Are you taking a chance at Wednesday's $1.2 billion jackpot?
HALTOM CITY, Texas (CBSDFW.COM) – Tonight's Powerball jackpot stands at a whopping $1.2 billion, making it the fourth largest prize in U.S. lottery history.
"Since it's so high, I decided I was going to get me a Powerball," said Shay Frazier, who bought her ticket at Fuel City in Haltom City on Wednesday. "I look at it like this, I won't have a chance if I don't play – so I will have a chance if I do play."
Frazier isn't alone.
According to the Texas Lottery, Powerball tickets in Texas were selling at a rate of $26,215 a minute this afternoon. Cumulative Texas Powerball draw sales (this roll) up to the 4 p.m. hour on Wednesday were $14,601,466.
After no one won Monday night's drawing, players get to vie for the prize again Wednesday night. A winner would get an estimated cash value worth $596.7 million.
"So the first thing they should do is nothing," said Blake Gunderson, a financial advisor with Northwestern Mutual. "Nothing quick at least. When you receive a lump sum of money and you're not used to it, anything that you do quick is usually not a good decision."
Gunderson also recommends winners talk to several financial advisors to help decide the best course of action.
The first thing Frazier would do if she had the winning ticket?
"Thank God," she said. "Thank God. Second thing, I don't know because I never won anything, so I don't actually know what I'd do."
Even if you don't win the jackpot, you could still get a second-tier Powerball prize of $1 million or more.
"Whether you win the lottery or you're 22 and just graduated college and are starting your financial plan from scratch, it all starts with the word budget," Gunderson said.
The Texas Lottery advises winners to sign the ticket, put it in safe place and get some good financial and legal advice before calling to schedule an appointment to claim the prize.
