Lotto's a Pool of Chance, Take the Plunge!

Think about this scenario. You want to win the Mega Millions jackpot. The jackpot is over 300 million dollars. You decided to look at the previous Mega Millions drawings and came up with a combination for the new drawing. You are convinced that you have the winning combination. Your friend also plays Mega Millions and has been talking about winning the jackpot but doesn't have a clue as to what the winning numbers could be. Your friend asks you what numbers you plan on playing.

What would you do? You go to the store and play your lotto numbers. On your way out you discover a lotto ticket on the floor. There was no one around so you picked up the ticket. The same night the lottery drew and matched all six of the numbers on the ticket you found. The next day the store owner reported someone loosing their winning ticket after purchasing it from their store.

Consider this scenario. You and your friend enjoy playing lotto. You both call one another and routinely discover new patterns. You have been playing for years. Your friend goes on vacation. You get a quick pick and win the jackpot. Your friend returns from vacation.

"Okay, I'm throwing all of my lotto tickets away...I promise!" is what I told my husband when he passes the pile of tickets near my nightstand. What is it about keeping all of your lotto tickets? Am I the only one that does this? Actually, every time I hear a story about a serious lottery player, they are always described as the person who carries around THE LOTTO BOOK. Am I that person? Oh, no! I check the latest drawings as soon as the numbers are posted, I eagerly claim my winnings and keep the loosers in a shoe box. I do have a reason behind this chaos. Sometimes I will find a pattern, play my numbers and it doesn't draw until the next game. Some patterns give me future numbers, so I have to replay them and know what I played. Okay, if you are not a serious lottery player, you may not quite get what I mean, but it's just hard for me to let go. And, since we are on the topic of confessing, I also have a large black and white notebook I keep all of my past and predicted future lottery numbers and strategies in. You may see me in my car, waiting to pick up my kids, working on my numbers to pass the time. It never leaves my over-sized purse. Well, today, all the tickets go away...I just need a little more time to dump the notebooks.

A new lottery game is coming to town on February 3, 2011, in states like Kentucky, Georgia and Virginia. The game costs two dollars to play and offers better odds of winning. The odds are 1 in 10,737,573 as compared to Powerball's 1 in 195,249,054 and Mega's 1 in 175,711,536 chance.The game seems similar to Win For Life whereas you can win an allotted amount for a lengthy time. The difference is, Win For Life guarantees $1,000 a week for life and Decades of Dollars offers $250,000 for 30 years or a one time cash option of four million dollars. In Kentucky, Decades of Dollars will replace the Win For Life Game. However, the odds of winning Win For Life is much greater than all three of the games (Powerball, Mega Millions and Dollars of Decades). The odds of winning Win For Life are 1 in 5,245,786. All of the other games have a free ball or bonus ball but Decades of Dollars doesn't; so this doesn't add to or take away from the jackpot amount (you just have to match all six numbers). The numbers only go up to 47, which also adds to the theory of a greater chance to win. So, in all, the game seems like a easier game, compared to Powerball and Mega Millions, but two dollars twice a week for one combination can really break the bank for some lottery players (drawings are Mondays and Thursdays). I would suggest you wait a few draws to study the patterns before playing. And I can't stress this enough, focus and choose the game you want to play. I have seen too many people fall into the trap of playing all of the games and not coming close to winning as opposed to playing one game, mastering it and matching some numbers if not all.

When some consider winning the lottery they often think about which option would be the best. The answer depends on a variety of factors. For example, if you are younger in age, the annual payments may work for you. If you want to be on a budget each month, the annual payments is also a great option; and if you want to avoid being taxed at the highest rate take the annual payments. On the other hand, taking a lump sum payment may mean the federal government is going to tax you at 25% and depending on your state add another % for state taxes. For example, if you live in New Jersey, lottery tax is 3%, VA state tax is 4%, GA state tax is 6% and NY state tax is 8.9%; and wow are you lucky if you live in California. There are no state taxes when winning the lottery in CA. If you decide to take the lump sum, you can also invest a large portion of your money, and build interest on it to make up for the large sum of taxes that will immediately be taken out. So, it all boils down to not how much you have, but how you will make your money work for you.