Surprisingly, many individuals believe that winning the lottery is an opportunity to retire without any tension. Well, they are not wrong, as there have been some of the biggest wins in Casino history. However, winning the Powerball or Mega Millions has a one-in-292.2 million or one-in-302.5 million chance, respectively.
Consider comparing these chances to those of some other unlikely circumstances to see if there is a more failsafe strategy to secure your financial future. The strategies that are more likely to earn you a prosperous retirement don’t rely on chance; instead, they rely on dedication.
Your chances to win the lottery are way less. However, one’s chances of dying from a 100 to one car accident are more likely than winning the lottery. You would not believe but your chances are safer when you swim with the sharks than having a tight sleep in your bed.
If you are worried about this then rest assured there are positive events too that are more likely to happen than winning the lottery. An individual’s chances of getting a royal flush in the first hand of poker, for example, are just 649,739 to one.
Let’s look at the bigger picture to get a holistic and clear understanding. In the year 2004, scientists assumed that asteroid 2004 MN4 could probably hit the Earth on April 13, 2029. The odds of this were one in 10. Its size is a quarter-mile, which makes it larger than the asteroid that cut out Arizona’s Meteor Crater.
Your chances of winning the lottery in India are minimum as compared to this asteroid colliding with the earth. Fortunately for Earthlings, scientists have altered their projections for the asteroid; it is only to pass by the surface and not hit the earth. And let’s say an individual has similar chances of winning.
How to increase your chances of winning?
After going through all this, if you have an urge to play the lotto then you might as well try to increase your chances at that. So How can you do this? First, opt for computer-generated numbers as they are not often copied.
Always remember to stay clear of the “lucky” numbers of 7,11 or birth date, because many people go for that thinking that others might not have thought of it. But trust me, they have. Make sure to play the Powerball’s second prize of $1 million or $2 million, because you have to match only five numbers. Those are 11.6 million to one odds. Lottery in the state will get you more than the national lotteries.
How to increase the odds of a better retirement?
Many people also think that you would have a comfortable retirement if you win the lottery. If this is your thinking too then, let’s assume that in the last twenty years you bought $2 tickets. If we calculate the probability, there are fewer chances for you to win.
But if you had put that same $2 a week into stocks then by now you would have $3,571 in your hand. From a bigger picture perspective, it may not be that much of an amount, but if you invested $2 every day for 20 years, you’d end up with $25,084. The average stock market return is 10% per year; if you invested $2 every day for 20 years, you would have $46,625.12 in your account.
You may think this is not enough amount that one should have for retirement, but if you boosted it to say $5 every day, you’d have $116,563 at the end of the year. And if you did $20 every day you will have collected $466 254. See how that plays out!
The thing that comes out of all this is that if you plan for your retirement it would be more beneficial to you than relying on the lottery. You can start investing from today and the results would be fruitful, I assure you.
Every year, how many people participate in the lottery?
According to a Gallup study conducted in 2016, about half of all Americans play state lotteries. In the United States, there are over 330 million individuals, which means that about 165 million people play the lottery each year.
Do You Have to Pay Taxes on Lottery Winnings?
You certainly do. If you accept your lottery wins in one lump payment, you’ll be in the highest tax bracket, with a tax rate of 37 percent. If you split your wins over time, you’ll have to pay at least 25% of any winning sum above $5,000.
What if You Saved the Money You Would Have Spent on Lottery Tickets?
If you save that $2, by the end of the month it’ll be $60.that amounts to $720 every year. This is not much but over the years it would make a difference.
Tips on how to increase your odds of winning the lottery include:
1. Purchase multiple tickets.
It’s a simple math principle: the more tickets you buy, the better your chances of winning are. So, if you want to boost your chances of winning the lotto, don’t limit your possibilities. You can gain an advantage by purchasing more than one ticket for each draw.
2. Become a member of a lottery syndicate.
Purchasing additional tickets is often prohibitively expensive. As a result, it’s best to pool your funds with friends or coworkers. This way, you can buy many more tickets and play more numbers, increasing your chances of winning without having to spend a fortune. Of course, the prize money will have to be split.
3. Play the appropriate games
You may not realize it, but not all contests are created equal. The chances of winning vary depending on the lottery game. So, before you spend your money, make sure you’re playing the right game, one with better odds in your favor. State lotteries usually have better odds than national lotteries.
4. Take part in each drawing.
You should make it a point to participate in every draw in your favorite gambling game. You can not only possibly miss out on a lottery win by playing more frequently, but you can also increase your chances of winning the jackpot.
5. Choose a number greater than 31.
If you must choose your own number, go for the rarer ones. Because most people choose dates as part of their lottery numbers, the numbers above 31 are often chosen less frequently than the numbers below 31. This may not improve your chances of winning.