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Have you bought your Powerball ticket? |
Why yes, how did you know?? |
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68% |
[ 17 ] |
Not yet, but I will... |
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0% |
[ 0 ] |
I never win anything. Will this change that? |
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12% |
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Argh! The camera I want is more expensive than the jackpot! |
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4% |
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This much is certain. My REI dividend will be larger than the jackpot |
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8% |
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You failed to list my option. See my comments below. |
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8% |
[ 2 ] |
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Total Votes : 25 |
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joker seeker
Joined: 12 Aug 2006 Posts: 7953 | TRs | Pics Location: state of confusion |
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joker
seeker
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Tue Jan 12, 2016 7:10 pm
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LOL these lottery threads always bring the smarter-than-thou preachers out. I suspect that the folks here who have opted to spend a very disposable $2 on some entertainment for this week aren't as stupid as you think, Mike. We're just a little different from you. That there are folks who dump lots of recurring $ on the lottery weekly is more troubling, and again not likely as much due to the stupidity of which you haughtily write, but more about other issues for which I have some degree of compassion. The only regret I have about buying a ticket now and then when the pots get super high (particularly when the potential payoff is higher than inverse of the odds of winning, which though it doesn't change the odds of winning, nonetheless somehow makes it that much more entertaining!) is that I'm supporting a system that hurts some of these folks who really can't afford a gambling habit.
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cefire Member
Joined: 03 Feb 2010 Posts: 523 | TRs | Pics
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cefire
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Tue Jan 12, 2016 7:27 pm
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^ true story, and we all very likely spend money in ways that aren't very smart
"Holier than thou" pro tip: You can dream about what you'd do with the lotto cash even if you don't buy a ticket
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Bernardo Member
Joined: 08 Feb 2010 Posts: 2174 | TRs | Pics Location: out and about in the world |
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Bernardo
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Tue Jan 12, 2016 9:00 pm
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It's kind of funny that for mere millions many aren't interested. But for hundreds of millions they'll drive to the store and by a ticket.
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PaulS Member
Joined: 06 Dec 2014 Posts: 11 | TRs | Pics
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PaulS
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Tue Jan 12, 2016 9:05 pm
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100% of winners have played!
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joker seeker
Joined: 12 Aug 2006 Posts: 7953 | TRs | Pics Location: state of confusion |
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joker
seeker
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Tue Jan 12, 2016 9:35 pm
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Bernardo wrote: | But for hundreds of millions they'll drive to the store and by a ticket. |
I'll only buy if I'm already at the store and there isn't a line for tickets. (and not often, even at that)
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treeswarper Alleged Sockpuppet!
Joined: 25 Dec 2006 Posts: 11276 | TRs | Pics Location: Don't move here |
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treeswarper
Alleged Sockpuppet!
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Tue Jan 12, 2016 10:15 pm
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Yup. I drove to the store to buy a ticket, and milk. Nothing wrong with that, or is there?
What are these lines you write of?
What's especially fun about sock puppets is that you can make each one unique and individual, so that they each have special characters. And they don't have to be human––animals and aliens are great possibilities
What's especially fun about sock puppets is that you can make each one unique and individual, so that they each have special characters. And they don't have to be human––animals and aliens are great possibilities
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Tom Admin
Joined: 15 Dec 2001 Posts: 17851 | TRs | Pics
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Tom
Admin
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Tue Jan 12, 2016 10:50 pm
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Malachai Constant wrote: | mike wrote: | A tax on the stupid. |
Not really, it is a tax on people who do not understand math, i.e. Not stupid just uneducated |
Well, at least it isn't as horrible a proposition at "1.5 billion". That equates to 560 million lump sum after taxes. Odds of winning are 1 in 292 million so to break even (in expected value terms) you would need a payout of $2 (ticket) x 292 million (odds) = 584 million lump sum after tax. That assumes you're not splitting the prize with anyone (unlikely). With the likelihood of splitting the prize increasing with higher payouts (due to more tickets purchased) I'm not sure there's ever a point at which it becomes a good bet. FWIW, I did buy some tickets (mostly to hand out as a "thank you" to my favorite cashiers).
