Did you know that you’re 251 times more likely to be struck by lightning than to win big in the lottery? Your odds of winning a $500 million jackpot are only 1 in 175,000,000! You’re more likely to get rich slowly than quickly.
The odds aren’t even that great for winning a measly million dollars these days (1 in 5 million.) So why do people play the lottery? I think part of it is the small wins that bring people back to the counter to buy lottery tickets. If someone wins $20 or $50 dollars, they start to believe that they are “lucky” and have a chance at the Mega Millions.
For others, they feel like the only way they’ll be able to get out from under their load of debt and become prosperous would be via a windfall like the lottery. Becoming financially healthy then financially wealthy is not an easy journey, but it’s totally doable!
If you’re currently spending $20 a week on lottery tickets, that’s a little over $1,000 per year. If you just put that in a savings account, you’d have $20,000 in 20 years. You’d have more than $50k if you put it in your 401k or IRA with a modest 8% return.
In fact, you can easily become a millionaire by retirement by investing as little as $75 week in the S&P 500 index over your working life (40 years).
Do you play the lottery? Why or why not?