Why Buying Lottery Tickets is a Bad Investment

There are many people who buy lottery tickets every week. And for the most part, no matter whether it is a scratch game or a drawing, these people are wasting their money.

The state sponsored lotteries are a hidden tax. It is a way for the government to raise money without openly taxing the people. Quite simply, lotteries are a way to tax the belief that someone can get lucky and become rich.

It is a common belief. At least, among those who are poor and see no other way to riches. Lotteries collect most of their money from poor people, those who are hoping that the fickle god of luck will reach down and pluck them up from the mud. The more you know about money management, and are successful at creating wealth, the less likely it is that you will play the lottery.

I will admit that I used to play the lottery. And occasionally when the prize for the drawing approaches record amounts, I still do. I am getting better at ignoring it; the last time I played was a couple of years ago. So why did I quit playing the lottery? Simple, I realized that there were better things to do with my money.

When I played the lottery on a regular basis, I was young and naïve about financial matters. At the time, I was cashing my paychecks at one of those check cashing places. You know the type---the ones that charge you a fee and a percentage to exchange your paycheck for some green folding stuff and possibly some money orders. The type of place that also sells lottery tickets. At the time, I was buying a ticket per drawing. It was a long shot, but I felt that it was the only way I was ever going to get out of my burger flipping job.

It was a mark of maturity and financial wisdom on my part that when the local state lottery increased the number of drawings to two a week that I decided to quit playing. I said that I felt that they were getting too greedy; already I was beginning to think that lottery was actually a tax.