Gambling versus Investment

Wouldn’t it be nice to win that elusive lotto jackpot and never have to worry about money again? We all dream it but unfortunately it remains a dream only to hope that it’s our time next week. I always hear that bell of wisdom “ Someone’s gotta win it”, which is mostly true and as they say “You’ve gotta be in it to win it”. But what are our true chances of winning anything?

Let’s have a look-see!

The odds of winning:

Powerball                            1 in 134 million

Saturday Lotto                   1 in 8.1 million

Scratchies 200K                 1 in 4 million

Keno 10 spot                      1 in 8.4 million

Pokies Jackpot                   1 in 7 million

As you can see, the odds are not in your favour. What if, instead of gambling on the big-one for the next year you put that money aside. When I first shared with you my shock having downloaded all my bank transaction and putting them into categories for the whole year I discovered I spent a significant amount on Lotto. It was in the vicinity of $1,200. And that was for one year. I can’t imagine the amount I threw away on the hope that I could beat the odds. I still have a gamble from time to time but these days I channel my hard earned money into debt reduction, investment and saving. How much do you spend?

It’s always easy to live in the dream that one day you just might jag the lotto win but realistically we all know it’s very unlikely, right?

How much interest would you save if you channelled your gambling money toward your credit card or home loan? Try it for one year and let me know how you go.