by Caleb Reading
In a 1999 survey by the Consumer Federation of America and financial services firm Primerica, 40% of Americans with incomes between $25,000 and $35,000 — and nearly one-half of respondents with an income of $15,000 to $25,000 — thought winning the lottery would give them their retirement nest egg.
Yeah, and I’ll attach a lightning rod to my roof and depend on it for electricity. Awesome plan, couldn’t go wrong.
Overall, 27% of respondents said that their best chance to gain $500,000 in their lifetime is via a sweepstakes or lottery win, the survey said.
To save that $500,000 nest egg, you’d have to tuck away a little less than $100 a month starting at age 21. What’s more likely: that you can find an extra $100 a month — or that the 1-in-several-million odds of even the smallest seven-figure jackpot suddenly tilt in your favor?[…]
“If you’re playing because you think you’re gonna get rich, then don’t play,” says Don Feeney, research director for the Minnesota State Lottery.