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I just realized something last night. I don't usually pay the lottery, and when I do it's for entertainment purposes. Even then, I only play a dollar or two. I don't play every week. I just play when the jackpot gets high. I realized the trigger that gets me to play is when the jackpot gets high enough for the local news station to mention the jackpot has gotten high (today's is $250 million). Do you play the lottery at any level, and if you do, how high does it have to be for you to play?
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When it gets as high as it is now my work usually does an office pool. I get in on that.
Chances are astronomically slim, but if they do win I don't want to be the last one still working there.
Brian -
I have never put a single cent into the lottery.
I would personally be less enticed with a bigger payout. The logistics involved with a HUGE lottery payout, plus everyone and their brother wanting a handout. UGH. It just doesn't appeal to me in the slightest.Comment
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I don't even play when the jackpot is big. I see guys in the office putting a pool together occassionaly, but they no longer even ask me. I also don't watch the local news, so I never get that trigger. I guess the entertainment value is the time spent dreaming about what to do with the money, but I can do that anyway, because I have a plan to become rich. It'll just take me a little longer to get there.Comment
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I never play lottery. The chance of winning is just close to the word impossible so it's just a waste of money in my opinion.Comment
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It has to be high enough to be life changing. I'd say my threshold is a million bucks. If I take away $400k-$500k cash (taxes here are high, AND, $1M in winnings represents the total if you take it as annuity, which I would not do, I would take a lump-sum payment and the value is always less).
$500k invested now would mean I'd probably never have to worry about saving any more for retirement, provided the markets still hold water.
$500k could pay off my house, vastly opening options for new career choices and/or a much more relaxed approach to what it means to hold a job. Then, an early retirement depending on how much I save.
I don't play the lottery often, and when I do, I usually stick to our state lottery, and sometimes an occasional buy on the Power Ball. Yeah, it's not a great use of money, given the chances of winning, but buying a latte, or a lunch out, is technically just as wasteful, so I don't get all high and mighty about "throwing money away" when it comes to buying a few tickets every now and then.Comment
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Years ago I worked in an office that would do a pool when the jackpot got really high so I threw in a buck, but other than that the lottery doesn't interest me. If I get scratchers as gifts then I'll see if I win something, but I'm just not into chasing a seven figure payout that will likely create way more hassles than I want or need right now.Comment
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I think that's a lot of it for me too. I expect that we will probably always be financially comfortable and eventually wealthy. I expect the lottery would hold more draw if we had any financial struggles. Or if we truly felt we would never be "rich" otherwise.Originally posted by autoxer View PostComment
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This is the really sad thing about lotteries. If I buy a couple of lottery tickets, it's no big deal. I can comfortably afford the entertainment. The problem is that the majority of lottery tickets are purchased by the poor, folks who can least afford to be throwing money away like that. I work in a very poor area and see my patients with stacks of tickets in their pockets all the time. They just don't understand or care that if they weren't spending $20 or $30 or more every week on lottery tickets, maybe they wouldn't be so poor.Originally posted by greentea View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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If it's in the news I'll play for fun. Your chances of winning is infinitesimally small no matter what but it's just for fun.Originally posted by greentea View PostComment
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But somebody does win, which is what sucks everyone in. The odds are outrageous but they aren't zero.Originally posted by Weird Tolkienish Figure View Post
As others have alluded to, I don't know that I'd actually want to win one of those monster jackpots. A million or two sure but hundreds of millions seems like it would be more trouble than we'd want. I've seen stories about lottery winners and how their lives were drastically altered by the publicity that came with winning all the money. I'm pretty happy with my life. I don't need all of that drama. But I sure wouldn't mind enough to pay off the house, pay for college, fix things up a bit, maybe get a little vacation home in Florida.
I love when the news interviews people waiting to buy tickets and asked what they'd do if they won. The jackpot is $400 million and the people interviewed say they'd buy a new car, pay off their house, and take a cruise. Okay. That's $200,000. What are you going to do with the other $399,800,000?Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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he problem is that the majority of lottery tickets are purchased by the poor, folks who can least afford to be throwing money away like that. I work in a very poor area and see my patients with stacks of tickets in their pockets all the time. They just don't understand or care that if they weren't spending $20 or $30 or more every week on lottery tickets, maybe they wouldn't be so poor.
Oh, I dunno, DisneySteve. . .I may part ways with you, my moderate friend.
I am maybe becoming more cynical the American Dream is a bit of an illusion, that this idea that we are a meritocracy, that if we work hard, save, and our work has merit, we can get ahead. . .investing that $20 in a mutual fund.
You have a kid - they put you in the poorhouse, DS. Try 2 or 3.
So, play the lottery. Play away. Little difference in handing it to a hedgefund manager.
It reminds me of that scene with Eddie Murphy in that 80's movie - Trading Places. . .
EDDIE: You sound like a couple of bookies to me.
COMMODITIES BROKERS: He gets it.Comment
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More specifically to the question - it's usually a social thing for me.
A bunch of people ask if I wanna go in and I say sure. Other than that, no, I don't usually indulge so yeah, the jackpot is usually running high at that point.
It's definitely fun to fantasize for those 2-3 days.
But I sorta agree with the other poster. . .I think I'd rather shoot the odds for a smaller jackpot, like 1-200,000 grand or something. Life changing but not class changing.Comment
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Let's say one of my patients spends $5/day on the lottery. Invest that at 6% for 35 years and you get well over $200,000. Add in what they spend on cigarettes, cable TV, alcohol, fast food, etc. and it isn't hard to do a projection where they'd have over $1 million at retirement. And that's for a person living in poverty on government assistance.Originally posted by Scanner View Post
I certainly have a healthy level of cynicism myself but all of those seemingly little expenditures can really add up over time.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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I usually play on almost a weekly basis. Probably more around 40ish times a year. So its $40 down the drain. Doesnt matter if its at its lowest which is around 15mil or really high...ill throw a $1 down either way.
Im pretty good with my finances so for me...$1/week isnt missed. Its more of a pipe dream and a what if scenario.Comment
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