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this post was submitted on 07 Apr 2024
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The lottery is really a 'poor and stupid' tax to put it harshly. You are literally more likely to be crushed by a meteorite, than to win the powerball. Your family would be better off if they took the money that they spend on the lottery every week and invest it in the stock market.
ETF and Index funds are pretty safe and grow by about 7-10 percent every year. They could invest in more volatile stocks and still gamble a bit, too, but at least the odds are in your families' favor that way.
I worked in retail for many years selling lottery tickets to thousands of different people. Never once, did I ever hear of anyone winning anything significant in my whole city. It felt bad every time some obviously struggling person bought one.
It is truly a tax on desperation for those who spend more than $10 at a time. But it's harmless under that amount, even if someone plays every few days.
Don't lie to people and tell them "that money is better spent on investments". $10 will not meaningfully affect your retirement quality. You may end up with $50 - $100 extra.
If anything, these people should find a hobby that is cheap and healthy. $10 spent on sports equipment or clothing can actually affect someone's life for the better. You can get a basketball for $10 or save up for a tennis racket ($30). The key to a good retirement is cheap healthy hobbies like cooking or gardening.
You know what, that's fair, I was more generalizing about the people who spend a bit more money on it. Still, anyone buying a lottery ticket would have better results spending the money on pretty much any other form of gambling.
I just have a particular hate for the lottery, because from my experience, it seems to target those who need to save their money the most. Its literally a system that robs poor people by selling them false hope.
Imo you should play the lottery, to play mind game scenarios of your future in a financially independent situation. And that is something, that can be fun. But never out of desperation.
I've heard the "stupid-tax" metaphor many times before but I'd always argue that buying a $2-3 quick-picks ticket just to give yourself a few hours to indulge a fantasy every now and then doesn't hurt.
The people that have gambling problems are addicted to that dopamine fix, win or lose.
—I never felt a hit of dopamine when I saw the growth of my Retirement Investment fund during tax season, as real as it may be.
Some would even call it a form of entertainment.
One ticket is worth the fantasy of winning.
Two or more tickets is idiocy.