Really, all lottery tickets are a waste of money.
Recently a man purchased the lone winning Powerball ticket at a convenience store in Lapeer, Michigan, about an hour away from my hometown. That ticket was worth $337 million paid out over 20 years. He opted for the $224.6 million lump sum payout.
When 44-year-old Donald Lawson met the public to claim his winnings, he was asked how he planned to spend it.
What would you do if you won a big jackpot? That's a pretty easy question for me.
Sure, I'd spend money on some cars -- I think I need a collection of Ford Mustangs. I'd like to travel extensively. I might even have some homes or condos in cities I want to enjoy on a regular basis. I'm pretty sure I would hire a fitness coach and maybe a housekeeper/cook to keep me fit and healthier.
But first and foremost, I would take care of my family and some close friends. Money to pay off debts and get ahead of the game. Money for their children and grandchildren and great-grandchildren (and beyond) for educational purposes.
I would invest in my community by funding the arts and improving parks and recreation. I might open some businesses to create jobs -- but that seems like a hassle that would tie me down.
A foundation would be created for providing grants to groups and organizations that improve the quality of life in their communities.
That's about as far as my dreams go. I don't think I've come close to spending the $224.6 million Mr. Lawson won.
I doubt this dream will come true, but it never hurts to plan ahead.