Sure it is, and if you’re addicted you should get help. But the vast majority do little more than play the weekly lottery and that normally runs you $1-2/week. Maybe 5 if you’re splurging…
For comparisons sake, at 2% sitting in your savings account, over 40 years, you’d get a return of about 50%.
So at $1/week you’d spend around $2000 over 40 years, and then get interest of around $1000.
Not a huge return that you’re missing out on. Oh the other hand if you got your $1/week into some big 10% return, you could grab $20000 in interest over 40 years. But no one is giving you 10% return throwing in $52/year.
For a lot of people that small amount of money is entertainment for them and little else. On the off chance they actually win something it’s a bonus, but not something they’re expecting back or that will really change their life either way.
Also fire does ouchie ouchie
This should be played as part of every school curriculum. It can be so dangerous
Lol did he just mention crypto as a good investment example?
5/1 and 1 in 6 are the same odds. So the expected value of his example of negative expected value is actually 0.
Sure it is, and if you’re addicted you should get help. But the vast majority do little more than play the weekly lottery and that normally runs you $1-2/week. Maybe 5 if you’re splurging…
For comparisons sake, at 2% sitting in your savings account, over 40 years, you’d get a return of about 50%.
So at $1/week you’d spend around $2000 over 40 years, and then get interest of around $1000.
Not a huge return that you’re missing out on. Oh the other hand if you got your $1/week into some big 10% return, you could grab $20000 in interest over 40 years. But no one is giving you 10% return throwing in $52/year.
For a lot of people that small amount of money is entertainment for them and little else. On the off chance they actually win something it’s a bonus, but not something they’re expecting back or that will really change their life either way.
Yes!