Why Playing the Lottery is Stupid, and Why You Should Never Play Again
This is a topic that I’m somewhat passionate about, because playing the lottery is literally the stupidest possible thing that you can do with money, yet millions and millions of people every single week play the lottery. I didn’t see my own family members, parents and grandparents, do this, and continually play the lottery, blowing six dollars a week for as long as 50 years straight. Today, in this blog post, I’m going to show you why playing the lottery is stupid, and tell you why you should never play it again. For more information, be sure to subscribe to our blog for daily updates, enter comment down below with your thoughts and opinions on the article, and will get back to you within one business day with a response.
Why You Have a Better Chance of Getting Struck by Lightning Two Days in a Row Than Winning the Lottery
If you’re looking at that article heading, and you’re thinking to yourself there’s no way that’s true, you would be 100% wrong, is that figure is entirely true. To give you the math behind why this is true, consider that the odds of getting struck by lightning, on any given day in a thunderstorm, or somewhere around one in 5500. Compound this, and take 5500×5500, four the probability of getting struck by lightning twice in a row one day after the other. This gives you a chance of one in 30 million, as the odds of possibly getting struck by lightning two days in a row. The odds of winning the lottery, or about one and 325,000,000 on any given day. There is a better chance of an FBI level DNA test being wrong, which is somewhere on the long lines of one in 70 million, then of you winning the lottery.
To give another accurate example of the odds of possibly winning the lottery, you would have to get struck by lightning on a Monday, then get struck by lightning the next day, then get audited by the IRS wall having a low income level, and all of this would have to happen at once, and you would still have lower odds than winning the lottery.
Final Thoughts on Why You Should Never Play the Lottery
If you’re still not sold, there’s a real way that you can get rich with your lottery money, with your six dollars a week that doesn’t involve throwing it away slowly by gambling, and by paying for the fun that’s possibly associated with winning the lottery. The way you do this, is that over the last 50 years, if you had put six dollars per week, which rounds out to about $25 per month, into an S&P 500 index fund, in a Roth IRA, You would have something along the lines of a 10% annual return. Non-inflation adjusted, this yields a nominal value, of $350,000 of tax free money, because a Roth IRA gives you an after tax break, when you pull the funds out after age 59 ½, or hold the account for five years, which ever comes first. The $350,000, is guaranteed money, and it shows the magic of compound interest, of odds, and of numbers, that you’re neglecting and leaving on the table in favor of wishful thinking.
It is costing you money, and all financial advisor should tell their clients to never play the lottery again. It actually sickens me that the lottery still exist, and that it is the closest thing to a regressive poor tax that exists on the planet. I highly recommend to all my readers and clients, that you never play the lottery again, but that she religiously takes six dollars a week and put it into a Roth IRA in the form of an S&P 500 index fund, you’ll be an extra $350,000 richer when you turn 75, and you’ll be much happier over the long run.
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