Photo: ABC News
Seven-time lottery winner Richard Lustig is popping up everywhere with advice about how to win this week’s Mega Millions jackpot.Lustig says you should:
- Pick a combination of numbers that hasn’t won before
- Avoid the randomised Quick Pick
- Buy at least 10 tickets at a time to guarantee that you’ll win
- Spend 10 per cent of your income on lottery tickets
Unfortunately this advice is utter crap.
We asked personal finance expert Zac Bissonnette to debunk it.
“The budget should be zero,” says Bissonnette, plus “the lottery works randomly. Unlike poker or blackjack, there’s nothing you can do to gain an advantage at this. You can’t make decisions to influence the outcome.” Like roulette, this is not a game of skill.
“If you do buy lottery tickets, picking random numbers is the way to do it,” he adds. “[Picking your own numbers] means you’re more likely to pick numbers someone else has, and then you’ll be more likely to split.”