Everyone loves to dream about winning the lottery. That’s what makes the game so appealing, even to people who know they’re probably not going to win. But there are some things you can do to increase your odds of standing on stage with an oversized check for millions of dollars.
For one thing, don’t pick numbers that are too personal. If you choose your own numbers, it’s a good idea to avoid picking birthdays or other personal numbers like home addresses and social security numbers. These types of numbers tend to have patterns that are more likely to repeat, which reduces your chances of hitting the jackpot. Instead, Clotfelter recommends choosing numbers that are less common, like months or years.
You can also find a number of online websites that will generate random numbers for you. These sites aren’t free, but they can save you time and hassle. Some of these websites are reputable and will provide you with results that have been validated by a professional organization.
Another way to improve your odds is to purchase more tickets. But keep in mind that it’s a gamble, and you should never spend more than you can afford to lose. A recent experiment in a small Australian lottery found that buying more tickets did not significantly improve your chances of winning.
Besides improving your odds, it’s important to have a solid plan for what you would do with the money if you won. A seasoned financial planner can help you decide how to manage your prize. You’ll need to consider everything from paying off debts to setting aside savings for college. It’s also wise to diversify your investments and keep up a robust emergency fund. Finally, you’ll need to make a decision about whether you want to receive your prize in annuity payments or in cash.
Making decisions and determining fates by the casting of lots has a long record in human history—including several instances in the Bible. More recently, it’s been used for material gain: public lotteries were first held in the 17th century and became widespread in Europe, raising funds for a wide range of projects, from building the British Museum to fixing bridges. It was also the primary source of funding for several American colleges in the early colonies, including Harvard, Yale, Dartmouth and King’s College (now Columbia). But, despite their popularity, lottery abuses fueled opposition to them and ultimately led to their demise in some places.