Three Tips For Choosing a Lottery to Play
While the Lottery has many fans, statistics can get in the way of the real picture. After all, while you might win a fixed sum of money, you will end up paying for the privilege over many years. In addition to the fixed amount, Lottery prizes also include goods. But the costs can be staggering over time, so you should be aware of the risks associated with this activity. Here are three tips for choosing a lottery to play:
Lottery statistics obscure the big picture
Often, Lottery statistics obscure the big picture, and this is certainly true in the case of winning the lottery. This statistic cites the fact that the chances of winning a major lottery jackpot is roughly one in 5,000. If you buy fifty tickets a week, you are due to win the lottery within 100 years. However, there are also many factors that play a part in the size of the jackpots, which may obscure these statistics.
In one study, people who bought more tickets won twice as often as those who didn’t. In reality, it wasn’t that simple. For example, purchasing two tickets doubled the odds of winning the Mega Millions jackpot. In other studies, people living near lottery winners were more likely to overspend, incur debt, and file for bankruptcy. While this may be an extreme example, it nonetheless indicates that the odds are greater for people who live near a lot of lottery players than in those who don’t.
Lottery costs can rack up over the years
According to statistics compiled by Money magazine, Americans spend more than $70 billion a year on lottery tickets. That money doesn’t go to credit card debt, retirement savings, or any other important needs. Rather, lottery money represents 10% of the collective budgets of state governments for fiscal years 2014 and 2015.
A lottery ticket can be used for anything from housing units to kindergarten placements to big cash prizes. Even the National Basketball Association uses a lottery system to determine which teams will be drafted in the draft. This gives the winning team the chance to pick the top college talent. In the long run, this can add up to nearly $90,000 in savings. However, there are some ways to avoid the lottery costs.
Lottery scams
There are many different types of lottery scams. These scammers all aim to con people into sending them money or giving them personal information. Many lottery scams target older people and have been known to wipe out their retirement savings. To protect yourself from lottery scams, follow these tips. Listed below are some of the most common types of lottery scams. Warning: Do not fall victim to any of these scams. Keep reading to learn how to protect yourself.
In-person lottery scams: These lottery scams prey on the goodwill of people and are especially common among vulnerable groups. Scammers may pose as government officials or the IRS and pretend to be holding your cash prize until you pay your taxes. Other lottery scams pretend to be lawyers representing lottery companies and may ask you for cash as administration fees. There are even cases in which lottery scammers use U.S. Mail as a delivery method.
While the Lottery has many fans, statistics can get in the way of the real picture. After all, while you might win a fixed sum of money, you will end up paying for the privilege over many years. In addition to the fixed amount, Lottery prizes also include goods. But the costs can be staggering…