02 Mar Stop Gambling and Save Your Paycheck
Whether you buy lotto tickets, play poker, black jack or actively trade on the stock market you are what we call a ‘high risk gambler’. You spend a portion of your paycheck every week hoping to finally hit the jackpot or at least bring home some extra cash. Problem is, gambling has terrible odds and is highly addictive.
Take Canada’s Lotto Max draw, the odds of winning this jackpot are ridiculous, often between a 1 in 30 million chance. Add the fact that the ticket cost a hard earned $5 and you’ll quickly notice that you’ve made a terrible investment. We’ve all heard the phrase ‘ you can’t win if you don’t play’ but you can’t lose if you don’t play either. The slim chance that you could win millions of dollars is inciting but don’t let it be blinding. Saving your money is the smartest and fastest way to accumulate riches.
Gambling can literally take over your life. It doesn’t matter how much you win from the casinos or lottery you will always end up giving back most if not all of your winnings. Usually, gamblers chase their losses in an effort to double up or break even. They’re optimistic about their chance of winning even though the numbers prove otherwise. There wouldn’t be casinos and lottery draws if it wasn’t a very lucrative business. A business where they win and the gambler loses.
The worst thing you can ever do is take a payday loan out for gambling purposes. Using a payday loan may seem like a harmless idea until you’re in the hole and can’t pay your car insurance or your rent. Gambling with a payday loan is dangerous for so many reasons but most of all because when you gamble with a cash advance you tend to bet more aggressively because the money doesn’t feel like it’s yours.
Borrowing money to gamble is when you know you have a problem. You should not gamble at all never mind gambling with money you haven’t earned yet. That’s a recipe for a vicious financial nose dive.
Give yourself better odds, stop gambling. You will be shocked at how much money you can save if you kick the urge to gamble. Yes, gambling can be fun, it boosts your adrenaline and can make for a great social gathering. But do not be bamboozled, gambling is and will always be a silly investment.