When I was a kid, my grandmother would send me to the corner store to buy random items and pickup her lottery ticket. She played “her” numbers religiously. So frequently in fact, that the corner store owner, knew her numbers without me telling him. I never thought twice about what that meant. However looking back today, I understand it for what it was. My grandmother trusted more in a lottery system to provide future wealth than anything a bank could provide.
And thinking about that, makes me sad.
My Grandmother was raised in a time where having kids, starting your life, and not finishing school wasn’t uncommon in the heart of Texas. Today, I can’t even fathom how a 13 year old kid, managed to tackle life with the experience she had. But somehow she made a way.
According to an article from The Motley Fool in 2019, the average American spends anywhere from $34 to $737 (depending on state of residence) on a game where their odds of winning are either 1 in 292 million or 1 in 303 million. That’s absolutely insane when you think about it. However I can understand why someone would do it.
56% of Americans live paycheck to paycheck. Another 12.3% or roughly 40 million Americans live below the poverty line according to the U.S. Census Bureau. When you live in poverty, you’re constantly fighting for an opportunity. No matter how big or how small, everyday is a fight to create some semblance of economic success.
For some, the lottery represents in their mind the best opportunity they have at wealth creation. Its their chance at a truly level playing field. Knowing that today, I understand why my Grandmother played the lottery. I also understand why its important create a level of success that carries forward across multiple generations.
No one should have to depend on winning the lottery to change the economic trajectory of their family and I am determined to make sure no one who comes after me will ever have to.
As always if you have questions or concerns regarding creating an emergency fund, investing, real estate, insurance, or planning for the future, don’t be afraid to speak with qualified financial advisor. Smart Asset has a great tool to find an advisor in your area or feel free to email me (contact@surgifi.com) to help you on your path to financial independence.
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