It's jaw-dropping what the Mega Millions Lottery jackpot has grown to—$656 million.
It's even more jaw-dropping when you consider the odds of winning it—one in 176 million.
Things have no doubt reached a fever pitch around Mega Millions. Whoever wins will claim the biggest US lottery jackpot prize in history. Some people will buy two tickets, others will buy 20. They get caught up in the "think of what you can do" euphoria. Some people go so far as to say they have a strategy that will pay off for them sooner or later.
Hear Dave's latest rant about the Mega Millions lottery here!
When it's all said and done, there will be approximately 175,999,999 broken hearts. But those same people will buy more tickets and let themselves fall into the trap again and again, month after month, year after year, because they are chasing something that they shouldn't get all at once. Along the way, they will destroy their ability to grow wealthy on their own through investing.
What those people don't realize is that if they take even $30 a month that they would have spent on the lotto and invest it instead, they will have $1,171,750 in 50 years. That happens every time!
The person who wins runs the risk of being the next in a long line of lottery winners who lose it all and end up in trouble with their families, the IRS and even creditors because they have no discipline with the money.
We're not trying to be negative. We are being realistic. Any kind of lottery has absurdly long odds. When you discover that and start building wealth through hard work and patience, the only time your jaw will drop will be when you see how stupid others are being for buying lotto tickets.