It's Complicated

Budgeting Ignored

Ed Driscoll:

A couple of interesting financial stats popped up today, and we’ll see if we can tie them together in our usual tendentious fashion in just a moment. But first, found via blogger/financial author Christopher Fountain, Henry Blodget of Business notes that “Households Earning Less Than $13,000 A Year Spend 9% Of Their Income On Lottery Tickets.” Having worked for a time during school vacations selling them, that stat doesn’t surprise me at all.

On the other end of the spectrum, we find athletes who were once rich. One would think that earning millions, sometimes hundreds of millions, of dollars would provide a person with superb financial security. Unfortunately, their self-control is non-existant; their spending outstrips their earnings.

Really, how difficult is it to spend less than one makes?


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