Dec 23 2008
The Lottery – Should You Rely on It to Pay Off Your Debts?
So, you have been playing or considering playing the lottery so that you can pay off your debts. I hear you. There is something fun about playing the lottery and hoping to “strike it rich.” However, I see way too many people spending way too much money playing the lottery and not paying off their debt. In fact, I saw a lady at the grocery store buying $50.00 worth of instance lottery tickets.
I think she would have been better off investing the money in her own debts instead. The reason is that $50.00 a month could make a big difference on your debt. That is a whopping $600.00 a year. See what I mean?
Anyway, although it can be fun to play the lottery occasionally, you really should concentrate on building wealth with your “lottery money” instead of blowing it on a long shot. Instead, you should concentrate of squashing debt and get smarter about how you actually spend the money you have. By paying down debt and eliminating it instead, you’ll eventually hit a windfall of money that will be just like you actually won the lottery. You’ll have money to do the things you want to do. You’ll be able to take your kids on a trip, get a new car, retire comfortably, etc. Imagine that!
Therefore, if you really want to win the lottery, pay off debt and get serious about building your financial freedom. Not only will you have a better chance of winning, you’ll guarantee it.
Good luck!
Good article and it was very useful.