Today’s Bloganuary post is based on the prompt: “What would you do if you won the lottery?” Read on for my thoughts.

I never play the lottery because I think it’s a waste of time and money. I’d much rather invest money in the stock market because at least I’ll own shares of an ETF that will eventually be worth more than I paid for them, either through an increased share price or reinvesting dividend payments (or both!). Either way, if you know what you’re doing, you don’t lose money in the stock market in the long run. The lottery is a different story.

Nevertheless, for the sake of this Bloganuary prompt, what would I do if I did win the lottery? First, my wife and I would buy a bigger house. Second, we’d invest a large portion of the winnings (at least half) in the stock market and dramatically increase our emergency savings account.

Depending on how much we won, I’m sure we’d want to spend some money on a vacation or other discretionary expenses. The most important part is not blowing it all, which many people do. That’s why investing at least half the money upfront would be vital.

I still stand by my original assertion: don’t waste your time with the lottery. Max out a Roth IRA every year for 40 or 50 years, and you’ll be a millionaire with minimal effort. It might not happen overnight, but it’s worth the wait.