For the fourth time ever in Powerball’s history (and for the 2nd time in 2023), the Powerball jackpot has surpassed $1 Billion (CBS News, 2023).

This is pretty amazing … and big numbers like this draw even the most gambling-adverse players to go buy tickets.

Whether purchased as a part of an office pool of hundreds of tickets or just one ticket bought at a gas station, behind every ticket purchase is a hope, a wish, a dream.

While I love the numbers behind these big, historic jackpots (man… it seems inflation has even hit the lottery these days!), I find that it also gives a unique opportunity for us to articulate our hopes within this hypothetical scenario.

Whether you’re buying a ticket this time or not, these steps can help you explore what hopes lie beneath the dream of financial freedom.

Steps to use The Powerball Question to articulate hopes

1. Ask your partner, “What would you do if you won the lottery?” Tell them to be very specific and to start with what they would do first, followed by their next steps.

2. Take notes. Write down/type the items they say they would do.

3. Repeat the process for yourself (i.e. have your partner ask you and then they take notes). Try to be as honest as possible and to not let their answers necessarily influence yours. Another option to do this is to have you both write down your answers to the question instead of saying it out loud, but sometimes people tend to write less then when they speak. Find whichever method works well for you.

4. Have each person elaborate on their answers. If they said they would buy their mom a house, for example, ask where the house would be, what they would hope their mom would get out of living there, how this would change their relationship, etc. If it makes sense, write notes on these expansions as well.

5. Go back through the answers and highlight two things:

   • Ways you are already doing these exact things in your life;

   • Ways you can start to do these things without winning the Powerball.

One example couple’s results might be:

• Partner #1:

  • Get an attorney and accountant first

  • Put all the funds post-tax in an interest bearing account

  • Use interest from the accounts to pay off all debts

  • After all debts are paid off, use interest to secure education, housing and transportation for family members

  • After education, housing and transportation for family members is complete, use interest to fund various charitable organizations that resonate with their values and virtues

  • Set up a trust that will perpetually fund these organizations upon death

• Partner #2:

  • Pay off all debts

  • Buy my dream house, car, and boat.

  • Buy houses for all of my family members who I love

  • Travel to every country on my list in a private jet

  • Never cook another meal again unless for fun

  • Take my ride-or-die friends on extravagant trips

  • Enjoy spending time with family and never have to work again

You can see in the above examples that Partner #1 really values security and responsibility, whereas Partner #2 really values family time and closeness with friends. Within each answer to The Powerball Question, they are showing a part of their hearts.

This exercise should NOT be used to criticize or demean the other person’s answer, but should be used to learn about them. Because, let’s face it, the likelihood of y’all actually winning the Powerball is not likely, so you won’t have to ever determine whose answer to follow.

But, you can use the answers to this exercise as a way to understand your partners financial virtues and find ways that you are implementing BOTH of your values in the reflection of your household use of money.

If you or someone you know might need help with this, have them give me a call! If I am not a good fit, I will help them find someone who is.

DrZepeda@FinancialTherapyTexas.com

Phone: 713-291-9553