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My WealthLottery, Sweepstakes and Other Tax on Fools

Posted Aug 2010

Who is the party who wins on lottery or betting? Definitely that is not you.

Lottery, Sweepstakes, Betting and other forms of gambling are tax on fools. The profiles of the people who play such games are those who do not understand statistics. You do not need to be an expert for the statistics. If the lottery or sweepstakes are designed to make people rich, than you would see many rich people all around you. How many people you know that made money on lottery? If you think about this question for a while, you will have more clear understanding of statistic.

In reality, the population who play these kinds of games is the population of poor and desperate people. Do you plan to stay poor and desperate?

It is hard to see the rich man who is wasting his money on lottery. In time of crises, when people are having less and less money, the rate of people who play lottery or sweepstakes is increasing.

The purpose of existence of companies who organize betting or lottery is to make them profitable. In order to stay profitable they must be very careful when setting the odds of the game. The odds must be set to take you the money and to make them profitable and rich. The concept of these organizations can rightfully be called the legal robbery. The house always wins. If someone wins once, he will lose many times more. If you can still have the person who has the positive balance, do you think that you can be positive too?

Even the lucky ones, who really made a fortune, didn’t become lucky always. Statistically 75% of them lost their fortune soon. There are many reasons for that.

Firstly, you do not get what you think that you will get. If you win $1.000.000 on lottery you will not have the whole sum in one piece. They offer you that sum in monthly installments that are spread to the period over many years. You can have money immediately, if you agree on the amount that is reduced by 30-40%. On top of that there is the tax. So if you are lucky, you will have half of what you “won”.

After that comes cousins, new “friends”, mafia, etc. Everyone wants a piece. You may want to stay in privacy, but it is difficult to be unnoticed.

Finally, the rest of the money that you get will likely leak fast, since the money you get is bigger amount that you are used to manage. You do not have skills to manage larger amount, so it is likely that you may spend money fast, without thinking much. You may want to invest, but what if you do not have investment skills and luck?



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