photo credit: lisatozzi

Ask nearly any personal financial adviser about the risks and rewards of playing the Lotto and they’ll tell you the same thing: It’s a waste of money. What is often lost in that advice is that there’s more to the Lottery than the potential for riches.

In a given year, I probably spend a total of about $20 on the Lotto. I tend to play at the worst possible time, namely when the jackpots are the largest. From my perspective, the worst odds are about the same as the best odds: both stink. I know that I’m not going to win and have done the risk/reward analysis. Playing the Lotto is a losing game from a financial perspective. Yet still I play on occasion.

My only explanation for this is the entertainment and self-reflection that also go along with playing a few times. The thought of winning, even with zero probability, is fun. Imagining what I would do with the winnings is rather insightful. My thoughts, derived in the fantasy world of a Lotto winner, can be applied in reality. I will never achieve the goals I dream up by winning the Lottery, but I do get inspired to work towards them in realistic ways.

If I get 5 hours of entertainment and self-reflection from my $20 over the course of a year, I consider that money well spent. I certainly spend more for less entertainment, none of which helps to prioritize my financial goals.