This week’s CBTV show is entitled, “Is Winning the Lottery Your ONLY Hope of a Financially Secure Retirement?”
Our struggling economy has fueled the growth of state lotteries across the U. S., producing record sales in many of the 43 states that allow lotteries in fiscal year 2011, which ended on June 30th. The Illinois Lottery enjoyed its ninth consecutive record-breaking year, generating nearly $2.3 billion dollars in sales, and increased its revenue by 3% over 2010, and more than 11% since 2007. Several other states such as Arizona, California, Colorado, Maryland, Missouri, Pennsylvania, Texas and Virginia also saw lottery sales increase in 2011 over 2010, revealing that Americans may in fact see the lottery as their only real shot at financial security during these extra tough economic times.
State Lotteries were created as another means to generate revenue, in addition to taxes, with the winnings going to an individual or group who had a ticket that matched the numbers generated from the states random drawing. And with most states hurting financially, the lottery has proved to be a “welcome source” of additional revenue for participating states, with much of that money funding education. In Arizona’s case, the lottery has sold $8.5 billion dollars in tickets since 1981, with $2.7 billion going back to the state. The financial impact of the Illinois Lottery has been a boost to communities throughout the state, with almost 1/3 of that revenue going to “good” causes. Of the $2.3 billion dollars in 2011 sales, $690 million dollars has gone to organizations such as: the Common School Fund, the Capital Projects Fund, Illinois veteran groups, and other non-profit organizations benefitting those individuals dealing with breast cancer, AIDS and Multiple Sclerosis.
However, those citizens who are counting on winning the lottery to improve their financial future, are facing tough odds. In the typical state lottery where an individual must match all six numbers correctly, the odds of winning the grand prize are nearly 1 in 14 million. In other games like the multi-state Powerball, the odds of winning are even higher, at more than 1 in 195 million. In other words, if you’re counting on the lottery to fund your financially secure retirement, your chances of winning are almost non-existent. “Scratcher tickets” are another popular form of a lottery game, but the actual “winning” odds can be deceptive. For example, the Arizona Lottery has a $5 scratcher ticket with overall odds listed as 1 in 3.65, but after reading the “fine print,” you will discover that most of the “winners” are simply getting their money back!
We have all heard the lotteries slogan many times before, “Someone’s gotta win, why not you?”, and “You gotta play to win.” But let’s be realistic and face the truth here, they’re appealing to our fear and greed about our financial hopes and dreams for the future. What we all really need to do, is look ourselves in the mirror and repeat these words: “If we don’t build it, it won’t come!”
We’ve also heard the old saying, “If it’s to be, it’s up to me!” So, depend on no one else but yourself for the financial security you desire. You can build it!
Again, I’d like to hear from you on this topic. Do you feel confident about building your own financial future? Are you waiting for a miracle to drop out of the sky? Or do you have a plan you’re following that will lead you to financial independence? Until next week, Dump Debt, Invest Wisely, Believe in Yourself and Make it Happen!
-Matt
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