Why I play the lottery and you should too

Whenever I’m asked to give anyone advice, I always give the same answer: PLAY THE LOTTERY.

 You may be skeptical why a well-educated person like myself would suggest wasting money on a prospect with probabilities that are infinitesimally low and generally against the purchaser. To put the one in three hundred million chance of a single ticket winning the jackpot in perspective, it’s more than hundred times less likely than the probability of an asteroid striking the earth or being struck by lightning in the next year. But despite these ridiculously long odds, we are biased to believe that lucky events are more likely than statistics would suggest because they are so vivid. The result is easily accessible in our minds that the mere act of playing the lottery triggers the thought that you might win.

But despite the potential joy of instant wealth, you probably don’t want to win the lottery. In the immortal words of Biggie Smalls: “Mo Money, Mo Problems.” Research has suggested that most people who win the lottery don’t end up happy. But they actually have found what separates those who have become happy and those who have not: those who win and are happy didn’t really change their lives. Sure they may have gotten a new car and caught up on bills, but most kept the same jobs, lifestyle and circle of friends. And this is where the concept gets interesting for me.

 You may remember the old motto from the NY Lottery: “All you need is a dollar and a dream.” I think it was slightly off. Instead, it should have been For a dollar, you get a dream. Behavior economics and the availability bias triggers you to think about what you would do of if you won. What would you do if money were no obstacle to spending your time as you chose? If you think about it, it’s an interesting way to find out what you would change, what you wouldn’t and start heading in that direction.

 When I was in my twenties, I remember one big jackpot in particular where I bought a couple tickets and I discussed with my ex-wife what we would do WHEN we won. We were packing for a trip and I was worried that I would be stressed while we were away about how I’d figure out how to pay off our debt, take care of our families, find a new dream apartment in New York City and donate to our favorite charities in a tax-efficient manner, all while working. She thought I was nuts. Not just that I was stressed about it but that I’d consider going to work.  She couldn’t wait to walk into work the next day and walk right out, yet she was stunned to find that I wouldn’t. I liked what I was doing and honestly, I didn’t know what I would do otherwise that would make me happier. Time went by and eventually she considered making a change to an entirely new profession. As we debated the risks and merits of the opportunity, she referenced our conversation from the past, mentioning that she was so excited about it that even if we won the lottery, she would still be excited to go to work. That ended the conversation and clinched the decision.

 So I put this challenge to you: play the lottery. Dream, dream big and consider the changes would you make in your life: 

Would you keep doing what you do every day?

Would you move closer to or farther from loved ones?

Would you send your children to the same schools?

Would you dedicate yourself to a new passion?

You’ll be surprised at the choices that become apparent when you have the right catalyst. And it doesn’t necessarily require coming into money through stroke of luck.

 Let me leave you with one final thought about the perspective I’ve gained from playing the lottery. Aside from matching a number or two here and there, I’ve never come close to winning. But it has helped me realize that in all of the random chances of life, remembering all have has made me incredibly generous and fortunate. Sure, there are others that have more, but in New York City, it doesn't matter how rich, famous or well-regarded you are, there’s always someone with more. Sometimes it’s helpful to realize that you already hold the winning ticket.

So don’t stop investing in your future, but when the mood strikes, do yourself a favor and play the lottery to give yourself a bit of a pulse check on where you are in life and what you might want to change. And if by stroke of luck you win, be sure to give a cut to the guy that gave you the advice.