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Money Management

Think Twice Before Chasing a Jackpot


Your chances of winning the lottery are even slimmer than you might think.

I’m not one to gamble much. Besides trying my luck with some slot machines at a casino resort a while back, I’ve never quite understood the appeal of tossing money into the void in the hope of getting some back. However, I get that some people play games like Powerball or scratch tickets for the thrill and the dream of hitting a huge jackpot. The reality, though, is that the odds are stacked against you for more reasons than you realize.

Here’s an interesting tidbit for you: the likelihood of winning a Mega Millions jackpot is about 1 in 302,575,350. To put that in perspective, the population of the entire United States is roughly 330 million. Trying to win the Mega Millions is like trying to stand out in the entire population of the country. Even if you were to play every possible number combination for your entire life, you’d end up spending way more than you could ever win from a jackpot.

And even if you did win, that money would come with its own set of problems. Firstly, when you hit the jackpot, it’s not just a windfall – you’ll have to pay taxes on it. I can’t imagine the tax bracket for someone who suddenly comes into a million dollars would be a pleasant one. Secondly, coming into a large sum of money all at once makes you a target. Lottery winners often try to keep a low profile because every scam artist in the area will come after you, not to mention friends and family who might start asking for loans.

Americans actually spend more on the lottery than any other form of entertainment. That money might be better off used for practical purposes or cheaper hobbies. If you really want to dabble in some form of gambling, consider the stock market. It’s still a bit luck-driven, but at least you’ll have a chance to build a portfolio.

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