Live life on your own terms

Let’s get one thing straight: you will NEVER gamble your way to wealth!

Recently, I read a fascinating article about Australia’s lottery system.
It described life in the small low-income towns and rural areas throughout Australia, where a high percentage of people struggle with money living from pay cheque to pay cheque. They frequently encounter financial emergencies (such as medical or car issues), yet almost everyone in these areas buy a lottery ticket each week.

“You gotta be in it to win it…”
“When my numbers finally come up in the Powerball, I’m gonna get my life turned around…”

…and other such tragically misinformed words are heard from these dreamers. Do you know the odds of having a jackpot winning Powerball ticket? About 1 in 76 million. That’s 0.00000001% of buying a single
winning ticket.

A similar phenomenon occurs at Casinos. People feed their hard-earned dollars into the slots and over to the cashiers of these rigged games, impoverishing themselves and enriching the sneaky greedy owners with mathematical certainty.

So let’s just put all of this to an end right now: You never, ever gamble if your goal is to get richer. It’s as simple as that. The only way to win, is to not play. The only way to get “lucky” in life, is to understand the odds in all areas, and place your own chips on the side where they are in your favour.

Here’s how to get rich: earn as much as possible, waste as little as possible, and save or invest the difference. For the record though, investing doesn’t mean buying a hot stock because you think it will triple – that’s just gambling again with only slightly better odds!

Give it a try – instead of buying a $20 lotto ticket this week, put the
money straight into savings. Do that every week for a year, for two
years, three years in a high interest account – you could ‘win’ yourself
a nice little overseas holiday!

Scott Parry

*Comparison rates are calculated on the basis of secured credit of $150,000 over a 25 year term. Please note this comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.