I’m in my 30s, with no debt and no assets (except for my 10-year-old Nissan). I earn $70k before tax, and have $1,000 in my Mojo account. But guess what: I won $1,000 today on the Cup with a $3 once-in-a year bet. Do I put it all in my Mojo account, or spend it?
What a great return! Now if you never place another bet, you’ll be one of the few winning punters: statistically, we gamble more per capita than any country on earth. (It’s true … wanna bet on it?). So, I’d put $500 in my Mojo account, and I’d lend out the other $500 to hardworking Third World entrepreneurs via our Barefoot Investor Kiva Lending team. That way, unlike on the Tote, everyone wins.