Does Gambling Hurt Your Net Worth?
I don't think mine does. Not dramatically anyways. I was inspired to write this post after reading about Young Finance Guy's Vegas Vacation. By my own admission, I like to gamble and I think a lot of people do. So I'm writing this post to attempt to summarize my gambling. All numbers are shown net of winnings:
Office lotto pool - $120 per year
Spontaneous lotto purchases - $15 per year
Office sports pools - $100 per year
Side bets on office pools and other office bets - $250 per year
Trips to the horse races and or Vegas - $40 to $300 per year
Other sports bets - $100 to $150 per year
Grand total comes to about $625 to $935 per year. This is actually more than I thought it would be. After writing this I was a little surprised. So here is my list of the ones I could get rid of in the order of easiest to hardest:
1)Spontaneous lotto purchases - I just don't need these.
2)Other sports bets - I could actually eliminate this, it would hurt me, but I could do it.
3)Side bets on office pools and other office bets - I don't think I could get rid of this completely but I could reduce it some.
4)Trips to the horse races and or Vegas - These are more of a social event for me, so I don't feel like I have a lot of control over these trips.
5)Office sports pools - I actually run a lot of these in my office, so I don't think I could quit playing them, because I'm sort of in charge of them.
6)Office lotto pool - The thought of my co-workers quitting after a jackpot and leaving me in the office blows my mind, so I think I'll stay in this one.
Anyone else have some thoughts on this?
posted by Please Read @ 6:21 PM
4 comments
4 Comments:
Awesome post...We would get along well.
I agree with you on the office lottery. Actually it would even irritate me now if El Monte won and they all quit and here I would be still busting my butt in this class I am in....
So I hear ya bro
Haha, I love to gamble too. My yearly budget works out to somewhere between $500-1000. A big gap of $500 because it depends on how many times we end up going to Reno/Vegas. I mostly just gamble in casinos (playing craps and roulette). As to whether it hurts my Net Worth? No, I already budget this as "entertainment" expenses and come out ahead if we dont end up going.
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