You have probably thought about the possibility of winning the lottery at one time or another. You can imagine all the financial problems that you could solve if your win, all for the price of a lottery tickets – are these odds so low?
The answer to that question is yes. Your chances of winning the 6-number Jackpot on the National Lottery are 1 out 45 million.
It’s also just as likely to win the lottery with consecutive numbers like 1, 2, 3, 4, 5, 5 and 6, as it is with a colorful combination of your favorite ‘lucky numbers.
Statistic
Lightning strikes are more likely than winning the lottery.
Fireworks accident: Death
die from a dog bite
You may be killed in a traffic accident while on your way to purchasing your lottery ticket
Is it worth the effort?
Mathematically speaking, it is not worthwhile to play the lottery every day of your life. The chances of earning a return on your investment are slim.
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You might argue that it is worth spending a few dollars each week on the lottery for the temporary excitement of believing you could win big and the possibility of imagining what your winnings might be.
You aren’t doing yourself any favors by playing the lottery. Instead, you should save your lottery money in a savings account that will guarantee you a return on your investment. If you spend PS5 per week on lottery tickets for 30 years, that would be PS7,800 in the literal sense.
Fail
It is not a good investment to pay to play the lottery. You are unlikely to get anything back, other than entertainment value.
Save your money!
You would have PS11,600 if your PS5 lottery spending was put into a savings account for a period of 30 years, even at a meager interest rate at 3%. If you want to get a return on your money, it’s better to save it than to put it on a lotto ticket.
You can use the money you save and earn interest to pay off your debts or to have an emergency fund. This is definitely better than spending PS20 per month with nothing.
You might be wrong to think that it would be more beneficial to keep your money under your bed. Learn how hoarding cash at home can actually be bad for your financial health.
Do you need to stop playing?
You may want to stop playing the lottery each week, in the hope of getting the numbers right. However, if you find that you can spend the money on tickets on necessities such as food, bills, and other essentials, you might consider giving up the game and going where the money is needed.
You can get a good return on your money by putting it in regular savings accounts with decent interest rates. Then watch the pounds accumulate.
It is okay to play the lottery occasionally for fun, and the temporary thrill of envisioning your millionaire lifestyle. But don’t view it as an investment or a way to make quick money. You will be disappointed.
What else is there to make money?
Instead of dreaming about a huge win in the lottery, consider other ways to make money.
You could rent your driveway out to make extra money each month if you own it. Learn how to rent your driveway for extra cash.
You can make money online if you have internet access. For more information, see our guide on making money with auction websites.
