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Old 09-28-2010, 08:19 PM   #1
xoxoxoBruce
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Mega Millions Lottery

Do you buy tickets for Mega Millions, or one of the other lotteries?
Hey, somebody's gotta win, right? Well no actually, nobody has to win.
I've got as good a chance as anyone. Yes, but it's piss poor odds.

I played the "Incredibly Depressing Mega Millions Lottery Simulator".

I chose 5 numbers, plus a mega million number, and played it twice a week for 10 years... simulated of course.
3 tries, wagering $1040 each time, I won $88, $95, and $152.
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Old 09-28-2010, 09:18 PM   #2
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$69, $81, $70, $105, $100. Not much return for 50 years and $5200.
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Old 09-28-2010, 09:57 PM   #3
classicman
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wow -
i won $122... total.

Guess its a good thing that I never play with real money.
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Old 09-29-2010, 08:50 AM   #4
ZenGum
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On the rare occasions I buy a lottery ticket, I rationalise it not as a viable investment with a worthwhile chance of return, but as a license to indulge in daydreams of becoming suddenly rich.
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Old 09-29-2010, 09:49 AM   #5
Spexxvet
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I play $10/week, because I am going to win. Really, I am.
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Old 09-29-2010, 12:03 PM   #6
BrianR
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I'm with ZenGum...a lottery ticket is a $1 ticket to daydream about winning.

Doesn't stop me from playing, of course...
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Old 09-29-2010, 12:07 PM   #7
Shawnee123
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Ever since most of our city's street department hit the mega, I'll buy a ticket every now and then.

Mostly I play Rolling Cash 5. Odds are MUCH better. Only 1 in ~575,000 as opposed to 1 in ~175,000,000.

I don't need millions. I'll take 100 grand minimum, or whatever it rolls up to. Pay everything off. Save/invest (and retire a little earlier.) Take a really nice vacation. I don't want much.
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Old 09-29-2010, 12:23 PM   #8
footfootfoot
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Lottery is a tax on people who can't do math
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Old 09-29-2010, 12:33 PM   #9
BigV
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you stoled my line.

Still true though.
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Old 09-29-2010, 12:35 PM   #10
dmg1969
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You played 1040 games of Mega Millions. It cost $1040. You won $104.

I play ONE quick pick for each of the two weekly drawings of the MegaMillions and PowerBall lotteries. My thought is that some poor slop is going to hit...why not me? Granted that winning is a REAL long shot, but you have no odds if you don't play at all. $16 a month to keep my fantasy of becoming rich doesn't seem like a bad deal. I think of it as therapy.
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Old 09-29-2010, 01:04 PM   #11
Shawnee123
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I can point out 6 or 7 ex bar patrons of mine who will agree with you, dmg.

I probably spend about 5 bucks a month.

I mean hell, you got a job? You want to spend a couple bucks on a dream? Why not?

@ BigV: you were kidding with the "stoled" right?
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Old 09-29-2010, 01:36 PM   #12
footfootfoot
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Quote:
Originally Posted by Shawnee123 View Post

@ BigV: you were kidding with the "stoled" right?
No he not, he am dade sarius.
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Old 09-29-2010, 01:37 PM   #13
footfootfoot
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From Solvency.org:
Quote:
How many would like to become a millionaire on a nickel?

It seems such a silly question, but very few people make the choice.

Why did I choose the amount of $1000 in the previous chapter for the illustrations? Yes, of course because it is an easy round number. But there is another rational.

Let's do some simple math. If we used the amount of $32,000 at the age of 55 and left it at 10% until age 65, it would double. The next three years would also have a chance to double. Now suppose we continued to save $1000 for every year thereafter we would have those amounts following close behind. Using a financial calculator with a monthly amount of $83.33 ($1000/12) for a total of 552 months (age 19 to age 65 equals 46 years times 12) we come up with the amount of $966,021.54. If we also include the lump sum we put in at age 19 we have over a million dollars.

Invariably at this point I have someone say, "What about the nickel?"

Have any of you had jobs? What did you earn? There is always a braggart that claims over twenty dollars an hour doing welding or construction work. I then ask how many think they can make at least $10 an hour when they graduate from high school. "Okay, then ten dollars an hour is a conservative number?"

How many hours a day do we want to work? The eager ones say ten hours a day. I congratulate them and say let's just use eight hours for the illustration. How many days a week? Would you think five would be okay to use for this example? How many weeks in a year? (It always amazes me that there are high school age guys that don't know the answer to that question.) I tell them I am going to take a two week vacation just to make the math simple.

$10 times 8 hours times 5 days times 50 weeks equals how much in one year? (Give them a calculator for this one, because they will need it. Those over forty might do such a problem in their head, but the newer generation is stupefied by such a problem.) "Okay, how many nickels in a dollar?" (You might need to coach by asking how many dimes and then suggesting doubling that.) "So, if I saved a nickel from every one of those twenty thousand dollars, how much would I save in a year?"

I tell them to save what they want out of the other 95 cents for a car or a big screen TV or even for a down payment on a house. Spend all of those 95 cents on taxes, groceries and just having a good time. But save that nickel for the future. You are not saving that nickel for college or a car. That comes out of the 95 cents.

There is every possibility that they will make more than $10 and hour. There is even the possibility that they can save a dime for every dollar instead of a nickel. It they do that, they can retire early and still be a millionaire.

Why didn't I start saving a nickel when I was 19? It would have been so much easier than trying to save a quarter or fifty cents now. I think that if I would have seen this earlier I just might have.

For many of us it is too late to become a millionaire. But it is never too late to start new habits and improve our financial situation.

It is imperative that we begin saving even before we begin paying off our past debt. This new way of looking at things gives us a hope for the future and establishes a fiscally responsible way living.
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Old 09-29-2010, 01:38 PM   #14
Shawnee123
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Quote:
Originally Posted by footfootfoot View Post
No he not, he am dade sarius.
How you know dat? Didja axe him?
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Old 09-29-2010, 01:40 PM   #15
footfootfoot
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I axed him sumfin
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