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How to Win the Lottery
Posted By Jim On 08/24/2009 @ 7:22 am In Personal Finance | 71 Comments
The only time I’ve ever played the lottery is when the Powerball pot gets to be astronomical and my co-workers pool together some money to buy a few tickets together (this was several years ago). Outside of a few scratch off tickets for grins and giggles, I avoid lotteries unless they’re for local charities.
That being said, a lot of people still play, knowing full well they’ll probably never win. The pots don’t get to be that big unless they’re being fed by the daily tickets of so many players. Some of the savvier players turn to the internet for advice on how to win the lottery and today I will offer up the best advice anyone can give:
I bet you saw that one coming right? Well, I’m going to back up that bit of advice with proof, beyond the obvious, of why the lottery is bad and what you should be doing instead.
Everyone knows the odds of winning the lottery as astronomical. You are more likely to get struck by a lightening bolt while sitting in your car parked in the back of a jumbo-jet than you are to win the lottery. If you were to go to a casino, the worst games you could play give the house an edge of around 25% (Keno, Big Wheel). It’s not unheard of for a state lottery to have an edge of more than 50%… and you don’t get free drinks!
What if you don’t care about the odds? Well, the reality is that winning the lottery is actually awful for you.
Check out these poor souls who won the lottery :
Hopefully these stories have scared you away from the lottery… because even if you win, you lose.
Instead of spending your hard earned money on the lottery and your precious time figuring out how to “win,” devote your time to figuring out how to make the most of what you already have and how to earn more income.
Let’s say you spend $5 a day, or $1825 a year, on lottery tickets. If you were to put that in the stock market, earning a conservative 5% a year (let’s ignore this last year), you would have $60,345 after twenty years. $121,250 after thirty years. And a whopping $220,459 after forty years. Even if you were to stick it in an online savings account  at only 2% (and if it were to stay at 2%), you would still have $110,233 after forty years. That’s $110,233 without risk, guaranteed, you don’t have to do anything different except not buy lottery tickets.
So skip the lottery, go to the bank.
(Photo: sphistechate )
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 poor souls who won the lottery: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx
 online savings account: http://www.bargaineering.com/articles/top-5-online-banks-savings-or-checking-accounts.html
 sphistechate: http://www.flickr.com/photos/sophistechate/3047006771/sizes/m/
Thank you for reading!