Getting struck by lightning - more likely than winning the lottery.
Posted on Apr 19 2012 at 08:40:37 AM in Finance & Investment
To win in a high amount of money the lottery is everyone’s dream. Whether you play or not, the thought of having all of that money at your disposal is food for thought. From the United States to Italy, people are hoping their randomly chosen numbers will give them comfort for life. Karl at IfIWasRich.co.uk writes about what he would do if suddenly became rich and you can find more fun facts about rich living and expensive money burning activites there.But let’s look at it realistically. In the United States, one of the most sought after wins is the Mega Millions jackpot. When the jackpot is at an average amount the odds of you winning are 1 in 175 million. Do you have a chance? Yes. However, your chances of getting struck by lightning are 1 in 1,000,000. You have a better chance of that than winning a basic lottery jackpot. Most people who play the lottery are in middle to lower income class. The lottery tickets they buy are valued at half of what they spend. Shouldn’t they place that money aside instead of hedging a bet on a pipe dream? Many say no, that it is worth the odds, no matter how far-fetched.
The lottery is generally called “a tax for the mathematically inept”. This is often the case. Out of the money spent on lottery tickets, about 60% goes to the winner. The retailers, marketing and operations people get about 15% and the rest goes into the government’s hands. Giving even more money to the government than you already do isn’t the way to make money.