It's A Lottery

According to a recent survey commissioned by Liverpool Victoria Insurance, something like 3.6 million people in the UK are relying on winning the UK national lottery to fund their retirement. That’s a lot of people pinning their personal finance hopes on the concept of possibility (and an unlikely one at that) rather than building better probabilities for their future. 

Coincidentally, according to Cracked.com, 5% of lottery ticket buyers buy 51% of all tickets sold in the US. But we can't all be like Joan Ginther, a Texan woman that won four lottery jackpots.

Just as scary was the number of people who were hoping to finance their future on the chance of becoming famous. About 10% of the people in the Liverpool Victoria survey were sure that they would find the fame to bring the fortune. 

Pinning your hopes on unlikely outcomes aren’t a great way to manage your risk-reward picture, even if there are books that have strategies on how to win. While the solutions might seem a tad misplaced, the reality is there are a great deal of people that are too scared, confused or overly complacent to find suitable answers to the prevailing questions – what do I need for my retirement and how am I going to get there?  

Sometimes you just need a bit of nudging and guidance, whether it's from a good friend or even through a financial coach.

Regularly putting aside money in savings and investment plans may not have the whizz-bang excitement of seeing your six numbers come up on lottery night or winning the X Factor but, quite frankly, taking the boring route to securing your financial future is going to be a hell of a lot more reliable.