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Why do poor Americans spend so much on the lottery?

Cover of  by Morgan  Housel

As financial writer Morgan Housel wrote in his popular 2020 book, The Psychology of Money, at face value, this spending habit among the poorest Americans seems absurd: “Forty percent of Americans cannot come up with $400 in an emergency. [Low-income lottery players] are blowing their safety nets on something with a one-in-millions chance of hitting it big.”

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