JEFF CAPLAN'S MY MINUTE OF NEWS

Jeff Caplan’s Minute of News: Gambling is not retirement planning

Aug 28, 2024, 9:00 PM

Gambling is not retirement planning... though some people seem to think it is....

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. 

Other Minutes of News:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Jeff Caplan's My Minute of News

Former President Donald Trump and Governor Spencer Cox pose with the family of a deceased servicema...

Jeff Caplan

Jeff Caplan’s Minute of News: The incident at Arlington

A ceremony for fallen soldiers becomes a campaign issue.

20 hours ago

A view of the lava fountains pouring out from the eruptive fissure opened at Svartsengi volcano sys...

Jeff Caplan

Jeff Caplan’s Minute of News: TikTok is more powerful than an exploding volcano

The proof comes from the scene of an active eruption.

2 days ago

a woman loads groceries into her car from costco, costco membership fees are increasing...

Jeff Caplan

Jeff Caplan’s Minute of News: The secret you didn’t know about Costco

Business is easy. You buy for one, sell for two. You make money. But Sol Price (the founder of Costco) had a different idea.

2 days ago

Who's the tallest teen on earth? You’ve probably never heard of him, but I’m guessing you will ...

Jeff Caplan

Jeff Caplan’s Minute of News: The tallest teen on earth

Everybody asks, “Do you play basketball?”

6 days ago

Trader John Romolo works on the floor of the New York Stock Exchange, Tuesday, Aug. 6, 2024.(AP Pho...

Jeff Caplan

Jeff Caplan’s Minute of News: Wall Street to Y’all Street

Wall Street is slowly being replaced by traders in 10-gallon hats.

10 days ago

The most streamed song of summer 2024 was the pop confection Chappell Roan....

Jeff Caplan

Jeff Caplan’s Minute of News: What was the song of summer this year?

What was the song of summer? What was that song that, 40 years from now, will instantly send them back to the awesome summer of '24?

14 days ago

Sponsored Articles

Water park with a vintage VW bug in front with a surfboard on top...

Cowabunga Bay

Spend the last days of summer at Cowabunga Bay! 

Cowabunga Bay is one of Utah's premier water parks that features water slides, a lazy river, a kids' cove, and a beach with lounge chairs.

A young woman smiles while reading the menu at a lakeside restaurant, enjoying the panoramic view o...

Bear Lake Convention & Visitors Bureau

The best restaurants to try in Bear Lake

Save this guide to the best restaurants in Bear Lake when you need to find a place to dine during your next visit.

Female leg stepping on weigh scales. Healthy lifestyle, food and sport concept....

Health Utah

Sustainable weight loss: the science-backed way to achieve it

Learn more about Debbie's weight loss journey with Health Utah, who have a unique weight loss philosophy for success.

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Jeff Caplan’s Minute of News: Gambling is not retirement planning