Today the Mega Millions lottery jackpot is expected to reach $1.6 billion dollars. The Power Ball lottery will reach $620 million by tomorrow. And you will not win either of them. In fact, you would get more value for your money by burning your cash for heat, or eating it for the nutritional value of the paper.
I learned this lesson early in life. When I was 18 I had a lottery experience that forever shaped my perspective on this get-rich-instantly game. I shared this story a few years ago, but with lottery fever once again creating a jackpot mirage, it felt like a good time to reshare.
The Graduation Lesson
At my high school graduation, my classmates and I received our Hanover High School diplomas from our principal, the late, super-great Uwe Bagnato. As he handed us our diplomas, we each handed him a lottery ticket. It was an exciting experiment.
We all wondered how much he might win with 143 chances (my high school scoured ten towns from Vermont and New Hampshire to find 143 educatable kids). We imagined Uwe would become mega-rich, and we would be the last class to graduate under his principality. But when we discovered that he only won a couple of bucks, and would be back at work again after Labor Day, the lottery was forever dead to me.
Don’t flush your hard-earned money down the lottery toilet. If you want a great return on your money, you should always bet on yourself. Bet on your ability to think. On your will to succeed. On you determination and stick-to-it-ness. Bet on your ability to create value. And bet on your ability to do what you are doing right now, but for yourself.
Collect that money you were going to spend on the lottery and invest it in your own business. Buy something to resell. Or purchase equipment so that you can offer a valued service, or create a new product. Get certified at a valuable skill that you can market on your own. Because if you do that, and you have the drive to succeed, you will succeed. There is much more money to be made through entrepreneurship than the lottery could ever provide.
“More gold had been mined from the minds of men than the earth itself.” -Napoleon Hill from Think and Grow Rich.
In 2016 I left a nice job at a big advertising agency to bet on myself. I left the perceived stability of a regular paycheck to see if I could make even more money, be even happier and feel even more fulfilled by creating my own jackpot. And I did it by investing less than most people spend on the lottery. In fact, when I started The Weaponry, I invested more time, energy and focus than money. And my business has been profitable from the beginning.
But forget about getting rich quick. Forget about the instant cash payout, which is the surest way to bankruptcy. Opt for the get rich slow route. If you build your own business slowly and steadily, you can turn hundreds of dollars of side hustle income into millions of family supporting dollars.
The next time you think about filling out a lottery ticket, think about sketching out a business idea instead. Think of all the great businesses started by men and women no smarter or more talented than you. Think about how those businesses, have turned those people into millionaires and billionaires. I hope it encourages you to invest in your own ideas and your own initiative. Because take it from me and Uwe, the chances of winning the lottery are far better in your head. Your best bet is to put your money to work for you. Because the odds of hitting an entrepreneurial jackpot are determined by you.