Ask nearly any personal financial adviser about the risks and rewards of playing the Lotto and they’ll tell you the same thing: It’s a waste of money. What is often lost in that advice is that there’s more to the Lottery than the potential for riches.
In a given year, I probably spend a total of about $20 on the Lotto. I tend to play at the worst possible time, namely when the jackpots are the largest. From my perspective, the worst odds are about the same as the best odds: both stink. I know that I’m not going to win and have done the risk/reward analysis. Playing the Lotto is a losing game from a financial perspective. Yet still I play on occasion.
My only explanation for this is the entertainment and self-reflection that also go along with playing a few times. The thought of winning, even with zero probability, is fun. Imagining what I would do with the winnings is rather insightful. My thoughts, derived in the fantasy world of a Lotto winner, can be applied in reality. I will never achieve the goals I dream up by winning the Lottery, but I do get inspired to work towards them in realistic ways.
If I get 5 hours of entertainment and self-reflection from my $20 over the course of a year, I consider that money well spent. I certainly spend more for less entertainment, none of which helps to prioritize my financial goals.
If you enjoyed this post, subscribe to my feed via RSS or email.
You can support Richer by the Day by visiting our advertisers and sponsors. A thumbs up from any StumbleUpon users would also be greatly appreciated.
Related Posts
Cost of Living - Sometimes Bigger is BetterNew GI Bill Offers Full Tuition for Active Service
My Required Reading List
My Opinion of Jim Cramer
Retirement Investment Priority
