Todd Christensen Profile Picture
Staff Writer at Debt Reduction Services

Savings is a commitment, not an amount.A full 60% of Americans have NO habit of savings. Yet how many such Americans are playing the lottery this week?

If you find yourself among that 60 % who have no emergency savings plan, please do us all a favor and start your savings habit today with the money you would have spent on that ridiculous lottery ticket. A favor to us all? Yes, our collective lack of savings means we – fellow consumers and sometimes even as taxpayers – foot the bill for many bankruptcies and uncollected debts that individuals and households might otherwise have been able to handle had they had even a small savings account fund. Billions of dollars are discharged in personal bankruptcies every year, meaning our favorite places of business must raise prices, loan rates, and other costs in order to compensate.


Powerball LotteryTo the winners of the this week’s and future lotteries, may your unearned and unmerited new wealth bring you more happiness than you have now, although the odds indicate that a large percentage of lottery winners (already unaccustomed to and uncomfortable with any amount of money in their accounts) find themselves in just the opposite situation. Check out some of their stories:

Gambling-GreedDo yourself a favor: Put those same few dollars in a savings account. It will bring you a small measure of satisfaction. Otherwise, if you’re not happy with who you are currently and the financial direction you’re headed now, playing the lottery (and even winning the lottery) to change that is not going to make you a better person or necessarily even a happier person. What it will do is press all of the social cockroaches out of the walls of your past and send them scurrying to your door looking for an equal cut of your money. After all, what did you do any different than they to actually earn the money? You won by luck! And luck is a tough sell to the desperate and to the greedy alike.

The winner’s initial exhilaration will likely be followed by a lifetime of the same worries about the money they now have, just multiplied many times over. Compared to the lottery odds, that’s a pretty sure bet!

Have a great day (and save your money)!

Todd Christensen-Author of Everyday Money for Everyday People, Todd ChristensenTodd Christensen
Everyday Money for Everyday People

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