Dealing with Debt – Golden Nugget #295

Dave Ramsey says that debt drastically increases risk and magnifies mistakes. When you use borrowed money, the ramifications of bad decisions are several times as bad as when you use your own money. If you don’t borrow money, when the economy suffers a downturn, you don’t have to be afraid that someone’s gonna come and take your assets. Live within your means. Businesses and people who are generous have a tendency to win. As I was thinking about this, I decided to try and find out who plays the lottery. A 2011 paper in the Journal of Gambling Studies conducted a thorough review of the available research on lotteries and concluded that… “The poor are still the leading patron of the lottery and even people who were made to feel poor buy lottery tickets.” This is what I suspected, and my theory is that people who work hard for their money aren’t as likely to waste it on something that they know is a poor investment. By the way, the study also said that the legalization of gambling has seen a significant increase in young people who gamble, especially when it comes to lotteries, and the best predictor of their lottery gambling is their parents’ lottery participation. What an awesome responsibility it is to be a parent, because our children truly are affected by our choices.
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