Lottery Tips and Tricks

By Rai Ahmed-Green
October 24th, 2018 4:45pm

That 1.6 billion Mega Millions prize was tantalizing last night and heartbreaking this morning for all except one lucky winner in South Carolina. But today is a new day and there are plenty of other lottery games to play. Here are some lotto do's and don’ts to take you a step closer to that winning ticket.

 

Do's

1

Make a strategy

Quick picks have a very low probability of winning. Instead come up with your own numbers strategy, whether it involves birthdays, addresses, or your lucky numbers, sit down and pick numbers that mean something to you.

2

Budget

If the lotto is something you plan on participating in more than once, incorporate it into your budget. You can take it out of your entertainment budget or you can account for it in a separate category. Make sure you are spending a reasonable amount for your income and do not exceed your limit.

3

 Play multiple games

While the mega millions was the hot ticket item this week, there are lots of lottery games to play. In  Iowa you can play the Mega Millions, Powerball, Iowa Mega Millions, Pick 3, Pick 4, Lucky for Life, Insta Play Progressive and Lotto America. While all of the prizes for these aren’t in the millions, an extra $1000 is nothing to complain about. In addition to playing one of the million dollar games buy a ticket for a lotto with a smaller prize and better odds.

Don'ts

1

Don't depend on trust when doing pools

If you participate in an office pool and you all win, you don’t want any mishaps when it comes time to collect your money. Write a simple contract stating how the money will be split and have everyone sign. Chose a leader to collect money and buy the tickets and make sure he or she gives everyone some kind of receipt.

2

Don't buy a lottery strategy system

There is not any proven evidence that lottery strategy systems fare any better than picking numbers randomly. Free software is fair game but anything you have to pay for is most likely a scam.

3

Don't rely on the lottery to improve your quality of life.

Money only gives you the means, but knowing how to manage it is the only way you will achieve true financial success. There are plenty of stories about lotto winners who were broke again after a couple years because they mismanaged their money. Get prepared now by learning how to budget, invest, and manage your assets with free financial coaching from the Financial Empowerment Center.

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