Nearly all lotteries are a scam, as you will hardly ever win (you have more chance of getting killed by lightning on the way to buy your lottery ticket, than you are of winning it!) From scratch cards to complicated odds, the odds of hitting the jackpot is usually 1 in several hundred million.
Lottery Wins Don’t Solve Problems
Lottery wins also don’t solve debt problems? Nearly everyone who wins the lottery loses the money soon after, as it’s more a mindset (receive money, spend it). There is also a suspicion that lotteries are just a lazy way for MPs not to tackle society problems.
For instance, a £4 million jackpot could be divided, for 80 winners each week to pay off the average £50K debt. But then there would be no need for credit cards or mortgages. Food for thought?
Many people of faith refuse to play the lottery. Quakers say that in order to win, someone else (often desperate) has to lose. They refused Lottery funds, as they don’t agree with gambling.
Lottery: a tax on people who are bad at maths. Ambrose Bierce
The universe will throw somebody a bone every now and then, and you win the lottery. But for the most part, you get in this life what you put in. Arian Foster
I despise the lottery. There’s less chance of you becoming a millionaire, than there is of getting hit on the head by a passing asteroid. Brian May (Queen guitarist, badger friend and qualified astrophysicist).
Help ‘good causes’ Without Lotteries
You can still help good causes, just donating to small local charities. You also don’t have to put a big red plastic nose on your face, to help good causes.
A Caveat (Lottos to Help Animals)
If you do play lotteries, then at least play smaller ones that do real good. Veggie Lotto is a small lottery (akin to Bingo or tombola), but still has prizes up to £25K (but cost just £1 a week with 7 guaranteed winners).
50% of all sales go to Vegetarian Society (that is mostly vegan these days) (National Lottery only gives 25% to good causes). One recent recipient was a tiny sheep sanctuary that relies on volunteers.
Compassion Lottery is run by Compassion in World Farming, which again costs £1 per entry. Match 3 or more numbers to win a cash prize up to £10,000 for six numbers. Winnings automatically go into your bank account, no need to claim.
The Power of Compound Interest in Savings
Instead, just save the money for a rainy day. You’ll be less stressed and safer too (some people are murdered for their money).
- Save £100 monthly at age 20: By age 60, you could have around £250,000 assuming a 5% interest rate.
- Save £100 monthly at age 30: By age 60, you’d have about £140,000.
To truly appreciate the impact of choosing savings over lotteries, consider these real-life examples of individuals who saved money, instead of playing the lottery:
- Emily: Emily saved £50 every month instead of buying lottery tickets. Over ten years, she built up £6,000. This allowed her to buy a car and take a holiday, enhancing her quality of life.
- James: James spent £5 weekly on lottery tickets for five years. He won small prizes occasionally but ultimately lost more than £1,250 in total. Frustrated, he switched to savings and now contributes to his retirement fund.
- Sophie: Sophie decided to invest her £2 daily lottery money into a savings account instead. In five years, she accrued approximately £4,000, which she used towards her education.
