Big lotto jackpots are in the news again, thanks to the recent kerfuffle over Powerball -- when no one wins, the eventual payout gets higher and higher. When it passes $1 billion, it's all but guaranteed to make the evening news (and the morning news).

As a result, you might be hearing a lot of myths, falsehoods, and flat-out lies from friends, family members, and colleagues about winning that Powerball jackpot. Let's consider a few lies people believe about big lottery wins and how they might impact your personal finances.

1. "If I play the same numbers every time, my chances go up."

You might assume that choosing the same lucky numbers to play every time you buy a Powerball ticket will give you an edge. After all, different numbers are chosen every game, right? Actually, no. Lottery numbers are drawn at random, and numbers that have already won are thrown right back in after being pulled. So playing the same numbers on every ticket doesn't give you any kind of edge.

2. "I should definitely take the lump sum if I win."

Ah, the eternal question: lump-sum payment or annuity? If you win a big Powerball jackpot, you may choose to receive a lump sum when you cash in your ticket. This gives you a solid chunk of money all at once (less taxes, of course). It's an appealing prospect for a lot of people -- imagine turning several hundred million dollars into cash and diving into it, Scrooge McDuck–style. There's also a case to be made that cash loses value over time, so if you invest that payout wisely, you could beat inflation with it.

However, many of the tragic lotto winner stories we've all heard hinged on people being completely unprepared to handle that much money and losing it all. Taking your other option might be a better idea -- or at least worth considering. You can have the money paid out in 30 equal payments and receive one per year -- this is the annuity option, and it'll give you more money in the end. You should definitely weigh your options with trusted advisors, but if you're playing the long game, the annuity is worth considering.

3. "I can handle new-found wealth without help."

You might be fantastic at spending money -- I know I am! However, not many people are equipped to manage a large sum of money that will absolutely change your life, for good or for ill. If you did win the Powerball, your first move (besides signing your ticket!) should be to seek out professionals you can trust to help you make sense of all your new financial considerations.

I'm a big believer in financial advisors even if you're not rich, and one of these professionals can help you make a plan for the future of your winnings, as well as work out how much you can comfortably spend now and perhaps on a monthly basis. An accountant can help you work through your tax obligations, and an attorney can handle estate planning. Do not hire a random cousin or neighbor to manage your money (unless they actually are one of these professionals and you trust them).

4. "If I win, my life will be ruined."

We've all heard the stories: Lottery winner broke after a year. Lottery winner murdered. Lottery winner regrets winning. These have all happened, by the way -- they're just not the norm. It stands to reason that stories about miserable lotto winners would be repeated, as everyone loves a cautionary tale. But the data just hasn't borne out the idea that winning the lottery will ruin your life.

Studies have shown that lotto winners do end up happier, and if you approach any windfall of cash with a level head, a solid plan, and the right people in your corner, you may find that money can indeed buy happiness.

Keep this in mind about the Powerball, and lotteries in general

Everyone loves to dream -- and buying a Powerball ticket (or any kind of chance at a big cash prize) gives you that opportunity. Until the winning numbers are announced and you're not a winner, you can fantasize about what your life would be like if you suddenly became a billion dollars richer.

Here's the problem with Powerball, though: Your odds of winning are infinitesimal. The current big jackpot? You've got a 1 in 292.2 million shot. If you reframe your expectations, you can take comfort in the fact that your odds of winning any Powerball prize are 1 in 24.9, though. I once won a Powerball prize -- of $17. I wasn't a big lotto player then (actually, I only bought the ticket as a novelty, because lotteries had just been legalized in the state I lived in at the time), and I'm not now. It's been years since I bought a ticket.

I've heard it said that "lotteries are a tax on people who are bad at math," and I buy it. If you've got a little money to put to good work for you, don't buy a lottery ticket with it. Instead, consider investing it -- or even opening a high-yield savings account with a good online bank. Right now, a return of 5% on that money could be yours. It's not as sexy as a Powerball jackpot, but it's achievable for anyone.

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