Prize Linked Savings Accounts: the cure for the common Lottery

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10 months ago - 2 minutes read


The common lottery is like the common cold, something to be avoided. Today we talk about the cure, yes the cure to the common lottery. The No Loss Lottery! #nolosslottery

PLSA or Prize Linked Savings Account

  • This is basically a savings account, which allows you to win prizes.
  • ‘This is great for three reasons:
  • ‘First, the poor spend a higher percentage of their income on lottery tickets then the rich or middle class.
  • The odds of winning a lottery are very low, like 1 in a million or 1in ten million.
  • ‘For these reasons lotteries are viewed as taxes on the poor, as they lose the money they spend on lottery tickets, and have no real chance of winning.

The cure for the common lottery

The Prize Linked Savings Account is often said to be the cure for the common lottery.
  • The prize linked savings account is great compared to a lottery because the odds of winning are better, and the ticket price is never lost.

  • Because the poor who deposit in Prize Linked Savings Accounts with a hope of winning, end up saving a high percentage of their take home pay then the rich or middle class these prize linked savings accounts become an excellent incentivized savings vehicle.

Last thoughts

  • Some times people look down on the poor, and criticize them for playing the lottery, as a waste of time.
  • ‘But for many poor with no skills, no education, and no real prospects for changing there lives, a lottery is their only hope. And the strongest emotions humans have is hope. For without hope all is lost, and suicide is the only answer.
  • ‘So the next time you feel like criticizing lotteries, remember they are the last hope of the downtrodden, and without them there would be only hopelessness.
  • So instead of criticizing them, patronize the better version, the Prize Linked Savings Account or No Loss Lottery. Reward the behavior you want to continue, behavior that helps people win!

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