I think the Bankrate study fails the test of common sense. It reports that the portion of household income spent by folks self reporting an income of less than $30,000 as 13% on lottery tickets, 11% on alcohol, 13% on tobacco and 4% on gambling. This totals 41% Doesn't leave much income for food, clothing and shelter. More likely that people self reporting are bad at math...
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I think the Bankrate study fails the test of common sense. It reports that the portion of household income spent by folks self reporting an income of less than $30,000 as 13% on lottery tickets, 11% on alcohol, 13% on tobacco and 4% on gambling. This totals 41% Doesn't leave much income for food, clothing and shelter. More likely that people self reporting are bad at math...
Probably true, but also probably directionally correct. Thanks for reading.
I'm thankful for your comment
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