There's a stat floating around that says 21% of all Americans considering winning the lottery as an important wealth-building strategy.
That's a joke right?
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.
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?