When: Christmas 2021
Where: Atlanta, GA
Powerball Jackpot: $400,000,000 was displayed on the billboard as I drove to visit my family in North Carolina for Christmas. It was dark, so the numbers shined in sequence like the highway reflectors guiding my journey on I-85. My thoughts began to wander as well as I started thinking about how $400,000,000 would change my life. FOUR HUNDRED MILLION!
So I glanced at the quick pick tickets that sat on the passenger seat next to the Cool Ranch Doritos. I had an easier time picking out a bag of chips than finding a perfect set of numbers for the weekend drawing. Heck, I’m new at this, so give me a break! I usually don’t play the lottery, but there’s two things I know for certain. You have a better chance of getting struck by lightning TWICE than picking the Powerball numbers. And second, the house always wins!
But here’s a question. If you could play a lottery number that was GUARANTEED to hit, but you had to wait a year to cash out, would you still buy the ticket? I would! In fact, I would probably buy multiple tickets. Well, once you buy a house, the lottery number is your street address and the payoff is the equity in your home. I understand that it’s a lot cheaper to buy a scratch off, than a new home but it’s not impossible. An FHA loan requires 3.5% down and a minimum credit score of 620. Most Americans could cover the down payment with their tax return. Now is the time to act, because the price of homes are only going to increase in the coming years.
Well…as you can imagine, I didn’t win the lottery, and chances are I never will. Personally, I think it’s a scam. They sell it to the American people by calling it the “Education Lottery” but it’s just another means of taking money from the poor. Over the years, I’ve seen groups formed at work, and in the barbershop to win the lottery. They’ve discussed strategies and shared documentation with drawing information, but none of the groups have won the jackpot. A family friend told me years ago, “The lottery gives people hope,” but from my point of view, winning the lottery is hopeless.
The Survey of Consumer Finances released in 2019 the median U.S. household net worth is $255,000 while renters had a net worth of just $6,300. That means the net worth of homeowners is 40 times greater than renters which is a staggering figure. Blacks have the lowest percentage of homeownership (43%) among all ethnic groups in America. A simple act such as buying a home could make a huge difference for future investments. Most lenders require collateral when seeking a loan from an institution. A home provides that, while an apartment only provides shelter. I can think of a dozen reasons why buying a home is a better decision than renting. But if you ask any homeowner that’s willing to tell the truth, I’m sure they’ll all agree that the house always wins! Buy a house!!
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