Quote:
Originally Posted by Ron Bennett
Perhaps, but then consider what the combined life-time odds are of a low income person accumulating any real meaningful wealth over their lifetime. Note my emphasis above ... I'll get to why in more detail in a moment.
What are the odds of a low income person accumulating $1,000,000, after taxes, etc, in 2011 dollars over their lifetime...
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your math is flawed... First, one doesn't need a 1 000 000 plus dollars to have a happy life/retirement. Does it help? Of course it does, but not necessary. Second, the chances of you winning are through the roof no matter how often or how much you play. The chances of you having a good chunk of change to use to either help you retire early, do what you want when you retire or to even just spend it on something fun are almost 100% if you just put that money in some super low risk investments instead...
I'll play here and there because it does involve some excitement, but I know far too many people who use it as a frivolous pipe dream to their future and refuse to come up with their own investment plan instead, which i think is pretty sad considering the odds...