Dave Ramsey Question 5

dwallyfam · 09-03-2006, 10:28 AM

Sorry it has taken this long to get back. The start of school has been hectic. Not to mention work.

Okay so the next Myth Vs Truth that Dave discusses is:

Myth: Playing the Lotto and other forms of gambling will make you rich.

Dave's Truth: Lotto and Powerball are a tax on the poor and people who can't do math.

What do you think?

For me I believe that Lotto, bingo, raffles and gambling are forms of entertainment. I don't believe that you will become rich off it, but it is sometimes is fun to do these things. For my family we may go twice a year to do something of this nature, but we budget for it and only take a SMALL preset amount say $20. For the entire year we may spend $100.

I know for some people they go way overboard and this is how they get into trouble. For those people I think they need to stop and reasses things.

Kellie

mcphlips · 09-03-2006, 11:30 AM

I think Bingo is also a form of entertainment. It is something honestly that I can do with my grandparents.
As for lotto etc. I 'm not into that because I do think they are a waste of money. I do like to give the scratch off lotto tickets as gifts at Christmas etc, but to me they are a waste to buy every week.

autumnlynn · 09-03-2006, 11:45 AM

Well, I believe playing the lotto is a waste of time. They did a study out here and it was on the news that the poorer people played the lottery much more than those better off financially. However, if you save up your blow money and use that, then it's up to you. I think it gets out of hand when people start using money for necessities to buy tickets.

If you enjoy buying a few scratchers, playing Bingo, etc., if that is one of the forms of entertainment for you, and you use your blow money, then I have no problem with it.

pammy · 09-03-2006, 12:29 PM

I'll use two people that I know personally as an example. The first is a first generation self-made millionaire. He's never played the lotto. He may occasionally gamble if away on vacation, but for entertainment only, he can afford it. The second is an aunt, she went through a $100k death benefit after the death of her hubby in 5 months, all gambling. She now anxiously awaits her social security check so she can hit the gambling cruise boats and bingo halls, or when she visits here, the casino. My own mom used to spend utility bill money or grocery money hitting the bingo halls.

I went into the casino in the next town over twice in the past 5 years. Each time I took $20 knowing it'd be spent. When it was gone, I was done, just people watched after that. It was fun. But not that fun. We've had the lotto in Oklahoma for bout half a year now. Still have only bought one $1 scratch off. I lost, I was done. From now on I just keep that $1 to myself, 100% return, lol. It's not worth it.

Smart people that have become wealthy on their own know you don't get rich playing the lotto. Think I'll go with them on this one.

FarmerSue · 09-03-2006, 01:36 PM

A couple times a year I play Bingo on the radio (northern Canada) with my mom. $5.00 each time. My mom and her best friend play every Saturday morning since forever. Other than that we don't do lotto. I wouldn't even know what to ask for at the counter. I don't think we get the big winnings up here in Canada, I'm not sure. I was watching something on tv once (Trailer Park Boys) and one guy said Video Lottery Machines are the governments way of getting their welfare checks back. We laughed at first but then when you think about it it really isn't all that funny.

rebecca · 09-03-2006, 08:10 PM

The chance of winning in nil for most people. I have seen people in line to play the lotto and it was nothing for them to drop $50 to $60. Just think if they would of took that money and invested in it.

Telephus44 · 09-03-2006, 09:00 PM

I think that one of my friends in college had the best philosophy for this. We used to have a poker group that played (for $$) about once a month. Buyin was $20. He used to say "I could spent $20 on a movie and it would be gone. I can spend $20 on a dinner out and it would be gone. So I can spend $20 on playing poker tonight and if it's gone - well, it's no different than any other night when i spent $20 on entertainment."

I have always adopted that philosophy myself.

Buckeye5 · 09-03-2006, 10:39 PM

I don't buy lottery tickets anymore, but I did on occasion when I was working at the gas station/grocery store. I must admit, I love to go to casino's. I don't have the $ anymore since I quit working, but for me it was a form of entertainment. I now play FREE slots on the computer. It isn't the same but it works for me.

