America’s Favorite Investment Plan: The Lottery!

Every financial advisor will tell you that a well-balanced portfolio consists of stocks, bonds, and perhaps a sprinkle of real estate. But they don't tell you the real key to wealth: a fistful of crumpled-up lottery tickets! That's right—Americans are spending a cool $70 billion a year on the thrill of instant riches, because who needs a 401(k) when you've got a 1 in 292 million chance at financial freedom?

The States That Dream the Biggest

The great state of New York is leading the charge in this noble financial endeavor. Residents collectively drop over $9 billion annually into the state lottery, fueled by the unwavering hope and optimism that their next scratch-off will finally end their subway misery. Meanwhile, residents in North Dakota have yet to fully embrace the 'winning mindset,' spending a paltry $26.95 million on their shot at becoming overnight millionaires. We have to ask North Dakotans: Do you even believe in magic?

The Big Winners: Legends of the Luckiest

The history of U.S. lottery winners reads like a fairy tale, assuming those fairy tales also came with cautionary tales about blowing through a fortune in five years. The biggest winner to date, a lucky ticket-holder from California, snagged a jaw-dropping $2.04 billion Powerball jackpot in 2022. Their story serves as a stark reminder that good investments are key—they didn't buy a mansion with an indoor shark tank.

California is a magnet for jackpot winners, producing multiple billion-dollar lottery tickets. Maybe it's something in the air, or it's just that the rent is so high that playing the lottery is cheaper than buying a house. Meanwhile, South Carolina, Michigan, and Maine have had their moment in the sun, briefly producing ultra-rich residents before they presumably vanished into the ether of bad investments and regrettable spending sprees.

The Lottery Economy: A Foolproof Plan?

Critics might say the lottery is a tax on the mathematically challenged, but true visionaries know it's an alternative retirement strategy. Why waste decades working when you can scratch your way to success? Plus, let's not forget the immense joy and entertainment of discussing what you'd do if you won the lottery—because that's almost as good as winning, right?

So, as Americans continue to pour billions into their favorite "investment fund," let's remember: The odds may not be in your favor, but neither is the stock market these days. And if all else fails, there's always next week's jackpot! Winning the lottery is a fantasy for most people. But that doesn't stop Americans from spending $70 billion yearly on tickets.

Here is a look at the largest U.S. jackpots won and the states where the winning tickets were sold: Empire State boasts the highest volume of lottery sales annually. New Yorkers spend more than $9 billion a year to try their luck in the lotto.

Which sells the least?

North Dakota's residents have been bitten by lottery fever. In 2014, they made a measly $26.95 million in lottery purchases.

1. $2.04 billion, Powerball, Nov. 8, 2022 (one ticket from California)
2. $1.765 billion, Powerball, Oct. 11, 2023 (one ticket from California)
3. $1.602 billion, Mega Millions, Aug. 8, 2023 (one ticket from Florida)
4. $1.586 billion, Powerball, Jan. 13, 2016 (three tickets, from California, Florida, and Tennessee)
5. $1.537 billion, Mega Millions, Oct. 23, 2018 (one ticket, from South Carolina)
6. $1.348 billion, Mega Millions, Jan. 13, 2023 (one ticket, from Maine)
7. $1.337 billion, Mega Millions, July 29, 2022 (one ticket, from Illinois)
8. $1.08 billion, Powerball, July 19, 2023 (one ticket from California)
9. $1.05 billion, Mega Millions, Jan. 22, 2021 (one ticket from Michigan)
10. $842.4 million Powerball, Jan. 1, 2024 (one ticket from Michigan)