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Every dollar is a serious one

Because logic and data tell me that my chances of losing to most forms of gambling are extremely high, I don't gamble a dime. It goes back to a valuable lesson I learned as a child. The first PNE my parents took us to was around 1970.

Because logic and data tell me that my chances of losing to most forms of gambling are extremely high, I don't gamble a dime.

It goes back to a valuable lesson I learned as a child.

The first PNE my parents took us to was around 1970. Because I was too scared to

go on most of the rides, my dad gave me a few quarters to spend in the arcade. The claw crane within a clear bin of capsuled toys caught my eye and I thought I'd give it a try.

I dropped a quarter into the slot, cranked the crane and it came up empty. I tried another quarter and lost again.

I was traumatized and the experience actually drew some tears. Even then, I did not like to be taken advantage of. I've avoided gambling ever since.

The gambling industry's own numbers tell me you will lose money in the long run.

All legal gambling activity must flow through BC Lottery Corporation (BCLC) and their most recent financial statements are available online.

What they tell us is that 23.8 per cent of your gambling dollars get paid out in prizes and 31.8 per cent of your bets pay for the expenses of running the gambling industry. After GST and HST, that leaves 41.3 per cent that goes toward programs in our community. The average British Columbian gambles $596 per year.

Oh, the things I would do with an extra $596 per year! Here are a few options:

1. Buy one goat every month for a family in a developing rural community on the other side of the world. This will provide them with an extra source of food and fertilizer for their crops.

2. Support your favourite charity. They need your help and you'll get a tax-reducing charitable contribution slip that you won't get from the casino or your lottery vendor!

3. Invested at six per cent over 30 years, $596 per year will add $49,946 into an RRSP and pay for a whole lot of cool vacations or a nice sports car! If I reinvested an assumed $200 in annual tax refunds from those contributions back into the RRSP, it would add another $16,760.

4. Pay an extra $596 down on your mortgage each year. You'll have a clear title a lot sooner than you planned.

5. Invest $596 into a child's future through a Registered Educational Savings Plan (RESP) and the government will add $119 through the CESG.

In my world, every dollar is a serious one. Just because we have disposable income does not mean we should throw it in the trash. Collectively, we have the ability to change our world through a more responsible deployment of available cash.

The opinions expressed are those of Richard Vetter, BA, CFP, CLU, ChFC. Vetter is a certified financial planner and owner of WealthSmart Financial Group in Richmond (www.wealthsmart.ca).