Lottery Logistics

Oh the things we do to win the lottery.

Last week was probably the first time that I've entered a lottery since forever. There are two reasons why I've never entered a lottery before. The first reason has to do with my age. Until last June I wasn't old enough to enter the lottery and the second reason why I've never entered the lottery is simply because it's for dummies. (Yes, I know that means there are a lot of dummies out there.)

The odds of winning the lottery are almost non-existent. In fact, it probably wouldn't be a stretch for me to say that the odds of you not winning the lottery when you enter are the same as the odds of you not winning if you don't enter. The odds do change depending on what type of lottery you enter, but as far as those mega millions lotteries are concerned, like the Powerball, don't spend your life savings trying to win because you probably won't.

Note: I said that I entered the lottery. I was talking about the lottery for the Notre Dame Football game and I won because they odds were in my favor. That's probably a key point.

Lastly, lotteries are taxed significantly and the amount that you actually win usually ends up being only about one fourth of the advertised winnings. Taxes are the backbone of the government and you can bet that they're going to collect on your winnings.

So, just don't enter the lottery. I know there's a psychological aspect to it, but try to put that aside and look at the economics aspect. Do yourself a favor and stay away from the lottery.