The lottery has become a big business globally thanks to the investments from people who dream of changing their lives with a huge amount of cash price. The chance of winning is so minimal but is it worth investing your money in this kind of gamble?
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The odds of winning a Powerball drawing in Tennessee were 1 in 292.2 million – a pretty if do not want to say that an extremely slim chance. Most people agree that the chance of winning the lottery is so minimal. However, many of them still challenge their lucks buy pouring their money into this kind of game. Why?
$1.59 billion is the largest lottery jackpot in US history – for Powerball in January 2016. The giant amount of money is what driving individuals to buy more and more lotteries. The chance is minimal but it does not mean there is no chance for you to get an enormous cash prize. That is the reason why the Americans invested more than $72 billion to chase their fanciful dreams of wealth. And despite the increasing uncertainties in the economy, the lottery sales still find itself in tremendous growth.
Some people still against national lotteries
More and more people are seeking their chances to win a Mega Million Jackpot. And as the chance of winning a jackpot for an individual is relatively lower than that chance for a group of people, they are forming syndicates to purchase tickets. This illustrates that the seemingly insurmountable odds of victory are no longer something that puts an end to the desire for cash money. Instead, the odds strengthen this desire. And it is this slim chance where the idea of forming syndicates comes from.
Syndicates are actually an innovative way to improve the chance of winning. Individuals think that they are actively investing in their money. However, even if syndicates buy one-third of global lotteries, the percent of winning still remains remote in the extreme. This fact raises questions about participants and is there any way for them to better invest their money.
Other questions arise about the financial future and long-term happiness of people who win the lottery. Many people claim that winning the cash prize does not necessarily mean that your future is secured. It is easy to see that many people who have won a jackpot become poor again and this huge amount of money sometimes messes up the whole family. They give up their jobs, spend time and waste their money at clubs, bars, and even alcohol and drug.
However, is it true that lotteries are all about a bad thing? Actually no. If they were, the federal and government would definitely ban them instead of issuing national lotteries. So what are the benefits associated with lotteries?
But don’t ignore the positive sides of national lotteries
In the United States in 2018, there were 4 mega million jackpot winners. The fourth winner is a resident in Santa Clara County, California with the cash prize of up to $543 million. The average Americans spend about $223 in lottery per year. More and more people see lotteries as a new popular item rather than a symbol of a growing gambling culture.
Benefits to society
Many people wonder where the money that they have spent on lotteries goes to. A part of them comes as cash prize and the remaining part is used for state-funded projects, for instance, public education or infrastructure improvement. In other words, money collected from lotteries has become one of the sources of the state budget to finance public projects.
With this mind, people who play the lottery regularly and responsibly are contributing to social development. This means that their investments some form of social change. To mention the money value of their investment, about 34 cents out of every $1 spent on lottery tickets is used to finance education projects, 6 cents are paid to retailers for commissions and 58 cents are awarded to winners.
Get a chance to win a huge cash prize while helping others
Again, although the profitability to win a jackpot is slim, it does not mean that you can never win one. There is always a chance. And if you are a lucky one, your life will turn to another page. There is no need to worry about the cost of day-to-day life. However, the excessive amount of money may shock you and you do not know what to do with this money. Don’t just spend the money without a detailed plan or you will end up broke one day. You can hire a consultant to help you to design a financial plan. Only with a detailed financial plan can your life be secured.
So, it can be seen that the huge amount of cash prize does not do anything harm but it is how the winners spend that money. A wise financial plan can help you live the rest of your life in proper wealth.
Nowadays, the majority of lottery sellers are poor children or poor elderly, who are finding ways to afford rising daily-life costs. When you buy a lottery, they will receive a small amount of money as commission. Therefore, it is not only about a chance for your better life, but it is also about helping others.
Winner success stories
If you just read the stories about lottery victims, you may think that a lottery is not worth it. However, it is just one negative aspect of playing the lottery. There are many lottery winners who use their cash prize to make a positive change to their lives and their communities.
There is a story about a cowboy Neal Wanless who used the money prize to keep ranching. Things got worse when he was 23 years old in 2009. He was so poor that he could not afford the property taxes on his ranch and he was trying to earn a little bit of extra money by selling scrap metal. That time, he was one of the poorest ranches in Todd County, South Dakota – an impoverished area in America.
He once ran to a local town and decided to spend his hard-earned money on lottery tickets. Choosing 5 tickets by the numbers from family members’ birthday, his decision brought him the biggest Powerball jackpot in history. The cash prize, after taxes, was up to $88.5 million. Instead of spending money like water, he continued to work the ranch and spent a part of the money to help others in his community.
Another story is about the family Pearlie Mae Smith. Pearlie Mae Smith has always taught her children about the importance of contributing to their society. The family won a $429 million jackpot and they decided to use this money to help others who are not lucky like them. None of the family members quit their jobs even when the money was split evenly among 8 family members.
It was when they decided to start the Smith Family Foundation to provide funding for community improvement. The foundation priorities are education, social development, Christian education and supporting families in their hometown Trenton.
Although play lottery can pose several negative effects on the individual, let’s be fair and look at the positive impacts of it on an individual and social development. Playing the lottery not only brings a chance to you to improve your living standards but also helps other people and society.