The Lottery

Let's look at one way people financially engage chance or luck. Let's talk about the lottery.

The definition of lottery is:

1. a means of raising money by selling numbered tickets and giving prizes to the holders of numbers drawn at random

2. a process or thing whose success or outcome is governed by chance

We are in a day where people are fascinated by get-rich-quick schemes. We are also in an age of instant gratification. Lotteries are being promoted as a simple way to get what we need. But is it really that simple?

Americans spend tens of billions of dollars on government-run lotteries each year.  But as income inequality widens, low-earning households spend a disproportionate amount of money on lottery tickets according to a new study by Bankrate.com.

The lowest-income households in the U.S. on average spend $412 annually on lottery tickets, which is nearly four times the $105 a year spent by the highest-earning households according to this study.

Almost 3 in 10 Americans in the lowest income bracket play the lottery once a week, compared with nearly 2 in 10 who earn more than that.

What's even more interesting is that Americans making less than $30,000 a year are most likely to buy multiple lottery tickets each week.  These low earners spend 2.5% of their take-home pay on lottery tickets, or about $8 a week. Higher earning groups make more than eight times the lowest group’s average income and spend three times less on lottery tickets.

Americans spent $80.3 billion on lotteries in the year 2017. The rise in spending is due to the expansion of multi-state lottery games such as Powerball and Mega Millions.

Lotteries are a runaway train, seeing increased spending over time.  But the communities playing the lottery get a lot less out than they put in. The odds of winning the lottery like the $350 million Powerball are around 1 in 292 million. These tickets are purchased based on chance, to quickly and easily obtain a large sum of money.  But the Lord does not want us relying on random chance to see our needs met.

Phil 4:19

19 But my God shall supply all your need according to his riches in glory by Christ Jesus.

KJV

Prov 24:3-4

3 Through wisdom is an house builded; and by understanding it is established:

4 And by knowledge shall the chambers be filled with all precious and pleasant riches.

KJV

There is a downside to winning the lottery.

Prov 28:22

22 He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.

Winning the lottery can in fact be dangerous. Here are some stories to illustrate the point.

For some, winning the lottery was physically dangerous. Abraham Shakespeare was murdered in 2009 after winning a $30 million jackpot. The suspect, a woman who befriended Shakespeare after he won the lottery, shot him twice in the chest and then buried him under a slab of concrete.

For some, winning the lottery was emotionally dangerous. In 2006, Sandra Hayes won the Missouri lottery, splitting a $224 million prize. Her win was emotionally damaging. “I had to endure the greed and the need that people have, trying to get you to release your money to them. That caused a lot of emotional pain. These are people who you’ve loved deep down, and they’re turning into vampires trying to suck the life out of me.”

For some, winning the lottery was behaviorally dangerous. Ronnie Music Jr., for example, won $3 million in a Georgia lottery but found the temptation to make even more money too great and eventually invested part of his winnings in a crystal methamphetamine ring. He recently started serving a 21-year sentence for the crime.

Stories like these are not unusual. In fact, they’re more the norm than the exception. Winning the lottery has been described as a “curse,” and according to the National Endowment for Financial Education, 70% of those who receive large cash windfalls lose them within just a few years. Winning a large amount of money can be physically, emotionally and behaviorally dangerous because money, at it’s core, can be spiritually dangerous.

1 Tim 6:10

10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.

--Jesus talked more about money in the Bible than anything else

--He was not after people’s money…He was after their hearts

--He knew that both of these entities were interconnected

Matt 6:21

21 Wherever your treasure is, there the desires of your heart will also be.

There is a freedom and joy found in living according to God's financial principles. We must do it God's way. Doing it God's way replaces the frantic seeking of fast money with the desire to work as unto the Lord...it may not be flashy but it works.

What's His way?

1. Always spend less than you make

2. Give to the Lord to honor and acknowledge His gifts to you

Prov 3:9-10

9 Honour the Lord with thy substance, and with the firstfruits of all thine increase:

10 So shall thy barns be filled with plenty, and thy presses shall burst out with new wine.

KJV

3. Set aside money for emergencies and emergencies only

4. After funding an emergency account, save regularly in another account

5. Diversify investments into opportunities that you fully understand

Eccl 11:1-2

11 Cast thy bread upon the waters: for thou shalt find it after many days.

2 Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth.

KJV

This all starts off with living on a budget and giving every one of your dollars a job.

Prov 27:23

23 Be thou diligent to know the state of thy flocks, and look well to thy herds.

KJV

Let's not put our trust in chance or luck but in the riches of Christ.