Morgan Housel: Year Lottery Tickets

Posted by admin on Monday, February 19, 2024

Meaning of Morgan Housel Money Quote: saying Low-income families are putting $400 yearly into Lottery tickets instead of saving for emergencies. Morgan Housel said:
 
 
The lowest-income households in the U.S. on average spend $412 a year on lotto tickets, four times the amount of those in the highest income groups Quote
 

The lowest-income households in the U.S. on average spend $412 a year on lotto tickets, four times the amount of those in the highest income groups. Forty percent of Americans cannot come up with $400 in an emergency. Which is to say: Those buying $400 in lottery tickets are by and large the same people who say they couldn’t come up with $400 in an emergency” — Morgan Housel

 

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This quote from Morgan Housel is pointing out an interesting contradiction in spending habits. While the lowest-income households spend much more on lottery tickets compared to higher earners, around 40% of Americans say they do not have $400 available for an emergency.

This suggests that many of the people spending $400 or more per year on lottery tickets are among those who claim they could not come up with $400 if needed. In other words, those with relatively low incomes are devoting a significant amount of money to lottery tickets despite indicating that they have little financial flexibility or emergency savings.

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