You should Stay Away From Lottery
At least, don’t spend more than the price of a coffee on it – I think it’s fine to be involved in a weekly $2 or $5 draw at work as it doesn’t promote some team building and the feeling of being part of something, plus how would you feel is they won and you didn’t join in, right? LOL
What I mean by stay away from lottery is that you should not have that as any kind of wealth strategy. It sounds silly to say and I can pretty much bet you (oh oh, that’s lottery 😉 ) that anyone I ask would deny they even think of it as a wealth strategy, but if you do the math and you are spending just $10 a week, that is $520 a year, or $5,200 in 10 years and a big $20,800 over 40 years.
Is it worth it?
You might say that’s not much, but even if we don’t account for any interest, you could put $20k on a $200k property and rent it out and make yourself a good passive income. After a while, that mortgage gets paid off and you’re making $1000-$2000 per month! All from that $20k or $10/week!!! Crazy, right? Did you ever look at it this way?
Sure, you would with the jack-pot, yes, that’s not completely impossible…
but if you do the math, the odds of winning about probably something like 1,000,000 to 1 or 0.0001% whereas taking that $20k and finding that property to generate that $1000-$2000 per month is probably more around the 1 in 5 chance or 20% and it gets better if you educate yourself. Those who succeed in real-estate like Dave Ramsey, Robert Kiyosaki, Steve Martel or Dave Dubeau get about a 90% success rate.
What if you spend $50/week and you stay away from lottery, that would mean $2,600/.year or a whopping $104,000 in 40 years! Just keep that in mind when you are reaching for your wallet to buy lottery tickets or gamble…
Let me know if this post helped you and what you think by commenting below – I’m always interested in knowing you better.
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