Today I Found Out

A Tax on the Poor- The Lotto and the Surprisingly Common Sad Aftermath of Winning (2017x135)

Date de diffusion: Jun 01, 2017

If you happen to like our videos and have a few bucks to spare to support our efforts, check out our Patreon page where we've got a variety of perks for our Patrons, including Simon's voice on your GPS and the ever requested Simon Whistler whistling package: https://www.patreon.com/TodayIFoundOut →Subscribe for new videos every day! https://www.youtube.com/user/TodayIFoundOut?sub_confirmation=1 Never run out of things to say at the water cooler with TodayIFoundOut! Brand new videos 7 days a week! More from TodayIFoundOut What is a Tarnation https://youtu.be/DrBOJOUN3Sc?list=PLR0XuDegDqP3-uys3Rl2dvdsFkk96zRbt Why is There an R in "Mrs" When It's Pronounced "Misses"? https://youtu.be/PoUC22qR3Lk?list=PLR0XuDegDqP3-uys3Rl2dvdsFkk96zRbt In this video: It’s been called a voluntary tax on the poor and under educated, with people spending a whopping $60 billion a year in the United States alone on lottery tickets, most of which are purchased by low income individuals. (All total, about 20% of Americans play the lotto). Despite the high number of lotto tickets purchased annually, when playing the lottery (in all its forms), you’ll win an average of just 53 cents for every $1 you spend, making it one of the lowest return rates of any form of commercial gambling, and thus extremely profitable for the various government bodies who run the lotteries. Want the text version?: http://www.todayifoundout.com/index.php/2012/12/on-average-people-who-earn-less-than-13000-a-year-in-the-u-s-spend-5-of-their-gross-earnings-on-lottery-tickets/ Sources: http://papers.ssrn.com/sol3/papers.cfm?%20%20abstract_id=1324845## http://link.springer.com/article/10.1007%2Fs11166-008-9041-1 http://wws.princeton.edu/news/Income_Happiness/Happiness_Money_Report.pdf http://www.smartmoney.com/invest/stocks/why-lottery-winners-go-bankrupt-1301002181742/ http://www.forbes.com/sites/financialfinesse/2012/04/05/three-ways-not-winning-the-lottery-may-make-you-wealthy/ M