My dad is an avid lottery ticket buyer. He spends about $200 a month on lottery tickets and has done so since well before I was born. I think his biggest win was about $1,000 once. In his mind, that seemed like a pretty good return. Spending $30 on a ticket and winning $1,000 back.
But over 30 years at $200 per month, my dad has spent approximately $72,000 on lottery tickets.
Buying a lottery ticket isn’t an investment.
Rather, if my dad invested that $200 per month over 30-years into a diversified, balanced investment portfolio earning 5% per annum on average (net of fees), he would have approximately $167,345 today.
If he invested that money into a diversified high growth portfolio earning 8% per annum on average (net of fees), he could have approximately $300,259 today.
ODDS OF WINNING AUSTRALIAN JACKPOTS
Monday Lotto 1 : 8,145,060
Oz Lotto 1 : 45,379,620
Wednesday Lotto 1 : 8,145,060
Powerball (Australia) 1 : 76,676,600
Saturday Lotto 1 : 8,145,060
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