Photo: Rachael Ray Show
Seven-time lottery winner Richard Lustig has been doing the talkshow circuit giving advice on how to win the lottery.As far as we can tell his tips aren’t any good, and personal finance author Zac Bissonnette agrees. Bissonnette launched a Twitter tirade against Lustig following his interview on CNN Money earlier this month.
Yet Good Morning America ran a Mega Millions themed-segment yesterday featuring the exact same author.
Lustig advises “setting a lottery budget,” in which you divide your monthly household spending by 10. He also recommends buying 10 tickets of the same game at a time since “almost every single time you’ll find a winning ticket in there.”
Next, Lustig tells viewers to skip the “Quick Pick” or randomised numbers to up their odds.
We asked Bissonnette for the real scoop.
“I hesitate to even say this,” Bissonette told Your Money, “but if you do buy lottery tickets, picking random numbers is the way to do it. (Picking your own numbers) means you’re more likely to pick numbers someone else has, and then you’ll be more likely to split.”
Bissonnette described the CNN video as an epic fail for a credible and highly respected news site, so we doubt he feels any better about ABC News.
“It’s dangerous—it encouraged a lot of people to buy the book and spend money on lottery tickets that they shouldn’t buy,” he said.
CNN eventually took the video down, no word yet on ABC News’ plan.
UPDATE: An ABC News spokeswoman offered this comment: “This is a very light-hearted segment about something that’s huge in the news right now, and all we wanted to do was offer viewers a few tips from someone who has won seven times. We’re pretty confident our viewers know the odds of winning the lottery is a longshot.”
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