Playing the lottery can be an addiction. So before deciding to put your money in it, read this article to know reasons not to play the lottery.

It is easy for you to buy a lottery ticket. Once you do it, you would want to buy more because the lure of the lottery is powerful. Many people think that they just need to spend a few bucks for a ticket and their dreams could come true. However, most people don't win the lottery. The lottery is a waste of money and there are many reasons not to play the lottery. 

Many people believe that they will win the next time they play. Like this page https://loto188.me/rong-bach-kim.html, they based on statistics and prediction results to choose the most accurate number.

Why you should never play the lottery?

Check out these reasons not to play the lottery before throwing your money in it.

#1: The odds of winning the lottery are low

Everyone wants to go for a billion-dollar Mega Millions jackpot. And if you do it, the chance of your winning is one in 300 million. The idea of hitting it big one day is a fantasy at best. Also, you might know more than a few people who’ve won the lottery. So you think that the odds can’t be that low. Or even some of your relatives or close friends had some lottery success, even just a small amount, but it still encourages you to play more.

There are many reasons not to play the lottery

On the other hand, the amount of money people pay to win the lottery is not small. Someone might win $100,000 but he/she could have spent thousands of dollars on tickets and scratch-offs to finally win. It could have been much less than $100,000 or close to $100,000, or even more. So when you think about winnings, you have to also think about expenses of buying tickets. This might make those common “wins” less likely to happen.

#2: It creates your gambling habits

Technically, playing the lottery is gambling and gambling can turn into an addiction. Although it is not likely to happen to everyone and it might not turn into a full-blown gambling addiction, you should still be cautious. Especially when you find yourself consumed with trying to win the lottery. Additionally, if someone in your family is addicted to the lottery or you’ve got an addictive personality, it is not good for you to play the lottery. You don’t want to blow tons of money because you become so obsessed with winning.

#3: Taxes and other obligations

Other reasons not to play the lottery is because of taxes and obligations. Be aware that when you win the lottery, you will not get the entire amount of your winnings. You will have to pay taxes. Also, some of your winnings could be intercepted if you have any outstanding obligations. For instance, part of your winnings could be intercepted if you owe back child support or have student loans. In some places, a portion (or all) of your winnings can be seized if you’ve received public assistance within a certain amount of time. With that being said, winning the lottery is not a total win, your pot could be used to payback other obligations. Consider that before buying a ticket.

What you can do instead of playing the lottery?

Lottery might bring you a big amount of money, but there are also other ways you might make extra money if you don’t play the lottery. Use your money wisely with a few suggestions below:

#1: Investing in Stocks

You can invest your money in stocks

Compound interest is a key for investment. When you invest your money, you will be amazed at how much it grows thanks to compound interest. Let’s make it simple, the growth of your initial investment will be added to the principal balance. The balance will continue to grow and the process will repeat until you withdraw the money. This phenomenon has better odds than any lottery or gambling you could ever do.

For instance, if you put away $100 a month which means in a year it will be $12,000. With an annual return is 5%, the amount you will get after ten years is over $15,000. So the compound interest adds about $3,000 to your balance. If you don’t have much knowledge about investing in securities like stocks or bonds, you can use investing apps or you can invest in other assets.

#2: Invest in real estate

This is another type of investment that generally brings you profit over time, just like the stock market. However, what makes it a great investment is that if you don’t have the money, you can use leverage (borrowed money) to purchase it. You just need to have proven income prospects and a good credit profile, that’s all you need to invest in real estate as a homeowner. If you make regular payments on your mortgage, you will build enough equity in your property. Therefore, you will have more options like refinancing the mortgage and using the cash for other purposes such as more real estate investing or you can even start a business. In addition to that, you could sell the property at a profit if your timing is right.

#3: Open a high-yield savings account

Recently, interest rates have been rising and become beneficial for consumers who are starting to develop savings. The savings rates were not high in the last decade, only under 1%, but its has been more common to earn 2% or more on savings accounts these days. This high-yield savings account still uses compound interest to increase your savings balance. However, you can’t expect the same kind of returns as investing in stocks or real estate. The rate of growth will be less than investing in the stock market. 

Open a high-yield savings account is better than playing the lottery

High-yield savings accounts also offers other benefits. Your money will be insured by the FDIC while there are no guarantees for you in the stock market. You could have a lot of money when you invest in stock, you could also lose some or all of your money. It all depends on the investing strategy. So if you are not confident to invest in stocks or real estate, open a high-yield savings account is a good idea.

In conclusion, the lure of instant riches can make the wisest person to ditch reasoning and put hard-earned money into winning the lottery. There are plenty of reasons not to play the lottery and create a more careful plan for your money. The results can be much better than winning the lottery.