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“Congratulation! You have won $5 million! Here is your grand prize!” is what most people want to hear. Many people dream of winning the lottery because they want the money, so they can quit their jobs and live a better life. The reason millions of people play the lottery is that they get a chance to win and live an amazing lifestyle. Whether you are rich or poor, you get the same chance of winning as everyone else.
Fo a small amount of money for a ticket, it is possible to win the jackpot from the Powerball. The lottery is a chance to change your life with a little bit of luck. Playing the lottery has its pros and cons, and you should always think things through when you participate in the lottery. Here are things you might want to consider before playing.
Things That Can Happen
A New Life
One of the reasons people like to play Powerball is because it is a HUGE win that allows them to live a comfortable life. Who doesn't want to change their lifestyle, right?
Most people are tired of their exhausting 9-5 job and want to escape the rat race. Some want to retire early without having to worry about finance all the time. Others want to live their dreams like buying a nice house, car, clothes for themselves or for their families. A lot of people are always struggling with money, and they want to treat their families or themselves. With a huge amount of money, people want to go on a splurge. They don't want to always live frugally all the time.
Money is always a problem, and people think the lottery is a shortcut to change their lives. With that kind of money, most people can pay off their debt, invest their money, travel the world, and live their dream life.
Although your chance of winning isn't as high, you can still be lucky. Some people think that you can win even with a little hope. You can try to win up to millions of dollars. The jackpot isn't some small numbers. You get a big load of money, and you can do anything with it.
When people see that big number, it influences them to play. No one wants to ignore that jackpot, especially if it's a 7 figure number. The more people play, the bigger the jackpot is. Would you ignore it if you see that big number on the billboard?
Capital for a Business
Starting a business can cost you a lot of money, especially if you are planning to make it big in the future or make a lot of money within the first year. Business owners take years to build something from scratch to something big. Some people see the Powerball as a way to get some capital for their new start-up, side hustle, or business. Getting a loan for a business is risky when you think about it because you have to pay the interest back. It is understandable to see why people don't like to borrow money.
However, if you have a chance of winning, you could use that money to start a business that you can invest to make more money. You don't need to worry about borrowing money from the bank.
Maybe Financial Freedom
People think that by winning Powerball, they can achieve financial freedom and be rich and wealthy forever, but that is not true. Winning the lottery at age 35 is not going to cover for you until you are 65. A lot of things can happen like natural disasters, medical expenses, inflation, and so forth. You might be able to work part-time and have more time to relax, but you are not going to be financially free.
It also depends on what lifestyle you are going to live once you win the jackpot. Are you going to live a flashy or frugal lifestyle? People think they can quit their jobs and NEVER go back to work. As inflation goes up every year, your money starts to lose value. What will you do if you spend all your lottery money? You have to get a job back.
Did you really think you can run away from taxes? You might think all the money belongs to you, but I'm sorry to say that that's not true. Even if you win the entire jackpot, you still have to think about taxes. Winning the lottery is considered taxable income for both federal and state tax. You'll most likely owe the IRS at least 37% in taxes from the Powerball. When you play, the money will not be yours 100 percent since you do owe the IRS some of that share. You can never escape from the IRS.
The ticket to play the Powerball isn't expensive, but gradually the money can stack up if you keep playing it. Americans spend up to an average of $320 on lottery tickets in 2019, totaling up to around $81.6 billion across 44 states. That is a lot of money people are willing to spend on lottery tickets. The more you play, the more you can lose it all. People think that the more they play, the more chances they are going to get. The odds of winning are extremely slim, but people do believe in winning.
Although there is no guarantee if you are going to win or not, but you do know how much money you are going to spend on those tickets. Playing the lottery is similar to the stock market where you don't know if the stock will go up or down. However, you have a better return in the stock market compared to the lottery.
After you play and lose, you just want to play again because it's fun and you have the urge to do it again. It's a natural progression. The bigger the game, the greater the loss, and the more pain you will have to suffer.
Money doesn't grow on trees. Whether you are playing the Powerball, Mega Millions, Lucky for Life, Lotto America, it can become a serious addiction. The lottery can ruin your life if you don't take responsibility for your own action. You have a life that you should take control of. However, many people have an addiction when it comes to playing the lottery. It is similar to gambling. When you play the lottery too often, you become too engrossed in it that you'll become delusional. You'll start to think that you can make it if you continue to play.
Addiction is a very scary thing that people do not realize. It can lead to losing more money, ruining relationships, and alcohol and drug abuse.
When you play, you can become addicted to the point where you start selling your valuable things: your home, car, appliances, and more. You start losing everything when you become addicted. Imagine the disaster that can happen to you when you lose everything. It can be a dangerous game when you start.
That is why you should always check your financial standing and use only the money you can afford. Playing it too often can lead to many misfortunes, so please pay what you can afford.
You can play the Powerball, but you should play it responsibly and in a healthy way. A game with a grand prize always seems exciting, but you must think about the consequences. If you ignore it, your life can be turned upside down. Even if you don't win the entire jackpot, you can still earn some money if you are feeling lucky. You can earn up to $5, $75, or $100.
Once in a while, it's not a bad idea to play. Sometimes you might be feeling lucky, so you should try. However, you shouldn't let that affect your life and your relationship with others.
Now that you understand the benefits and risks of it, it is your choice on how you play the lottery. Do you think it's worth it?
Thanks for reading, and I'll see you in the next post!
She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.