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Thursday, January 12, 2006

Why save when you can win the lottery?

Read this Reuters article and it's easy to see why so many Americans are drowning in debt and having trouble saving for their own retirement. It's astonishing to me that over 20% think winning the lottery is the best way to get rich.

Upon further digging, I found the actual press release that the Reuters article was based on. Some other interesting numbers include the fact that almost half of those surveyed didn't know what net worth consists of, and the fact that another 48% don't know what their own individual net worth is.

If you don't know, or can't calculate your own net worth, there is no way you can work towards increasing it! I personally use Quicken, but that costs money to purchase the software. An alternative, suggested here by Jonathan of MyMoneyBlog, is Yodlee OnCenter. I don't have much experience with it, but if you have any questions (about Yodlee, Quicken, or anything else), feel free to leave a comment or shoot me an email!


Blogger Justine Kaley said...

People think like that because most americans are lazy even though they work the way they think is lazy, there are few americans who know the value of hard work and savings. Most other countries know they have to save in order to gain wealth, it helps them to think for themselves financially I think that's good. Because all this gambling/lottery ways to win money americans lost the values and teachings of savings and earning money by hard work.

3:07 AM  

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