Lottery Ticket Blues??
Let’s talk lottery tickets! Are these something you purchase on a regular basis? Weekly? Monthly? Or are you more of a, “I’ll go buy one when the pot is huge” purchaser? Either way, let’s talk about how much of your money you are blowing on lottery tickets, and what the deep down reason might be as to why you are purchasing them!
$$$ in Lottery Tickets
Let’s start with how much money goes into lottery tickets each year in Ontario. My fellow Ontarians, the number is quite large! We spent approximately 4.10 billion on lottery tickets in 2020! Breaking it down a little shows us that the average male Canadian spends about $760 per annum, and the average female Canadian spends $360 per annum. These numbers are a little easier to digest! As much as these averages may not seem like a lot of cash, over years of purchasing it adds up. Think about what you could be doing with this money to put it to better use! Over a long-term period, this money could be invested into retirement or a TFSA to help with your financial goals. If you are carrying debt, especially high interest debt, you could save yourself a lot of interest if you put this money towards it! This may not be a “get rich quick” scheme, but it could be a stepping stone to healthy financial habits that could mean more money in your account when you need it.
Euphoria and Tickets
When you purchase a lottery ticket, is it the euphoria of having a chance to win a large sum of money that keeps you coming back? The thought of having all of the cash you need for the rest of your life sounds so good! But when you check your numbers a week later and that card scanner doesn’t shout “Winner! Gagnon!” at you; do you find yourself sad? Disappointed? Here is the reality of your chances of hitting that jackpot.
Lotto Max Jackpot odds are 1 in 33.3 million per $5 play
Lotto 6/49 odds are 1 in 13.9 million per $3 play
Now that we’ve seen the odds, does it still feel worth it for the high of buying followed by the low of losing? If this feeling is what makes you buy, maybe it’s time to look into alternatives. Maybe once a month, the money you use for lottery tickets could go to your favourite charity. Knowing you’ve donated money to a good cause can bring on a feeling of excitement that’s much more meaningful than the high from a lottery ticket. Helping others has got to be one of the best feelings we can experience!
$$$ = Happiness and Stress-free?
Now let’s dive into the reason you’re dishing out some of your hard earned money on lottery tickets! You think that having more money will mean less stress and more happiness right? Wrong! My gut and the facts, truly tells me that having a lump sum of millions from a lottery ticket will ultimately not bring you happiness. Did you know that ⅓ of lottery jackpot winners end up broke in 3-5 years after hitting those winning numbers? This doesn’t sound like happiness or less stress to me-quite the opposite in fact!!! What about sharing your winnings with family? Friends? Soon enough the gas attendant who fills your tank each week will be expecting a cut! How do you decide who gets a piece of your newly found riches? You are much more likely to find happiness in managing your finances in a way that allows you to do/have the things you enjoy and love. Are you a traveller? Budgeting for a trip each year means you can travel without waiting for that winning ticket!
The Big Escape
If you’re purchasing lottery tickets because you feel stuck in a job you dread going to day in and day out, and you feel as though winning big is your only escape. I want you to know that you have other options!!! This may mean it’s time to sit down and put some serious work into getting out of there! Is there something you love to do that you could turn into a business for yourself? If the answer is no, I guarantee something will come to you when you take the time to think about it. Is it furthering your education to get you to the next level in a career you once wanted to follow? Do you know what you want to do, but fear not having enough money once you quit that pesky day job? CLICK HERE for my free budget tool to get a start on leaving your 9-5. I promise you, getting your financial shit together will mean escaping your day job faster than waiting on that winning lottery ticket.
