Forget the lottery. Let’s look at the odds:

  • For each $2 Lotto 6/49 ticket, the odds of winning $ 1 million are approximately 1 in 14 million.
  • For each $5 Lotto Max ticket, the odds of winning $15 million are 1 in 28 million.
  • You’re more likely to be die from a wasp sting (1 in 6.1 million).

Here’s the real trick to becoming a millionaire:

The “Born Canadian” Lottery

As of June 2014, there are now approximately 320,000 high net-worth individuals in Canada—that’s people who have at least $1 million in financial assets, excluding their principal residence—according to the World Wealth Report. Their collective wealth is estimated at $979 billion. The number of Canadian millionaires rose by 7.2 per cent last year. Compared to our neighbour to the south, Canada boasts high quality post-secondary institutions and health care, both heavily subsidized. These benefits pay big dividends in terms of creating and maintaining our wealth.

Save a little, earn a lot

The average annual amount each Canadian spends on some form of gambling, e.g. lotteries, is $678. If, instead, this amount was invested at 7 percent from ages 18 to 65, the compounded value would be close to $250,000. And, if you added just $5 a day, and invested the tax refund each year, you’d have close to $1,200,000! That’s a much better bet than Lotto Max.

You’re already a millionaire

Research reveals that lottery winners return to their previous level of happiness not long after their big windfall. They are also more likely to fritter away the funds within seven years. You have a steady money-making device and you own it free and clear. It’s the gold mine between your ears—the amazing multi-million-dollar machine that is you and your ability to earn an income in your lifetime.

As in sports psychology, winning any game is 90% mental. Money matters are no different. Forget the lottery; you’ve already won the most powerful money-making machine in the world and live in a country where it’s entirely possible to be a millionaire.

Kelley Keehn is an award-winning author, personal finance educator and is the Consumer Advocate for the Financial Planning Standards Council (FPSC). She has written nine books on personal finance including Protecting You and Your Money; A Guide to Avoiding Identity Theft and Fraud and A Canadian's Guide to Money Smart Living. Kelley is the Marilyn Denis show’s personal finance expert, was the host of the W Network’s Burn My Mortgage, sat on the National Steering Committee on Financial Literacy, currently serves on the Financial Consumer Agency of Canada’s Consumer Protection Advisory Committee, the Ontario Securities Commissions’ Seniors Expert Advisory Committee, and is a member of the OECD’s International Network on Financial Education.