WINNING THE LOTTERY

The Lottery allure is often tempting to most and irresistible to others, take the $1.6 billion USD (approx. $10.8 billion TTD) American Mega Lottery in October 2018 for example. There rapper Meek Mill took a chance at the jackpot with $3,000 USD worth of tickets, however the prize went to a single lucky winner in South Carolina who beat the odds of 1/302.5 million. But what are the real chances of winning the Lottery? Who are the people faithfully participating in the Lottery? What are the after effects of winning the Lottery? What are the best options after winning the Lottery?

Lotteries are made to be perfectly random because it is assumed that any consistent pattern can be detected over time and exploited. Thus, one draw has no “memory” of the next, it is by its random nature skewed towards the lottery’s favour vs the playing public. As each number is drawn, the chances of picking the succeeding number from a dwindling pool increases. Some people expect to be able to catch a number or two, because of this a bonus ball is often added to make things even more unfavourable as this ball is drawn from its own pool.

What are the real chances of winning the Lottery?

In Trinidad and Tobago the National Lotteries Control Board (NLCB) is in charge of a national lottery, the game is called Lotto Plus and features a five draw system from one pool, with a single bonus ball aka “power-ball” from a separate pool. The five (5) drawn balls are from a pool of thirty-five (35) with one (1) power ball being drawn from a pool of ten (10).

The main prize is won by selecting all five numbers and the power-ball, and the takings of the collected cash pool is the prize. It’s a guaranteed minimum amount of $2 million TTD (approx. $300,000 USD) this increases as time goes along as long if there is no jackpot winner and is based on the amount of participants playing and other minor cash payouts. Unlike some national/state lotteries, The NLCB Lotto Plus prizes are not limited to Trinidad and Tobago Nationals, although all winners must have access to a Trinidad and Tobago local bank account to receive prizes of $12,001.00 TTD and over.

For this game in particular the odds of winning are 1/3,246,320 so given that the population of Trinidad and Tobago is about 1.3 million people if every man, woman, child and baby in Trinidad and Tobago plays three (3) unique and distinct valid lotto combinations only one (1) person will win, this also means that to play every combination set will cost about $16.2 million TTD (approx. $2.4 million USD) at $5.00 TTD per pop.

Who are the people faithfully participating in the Lottery?

There is no research on gambling and gaming by local bodies that are readily available to the public at the time of this article, if they do exist, however various studies have been conducted internationally in various localities, and we have found these following similarities and conclusions when you read and compare them:

• Men are more likely to play the lottery than Women.
• A notable majority of players tend to be in their twenties (20) – thirties (30) in age. But all allowable age groups do participate.
• The income statistics are interesting and seem to be culture and region specific. However, it is generally found that in regions where people are of lower-income and are targeted, playing the lottery is not a sound use of the limited capital a person may have. It is often found to be harmful as they tend to be heavy players (more on this later). Generally, If a person chooses to venture into this high risk game with extremely poor chances of returns it should be with disposable income only, at a fixed amount that is negligible. Ergo, it hurts those of lower-income more than those of higher income, however all income brackets do seem to indulge in the game to some degree.
• Education of players seem to be culture and region specific, however heavy players tend to have some college/tertiary education.
• Non Player’s personality profile tend to be conservative, with traditional values and less optimistic.
• Light Players personality profile were generally optimistic and less traditional in values.
• Heavy Player’s personality profile have a tendency towards excess and to experience stress.

What are the after effects of winning the Lottery?

The effects of winning the lottery seem to be not so favourable, family squabbles usually happen, long-lost friends and family returning into the winners’ life, new friends and distant “new” family trying to get a benefit, people asking for hand outs, unwanted fame and attention, blackmail, depression, suicide, betrayal, murder, self-destruction and financial debt are not uncommon. Whether the person was generous with others or not, it does not dilute the fact that managing the money afterward is no easy task, and winners are often exposed to great risk. Too often we have tales of people’s lives being sent into turmoil post winning than not. A few have had successful lives after winning, but they made some difficult and crucial decision to make sure that things work out smoothly.

What are the best options after winning the Lottery?

