Disclaimer:
Some of the links in this article are from our sponsors. You are not required to use them. We want you to succeed, so do what makes the most financial sense for you.
Put your money where your brain is – otherwise you might end up in financial trouble.
According to CNN, in 2016, Americans spent over $80 billion in lottery tickets.
That means, on average, Americans spend more on lottery tickets than they do on sports tickets, movies, video games, music, and books – combined!
Even though 62% of Americans live paycheck to paycheck (Market Watch), and 80% are in debt (CNN Money), the majority of people still choose to empty their bank accounts for lotto tickets.
Most frustratingly, the lottery isn’t even a game that any one of us has any real possibility at winning; each player is almost 4x more likely to be hit by lightning than become an overnight one-percenter with the lottery.
Everyone wants “one quick fix,” a “magic pill,” or a “fairy godmother” to grant them wealth. But if you really want to be wealthy, the best way to make sure it happens is to invest that money in yourself.
Misplaced Optimism Leads To Waste
Playing the lottery can be fun, but it also comes with a certain desperation.
Buying a ticket on your birthday or a holiday can make for a few minutes of joy, as long as you remember that it’s just that. If you’re shelling out money multiple times a year (or month, or week) to play and have real hopes of winning, it’s time to evaluate why.
Many times people are prone to illusions of control and “near misses” – that is, when you watch those numbers get picked, you often find yourself thinking “I almost got it! Next time for sure!”
If you want to achieve long term financial stability, it’s important to recognize these parts of your personality – determine how you can augment your situation to make them positive, instead of negative. You’re an optimistic person – that’s a good thing. You also are difficult to discourage, which means you’re resilient in the face of ongoing hardship. Use those traits to better your situation through entrepreneurship, volunteering or other productive activities.
What Could You Do With An Extra $300 A Year?
When you buy a lottery ticket, you may think to yourself that throwing a few dollars at chance every so often isn’t so bad. If this sounds familiar, consider instead putting those dollars (and a few more, if you can) towards purchases that will really benefit you.
The best ideas: buy books, or even listen to them using Audible (they even have a promotion going on where you can get your first audiobook for free). Enroll in online classes. Put the money in your retirement or savings account. Start a 529 account for your child. Start a Shopify store to make some extra income on the side.
Invest in yourself, not in a lottery ticket that will likely never give you anything back.
If you’re doing it just to relax, at the very least, buy yourself a gym membership or a trip to the spa instead – you’ll certainly get more out of it.
The lottery can seem like a fun, harmless way to spend a few minutes hoping, but if it’s turned into a habit, consider what you can do with all the money you’re basically flushing down the toilet.
You worked hard for that money – don’t throw it away.
Disclaimer:
Some of the links in this article are from our sponsors. You are not required to use them. We want you to succeed, so do what makes the most financial sense for you.
