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The probability of winning the Mega Millions jackpot is 1 in 175,000,000. Almost any common investment can do better, yet millions of people play the lottery every day.
This week's unveiling of seven Mega Millions winners only means more people will consider the lottery a money-making strategy. Thirty percent of people without a high school degree already believe it is, according to a study by Wired magazine.
However, the financial return on frequent lottery play is dwarfed by expected returns on savings accounts and other investments, even when interest rates are low, writes GetRichSlowly.org founder and editor J.D. Roth. "Do something boring with your money," he advises. "Take advantage of the extraordinary power of compound interest."
With that in mind, check out this lottery simulator found at GetRichSlowly, that calculates a player's return on investment. It lets you test your chances of hitting the jackpot without buying a ticket. Try your luck while seeing exactly how high the odds are stacked against you.
Then, instead of buying a lottery ticket, consider some investment options. Whatever you choose, watch your bottom line grow over time. "An online savings account that yields a mere 1 percent is a better bet than a losing streak with the lottery," Roth writes on GetRichSlow.org.
The lottery: An "investment" for fools [GetRichSlowly.org]
—Maggie Shader
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