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Why the Lottery is a Mugs Game

Image courtesy of Sean Macentee
Image courtesy of Sean Macentee
So many people play the lottery thinking that it could be their chance to become rich, not have to work again and be completely happy. However, there are many reasons why it is not a good idea to play the lottery at all.

Low Chance of Winning
There is a really low chance of winning the lottery. Obviously someone usually has to win, unless there is a rollover, but that does not mean it will be you. There are many more small prizes than large ones and these may not be a significant amount of money and may even be less than you paid to enter. It can be rather disheartening when you do not win week after week and can make you feel less happy than you would have been, had you not played at all.

Money Better Elsewhere
It could be far better to put your money elsewhere. If you saved it, then you will be likely to have got a better return on it than buying a lottery tickets. If you look at the odds of winning and compare that to interest you would get in just a simple easy access savings account you will find that the savings account wins. If you consider how much you could put in over the years, this could be a nice sum of money you could use to treat yourself with.

Playing the lottery can be addictive. Not in the clinical sense of the word, but you can worry that If you do not play your numbers once, then that could be the time they come up and you would be upset for not doing it. This can make you want to keep playing, even if you know you will never win and you cannot really afford it.  Try to think logically when deciding whether to buy tickets and consider why you are buying them and whether it is a good reason.

Many people justify their lottery purchases because some of the money goes to charity. However, if you gave the money directly to the charity, you could either afford to give them more, if you gave them the whole of what you spent on your ticket or you could give them the same money they would have got from the ticket and keep the rest for yourself. Using the charity donation as a reason for buying a ticket is not really a justifiable reason.

Winning May not be Good for you
There are people who have won the lottery and found that it has not made them happy. You would be able to afford to live in a lovely home, go on holidays and possibly give up your job, but this lifestyle may not suit everyone. They may find that they will feel they do not know who their proper friends are anymore as people want to be near them to get some money, they may miss their old routine and their work colleagues. They may feel they have no sense of purpose anymore. It is worth considering whether you would truly be happy if won a huge lottery jackpot.



Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process and sells her books through

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