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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: Lottery or premium bonds - Consolidate debt loans
Lottery or premium bonds - Consolidate debt loans
Should you risk a few pounds a week on the lottery or premium bonds? The chances of winning the top prize with a any single £1 premium bond are 24,500,000,000 - 1 (that's 24.5 billion), but as the minimum £100 holding provides 100 chances, this cuts the odds to 245 million - 1. However, NS&I says the chances of winning any prize with a single £1 bond are 24,000 - 1. You can compare the odds to the National Lottery. In that, you have more chance of winning the lottery each week where your £1 stake gives you a one-in-14 million chance. But, unlike the lottery, you do not lose your stake if you do not win. You simply go into the next monthly Premium Bond draw. Improving winning chances The only sure way to increase your chances of a prize are to buy more bonds. It is calculated that with the maximum £30,000 investment and by the law of averages you should win 15 prizes a year. However, note that phrase "law of aver edges". There is no guarantee you'll win anything. Prizes are based on a rate of return, typically around 1% or 2% lower than the base rate. However, the best - paying deposit accounts tend to offer far better gross rates of interest. For example, the lottery uses 6/49 Lottery has 6 numbers drawn from a total of 49 balls with the numbers 1 through 49 on them. The probability here is 1 in 13,983,816 of actually winning a big payout! So don't ask me to calculate how many tickets you would need to buy to try to insure this! I'm sure that as long as you can afford it, you spend a £1 on a lotto ticket, or buy a £10 premium bond there is no harm in it, if you view it as for entertainment only. However, if you have been spending,£5-10 a week, which is £20-40 per month and you x that by 12 to get a yearly total etc. Now work out how much you would of gotten by placing this in a high interest account or growth policy? Then think about compound interest... wow! Well if you did this instead, you may even feel like a lottery winner in a few years once your account matures with its lump sum and bonuses! You will at least be guaranteed end up with "An amount" not just a useless void lottery ticket. Technorati Tags: lottery visus premium bondsPosted by Admin at 2006-09-14 12:07, Home
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