why is it stupid to buy lotto but everyone thinks it is okay to buy insurance?
lotto and insurance are pretty much the same, you pay a little money hoping to get a big payout in case something rare happens. both are -EV. i don't see the difference between the two.
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Some insurance is imperative to have... other insurance is a waste of time and takes advantage of the naive people who think its worth it... Health, Dental, Life, Car, Homeowners are all in my opinion good to have.. If something you have is vital to your everyday needs and you cant fork it out of pocket if something happens, it's in your best interest to have insurance. Lotteries are something you take advantage of if you have leftover income after your expenses each monthOriginally posted by picomanComment -
Just as bad...people that buy a warranty on there new couch or dining room table etc. Something happens your claim never qualifies.Comment -
Lotto is -EV and -EG. Insurance is -EV but is often +EG.Comment
