There’s no question that winning the lottery is an exciting prospect. But you should know what you’re getting into before you buy your tickets. If you don’t, you might end up wasting money that you could have spent on something else. Whether you play Powerball or Mega Millions, you have a one in 303 million chance of becoming a millionaire. And that’s just the jackpot prize.

You’ll also need to pay taxes on your winnings. The amount of taxes you’ll owe depends on how you choose to receive your prize. Most lotteries offer you the choice of a lump sum payout or an annuity payment over 30 years. You’ll need to decide which option is right for you, but be careful because annuities are taxed at a much higher rate than lump sum payments.

If you win the jackpot, you’ll have to make some tough decisions about what to do with your millions. You might want to quit your job or start a new career, but it’s important to remember that you still need income to support yourself and your family after you win. It might be a good idea to take a part-time job or find a passion project that you love doing.

In some cases, you can use your lottery winnings to buy a luxury home or to travel around the world. But it’s not a good idea to use your winnings to cover any debts, according to financial experts. You’ll likely end up spending all of your winnings and then some.

Another thing to keep in mind when you’re playing the lottery is that your chances of winning aren’t actually that great, even if you’re lucky enough to pick all six numbers correctly. That’s why many people buy lottery tickets only when the jackpot is astronomical. Then they can fantasize about how they’ll spend the money.

Glickman says he sometimes buys lottery tickets when the jackpot is huge, but that he doesn’t make it a habit. He cautions people not to spend money they don’t have and that it doesn’t help to study past lottery winners to spot patterns. In fact, he says that you’re more likely to be struck by lightning or to die in a car crash than you are to win the jackpot. But some people like to dream, and that’s fine as long as you don’t end up spending your entire budget on lottery tickets. You might be better off just playing a few games each week instead of buying hundreds of tickets.