How to win the lottery

 How to win the lottery

Many people claim that they know how to win the lottery. Some people have dreams in which they see the winning numbers in a parallel universe. They never win in this world. They may play their own birthdays or those of their children, which is why certain numbers are more likely to win when they do.

Play the lottery smarter.

The best bet is to not play the lottery

The lottery is akin to WarGames' 1983 science fiction movie. The computer, named WOPR (computer) runs a series ominous scenarios before saying, "A strange video." The only winner is to not play.

Powerball jackpot winners have a 1 in 292.2 million chance of winning. Mega Millions jackpot winnings are 1 in 292.2 million.

Even though you can buy twice as many tickets to increase your chances of winning, your chances of winning are still very low. Mathematicians refer an arbitrarily small number as epsilon. Just as infinity is an arbitrarily high number, so does mathematicians. Epsilon can be as close as zero without actually reaching zero. Twice the epsilon remains epsilon. Mathematicians are not afraid to use the term epsilon to describe the chances of winning a Jackpot.

Even though the jackpot is larger than $600million, meaning that the expected worth of a ticket is equal or greater to the price of the ticket, chances of winning something are still extremely low. The odds of you being struck by lightning, or dying in a car accident are much higher than the chances of winning the jackpot.

Financially, you're better off not playing lottery, apart from insider cheating, or mathematician discovering a flaw with the lottery design.

However, dreams are what people love to do. It's a form entertainment to play the lottery. It's fine to limit your spending.

The addictive nature of playing the lottery is not necessarily a good thing. Playing the lottery is more common for low-income people.

The first thing you should do if you happen to win the lottery is not tell anyone. If you are allowed to keep your winnings secretly, do so.

If you don't, you will find that everybody wants your cash. Family members and friends who have been close to you for many years will be able to give advice or a handout on how to spend your money. If you respect your privacy, you should not respond to any unsolicited money requests.

You should allow yourself enough time to prepare for your winnings before you claim your prize. Lotteries often allow winners to claim their prize for several months.

Talk to a qualified accountant to plan for your taxes. Lottery winners are often unaware of the tax they will need to pay.

Decide whether you would prefer a lump sum or long-term payout. A lump-sum payout is a way to put the money in your own investments, which can potentially result in higher returns. Long-term payouts reduce risk and can provide cash flow for the long-term. Consider the pros and cons of each option carefully. You won't be able to change your mind later.

If you receive the money in one lump sum, it may be worthwhile to make charitable contributions the same year you receive the check. This will reduce your taxes. You can also consider a charitable gift account if you are not sure yet which charities to support. Donating money to a charity gift fund allows you to take the charitable deduction and pick the recipients later.

Save the money and don't spend it. This will ensure you get a long-term return on your money. You can also use some of the winnings for debt repayment.

It's a smart idea to put aside one year's salary as an emergency fund. Save money for retirement.

However, resist the temptation of spending it on luxuries. It can lead to your winnings quickly disappearing. You should take the time to investigate your options. How to Pick Winning Lotto Numbers - Win Lottery Tips