This is from the oney column in our local paper:
What's the big deal about playing the lottery?
By Joe Pxxxxxx
& (Provided) |
Question: I realize the odds are greatly against me winning the Lotto, but I love the excitement of playing. Besides, I only spend $10 a week. I know you will say this is not a good idea, but what is the big deal?
Answer: True financial peace does not come from having tons of money, but from knowing how to manage the money you have.
Many Lottery winners quit their jobs, blow the winnings, lose their friends and discover themselves much worse off than before they won. In fact, a survey by Associated Content indicates that 90 percent of lottery winners become bankrupt after 10 years. Why? They don’t manage what they have now, so they are totally out of their element trying to manage a lot of money.
And the divorce rate of those who win the lottery is substantially greater than those who don’t. Why? Because having great sums of money will greatly magnify the character traits — good or bad — that a person already has.
The mere thought of immorality somehow explodes into reality with great unexpected wealth.
But your first mistake is believing that you have a chance to win. You don’t.
With the odds of winning the Powerball jackpot at 1 in 146 million you would need to buy a ticket every minute, 24 hours a day for 278 years to have an even chance of winning.
Want a better idea? Invest that same $10 a week throughout your normal working life (20 years old to 65 years old) in a good growth stock mutual fund, and you will have $1 million.
It is time to grow up. Ed McMahon is not coming. Learn to live on less than you make. Get out of debt. And build wealth the slow cooker way: steadily over a period of time. You will be wealthy, and you will know how to manage that wealth.
JOE PXXXXXX is a certified financial counselor
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(I x'd out his last name)
Ok, I'm not sure where he got his stats (90% of jackpot winners are bankrupt in 10 years?) or where the firm he says he got them from got them- I think they made it up.
Also, his mention of investing the $10 a week- hello Joe, ever heard of fun? I bet Joes soends more than that on lunch every single day.
But I do think what he said about those who can't manage small amounts are the same people that can't manage large amounts has somethuing to it.
Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.
There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.