Slowing saving money in a savings account is not the most exciting thing you can do with your hard-earned cash. In fact, it’s probably one of the most boring things you can do! But, it is effective, and PrizePool is a company that is out to make it fun, too.
The average American household has $8,863 saved in a bank account or at a credit union, according to a 2018 Bankrate Study. However, according to another Bankrate study, $80 billion was spent on the lottery in one year in America! This came out to about $1,000 spent per year on the lotto for millennials, and a whopping $3,800 per year for older generations.
What’s worse is the same study found that households with the lowest income (earning $30,000 or less) spent 13% of their income buying lottery tickets. Saving and investing 13% of your income could set you up perfectly for retirement! Instead, it’s likely going down the drain (unless you get very, very lucky).[Read more…] about PrizePool Review: A New Type of Saving Account