JEFF CAPLAN'S MY MINUTE OF NEWS
Jeff Caplan’s Minute of News: Gambling is not retirement planning
Aug 28, 2024, 9:00 PM
Chips sit on a roulette table at the Hard Rock casino in Atlantic City N.J., on May 17, 2023. With large numbers of high school students saying they are already gambling with friends or online before they are old enough to do so legally, several states are moving to require classes on the risks of gambling as part of high school curriculum. (AP Photo/Wayne Parry)
Credit: ASSOCIATED PRESS
(AP Photo/Wayne Parry)
Editor’s note: This is an editorial piece. An editorial, like a news article, is based on fact but also shares opinions. The opinions expressed here are solely those of the author and are not associated with our newsroom.
SALT LAKE CITY — Couple of years back when I was in my 20s, I used to dream about retiring by the time I hit 40. I figured out how much it’d cost to keep my private jet going: both of my mansions — including the one on the ocean, of course.
This was not idle daydreaming. I had spreadsheets and I had plans for making the money. I was going to buy radio stations. Stock options trading. Internet businesses.
And what I discovered was humility. Getting ahead is hard work. It takes strategic thinking and a lot of luck. And after reading a startling statistic, I have some advice for 20-something-year-olds.
The statistic. More and more money is going into gambling, while less and less money is going into the stock market. Instead of investing for retirement, sports fans all over the country — except in Utah — are pouring what would be retirement money into DraftKings and FanDuel.
In the meantime, they’re not putting that money into stocks and their retirement plans. I understand why. Drop 100 bucks on the game and now you really have something to root for. Except gambling companies are experts at enticing you to bet more and eventually lose your money.
Put that same money in the stock market and just leave it. Since 1957 you’d average a 10% annual return with hiccups and heart attacks along the way — but when the dust settles you might not have a private jet, but you will have a retirement.
Jeff Caplan is the host of Jeff Caplan’s Afternoon News on KSL NewsRadio. Follow him on Facebook and X.
