Is playing the lottery a waste of money? That’s what many people wonder every time they see the hype of a huge jackpot.
Those huge jackpots aren’t a joke. At the end of 2021, there was a Powerball lottery worth over $500 million. During the course of the year, six jackpots were worth about $2 billion.
Should you play the lottery? How much should you spend on lottery tickets? Where can you play the lottery?
These questions are common for people who don’t understand what it’s like to play lottery games and win big.
If you’re curious about playing the lottery, keep reading. You’re about to learn seven reasons why you should play the lottery and get tips to help you win.
1. It Could Be a Life-Changing Moment
What are the things you’ve thought about doing? How many times have you stopped yourself from going further because you didn’t have enough money?
Taking that dream vacation. Buying a home. Starting a business.
All of those things take money. If you win the lottery, your life could change in an instant. You can live your dreams and plan for an exciting future.
When you win the lottery, you do have to spend money with caution. About 70% of lottery winners go broke within seven years.
They spend money without a real plan. If you’re a lucky lottery winner, the first thing you should do is work with a financial advisor.
2. It’s Entertainment
Playing the lottery is fun. You can make it a social event, too. There are always stories of office pools where people put their resources together to buy lottery tickets.
They split the winnings, too.
When you play the lottery, you can’t help but tune in to check the winning numbers. It’s always fun to be right and find that you’re a lucky winner.
3. You’re Making a Charitable Contribution
Your main reason for playing the lottery is to win and change your life. You should feel good about playing the lottery because you’re also making a donation to charity.
Lotteries around the world use the lottery to fund education, elderly programs, sports, and other causes. In Texas alone, more than $27 billion has been raised for education since 1992.
4. You Came So Close to Winning Before
You’ve played the same numbers for years. In the last few drawings, you were one or two numbers away from winning a lottery jackpot.
You’ll take that as a sign to keep playing.
There’s nothing wrong with that, but this is a mindset that gets lottery players into trouble. They fall into the gambler’s fallacy.
That’s where you think that you’re going to win because you were so close or you’re due for a big win.
Lottery games are based on probability. Probability never changes, no matter how many times you’ve come close to winning.
5. It’s a Habit
You might be playing the lottery because it’s Wednesday night and you have cash in your pocket. You might enjoy going to the convenience store and chatting with the clerk behind the counter.
It could be a habit to tune into the Lotto draw time to check your numbers.
After a while, playing the lottery becomes a habit. As long as you’re playing for fun and you’re within your means, enjoy yourself.
6. The Return on Investment
You can spend a few dollars can get millions back. That’s an incredible return on investment.
The odds of winning a major jackpot are minuscule. That doesn’t mean you won’t win.
Most lotteries have several levels of winnings. You have good odds to win your money back.
The other thing to remember is that even after taxes, you can choose how your funds get paid out. You can take a lump sum or an annuity.
With an annuity, the payouts get spilt over 30 years. If your winnings are large enough, you might not have to work again and have a steady passive income.
7. Because Anything Can Happen
Playing the lottery is an act of faith. You have to believe that anything is possible. Otherwise, what’s the point of playing?
Playing the lottery actually reframes your mind. You start to believe that anything is possible. That gives you hope, inspiration, and motivation.
You can take that and start to make positive changes in your life, whether you win the lottery or not.
How to Play the Lottery
Did these reasons make you want to start to play lottery games?
There are dozens of different lottery games to play. Most states have lottery games.
At this point, only Pennsylvania, Kentucky, New Hampshire, Michigan, North Carolina, Illinois, and North Carolina have online lottery games.
There are also Mega Millions and Powerball lottery games. These are multi-state lottery games. Since people play from all over the country, the jackpots are larger.
You’ll pick the lottery game that you want to play. Head over to your nearest retail location that sells lottery tickets.
You can fill out a card with your numbers or ask for a quick pick. A quick pick is a ticket with randomly selected numbers.
If you’re lucky enough to live in a state with an online lottery, you can play the lottery without leaving the house. Go to your state’s online lottery page and set up an account.
Make a deposit and choose your winning tickets.
The lottery commission has to make sure you’re actually in the state, so you may need to download software that determines your location.
Should You Play the Lottery?
Is playing the lottery worth it? Absolutely, as long as you know why you want to play the lottery. The reasons listed here are just some of the reasons to play.
At the end of the day, playing the lottery is an entertaining way to win money. After all, you can’t win if you don’t play.
Be sure to check out the blog for more entertainment trends.