Winning the Lottery? Well the Lottery commercials will tell you that you can’t win if you don’t play and this is true. But what are your real odds of winning? And are you just wasting your money? If you play once in a while and just for fun then why not. But many people think that by spending a substantial amount every week, their odds of winning are increased. Remember your odds are the same no matter what. Buying multiple tickets does not increase the odds, in fact the odds are the same for each number you play. In short playing the lottery can be a waste of money. Lets take for example: You play $25.00 a week on the lottery or $100.00 a month which amounts to a total of $1200.00 per year. Just think of what that $1200.00 a year could buy or better yet be invested in. A simple GIC or Retirement savings plan or even a savings plan for your kids education. Over a period of just 12-14 years the amount of time your child will spend in school before college, that 1200.00 per year would add up to almost 17,000.00 which does not include the interest you could earn by putting that money in a education savings plan. $17,000.00 plus interest can pay a good chunk of your child’s education. Your odds of winning that much in the lottery are practically nil.
Example in Ontario we have the Lotto 649 lottery and the Super 7 both have large jackpots every week, but your odds of winning the big jackpot are one in 14 million. You have a better chance of lighting hitting you on a sunny day. Other Lotteries such as Pick 4 give you a one chance in Ten Thousand of matching 4 numbers in straight order.
We all make our own luck and spending our money wisely is a good rule of thumb, remember the old saying “A fool and his money are soon parted” Now I am not saying that playing the lottery is a bad thing, the money does go to good causes and in the end helps out a lot of people, but spending large amounts because you think it will increase your odds is just being a little foolish with your money. Make small budget say $5.00 a week is all you will spend on the lottery, then take the remaining balance you would normally spend and put it in an investment.
Take a good count of how much you spend on a weekly basis and how much you have spent on lotteries in the past years and ask yourself this: What could have I paid for with all this money I did spend?