It's Saturday night and guess what? Powerball is at an estimated who cares how many million dollar jackpot because you have better odds of being struck by lightening twice than winning. So I aim to help you break the spell of I must get rich quick.
"The only person that wins at the casino, is the house!" Steven Wynn, CEO Wynn Resorts & Casino
This is about retirement right? We'll I'm going to break down the lottery for you like a venture capitalist breaks down an angel investments prospects for a company that might actually make it big.
Odds of winning 1:195,249,053 This means you will have to play Powerball that many times to ensure 100% victory statistically.
1 dollar of a 30 year annuity at $20 million gives you an average ROI of .226 This means for every dollar you would expect to get back 22 cents!
You lose!
Compile those odds with other similar lotteries like Keno and you'll see why it's such a losing proposition to gamble at all.
Assumption: CasinoWatch.org states the average household spends $600 per year the average household consists of 2.59 per home. This equals $231.66 per person x 42 years. 5% annual compound interest.
Savings $231.66 Annually. Retirement savings? in 42 years....
Drum roll..........
Savings for retirement by never playing lotto's based on our scenario
$32,894 per person for retirement!
Bottom line, this might hurt but gamblers are losers. By gambling your throwing your money away and ensuring you don't retire early!
