The Poorest Households Spend 9% of Their Income on Lottery Tickets

[scarsorscabs]

I don't feel like looking it up but wasn't it something like $1.2b spent on tickets for that Powerball drawing people were going nuts over last week?

 

[shatterkneesinc]

so the issue is people not wanting to educate themselves?
look at all the advertisements for the lottery. how much money and effort is put in to exploit people's ignorance and how much of that is put in to help people manage their money.
how can you blame people for getting exploited by these aggressive marketing tactics employed by our very own government

 

[superblytrife]

TBONE, is that you?

 

[hankmoody]

Update II: Among the smart and skeptical responses to this stat, please see this post on the origin of the 9% figure. And don't miss the comment thread on this page between SteveInch and CTW34 with links to Consumer Expenditure Survey data. In brief, the CES reports that families making under $15,000 spend between 3% and 9% of their income on a "Miscellaneous" category, in which lotteries and games of chance are a subcategory


It's alright OP. I'm sure there are still a bunch of other studies, articles, and headlines that will pander to your ideology.

 

[crcballer55]

Originally Posted by shatterkneesinc

so the issue is people not wanting to educate themselves?
look at all the advertisements for the lottery. how much money and effort is put in to exploit people's ignorance and how much of that is put in to help people manage their money.
how can you blame people for getting exploited by these aggressive marketing tactics employed by our very own government

Most advertisements you see/hear play on peoples ignorance. Have you ever heard a car commercial encouraging people to pay in cash? Why? Because the dealership makes $1500 MORE in the car if you finance. How about life insurance? Most companies advertising encourage you to buy Whole Life instead of Term because it makes them 4x more while providing you with 3x less life insurance. And on and on it goes.

Most of this is why I teach a financial class to people struggling with money so they can great out of their bad habits they've come to learn through repetition and repeated messaging and have financial peace in their life. (Which subsequently helps every other area in life as well)

 

[|A-Man|]

This is the American way though.

 

[xbiker47]

Originally Posted by SUSHI AND GRITS

Lotto really is basically throwing your money in a trash can.

People have this thing with "short-cuts" and don't have enough faith in building something with patience.

THIS

 

[mrbrown]

Gotta stop buying weed and alcohol

 

[supahoopa]

didnt read
but its like 3 bucks a day
im not mad

lemme get 3 quick picks on the mega!