In a recent column I exposed my own portfolio and its daring dullness. It is that very dullness which, I believe, is the key to its success. Still, beneath this dull exterior beats the heart of “The Gambler.” Even yours truly gets the occasional urge to buy that risky stock, offering the possibility of a 1,000 percent return, and sometimes I just can’t resist acting on that thrill-seeking urge.
More than $70 billion dollars: that's the amount of money that was spent on lottery tickets in North America last year. Seems like a lot of money to be spending on a thrill that usually only lasts a few minutes, according to state lottery commissions (and this AARP article), the odds of winning a grand prize in state lotteries can be as outlandish as 1 in 175 million, depending on the game. Is spending money on such a slim chance really worth it - especially when nearly one half of baby boomers in the U.S. between the ages of 56 and 62 are at risk of not having enough money for retirement?
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