Who wants to win the lottery? Everyone. What would you do with your winnings?

It seems that the worse the economy gets, the higher the sales of lottery tickets. Most people are completely stressed out when they must worry about meeting their bills each month. While wages remain the same, the cost of living continues to go up. Gas, electricity and food costs stretch that dollar to the breaking point. With the cost of a lottery ticket a mere $1, you figure, why not? Someone has to win the lottery, eventually. If there’s no winner this week, the funds put into the kitty roll over to the next drawing. When the pot gets into tens of millions, people line up in droves to buy that hopefully, winning ticket.

According to law, your odds of winning must be posted either online or on the ticket itself. When the odds of winning the top prize are just one in several million, no one could call that a good bet. Lottery psychology is quite clever though. Every person who buys a ticket is not deterred by the virtually microscopic chance they hold to actually win the lottery. All it takes is $1. Tens of millions of people do the same thing. That’s how the state gathers the prize money and it’s a win-win for them.

When and if you are the lucky person to win the lottery, the Feds and the state take their cut in taxes before that prize money is dispensed. If the amount of your winnings is, say, a million dollars, you’ll be lucky to walk away with $600,000. That’s still a lot of money!

What most people don’t think about much is the fact that the government wins every time. While the $1 you invested has already been taxed, if you win the lottery, you’re taxed again because you got lucky. Without a doubt, this is legal. Somehow, it doesn’t seem quite fair.

When you win the lottery, you’re well advised to hire a financial adviser to help you figure out the best use of your winnings. Most people haven’t had such a large sum of money at one shot in their entire lives. Just like the $700 billion, or now, the possible $2 trillion plus bailout-rescue-whatever, it’s really not easy to comprehend the value. Consider that, if you had $3-5 million at your disposal, this would be enough to keep the next couple of generations of your family in the pink of financial health, wisely invested. This is why you need a financial adviser. Strangely, many who do win the lottery fail to exercise this option.

Many years ago, a San Francisco newspaper ran a series on several people who had won the lottery just a few years prior and described how they’d used the money, as well as their current financial status. In almost every case, the winners, all having walked away with several million dollars, were broke, just a few years down the road. All of them had gone on immediate shopping sprees of monumental proportions.

It’s that same clever psychology. Several million dollars is like a bottomless pit of funds to the average person. Buying homes, vacation retreats, fancy cars, like a Lamborghini and plenty of jewelry was de rigeur. After the initial spree of luxuries, there was still lots of money left. A trip to Paris, New York or London? Hey, why not? Money spent on air fares and expensive nights on the town are certainly not investments, unless you count the pleasure factor.

Sooner or later, it became apparent to all of these one-time winners that, their windfall dwindled to a recognizably small amount of cash remaining. Then, the what-the-heck psychology kicked in and most eventually spent the rest. Now they were broke.

So now who wants to win the lottery? Everyone, of course! If you do, hire the best financial adviser you can find and don’t spend a dollar before you’ve got a solid plan.

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