I have very few vices.
For instance, every morning, as I walk my dog with my cup of coffee (vice #1), I stop into the local bodega and buy two scratch off lottery tickets (vice #2) and the Register-Star (vice #3).
Oh yeah, and I forgot about the coked-up 25-year-old I left at the house while walking the dog.
I just hope he doesn't steal anything.
Anyway, I've wanted to do this for my own benefit, but I figured thatyou can take part as well, my gentle readers.
I'm going to start keeping track of my Lucky 7's scratch off lottery ticket earnings to determine the rate of return.
Because, I view scratch off lottery tickets as my retirement plan, like many people.
Even though this might skew the statistics, I am going to start with yesterday, when my rate of return was 100%. I spent $2, I won $2.
100% rate of return on my investment.
In Vegas, the slot machines MUST have a minimum of 95% rate of return (true). It's a law. (I might be a percent or two off, but there is the law - unlike slot machines on cruise ships in international waters. You wonder why you don't win, huh?)
That's why, you'll see slot machines in Vegas advertising 98% . (Those are the good ones!)
Which means, that for every dollar you put in (over a course of time), you will receive an AVERAGE of 98 cents back.
That rate of return can be received in one large lump payment, or a dollar here, a dollar there. It keeps you interested.
LONG TERM, if you continue to put money into the slot machine, you will receive 98 cents back for every dollar you put in.
And people flock to the 98% machines.
Vegas is a lot like the traders on Wall Street. You don't have to actually "manufacture" anything. You just have to gamble (or trade stocks - which is nothing more than informed gambling). As long as you can skim off the top, and take out your 2% long term, you're making money.
I'm keeping track in the side bar of this blog.
All earnings will be re-"invested". A maximum of $2 will be spent per day, regardless of winning/losses (I mean, let's not go crazy...)
Let the fun begin!