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RE: Mandatory Powerball Thread... - 8/7/2013 8:48:54 PM

TheHeretic

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quote:

ORIGINAL: thishereboi
It amazes me how much money people are willing to spend on it.

That always shocks me as well. During the last big jackpot fever, I heard people bragging that they had 40 tickets. WTF! If it is going to happen, it's going to happen, but almost certainly it won't, so why waste the money. As God said to the blonde, "meet me halfway - buy a ticket."

There was a great story around these parts a little while back. A $36 million dollar winner had not come forward. Ultimately, they put a store security picture on the front page of the local paper, hoping someone would recognize the woman and let her know, and it worked (instead of the possible awful outcomes). Turns out her pregnant daughter needed to pee, so they pulled in at a liquor store where the clerk insisted the restroom was only for customers. Mom bought a lottery ticket, stuck it in her purse, the daughter got to pee, and she forgot about it.

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RE: Mandatory Powerball Thread... - 8/8/2013 1:41:18 AM

DonGiovani

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Set up a meeting with lawyer / financial planner -> set up (at least one) portfolio with >20 million to live on, with half the interest deposited monthly to a personal account, (20 million at an annual rate of 0.4%, 50% of the interest would run a little over 30k / month. If I can't live on that, there's something seriously wrong with my lifestyle.) -> Roll the rest of the interest back into the account.

Anything after that is gravy.

"I spent my money on wine, women and song. The rest, I just squandered." Pete Best.

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RE: Mandatory Powerball Thread... - 8/8/2013 5:55:09 PM

HarryVanWinkle

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Joined: 5/8/2006
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quote:

It amazes me how much money people are willing to spend on it.

This always amazes me as well. It proves the old line, "The lottery is a tax on the mathematically challenged." People do not seem to understand what the odds of 175,000,000 to 1 means. As I see it, 175,000,000 to 50 is not significantly better odds than 175,000,000 to 1.

Let me put it this way. If you bought 50 tickets to every single drawing, those odds mean you'd have a 50/50 chance of winning the jackpot... some time in the next 336,538 years.

I enjoy the fantasy about winning the jackpot. To enjoy the fantasy, there has to be some chance that I will win it. Doesn't have to be a good chance, just a chance. Ergo, I buy ONE ticket for each drawing for Powerball, Mega-millions and the New Mexico Hot-Lotto, regardless of what the jackpots are up to. Since I get paid once a month, I buy the whole month's worth on payday.

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RE: Mandatory Powerball Thread... - 8/9/2013 8:49:46 AM

Marc2b

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I play the powerball, one ticket each drawing regardless of the amount. Yeah, I know the odds but like the old saying goes... "you never know."

If I actually won I would not reveal myself to the public right away. I would take my time to get all of my ducks in a row. I would tell only a few, most trusted, family members first and then I would get a lawyer and a financial planner (I don't need an accountant because I already have two in my family)... I will not be one of those people who spends through it all only to end up back where I was.

After setting aside a nice chunk for myself (new home, car, wardrobe, some safe investments, etc) I will spread the wealth around some. Family first, then friends, then a few charities I deem worthy. By the way, when they have the press conference they make you have (New York, I believe is one of those "must reveal yourself" states), I will make it clear that hassling me for a donation is the surest way not to get a donation. I also have a few ideas for some community projects. My town was a major stop in the Underground Railroad (there are several old houses with secret passages/hiding places) but, aside from a few historical markers, you wouldn't know it. There is one old house in particular that sits alone, abandoned and perpetually for sale. I would buy it, fix it up, and turn it into an Underground Railroad Museum and Research Center. I also would start up a restaurant dedicated to serving food produced only in our county.

I've have this idea in my head that, if I ever won one of the really big jackpots, I would give $1000.00 to everyone in my town (about 50,000 people or $50,000,000) but it has to be a really big win... not taking up more than half of my take (that is, how much I'd have after the lump sum payment and taxes). That should make me popular around town.

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RE: Mandatory Powerball Thread... - 8/10/2013 3:04:59 AM

ShaharThorne

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We had one guy here get 5 numbers...he was recently laid off so the money comes in handy.

The clerk told him to check his numbers as he was filling out an application for a job.

No one deserves it more...except me...LOL!

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