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Tuesday, May 2, 2006
Should you bet on winning the lottery?
The Atlanta Journal-Constitution
In April, Duluth resident and retired police officer James Walker Jr., 62, traded a few bucks for a Gold Rush instant lottery ticket, at a Citgo station on Buford Highway, not far from where he lives. The exchange turned out to be pretty favorable for Walker, who won an instant cool one-million smackaroos.
In seconds, Walker acquired the kind of wealth that is usually manifested by a lifetime of hard work, sacrifice and savvy financial decisions. Walker reportedly spends at least $20 each week on lottery tickets and had predicted that he would win the lottery some day.
Then on Monday, Daniel Snoke of Lawrenceville was presented a $2.5 million check from the Gold Rush Game with a ticket he bought Friday at a Duluth Publix.
Holy Moly Batman!
Those are the words of vicarious glee I let out when I read about Georgia’s newest millionaires. My mind danced with delight at the prospect of instant affluence and the allure of a self-indulgent lifestyle that money can buy.
For a full five minutes, I savored a fantasy life as rich as Walker (and now Snoke) presumably have — thinking about how I would invest, save, share and spend my million bucks.
Finally, however, the reality and the joy of my own life enabled to me rejoin the world as I experience it — and inspired me to think critically about the lottery.
I am not a lottery aficionado, but I do play occasionally. I am most likely to play while traveling (I might have out-of-towner’s luck) or when the Power Ball jackpot is extremely high.
I probably play three or four times a year and spend a grand total of about $10 — and although I would welcome winning the lottery as much as the next player (and I know that someone has to win), I also am fully aware that the odds of me finding an escape hatch in a flash from the middle-classes to upper-class is a long-shot.
Although I am glad for Walker’s stroke of luck, I am troubled by the fact that so many are spending their hard-earned money on what is essentially a pipe dream.
The average person has more chance of being struck by lightning than buying a winning $1 million-instant lottery ticket.
What about the other salt-of-the-earth folk who are spending at least $20 each week on lottery tickets? Wouldn’t it be much better odds for them to put an extra $20 each week into their 401-K (some employers match funds) or even under their pillow? If you saved $20 each week for 52 weeks, you have an assured $1040 at the end of the year.
Is it better to save the cash that you might otherwise spend on the lottery and have a guaranteed “small fortune” each year or to take a chance that you too may have a quick big payoff like Walker and Snoke?
Which is the better bet? Or do you bet at all?
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