Kick the lottery ticket habit

Lottery players gamble against many thousands to many millions to one for a chance at winning. Many states set up lotteries as an alternative to help fund schools. Clearly, money for schools is a good cause but understand what you are giving up by buying these tickets.

If you have a $5 a week habit, putting that money into a simple interest bearing account at 5% instead of buying a ticket will compound to $3,270 in ten years. A $10 a week habit compounds to $11,871 in 10 years. And a $50 a week habit: an astounding $29,072 in 10 years. (These calculations do not even count the cost of the trip to 7-Eleven or the additional soda, magazine, or other expensive consumption items that you pick up simply because you are there to get your lottery ticket!)

Don't get lured into the drama. Yes, folks win. But almost everyone loses! Why join them? If you are buying tickets to help out schools, make a direct donation instead. You'll do better and so will the schools you are trying to help.