Why Winning the Powerball Lottery Will Not Solve All of Your Problems?
You have probably heard of some online casinos in Malaysia, right? Casinos have plenty of games that you can play in order to win. But, are you the type of person who enters a casino game with the intention of winning it all?
Well, most people who are like that typically join the Powerball lottery. In fact, people buy so many tickets in an attempt to win the jackpot.
First of all, your chances of winning are so slim that even if you buy 100 tickets, you’re only going to get so far (and not win at all). Second, even if you do win the lottery, it still won’t solve all of your problems (that you thought it would solve).
Today, I am going to cite some reasons why that is the case.
Your Chance of Winning is Slim
Okay, let’s crunch some numbers here. Your chances of winning the Powerball Lottery is so slim that your odds are 1 in 292 million. To delve down deeper, that means that you are looking at around 0.0000000003% chance of winning, considering that you only buy a single ticket.
So, you’re thinking to yourself: why not buy plenty? Sure you can! But again, because of your abysmal odds, I doubt that buying even 1000 tickets will let you win.
Now, you might think why people still play this game even though they do not have a chance of winning it at all. Well, Adam Piore at Nautilus said that people love to dream of a better life.
Going out there and buying a lottery ticket is super easy to do and if there is even a slim chance of winning, people would take it in the hopes that they are going to win it all.
But, experts would argue that if you want to play the lottery, just make sure that your intention of playing is out of pure entertainment only. First of all, lottery tickets cost anywhere from $1-$10 depending on the type of lottery you’re going to participate in.
Second, your chances of winning are so slim that even if you buy plenty of tickets (and therefore, spending a lot of money in the process) doesn’t necessarily give you a remarkable chance of winning.
Even if you were to buy, say, 10 lottery tickets, Jean Folger at Investopedia said, your chances will increase to 11 in 292 million, but as you can already see, it is still quite low.
But What if You DO Win?
Okay, so let’s just assume that in the off-chance that you will win the jackpot, what then? Well, according to a study conducted by the National Endowment for Financial Education (NEFE), there is a huge chance (about 70%) that you will spend all of the money that you’ve won, regardless of the amount.
There are two reasons why this is the case. First, people who are given a huge amount of money right off the bat due to winning the lottery do not know how to deal with the large sum and second, they put the money in the wrong places.
You do not believe me? There are plenty of lottery winners that won it all only for you to find them poorer than they were before they won it.