Daily Money Minute

Fotolia_54867638_XS_7“Lottery: A tax on people who are bad at math.” ~Ambrose Bierce

Like most lotteries around the world, Britain’s National Lottery offers the prospect of becoming an instant millionaire. All you have to do is correctly guess the six numbers. It sounds easy doesn’t it? That’s why so many people cannot resist spending their money on lottery tickets each week. I used to do that myself. Until one day someone explained to me that the probability of correctly guessing the winning lottery numbers was the same as correctly guessing someone’s telephone number. The chances of that happening are very small indeed. Of course you might get lucky, someone usually does. However almost certainly you won’t, you’ll simply be wasting your money. If you want to get rich, it’s very, very unlikely you’ll achieve that through gambling. A better approach is to save your money and invest it wisely.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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