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Randito Snarky Member
Joined: 27 Jul 2008 Posts: 9513 | TRs | Pics Location: Bellevue at the moment. |
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Randito
Snarky Member
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Wed Jan 13, 2016 5:28 am
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Play for entertainment, not investment. I have a relation that has declared bankruptcy twice, is constantly broke, pissed through $250,000 in two years after selling a house, is now in there 70s , still needs to work and buys lottery tickets as a retirement plan.
a Powerball jackpot wouldn't run out, but a $5 million lotto win would get run through pretty quick I think.
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meandering Wa Member
Joined: 25 Jun 2010 Posts: 1516 | TRs | Pics Location: Redmond |
I dont know, depends on the person and their self control / perspective on life
a 5M lotto win would give any one of us the knowledge of a safe and secure retirement.
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joker seeker
Joined: 12 Aug 2006 Posts: 7953 | TRs | Pics Location: state of confusion |
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joker
seeker
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Wed Jan 13, 2016 9:12 am
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RandyHiker wrote: | buys lottery tickets as a retirement plan. |
Yes, this is what's truly scary, and this person is apparently far from alone. And it's why I feel slightly weird buying my ~$10 worth/year when the pots get big (I kid myself that it's one of my "black swan investments" :-)), as I know I'm just helping feed a system that preys on folks like your relative, with little real benefit coming from funds raised (much of which go to - you guessed it, marketing the lottery!).
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drm Member
Joined: 24 Feb 2007 Posts: 1376 | TRs | Pics Location: The Dalles, OR |
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drm
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Wed Jan 13, 2016 9:19 am
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It's only stupid if you think you have a good chance of winning. Or if you don't have enough money to buy food because of your ticket purchases.
I wonder whether lottery purchases are affected by economic conditions. There are so many people these days who don't think they will get ahead financially no matter how hard they work, and who don't think there kids will be any better off. So the only way to get ahead is to get lucky.
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Slugman It’s a Slugfest!
Joined: 27 Mar 2003 Posts: 16874 | TRs | Pics
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Slugman
It’s a Slugfest!
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Wed Jan 13, 2016 10:49 am
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I thought taxes were imposed, not chosen as entertainment. Seems like mister "everyone else is stupid" needs to buy a dictionary.
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boot up Old Not Bold Hiker
Joined: 12 Dec 2006 Posts: 4745 | TRs | Pics Location: Bend Oregon |
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boot up
Old Not Bold Hiker
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Wed Jan 13, 2016 11:02 am
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We bought one ticket.
It is cheap entertainment for dreaming about what you would do with that money. Like getting buzzed, a nice breach of reality with only a slight crash after.
Occasionally we will get wrapped up in it, I will start to inject reality into the discussion as my wife gives it away several times over, before we even dream spend it. Then I have to smack my forehead and realize its pretty safe to not sweat details like that.
Tough to find entertainment that cheap these days.
Now buying more than one ticket....that would indeed be just plain stupid, statistically speaking.
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lostintheforest Member
Joined: 31 Oct 2013 Posts: 80 | TRs | Pics
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mike wrote: | A tax on the stupid. |
I would argue more a tax on the poor.
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Lono Member
Joined: 19 May 2006 Posts: 930 | TRs | Pics
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Lono
Member
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Wed Jan 13, 2016 11:49 am
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I bought a ticket but have never felt stupid about such things. I'll never win but its a good feeling to at least enter the lottery for the money. I am unemployed but not wealthy now. That $2 in my pocket can't go very far, I have about 500 $1 bills sitting in a home safe going unspent now. Same goes for the pile of pocket change that accumulates for me in a jar, occasionally I'll pick out quarters to pay parking when I go over to Seattle. I create habits for myself - I'll save all the shiny quarters from national parks, and throw the rest into the jar. And I'll buy a lotto ticket each time I go to the grocery store with my dollars. Doesn't hurt me or anyone, I figure I'll have a pile of shiny quarters to give to my now unborn grand kids 20-40 years from now. And if I hit on even 5 of the numbers on the powerball I have enough money to forget about retirement issues and money in general. Meantime all it costs me is nibbling at pocket change. The dollar bill today isn't worth much unless it can morph into something bigger.
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