With the backdrop of last week's $400 million lottery winner it revived the memory of our growing up days. If you remember early 80s there was a popular lottery in Odisha known as Rajarani lottery. Apparently it could not sustain long and soon folded up. If you ask someone those days what you would do if you win a big prize money in lottery the common answer was I will put it in a Fixed Deposit in State Bank of India and live off on the interest for rest of my life. Rarely anybody said about investing it to make further money. State Bank deposits were safer and the most preferred mode of investment those days. Mindset of public over the year has gone through a drastic change. People intend to make more money out of money. It has made life a rat race. That's exactly why the business of gambling (lottery is one form of gambling) thrives. Purchasing power of every currency has depreciated over the years. Now-a-days even one million dollar prize money is not big enough an amount to retire. After they deduct the taxes (money earned from lottery is heavily taxed) it leaves you an amount of something over 600K. It certainly is quite a good amount. But not quite good enough to follow my childhood fantasy of putting it in a savings account and retire for life.
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