Making Millions For Dummies by Robert Doyen Meg Schneider

Author:Robert Doyen, Meg Schneider
Language: eng
Format: epub, pdf
Published: 2018-07-17T00:00:00+00:00

Treating Gambling as What It Is

The average lottery player spends $150 a year on drawing and scratch-off tickets. Casual casino visitors — those who gamble once or twice a year — spend an average of around $250 per visit. The vast majority of them win nothing and so have nothing to show for their wagers.

On the other hand, if you took that same $150 a year and put it in a 401(k) or IRA earning 8 percent, it would be worth $28,000 in 35 years. That doesn’t count any employer contributions to a 401(k) plan or any other money you might put into an IRA over the years. If you saved $250 a year — slightly more than $20 a month — you’d have $51,800 in 35 years.

Naturally, we like investing better than any lottery or other game of chance. That’s because we know, stories of the rare big winner notwithstanding, that your odds of scooping in the big jackpot in any venue are closer to none than to slim.

Gambling is not an investment strategy. If you’re serious about building wealth, concentrate your efforts on things you can control: reducing debt; saving money; and making conscious, wise investment decisions. Play the lottery or the slots if you like, but don’t count on it to make your financial dreams come true.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.