Categorized | Finance

Winning the Lottery or Investing?

Posted on 27 June 2007 by Imhotep

I notice a lot of African Americans play the daily lottery religiously in hopes of winning big. They go down to the corner store, liquor store, market, etc and play all of their favorite lucky numbers. What is interesting is that some people play the same numbers everyday in hopes that someday when their number hits they will become rich! Now I am not a lottery player thus I am not an expert on the subject, but why would anyone play the same number everyday? What kind of strategy is that? Is that insane or what? Where do these hopefuls get all their faith that “one day MY number is going to hit”?

The odds of winning the lottery are not good and to tell you the truth as much money as some people spend playing everyday they could be using that money in a variety of much better investments that stand a much greater chance of generating revenue. Check this website I found which calculates the odds of winning the daily lottery.


http://www.webmath.com/lottery.html

Take $1 dollar a day for a month and you have $30 dollars. Take that $30 dollars and buy a share of stock (after during your research and due diligence of course) you would fare much better than gambling your money in the daily lottery. Go to any number of discount online brokerage firms, I use to setup a brokerage account free. Once you have your account setup you just have to fund it through any number of ways. You can start off with as little as $20 and just work your way up. I would recommend anyone to invest in the stock market as opposed to gambling your money away on the lottery, but of course this is just my opinion and to each his own!

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