They claim it is for education................
...............I say it is utterly stupid. As Dave Ramsey likes to put it "Lottery is a tax on poor people and those who cannot do math." Oklahoma is now a lottery state. Yes, that means people can throw away their money at the gas station as well as the casinos. For me, it means waiting in line to pay for my gas longer. A friend of mine told me that he had a person in front him the other day get $10 gas and $20 in lotto tickets. He had to wait for this person to get done scratching his tickets and lose before he could pay for his gas. Sounds to me like that person would of been better off putting that $20 in the tank since $10 did not get him 5 gallons of gas. People are so blind. We always hear around election time that so and so only gives tax breaks to the wealthy. We hear how poor people are overtaxed. People, are you stupid!!! With the introduction of lottery, poor people just got the biggest tax hike in who knows how long! "But, Trevor, anybody can play lottery. Rich and poor." I want to know when someone has seen a BMW or Mercedes parked outside a gas station, because the owner is getting a powerful ticket? People that have any financial sense do not play lottery. In casinos, it seems to me that one of the most popular things are the slot machines. These are machines that are programmed to take in more money than they put out. Did everyone notice an important word that I used? I will help you out: PROGRAMMED!!! You are set up to lose. You cannot outsmart them. It is their game!!!
Let us look at some of the odds (against you).
In the $25,000 Jackpot scratch off game you have a 1,890,000 to 1 chance of winning the $25,000 prize. It cost $5 to play. That means you could spend up to $9,450,000 before you would win. Yes, that is not a typing mistake. $9 MILLION!!! "But, Trevor, their are other cash prizes too." The lowest cash prize is $10. You have a 30 to 1 odds of winning that prize. That means you could spend up to $150 to win that prize. Now, the overall odds of winning something is 3.46 to 1. The reason why that is so low is you could win a free ticket. You will on average have to spend $17.30 to win something. That something is will most likely be a free ticket that will win you nothing. In my example above a person spent $20 and won nothing. Let me say this again: YOU WILL NOT WIN AT THEIR GAME!!!
Let us do some more positive math. In our example let us say some person spends $20 a week in Lotto tickets. That is $80 a month. This number could be low for an active Lottery player. If they invest that $80 a month in a mutual fund with a proven track record of earning 12% this is what they would have: In 20 year - $73,588.54, 30 years - $246,477.60, 40 years - $783,444.55. Going further, if they save $105 a month for 40 years they would have $1,028,270.98. They would retire a MILLIONAIRE!!! "Trevor, I want the money now!" The odds say you can play Lottery for the next 40 years and you will still be broke. The odds say if you save $80 per month for 40 years you will have almost $800,000 EVERY SINGLE TIME!!! "Trevor I play Lottery for fun." Sorry honey, giving your money away with rip off odds is never fun. I guarantee, retiring a millionaire will be fun every time. That is where I plan to be.
References:
Dave Ramsey
OK Lottery Odds
Calculators.net
NO MORE TAX INCREASES ON THE POOR!!! SAY NO TO LOTTERY!!!
Let us look at some of the odds (against you).
In the $25,000 Jackpot scratch off game you have a 1,890,000 to 1 chance of winning the $25,000 prize. It cost $5 to play. That means you could spend up to $9,450,000 before you would win. Yes, that is not a typing mistake. $9 MILLION!!! "But, Trevor, their are other cash prizes too." The lowest cash prize is $10. You have a 30 to 1 odds of winning that prize. That means you could spend up to $150 to win that prize. Now, the overall odds of winning something is 3.46 to 1. The reason why that is so low is you could win a free ticket. You will on average have to spend $17.30 to win something. That something is will most likely be a free ticket that will win you nothing. In my example above a person spent $20 and won nothing. Let me say this again: YOU WILL NOT WIN AT THEIR GAME!!!
Let us do some more positive math. In our example let us say some person spends $20 a week in Lotto tickets. That is $80 a month. This number could be low for an active Lottery player. If they invest that $80 a month in a mutual fund with a proven track record of earning 12% this is what they would have: In 20 year - $73,588.54, 30 years - $246,477.60, 40 years - $783,444.55. Going further, if they save $105 a month for 40 years they would have $1,028,270.98. They would retire a MILLIONAIRE!!! "Trevor, I want the money now!" The odds say you can play Lottery for the next 40 years and you will still be broke. The odds say if you save $80 per month for 40 years you will have almost $800,000 EVERY SINGLE TIME!!! "Trevor I play Lottery for fun." Sorry honey, giving your money away with rip off odds is never fun. I guarantee, retiring a millionaire will be fun every time. That is where I plan to be.
References:
Dave Ramsey
OK Lottery Odds
Calculators.net
NO MORE TAX INCREASES ON THE POOR!!! SAY NO TO LOTTERY!!!
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