Don't spend too much on lottery tickets - WDAM - TV 7 - News, Weather and Sports

Don't spend too much on lottery tickets

It's hard not to fantasize about just what it would be like to hit the lottery when the prize hits the stratosphere, but Money Expert Nathan Bachrach shares these things to think about.

When the Mega Millions jackpot hit half a billion, your odds of winning were one in 175,000,000. That means you were 100 times more likely to die from being eaten to death by flesh-eating bacteria than you were to win the lottery.

Now, in many states, residents are spending more than one percent of their income on lottery tickets, and Bachrach says "that's just nuts." 

So if you're buying a ticket for a big jackpot and you think that's a thrill, then go for it, but don't think of it as investing.

Copyright 2012 America Now. All rights reserved.