Loot, the Lord, and Lotto

Loot, the Lord, and Lotto

Host : Any final words for our listeners?

David : I want everyone to realize it's important to start saving and investing right now. Of course I'd also like everyone to buy our audio programs right now, but you should start developing good financial habits today.

Over the past several years, as I've walked to my local grocery store, I've often passed by an apparently homeless man. Initially he had a bronze statue of Buddha before him, and a bowl for donations.

However, in the past year or so he traded in the Buddha statue for a picture of Christ and a copy of the Bible. Quite a religious transformation, but the bowl for alms remained the same.

However, there's something that makes me question the veracity of his faith. I think the change had more to do with test marketing for donations in an eccentric city like Boulder, Colorado, than with a true religious metamorphosis.

Host : Why do you say that?

David : Well in the past month I've seen him twice, outside the store, next to his bowl, furiously scratching lotto cards!

Now I don't have anything against playing a little lotto on the side -- it can be fun to think and talk about what you'd do with all that money.

But seriously, a game where only about half the receipts are redistributed to winners is hardly a good investment.

Also, even if our God-fearing friend did win the lottery, I doubt the fat times would last long.

Host : Why? It'd seem like he'd be set for life.

David : It may seem that way, but studies have shown most people who stumble into sudden wealth through things like the lottery or an inheritance aren't able to hold onto it for more than a couple years. That's because they haven't developed the skills, knowledge and habits that are required to manage money.

Now I'd like to say our audio programs are the only way to pick up this knowledge, but that wouldn't be true. Our audio programs are convenient, and offer good value, but if you have the time, you certainly can stop by the public library and get some great books on personal finance.

You also can check out Internet resources like our web site at luhman.org and see some of the information and online calculators we make freely available.

But please, get started today. There's certainly more to life than money, but if you're financially secure, you're more able to help and enrich your family and those causes you believe in.

Host : Well, that sounds good to me, David. Thanks for sharing your insights on personal finance and the new tax law with us today. And I want to thank our listeners for spending their time with us.

If you're listening to us via audio tape, please fast forward the tape to cue it up for your next listening. For David Luhman, I'm Therese Pickard.