortune. This company, which started just before the Civil War, is better known as the A&P supermarket chain. A&P was the first U.S. coast-to-coast food store, and from World War I to the 1960s, it was what Walmart is for today’s American shoppers.
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