One of the articles on the front page of our local paper today was "Mega jackpot: Area residents lining up for chance to win". The jackpot is up to $330 million. That's a lot of money and people line up to buy tickets for a chance to be a millionaire.
Did you know that your odds of having the winning ticket is One in 175,711,536. Did you know a person who plays the lottery on a regular basis spends on average $30 per week. Let's see, $30 per week x 52 weeks a year = $1,560 with little if any winnings. (Looks a lot like a tax to me. . . )
How about this instead of purchasing tickets. $30 per week invested in a Roth IRA earning 10% from age 20 to age 65 (45 years) equals $1,233,641 TAX FREE every time.
This sure beats odds of 1 in 175million. So this weekend, skip the Mega Millions ticket line and open up a Roth IRA.
Friday, August 31, 2007
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment