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Book Discussion - The Psychology of Money

Not Overthinking

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I Don't Care Much More About a Million Dollars Than I Do About Having Ten Thousand Dollars

Bik says he feels strongly about the idea of buying lottery tickets. He argues that they are a utility function, not an investment in themselves. Bik: 'If you're happy to get on board the gambling train, i don't think there's anything wrong with it' The lowest income households spend 412 dollars a year on lotto tckets,. or times the amount of those in the highest income groups. Forty per cent of americans cannot come up with 400 dollars in an emergency.

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