Thursday, June 21, 2007

Playing the Lotteries

I’ve never been a big fan of what I’ve always called the “Trailer Park Retirement Plan”. I never actually buy a ticket on my own but will go in with others in the office. With the long odds and historically and criminally low return on investment, playing the lottery is understandably referred as a “stupidity tax”.

Let's be frank it is a voluntary tax. The province of Ontario collects about $650 million each year which goes to support support Ontario's hospitals, amateur sport, recreational and cultural activities, communities, provincial priority programs such as health care and education. Only 53.6% goes to prize money.

It should come as no great surprise, then, that those most likely to spend their disposable income on lottery tickers are generally those with the least disposable income. Yes, the rich really are different. For one thing, they tend to be smarter about how the handle their money.

1 comment:

mzchief said...

My grandmother used to say, "The biggest difference between people WITH money and people WITHOUT money is that the people WITH money do NOT spend EVERY penny they earn."