Pay With Your Personal “lottery” to Save Money Regularly
Lotteries tend to be money leaks at best andscams at worst . If you find yourself succumbing to this habit (or not!), You can improve your finances by paying that money to your personal “lottery” savings fund instead.
As the Novel Investor blog on personal finance notes, even small amounts of money accumulated over time will lead to huge savings over time. Spending $ 10 a day on ten tickets ( hopefully an extreme example) would give 146,000 chances of winning, which doesn’t even rule out the hundred million to one odds paid by most lotteries. However, that same $ 10 a day will cost about a million dollars over the same 40 years:
But the savings are nowhere near as exciting or exciting. And this takes time. More time than short term thinking allows. The diagram [on the original link] below shows what happens when you choose the long-term $ 10 a day lottery instead of the short-term belief in instant millions. A lot can happen if you save $ 10 a day, $ 3,650 a year for 40 years. If you save more, your winnings will increase even faster.
Of course, partly people play the lottery because it’s fun. So, try reconfiguring this impulse. Every time you see a public lottery that you feel like playing, deposit the ticket prices into your savings account. This can work even if you are not playing the lottery yet. The value of saving small amounts of money over time is good for everyone.
$ 10 a day lottery that pays off | New Investor Through Rockstar Finance