19th March 2007

Financial Plan: Winning the Lottery

posted in Financial Literacy |
            

Robert Kiyosaki has been stressing about the importance of financial literacy and the lack of financial knowledge among the general population in the U.S. through his “Rich Dad” book series. 

The lack of financial knowledge is an issue not just the U.S. but everywhere. 

Australia news portal, The Age (theage.com.au) reported that:

One in seven Australians are banking on winning the lottery to deliver them financial security.

A new poll, released to coincide with a campaign to boost Australians’ financial literacy, has also found 8 per cent of people think the best place to put their savings is in a jam jar under the bed.

The Federal Government today will launch its campaign that is aimed at making Australians more aware of the importance of knowing how to manage their money.

15 per cent of the population are banking on winning the lottery to help them reach their main financial goal. Among people earning less than $70,000, 18 per cent are hoping for their numbers to come up.

The chances of picking the numbers in a 45 ball lottery is about one in eight million.

Three per cent of men and one per cent of women said their main financial goal was to buy a flat screen plasma TV.

When it came to where best to put your savings, 44 per cent of those quizzed said a high interest bank account was the way to go. Another 28 per cent backed a regular bank account.

But just 9 per cent said a managed fund, six per cent thought shares, and eight per cent (including 10 per cent of women) said a jam jar under the bed.

I too has the dream of winning the lottery to jumpstart my wealth building.  And I recommend using a buscuit tin instead of a jam jar under the bed.  The buscuit tin can contain more than the jam jar!  :-)


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    • This entry was posted on Monday, March 19th, 2007 at 11:03 am and is filed under Financial Literacy. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

    There are currently 3 responses to “Financial Plan: Winning the Lottery”

    Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

    1. 1 On March 21st, 2007, Joe said:

      Here in Singapore, people queue up to buy a ticket during the lottery day. Wasting their time away instead of educating themselves financially. Lack of financial knowledge is everywhere.

    2. 2 On August 23rd, 2007, John Brooks said:

      The current Powerball was over $200,000,000 in the United States. I purchased 5 tickets. I have created a program that lets me compare these numbers to the last 441 draws, all draws sense January of 2003. If you purchased these same numbers in every one of those drawings you would have spent over $2,200 USD. Your return would have been $200 UDS and never over $7.00 USD in any one drawing.

      Not a great investment.

    3. 3 On September 28th, 2007, Miss Q said:

      Ironically, most people who actually win milions in the lottery, lose them just as fast because they have no idea what to do with all the money.