Wednesday, March 07, 2007
Was it right for me to play the lottery?
As some of you may have heard, read, and/or paid for, there were at least 2 winners of the nearly $400 million MegaMillions lottery on Tuesday night. This game is played in Texas as well as 11 other states.
It slowly climbed to that amount from about $200 from last week.
My debt reduction process is from the "teachings" of Dave Ramsey. He insists to not play the lottery as it is a tax on the poor. I believe this is meant for the people that play for $20 or so everytime there is a drawing (twice a week = over $2,000/year)
I rarely play. When I say rarely I mean at most five times a year. Well I've already played four times this year for a total of $6 + $2 from a lottery scratch off ticket I received as a Christmas gift.
Was it wrong to chance $6 of my dollars to attempt to win over $200 million?
It slowly climbed to that amount from about $200 from last week.
My debt reduction process is from the "teachings" of Dave Ramsey. He insists to not play the lottery as it is a tax on the poor. I believe this is meant for the people that play for $20 or so everytime there is a drawing (twice a week = over $2,000/year)
I rarely play. When I say rarely I mean at most five times a year. Well I've already played four times this year for a total of $6 + $2 from a lottery scratch off ticket I received as a Christmas gift.
Was it wrong to chance $6 of my dollars to attempt to win over $200 million?
Labels: dave ramsey, lottery
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I "budget" myself $2 per year for lottery and play only when the jackpot is really huge. (It is on these rare occasions that the statistical expected value of a $1 wager is positive, although of course the odds are astronomical.) Over the past four years I have bet a total of $4 (including a $2 Super Bowl wager formerly legal in my state) and have broken even (one Powerball wager matched the Powerball plus one other ball, for a $4 win; the others were losers).
# posted by 
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3/07/2007 9:14 PM
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3/07/2007 9:14 PM
Especially if you are saving, and depriving yourself in other ways, it is SUPER important that you cut loose occasionally. $6.00 for some lottery tickets is not bad at all. If you are anything like me, you probably had AT LEAST $6.00 worth of fun, dreaming of what you would do with all that money (I still might have a life-sized, chocolate, hollow statue of myself made and sent to my wife around Easter....,). If you don't do it once in a while, you will eventually doom yourself to overindulge in something you can't properly afford.
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