Several winners took these steps to ensure that upon winning they ended up in the lap of luxury and stayed there:

• Stay Silent As Possible, often this is difficult, especially since we have friends and family that we love and trust, however the value of staying silent before you have set up your empire post winning is often understated. Some people took a few weeks to months off continuing on their normal routine contemplating the best move forward before taking it slowly and never disclosing till much later how they got started even to their most trusted loved ones.
• Clear All Your Debts, starting at a stable foundation and stabilizing/improving your credit rating is invaluable for future growth. Sometimes the most important thing is freeing up your present income stream as this is still your primary income source before any future plan or venture. While some advance money managers will scoff at this let us face it, most likely you’re not experienced in leveraging/managing large amounts of capital and your first amour is to be skeptical primarily of yourself a lot of things are designed to appeal to you and take your money away, so before any fancy schemes make sure that your slow long-term dependable income is unencumbered.
• Do Not Spend Lavishly Homes, Cars, Trips, Sexual Escapades, Drinks, and Parties sound incredible however these are expenses and despite your having a large capital reserve to pull from unless you start putting in more than you spend you will soon find yourself in larger debt with no money left. Until you develop multiple income streams to replenish your purse you need to maintain your current spending habits and maybe even curb the present unnecessary ones, there is no rush to spend it all unless your terminally ill or have a high risk/dangerous lifestyle with no loved one to inherit the money.
• Finding A Lawyer that is reputable and credible. You now have an estate and this must be managed, you have to put it in order and a Will goes from a prudent thing to have into a necessity. You must remember that there is a great possibility that the inheritors of your fortune are inexperienced at managing wealth. Squashing family squabbles and mismanagement beforehand can ensure that your future generations live well and progress into respectable figures. Also, you sign no agreements or contracts without your lawyer looking at it first and informing you of what it really means, even if the contract looks mundane there maybe implications that you never considered.
• Finding Financial Advice, this cannot be understated, basically managing money is a skill and must be taken soberly. The best first spending maybe finding a reputable and credited wealth management firm and tasking them to find opportunities to keep and increase your wealth via various financial vehicles. Naturally, they will get some of your proceeds of your increase, but the idea is that it’s in their interest to seek your interest. In other words, their job is to make you richer so that they can get paid. This commitment does not have to be all your winnings, but often a third (1/3) or more can ensure that your money can last to take care of yourself and future generations to come.
• Finding An Accountant who is reputable and credited. This person is responsible not only for counting your income and expenditure but ensuring that you meet all commitments like taxes. Their job it is to inform you of your financial situation so that you make the right decisions, sometimes the Wealth Management firm will do this for you, but you have to decide whether it is better to spend a little more and split the functions just so that you have an extra watchdog looking out for you.
• Finding A Venture To Invest In to make more money, often people feel that giving someone with a bright idea some cash and hoping for returns is best, but what this really means is finding something that is your passion or hobby and turning it into a business or even finding things that are passive in nature like becoming a landlord or flipping homes. It is important to capitalize some of your income, but only for those who are moved to do this in a serious and sober way. Basically you’re going to work for yourself and become an entrepreneur/business person, which means that unless you are driven, knowledgeable and informed don’t do it, else may be better to just place your money in Credit Union Shares or a Mutual Funds as they have a small but predictable growth over long periods of time. This capitalization should represent a sensible part of your portfolio and should be no more than needed to accomplish your goals.
• Be Skeptical nothing has really changed in terms of being sensible if something looks too good to be true most likely it is too good. While nothing is wrong with being charitable or being an angel investor, doing so in a verifiable, traceable, transparent and structured way is best. If someone is trying to guilt-trip or play with your emotions, most likely they have an agenda of scamming you. Therefore, transactions via the banks and your slew of financial watchdogs are your best friends when it comes to your money.

So in summary to be successful before and after winning the lottery a person should:

• Understand that the likelihood of winning is extremely slim and that it is a poor scheme to get rich.
• Be a “Light player” maybe once per week is a good frequency.
• Play with a fixed disposable amount that is negligible to your overall income and commitments.
• Upon winning, stay silent.
• Clear your debts.
• No lavish spending.
• Get a Lawyer.
• Find Financial Advice.
• Find an Accountant.
• Engage in a venture that is self-directed.
• Be Skeptical.

If you enjoyed this article, please feel free to look at more articles here at vybezpeople.com

Disclaimer: Please note that the author nor publishers claim no expertise on this topic and that this article is meant to be a descriptive generalization for entertainment purposes only the author nor publisher claims any accuracy in its findings. Circumstances and realities may vary from person to person and exhaustive self-directed research is encouraged along with seeking professional advice on these matters.