Do you imagine a life of leisure every time you buy a lottery ticket? Do you actually know anyone who has ever won any substantial amount playing the lottery? Here are a few numbers to consider before you spend another dollar of your hard-earned money on a 1 in 175 million dollar Powerball jackpot.
According to an article from dailyfinance.com, your chances of winning that multi-million dollar jackpot are about 1 in 175 million. Apparently you are more likely to win an Academy Award than a Powerball jackpot!
The article indicates that people continue to play the lottery, even with the remote odds of ever winning anything big, because they can't really grasp how incredibly unlikely it is that they will ever win.
What I really like about this article is that it goes on to show how much you would save after 20, 30, 40 and 50 years if you simply put that $5 for the lottery in the bank instead. After 50 years, you would have $91,250. That's a hefty sum, but it gets even better with just a 1.4% return: $132.711!
AND if you are lucky enough to realize a 10% return on that money, you could have $2,336,546 after 50 years!
For all the figures and a little more psychology about why people play the lottery despite the odds, go to dailyfinance.com.
Do you play the lottery often, just here and there or never? Have you ever won big?