700 Million Lotto anyone?By Randell Tiongson on November 26th, 2010
I guested at Umagang Kay Ganda earlier and the topic was the Lotto. As of this writing, the pot is already over 600 million bucks and it is expected to be close to 700 million by the next draw. The hosts asks me for advice as to what to do with their lotto winnings. I gave the usual prudent financial advices such as diversification, wise investments, giving away, etc.
However, I really wanted to tell the viewers one thing about the lotto, it is to forget it! It was not my place in the show and I was being asked questions on what to do with the winnings and not whether one should spend money of lotto.
My view on lotto? It is for people who don’t understand math – simply put. Not sure about the actual odds but there are claims that you are more likely to die from lightning rather than win the lotto. The chances are almost nil and yet people part good money on lotto all the time.
Whenever you think about playing the lotto, here’s my advice — don’t. Lotto, regardless of how you justify it is gambling… and worse kind of gambling since your chances of winning is almost zero, zilch! Here’s more… most lotto winners end up losing most, if not all of its winnings in less than 3 years or so!
You really want to help the poor? Save your lotto money and be financially responsible — then share your blessings to the poor in a more sustainable manner.
My thoughts, but I pray that Pinoys will think like this too.