Is Playing the Lottery Worth the Gamble?
- Financial Education
- Frontwave Credit Union
We all have high hopes that one day our luck will change and we will win the lottery. While this dream is exciting to fantasize about, what are the odds that millionaire status is in your future?
According to CNN, your odds of winning the Mega Millions jackpot are 1 in 302,575,350 and your odds of winning the Powerball® jackpot are only slightly better at 1 in 292,201,338.
Consider this: If you purchase one $2 ticket per week, you’ll spend $104 a year. This total may not seem like much, but over time, say 30 years, it can add up to $3,120. If you play the lottery more often and buy one $2 ticket every day, you’re spending $730 annually, equaling $21,900 over 30 years. Now, think about if you had invested those dollars. You’d be earning interest on that money over time.
If you’re tight on funds and struggling with credit card debt, playing the lottery can drain your income and your potential savings.
You may be wondering; “If I am not buying a lottery ticket, how should I invest my extra $2 a day?” It really depends on your financial goals and the amount of debt you currently have. Consider creating a spending plan. This would allow you to start saving for the life that you dream of. Do you want to save for a vacation, build an emergency fund, prepare for a baby or remodel your home?
Once you have a savings plan in place to manage your debt, the future is yours. You can then focus on investing in long-term goals like putting that extra money from your paycheck towards your retirement, owning a home or paying off your mortgage.
Do you need help creating a spending plan?
GreenPath Financial Wellness can help. GreenPath offers free financial counseling and educational tools for Frontwave Credit Union Members to support your financial health. Their professional, caring financial experts will work with you to assess your situation, explain your options, and help you create a spending plan that meets your goals.
Don’t take the gamble. Invest wisely.
Did you know that debt can often lead to financial stress? According to the GreenPath Outcomes Survey, the stress caused by personal finances fell by 13% in 6 months after a GreenPath counseling session. What are you waiting for? Financial wellness is within reach!
Visit greenpath.com/frontwave or call 877-337-3399 to learn more and speak with a financial expert.