Mega Millions tickets (Photo credit: Wikipedia)

I think playing the lottery is one of the best $1 investments you can make and I encourage you to buy a ticket for today’s $586 million Mega Millions jackpot. Why am I, a respected financial advisor, suggesting it is a good investment to play the lottery?

First, let me get this out of the way before the CFP Board strips me of my credential and Forbes fires me as a columnist. the lottery as a financial investment is pretty lousy. My statistics-loving counterpart, Walter Hickey, did a stellar job analyzing when it makes the most financial sense to play the lottery. I’ll leave the linear regression analysis to him, but even though the odds of winning the big jackpot are ridiculous (1 in 259 million for the Mega Millions lottery), there’s a way to be a guaranteed winner.

As soon as you plunk down your $1, you can’t help but start to think about what your life would look like if you won. What would you do? Where would you go? What would you buy? Your dollar can buy you a bit of hope. It can make your commute (and your boss!) a little more bearable for the day. The daydreaming stage is where most people stop, however. Once the numbers are drawn and they inevitably lose, they go back to business as usual. There’s a better approach…

The real question is not what toys you would buy or even how winning the lottery would change your life. The better question is how would winning the lottery improve your life? Daydream how the win would make your life better, and then figure out how you can create this change in your life even if you don’t win. I’ve spent nearly the last two decades working with sudden wealth recipients – people who have come into a windfall overnight. Sudden wealth can radically improve a person’ life, but it’s certainly not a requirement.

Most of my sudden wealth clients have said their windfall has given them more freedom, opportunity, and security, but these things are achievable even if you don’t hit the jackpot. When you think about winning, what is the one thing above all others that the win does for your life? How can you get closer to this without a windfall?

For example, I did this exercise with a friend. He said a windfall would give him peace of mind knowing that he would be secure financially. Would winning the lottery help? Of course, but he can’t count on it. Instead, we are working on a savings and investment plan for him that will help him create the sense of financial security he desires. He’s already saved enough for an emergency reserve and he’s cut his expenses, which has allowed him to save more in his 401(k).

What’s your lottery dream? Maybe a win would allow you to quit your job and travel the world with your family. Don’t wait for a lottery windfall to achieve this goal. You might not be able to afford to travel the world but you can certainly spend more time with your family now.

Waiting to win the lottery to improve your life is passive (and the odds are terrible). Don’t sit back and wait for the right numbers to hit to create the life you want. When asked by Katie Couric what advice I had for first time lottery players, I answered, “Have fun, day dream what it would be like if you won, and then do everything you can to create that life even if you don’t win.” Now it’s your turn…

Connect with me on Twitter @rpagliarini. Google+. or email me at robert@pacificawealth.com. This discussion is not intended as financial, legal or tax advice, and cannot be relied upon for any purpose without the services of a qualified professional.