Buying Lottery Tickets Out Of Fear

I’ve written before at how useless it is to purchase lottery tickets with the long odds they have, although there are a lot of people out there that still believe that the way to become financial secure is to win the lottery. It doesn’t matter that the odds are better that you’ll die from flesh eating bacteria or that you will die in a car accident while going to buy the lottery ticket than actually winning…

Even though I have explained this to my mother, she continues to play the lottery with her co-workers. Now if she did it because she enjoyed it and it was a bit of entertainment, I don’t think it would bother me that much, but that is not the case. She plays the lottery and wastes her money out of fear. This is her logic:

I know that we will never win, but if for some miraculous reason we did and I wasn’t a participant and all my co-workers could up and quit and I had to stay at my job, it would just kill me. I play to make sure that I’m not the only one that doesn’t win in case they do win…

She always gives the example of a group of co-workers that wins and wonders how all the others there feel that they did not participate with that group. Of course, none of this changes the odds of them winning – the likelihood that they win is remote to say the least, but that won’t stop her from participating. She would now have over $1000 extra dollars in the bank (not including interest) had she opted not to play…

This is a good example of how emotions can cost you money. While one of the most difficult issues to overcome regarding money, putting aside your emotions and looking at your personal finances objectively can go a long way to putting your finances on the right track.

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5 Responses to Buying Lottery Tickets Out Of Fear

  1. Jason says:

    I’ve met someone like this. Only they instead bought tickets because “How would I feel if one week I didn’t play and my numbers were the winning numbers.” Ahh, emotion, the killer of networth :)

  2. Frugal Momma says:

    I did a recently poll on Do you play the lottery. 50% did at some point but most of them were doing it for the big payouts. I think for them, it is mostly entertainment. My husband doesn’t it at work when there is big payout. Putting in a buck or two every few months can be fun.

    I also buy my Dad a season ticket for the lottery for gifts. He likes that.

  3. Craig Atkinson says:

    I like the quote “Lotteries are a tax on stupidity” and it plays right into my line of thinking as I refuse to even consider wasting any of my hard earned money on it.

  4. Aldeya says:

    I never played the lottery, it’s a waste of time and money IMO. But I just came across this article….Makes you wonder:)

    Yahoo News

    9 facing unemployment in Ind. win $9M

  5. Aldeya says:

    OOps, sorry for the link. It didn’t work properly:(

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