Raise your hand if at some point in your life you had winning the lottery as part of your retirement plan? Sounds absurd, right? Considering you have a ONE in 259 MILLION chance of ever winning the Mega Millions Jackpot!
Unfortunately, I have heard far too many people say they plan to retire on their lottery winnings. As if they have some concrete plan to achieve this goal because they have a habit of buying tickets twice a week or more. Some of the individuals I’ve spoken to only joke about winning the lottery. They only play for fun but, if they win something, all the better.
What is the true cost of playing the Lottery over the long run?
In the United States, you have to be 18 years old or older to purchase a lottery ticket, 21 years old and up to gamble (legally). Let’s assume you commit to the habit of buying lottery tickets as soon as you turned 18 years old. The average wager people spend on tickets at the counter is $5 per draw. There are two draws per week, so the average total is $10 weekly. People spend three times the average amount when the JACKPOT hits over 100 million dollars or more.
But let’s say you stay disciplined and never go above $10 per week on lottery tickets. In a year, you have spent $520 on lottery tickets. Over the course of 47 years (the amount of time you have until retirement age of 65) you would have spent $24,440 on tickets alone! That’s the cost of a nicely equipped 4-door sedan.
If you budgeted this money properly and invested it wisely, you will have much more of this money at the end of 47 years, guaranteed. Take a look at our previous article on Acorns and see how automatic investing can truly benefit you in the long run.
If you play the lottery weekly, chances are you’re not looking to be dissuaded from your habits so I’ll instead offer you some solid advice on how to win it.
*Disclosure: I have never won the jackpot in a Multi-State Lottery game*
Here’s what I do to “game” the system whenever I get the feeling I should play the lottery.
- Play the same numbers. Have you ever played a parlor game where you have a row of ducks and a BB gun to shoot them with? They pop up randomly and you take aim and shoot. The lottery is similar to this. The numbers are random so if you simply aim in one location, you’ll eventually hit something. Playing the same numbers keeps the lottery from becoming a moving target.
- Use your mind powers! I follow that gut feeling whenever I recognize it and when I do, I usually win some small 2 Dollar prize and that’s okay.
- Play the small games. It’s really fun to dream about winning the jackpot, can you imagine what you’d do with all that money? But that’s where it ends, in a dream. The small games get hardly any attention and because of that, your odds of winning is much better. For example, a 24-way Pick 4 Combination has a 1-in-417 odds of winning. That’s far better than the odds in a jackpot, but also the prize is much lower.
If winning the lottery is part of your retirement plan, go for it. If you can afford the lifetime average cost of $25,000 for the fun of it, that’s great. By the way, if you use any of my free tips to win the jackpot, you are legally bound to share half the winnings with this blog!
Do you have any tips to winning the lottery? Is winning the lottery part of your retirement plan? Let us know by commenting below.
As a bonus, here’s a set of numbers you can play for: FREE
Mega Millions: 03-17-32-39-55 and 41 (Gold Ball)
Now go out and win it!