Chasing the Bull

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In a time, not too far in the past, I had been known to buy a few state lottery tickets. I would drop down $2, thinking that maybe, just maybe, I would get lucky and I could actually catch up on my bills.

Of course, that day never arrived. I think in the 50+ times I have played, I have NEVER picked one number correctly. Not even one lousy number! What I failed to recognize is that on my quest for quick cash, I ignored a sure path to wealth. The secrets of the rich do not exist. Sounds principle of wealth management do exist.

While reading MyOpenWallet, I first read about Ray Otero. This guy spent $30,000 last year of lottery and scratch off games. Thirty Grand! The real kicker is that he only makes around $40,000 and supports his wife and two kids.

Someone should really talk to this guy. Come on NYTimes! Quit running stories on these people and offer to help them. Find local CPA who will sit down with him and walk him through the basics. Explain to him the odds of actually winning. Teach him and allow him to retire one day with diginty.

Get him connected to the internet and direct him to a few really good blogs on personal finance. Frugal Dad, My Investing Blog, Bible Money Matters, and Get Rich Slowly should get him started.

Just don’t stand there and let him spend 75% of his income of lottery tickets.

How much money do you spend on the lottery? I hope it is not too much!

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