Comments on: “Save to Win” lottery trick to saving

By: Best of Money Carnival: Bento Food Art Edition

Best of Money Carnival: Bento Food Art Edition — Mon, 03 Aug 2009 06:31:16 +0000

[...] to address this discrepancy. You can read more about it in Christian PF’s article about the “Save To Win” Lottery Trick To Saving! This idea resonated strongly with me because I enjoy hearing about new ways and new tricks to help [...]

By: Terry

Terry — Fri, 31 Jul 2009 01:20:02 +0000

It’s not a rare occurrence; I once worked in a convenience store and we had ‘regulars’ who would plop down substantial (to me) money, buy lottery tickets, and spend what seemed (to me) an interminable session scratching them off. (Some preferred the numbers games like Powerball, and took thjeir tickets home to wait for the results.)

I had a (sorta) similar idea this morning after seeing an online “What If?” lottery ad. (What if you won the Powerball jackpot, etc.)

What if you socked away and invested that $25 per week you spend on lottery tickets?

By: Nick

Nick — Thu, 30 Jul 2009 12:11:31 +0000

It wouldn’t encourage me to save more, but I think it’s a great idea for some people. If it gets people saving, than it’s a good thing

By: The Frugal New Yorker

The Frugal New Yorker — Wed, 29 Jul 2009 15:52:39 +0000

I really respect the intentions of this program– people aren’t perfect, and sometimes we need a little incentive to do the responsible thing, i.e. saving. That said, there’s something ridiculous about this idea. Rather than tricking people into investing, what about spending money on educating them? If you can hammer home the reality that regular investing leads to big money over time, maybe you can get people to accept it and do it on their own.

Then again, people will always dream of free money. And they’ll always spend money to get it, lol.

By: Pochax

Pochax — Wed, 29 Jul 2009 15:19:36 +0000

i think it is a great idea – perhaps not perfect since it is still motivated by greed somewhat, but better than blowing it all on lottery tickets.

By: Warren

Warren — Wed, 29 Jul 2009 14:15:40 +0000

It is a great idea,one can not lose. The savings can be very good.
Years ago I had the credit union take but $5.00 out of weekly pay.
I work for sven yeas befor changing jobs. I reinvested into CD’s I am much, much older now and recieve a vey good income for life. It all started with a mere 5′er.
With so maney deposits I could of been a $100,000.00. But, more importent is, ” I am already a winner” I saved. No stock 401ks, no no so called real investments, JUST SAVED> I have never lost a penny by saving.
PRAISE the LORD>
WNM

By: Lakita

Lakita — Tue, 28 Jul 2009 23:39:20 +0000

At first I wasn’t sure about this. But the more I thought about it…I don’t believe it is gambling because you have nothing to lose.

Even if you don’t “win”….you still are still saving money…which is a bonus win in itself.

And if you do “win”….then, consider that a bonus.

It’s not like you have a greater chance of winning by saving more…that may have some undesirable side effects. But I think it is an out the box way to promote savings.

By: Eden

Eden — Tue, 28 Jul 2009 16:57:27 +0000

I have some mixed feelings on this, but overall I suppose it’s a good idea. My only concern would be the person who has never saved money and instead bought lottery tickets upon winning $100K would simply go out and blow it all.

Also, the savings versus gambling spending sounds rather questionable to me. But I see how it helps to make the point and the point is probably a fairly valid one.