It's not always instructive to assume people making seemingly bad financial decisions are acting irrationally.
People living paycheck to paycheck due to child support orders, alimony, or other judgements taking a giant cut of their paycheck are likely buying collectibles instead of on-paper stocks or commodities because they can actually keep those without the state being able to as easily take them.
Also, the sketchy looking guy buying tons of $20 scratch-off tickets could just be laundering drug money rather than making some irrational gambling decision.
People living paycheck to paycheck due to child support orders, alimony, or other judgements taking a giant cut of their paycheck are likely buying collectibles instead of on-paper stocks or commodities because they can actually keep those without the state being able to as easily take them.
Also, the sketchy looking guy buying tons of $20 scratch-off tickets could just be laundering drug money rather than making some irrational gambling decision.