There's a stat floating around that says 21% of all Americans considering winning the lottery as an important wealth-building strategy.
Say what?!
That's a joke right?
Unfortunately not…….
I could spend hours upon hours trying to convince people that playing the lotto will not make you a millionaire, but I have a feeling it would fall upon deaf ears.
That being said, I had Miranda write up an article that shares 5 strategies for winning the lottery.
If you get anything out of this article, PLEASE read #5.
Happy winnings! Enter Miranda…..
*****
Many people mistakenly believe that winning the lottery is all about luck.
And, while chance is the biggest indicator in whether or not you will win the lottery, it is also true that there are some strategies you can try to increase your chances:
1. Play the Right Games
If all you do is go for the Powerball and MegaMillions, chances are that you aren't going to win. However, many states also offer smaller games to play — including scratch games. Consider some of the scratch games that have a higher chance of winning. The one time I played the lottery, for fun, was spending $1 for a scratch card. I won $5 — I came out $4 ahead.
Winning is winning, right?
2. Use a Lottery Pool
Some of those with the most success with the big games win because they were able to increase their odds by purchasing a large number of tickets. A lottery pool can help you with this. Choose a game, collect money from people in your office, or from your friends. Buy your tickets in bulk, and you have an increased chance of winning. Of course, if you do win, you will have to share with everyone who contributed.
More from GFC, Below
3. Look for Second-Chance Games
Some states offer second-chance games. These are lottery games that give you a second chance by winning a lesser prize if four of your numbers match, or even if three of your numbers match. Before you throw out your ticket, check to find out about second-chance games. You might be surprised to discover that you won a little something after all.
4. Double-Check You Numbers
Sometimes, people forget to double-check their numbers. Make sure you check back to find out if you've won. You can do the same thing with discarded lottery tickets that you find. You can double-check those numbers, or look for a second-chance game. There's nothing better than using a discarded lotto ticket to win — especially since you didn't actually have to spend your own money on it.
5. DON'T PLAY THE LOTTERY
Of course, the number one way to win the lottery is to avoid playing in the first place. Instead of spending money on lottery tickets each week, you could be investing that money.
If you spend $5 a week on the lottery, at the end of 30 years, you will have spent $7,800 on lottery tickets. However, if you invest that $5 a week, and your average annual earnings are 6%, you could end up with $21,817.15 through the magic of dollar cost averaging and the power of compound interest.
That's putting your money to work for you.
Of course, you might win big. There is always the chance. The odds of winning the Mega Millions are something like one in 175 million. But is basically throwing away almost $8,000 in the hopes that you are that lucky one really worth it? When you could be using the money to do something else? Even if you don't invest the money, you could at least use it to enjoy something right now, like a good book or a latte. At least you receive something for your trouble beyond a worthless lottery ticket.
What do you think? Is it worth playing the lottery?
There are many individuals who prefer on dealing with lottery since the prize is always big. In this matter, it is best to be acquainted on the lotto system to determine the ways on how win in this game.
Although $21,817.15 isn’t a massive amount after 30 years of saving, imagine if you won the same amount on tonight’s lottery draw…you’d likely be jumping and screaming about the place! It just goes to show you can win amounts like that – you just have to be patient and avoid playing the lottery!
I think you should enter contests instead that are free to enter and from reputable companies. My wife was really upset that I made her enter the “hot button” event at a GM dealership. Upset that is until she found out she won a car!
True Story.
I have to agree with tip #5. The chances of winning the lotto are very slim. Instead of spending money on lottery tickets, it is best to just put your money on a bank account. You can also use that weekly lotto money to buy additional grocery or even gas.
Lottery pool? OMG, that’s the last thing I’ll ever do. Say the jackpot hits $100M. I don’t kid myself, I’ll probably split it with 2 other people, so $33M gross. The instant payment (lump sum) is about $20M or so, and after getting hit with Federal and State tax, I’m left with $12M. Not buying my own jet rich, but I don’t want my own jet, and it’s just enough to invest wisely, live a good life, and donate enough to make a difference to a select few organizations.
But. Pool that among 10 people, and I’m at $1.2M. Not even enough to fly in Billy Joel to sing at my daughter’s wedding. At 4%/yr withdrawal, it’s $48K/yr more than I have now, which is good, but not what I want from a $100M lotto.
You can tell, I’ve give great thought to the jackpot I actually know I’ll never win. But if I did, guess who’s singing at Jane 2.0’s wedding?
I seriously question the reason for writing such a post. Sorry, promoting the lottery is not something I can take lightly, which options 1-4 do. Option #5 should have been the only content in this article.
I guess I could write an article, Tips for smoking responsibly, but to me that would be harming more people than it would be helping.
However, this article was well written. (I had to leave you with a positive note)
I tend to agree with you Steve, but I think if someone understands that they will likely lose money there’s no problem with playing from time to time. For instance J money is addicted to buying lottery tickets but he’ also financially responsible, has savings, a budget, and retirement covered. It’s hard to knock every instance of someone playing the lottery when not everyone is financially irresponsible but I definitely think a majority of people should avoid it especially those who think that’s how they’re going to build wealth. Did I say build? What I meant to say was have wealth “fall into their lap.” 😀
Playing the lottery is like going to Vegas without all the razzle dazzle. I’d go to Vegas to gamble a little for fun but I wouldn’t bet my retirement fund to do so. 🙂 (and for the record, I’ve never been to Atlantic City or Vegas. LOL)
That said, someone who has debt shouldn’t even be considering playing the lottery.
I like option #5. I haven’t bought a lottery ticket in so many years. I just can’t force myself to waste the money and I do find myself irritated by those who spend $50 or more a week, make me stand in a super long line, all in hopes of winning it big. haha! It’s a free country but it’s still annoying to watch people flush their money down the drain like that. LOL
My daughters and I buy scratch offs sometimes at 7-11. Becuase it’s fun. Sometimes we win $2 or something, but honestly, they get the thrill of scratching off the ticket and I get to watch the fun. *shrug* Seems worth it to me. Well, and we dont’ do it every day.
HAHA! Smart Tip! I like that 5th advice. I wasn’t gonna scroll way down to number 5 but here i am. I agree that it’s everybody’s dream to win the lottery, but getting there can sometimes mean spending more than what you can possibly win.
Sadly though many would hate to agree you are right! To many people want to win the lotto and take the easy way out. I know people that spend 50$ per week on lotto and nothing in their 401k. Stupid if you ask me.
Building a savings and wealth takes time, patience, and a little bit of luck. The lotto well all I have to say is good luck!
Is there any benefit to playing while visiting another state? Usually, we buy a ticket while we are on vacation. It seems like you always hear about people visiting from other states winning;)
Seriously though, 21% really believe that winning the lottery is an important wealth building strategy? For realzies?