With Wednesday night’s lotto jackpot at an all time high, everyone is feeling Powerball frenzy. There’s a meme going around the internet regarding the Powerball and how it potentially could solve poverty. I’m sure you’ve seen it.
This meme went viral this week and has been shared over 1.4 million times and has over 900,000 likes. See anything off with it? The issue with this meme is that the math is totally wrong. $1.3 billion split between 300 million people is not $4.33 million, but $4.33.
Here’s another way to look at the lotto prize.
If the 40 million students holding student debt split the prize pool (pre-tax) this would give each student only $37.50. The average person carries about $35,000 in debt, so this could cover a little more than 1/1000th.
Congrats to the winner(s)! Hope you enjoy it but spend it wisely.