Monday, October 4, 2010

Study on Lottery Players

A recent study conducted by Cornell University reports that lottery players who earn $13k per year spend an average of $1,100 of their income per year on tickets. They contribute 82% of all lottery revenue!  That is a very sad and scary statistic.  The lottery is simply a tax on the poor, in my opinion.

Posted by Matthew T. Russell, CFP® at 8:32 AM

2 comments:

  1. AnonymousOctober 23, 2010 at 10:57 AM

    Although it is true, it is a tax on the poor, those poor still have to take responsibility for their own actions.

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  2. Matthew T. Russell, CFP®October 24, 2010 at 7:02 PM

    I absolutely agree with you on that aspect. There's an old saying that says 'If you want to be poor, do what poor people do; if you want to be rich, do what rich people do'. Poor people play the lottery. If one wants to create wealth, they need to modify their financial behavior and stop doing 'poor people' things.

    Excellent point.

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