7, Donna Mikkin hit it big and won $34.5 million from the New York State Lottery. She thought her life was set, but she soon realized that achieving this dream life wasn’t all it was cracked up to be.
“Most people look at winning the lottery as some magic pot of gold waiting for you at the end of the rainbow,” she wrote in a blog post. “If you ask me, my life was hijacked by the lottery.”
For Donna, winning the lottery led her down a path of “emotional bankruptcy” and even impacted her overall happiness. “When we won the lottery, my inner dialogue was manic. I became more concerned about how I was being judged and perceived,” she wrote.
The moral of the story? If you’re looking for financial peace, you’re not going to find it in winning the lottery.
The Lottery Steals Your Greatest Wealth-Building Tool—Your Income
Playing the lottery is a guaranteed way to lose money—fast. And most of the time, it’s a hefty tax on people who really can’t afford it.
Have you ever noticed millionaires don’t play the lottery? Research shows folks who earn the least gamble the most. According to a study by the University of Buffalo, gambling is twice as likely in neighborhoods with the highest levels of poverty.(6)
28% of Americans in the lowest income bracket play the lotto once a week. If they keep that up all year long, that means they’re spending $412 each year on lottery tickets.(7)
Is that a fortune? Nope. But you know what? Instead of playing the lottery for 10 years, you could be investing that money! And the chances of getting a return on your investment is much better. After 10 years of investing $412 annually with an interest rate of 12%, that $412 will have grown to $7,159. Take that, lotto! You basically doubled your money thanks to the magic of compound interest.
When you are feeling strapped for cash, the last thing you want to do is spend what little money you do have to your name on a gimmick like the lottery. And the less money you have, the more wisely you need to manage it, because you really don’t have as much room for error.
Ditch the Lotto, Make a Plan for Your Money
If you’re sick of this cycle, we have a better idea: Forget the lottery. Instead, focus on working hard, living on a budget, and saving your money. It works every time, unlike the lotto.
When you make a budget and get out of debt, you have some breathing room in your life. And that’s going to feel pretty good! You might even feel like you got a raise when you see how much money you have left over after doing your budget.
Ready to come into some money without ever having to gamble on the lotto again? Get our free budgeting app, EveryDollar, and get started making your first budget!
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I have been marketing online for 24 years helping people do it right with education, and list building tools and procedures. View all posts by HOMEPROFITCOACH