Can Playing the Lottery Make you Richer or Poorer?
By powermannx
@powermannx (450)
United States
January 15, 2010 12:50pm CST
Playing the lottery is a game of chances, there is no guarantee that you will get rich off of it, or even make a living at it. The question is - can playing the lottery make you richer or poorer?
5 responses
@chulce (1537)
• United States
18 Jan 10
Think of all the money you spend in the beginning to win the lottery $1.00 in most cases. However, if you play the lottery 2 times a week, then there is $2.00 that could have been used to buy a pound of butter or loaf of bread. If you are an avid player, by the end of the month,you have spent $8.00, that can add up to some much needed groceries. How about for a full year?
As was stated by someone else, with the low pay out ratio, the fact that it is typically one is a million, or what ever the odds are figured at, you are actually making yourself poorer. Especially with the statistics that are placed on the lottery.
However, as also stated if you win, you gain back what you already invested and then some. Then you have to factor in how you spend, what you would do with the money, etc.
1 person likes this
@powermannx (450)
• United States
21 Jan 10
Indeed the lottery can be addictive, but like anything that concerns odds in betting there is no clear cut way to know when fate will fall your way. I do believe there is a system to the lottery, once you can figure out the odds in a bet this is where the fun begins. Most experienced lottery players have a system they use on a continuous basis to average out their winnings and cut their losses down to a minimum.
@zandi458 (28102)
• Malaysia
16 Jan 10
I would say a game of chance is risky. Lady luck is not always smiling on you and gambling sure burn a big hole in your pocket. Refrain from investing in lotteries as it is only making others rich. At the end of the day you are burdened with debts when all your money has been channeled to the gambling house. Gambling houses are banks of no returns.
1 person likes this
@brew2x (3094)
• Philippines
16 Jan 10
I think for most it will make you poorer. I've read somewhere that your chance of winning is around 10 % and your chance of losing is around 90 %. We can't blame people are still trying their luck in lottery but it could also a vise and that could be dangerous.
1 person likes this
@ronnyb (6113)
• Jamaica
15 Jan 10
Great discussion and my answer is it can do both .For the fisaclly prudent winner it will make them richer because they will continue to live their same lifestyle with very little extra spending .However for thos ewho are not prudent ,they will go out and rack up serious expenses and cedit card debt and then find that all the money si gone and they now have a mountain of debt
1 person likes this
