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Welcome to my blog. I write about managing finances so that we can enjoy our lives more. Hope you have a nice stay!

The House Always Wins

The House Always Wins

This last week, I was in Las Vegas presenting training on customer service for a work conference. While there I couldn’t help but notice the amount of people gambling. Gambling in the morning at 6 am, in the afternoon, and late into the night. I grew up in a very conservative religious family, and gambling was not allowed or practiced in my home. I no longer am practicing that religion, however I’m so grateful that I was raised without the habit of gambling. It’s not only my background that makes me avoid gambling, it’s my desire for control. This is probably a blessing and a curse in my life, but as far as gambling goes, I see it as a blessing. My need to know where my money is going, and that it’s not wasted, drives me to be frugal. So naturally, I did a little research to see what the average american spends on gambling. According to the Las Vegas Visitors and Convention Authority, 73% of visitors to Las Vegas gamble, and the average budget was $578.54.


Let’s put this in a scenario format. If the person gambling invested the $578.54 each year into a Roth IRA with a modest return of 10%; and they started at the age of 21 (the first year they could legally gamble) until they are 72 (seems like a good age to stop gambling in Las Vegas), according to my retirement calculator (EZ Calculator), this person would have $738,028 in their retirement account. Just from forgoing their Las Vegas gambling habit.

According to the Economist in an article entitled Gambling: The Biggest Losers, the average american has $375 in gambling losses per adult per year. So if there are two adults per home, this works out to be $750 annually. For this couple, that works out to be $968,662 with a 10% return over 55 years (starting at 21 to age 72).


Let's take a look at some other numbers.

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The above information came from an article on the website (the Motley Fool)

As you can see, the house always wins. Each slot machine makes the Wynn Las Vegas $276 a day. Each gaming table makes them $8,130 a day. Even though everyone knows intellectually that the house always wins, they still gamble. This is a form of “entertainment” that people enjoy and will forever be fascinated with. So I don’t think I will convince anyone today to stop gambling, but only hope that their eyes are opened a bit wider to the amount of money being spent.

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Also, I’m thinking, if I invest in a slot machine, and get $185 a day, I would have $67,525 gross in revenue for one year. Talk about passive income!  Now…..where can I place this machine? Location, location, location. I would never have to work for money again!

Create Your Fountain of Wealth

Create Your Fountain of Wealth

Let Yourself Be Successful!

Let Yourself Be Successful!