China Posted January 9, 2006 Share Posted January 9, 2006 Save money? Nah, just win the lottery - survey WASHINGTON (Reuters) - More than one in five Americans believe the best way to get rich is to win the lottery, while 11 percent say inheriting money is the way to go, a survey showed on Monday. Asked the most practical way to accumulate "several hundred thousand dollars," 21 percent chose winning the lottery, compared to 55 percent who thought saving something each month for many years was best, according to a survey by the Consumer Federation of America and the Financial Planning Association. Three percent of those surveyed thought a big insurance settlement was the best way to become wealthy. The poor were the most likely to say winning the lottery was the most practical way to gain wealth -- with 38 percent of those earning less than $25,000 a year choosing that option compared to just 9 percent of those earning $75,000 or more. African Americans and those over the age of 65 were also more likely to believe winning the lottery was more practical than saving each month -- at 30 percent and 31 percent, respectively. Stephen Brobeck, executive director of the Consumer Federation, said it was of "some concern" that so many people thought the lottery was their best chance at wealth. Click on the link for the full article Link to comment Share on other sites More sharing options...
Beaudry Posted January 9, 2006 Share Posted January 9, 2006 In summary, people are stupid. Link to comment Share on other sites More sharing options...
Ignatius J. Posted January 9, 2006 Share Posted January 9, 2006 Well, I think it's a fallacy that people believe that a free market means more money for everyone. The fact is there are many people who cannot compete for the best jobs in the country. For those people, who make under $25,000 a year and have to support a family, playing the lottery does give them the best chance to get rich. While lottery playing lowers thier total expected value of income, it does maximaize the probability of becoming rich for a large part of our population. Link to comment Share on other sites More sharing options...
twa Posted January 9, 2006 Share Posted January 9, 2006 As far as accumulating several hunred thousand in cash I would agree the lottery is the most likely choice for me ,and I don't play it Why would anyone not invest it? Ignacious has a good point,being poor with a family to support is a tough road. Link to comment Share on other sites More sharing options...
MissU28 Posted January 10, 2006 Share Posted January 10, 2006 someone needs to teach me how to save... i live and spend my money by the moment...bc we're not guaranteed tomorrow. Wouldn't it suck to save all this money and have hundreds of thousands of dollars saved up and then die tomorrow? You could have enjoyed that money! I guess the way I view money is flawed... Link to comment Share on other sites More sharing options...
Mr. S Posted January 10, 2006 Share Posted January 10, 2006 my parent save money, and it has helped. I need to learn how to, but with the knowledge my rents have, I prolly shouldnt have a problem. I agree, spend money, only if you are comfortable with having it. As long as I can pull a decent job with money to blow, I will spend it. Link to comment Share on other sites More sharing options...
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