Jackpot, Nevada – Dear Dr. Finance: You’ve previously stated that gambling is a tax on the stupid. But would you say it’s OK to buy a lottery ticket when the jackpot gets up over a billion dollars? Thanks, Zephania Winther
Dear Zephania: Buying lottery tickets normally is something I would not recommend. Since the odds are so against you, any sort of gambling is definitely a tax on the stupid.
However, when the jackpots reach ridiculous levels, such as the Mega-Millions lottery game, it then becomes time to go all-in.
At this juncture, I would strongly recommend that you buy as many Mega-Millions lottery tickets as you can comfortably afford.
I myself am using the equity in my home to purchase as many tickets as I can between now and the time of the next drawing.
The chance to win a giant jackpot of $1.6 Billion rarely comes along, so, to answer your question: I would say it’s more than OK to give it a shot because someone has to eventually win it and it might just be you!
To be super proactive, you may want to have the phone numbers of a good accountant and attorney near by.