« Canadian men love their shoes | Main | Wondering where to find the best place to work? »

April 12, 2021

Save or buy a lottery ticket?

What are the odds?

No, really. What are the odds of actually winning the biggest Lotto 6/49 jackpot in Canadian history?

Well, I wouldn't quit your day job.

According to statistics, chances are one in almost 14 million -- well, one in 13,983,816 to be exact.

Up for grabs is an estimated $55 million jackpot which is continuing to grow.

The largest single prize 6/49 jackpot previously ever won in Canada was $54.3 million in Alberta in 2005.

And if you did win, it would make good sense to have a reputable financial advisor to help you with your new found wealth.

A Canadian lottery winner found out the hard way when she won $10.5 million in a lottery in April 2004 and now, just nine years later, her money has ran dry.

Or what about the Chicago man who died shortly after winning the lottery by apparent cyanide poisoning?

Is winning the lottery a good thing? Well a Markham, Ontario teacher won big and he found out who his true friends really were. Unfortunately, he found out the hard way.

But then there's the story about the retired couple in Nova Scotia who won over $11 million and they gave it all away to family and charities and only kept two per cent for themselves. Before they won, the woman was being treated for ovarian cancer, and has since passed away. To them, the money was nothing. They were glad to still have each other.

And now another lottery jackpot is bursting at the seams once again.

Just think, with that kind of money you could buy: 110 homes priced at $500,000; or 2,200 cars at $25,000 a pop; or take 5,500 $10,000 cruises; or buy about 5.5 million Big Mac meals when the Two Can Dine for $9.98 coupons arrive; retire; or start a business; or go to university -- well heck, send your kids and grandkids to university too; donate some money to your favorite charities; buy a yacht; buy an island.

But don't forget to buy a ticket. You don't have a chance at winning if you don't have a ticket. But just remember where you put it in case it's a winner because you only have 52 weeks from the draw date printed on your ticket to claim your prize.

Or don't buy your two Quick Pick tickets with Encore for $5 on Wednesday and Saturday and save 10 bucks a week which translates into $520 a year.

By Donna Donaldson, MSN Money

Will you be buying a lottery ticket? Do you think buying a lottery ticket is a waste of money?



Post a comment


Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...