Kisobel · 09-04-2006, 12:11 AM

i do admit to having been part of a lotto goup at work. but when they asked me for more money this time, i declined. really does seem a waste of money. however, i do enjoy gambling about 2 times a year. we go to the racetrack and bet on the horses once a year. it is budgeted as entertainment money. i certainly dont expect to get rich at the track or casino. its fun to people watch and yell at your horse to go faster. when we go to the casine once a year, we get a nice dinner and spend our limit and then leave. i think as long as you have discipline enought to walk away and not overspend your budget, its ok.

kate

LastDragonfly · 09-04-2006, 02:51 PM

When I was the landlord of a low income property, I can tell you that almost everyone of my tenants bought lottery tickets and most of them were regulars at the casino. They would even stop by my office to see if I wanted them to pick me up a ticket. I even had one tenant give me scratch off tickets in a birthday card.

We live in a town with a casino. We never go. I've only been once and that was with my old boss. Dh and I just don't find the thrill or fun of lottery or casino.

zasoror1 · 09-04-2006, 10:48 PM

I'm totally against the lottery. The chances of winning are slim to none. I don't waste my time or money for that form of entertainment. Playing something like Bingo is a little more reasonable.

rachelMcK · 09-05-2006, 08:15 AM

I work selling lotto tickets somedays. I am honestly appalled by how much people spend to "hopefully" win. I live in a very, umm...work-free part of town, most people collect government assistance. They blow it on lottery tickets. I've never agreed with gambling and I don't find the fun in it. I've been legally allowed to gamble for 3 years now, and i know that I have only spent $20 in any casino and bought a few scratch tickets ($1 ones of course). The only lotto that i play is the free tickets that customers sometimes give me. I just don't like gambling with my hard-earned money, it has never made sense to me.

happymommy · 09-06-2006, 07:24 PM

Sadly I know to many family members that call gambling, fun, entertaining etc.
I know our family has a high ratio of gamblers and they are not rich in any area of their lives.
I'm lucky, I didn't become one considering I was surrounded by gambling everyday.
I tell my kids they could have a higher risk of being a compulsive gambler and alcaholic because of our family history.
I guess it's a chance we all take.
Sorry this hit a personal note that is painful.

MandiDawn · 09-07-2006, 09:13 AM

I love to play bingo. If I have an extra few dollars on Fridays (from my personal spending money for the week) me and my friends will go play bingo. It only costs a minimim of $3 up to whatever you want to spend. I dont' expect to win (probably because I never have lol) but I do think it's a fun night out. Plus I'm supporting the church . . .
I have also been to casino's and bought lottery tickets ,but again, if I'm feeling "lucky" that day and I have extra from my "personal spending money" then I might buy a dollar or two. Not a regular in any sense of the word.
I do think that if you can't take care of your bills/food/rent then no, you should not be playing, but that holds true for alot of things in life.

birthgeek · 09-07-2006, 10:04 AM

My parents used to spend $10-20/wk on the '649' Lotto when I was a kid. They'd play their numbers at least once a week, sometimes twice! For years my Mom played the same numbers, ones I'd been allowed to help her choose. The one draw she *didn't* play them, they would've won the second prize (something like $250,000 I think). You can imagine the letdown!

My parents also spent years playing Bingo. For my Mom it was a night out with friends, so laugh and smoke for a few hours. My Dad was addicted and even borrowed cash on the sly from my boyfriend so he could play. If that's not a sign of a problem, I don't know what is! Luckily, that habit has been long forgotten and now I think my Dad plays the Lotto every now and then, when the jackpots are bigger and more tempting, LOL.

As for us, I may have purchased 5 lottery tickets in my life. Played Bingo about 3x, and won $1500 once! That was nice.

Otherwise, DH and I joke that if we ever wanted to, we'd pretend we did and instead put the money in a little savings account every week instead. I think that's a much smarter plan!