Objectives of this blog:
1) Plan for my retirement.
2) Journal my way to financial freedom for my family and me in Singapore.
3) Share my financial knowledge and wealth management in an easy to understand way.
My current aim is to generate a passive income of $3000.
Thursday, October 1, 2009
Gambling: What are the odds?
I have taken the above information from "http://www.askdrmoney.com/gambling_investing_odds.htm". It shows you the returns for different types of gambling.
As what I have expected, all returns are negative. I simply don't understand why people still gamble when the odds are against them. I still can accept when senior citizen queue up to buy 4D or TOTO as they might be lack of finance knowledge. But I saw in these recent year a lot of youngsters and even professionals have this habits too. I have a lot of questions marks on my heads. The answers I get from them is "No buy, no hope, Got buy, got hope" (directly translation from chinese). The only explanation to myself is people are normally "short-sighted". What they see is the winning price, and not what the accumlated amount that they have pay out, and not even the odds.
To admit, I gambled in the past in term of 4D and TOTO. I have lost $200 in total including $50 to buy my flat unit number during my wedding day. I have stopped gambling ever since I am exposed to finance knowledge. Of course if I went for genting holiday, I will still play the jackpot machine. But that is for pleasure and I am not expecting to win any thing.
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