Powerball jackpot is $400 million ...however

[PerfessorZ]

Sometimes there comes a point in a lottery where it makes sense mathematically to purchase a ticket. If the lump sum less your taxes due in relation to the cost of buying a ticket is greater than the odds of winning, it is in your favor to play. If you think about it in terms of if you bought every possible lottery combination, would you come out ahead? If the answer is yes, then mathematically it makes sense to play.

One additional wrinkle, however, is the likelihood you'd have to split the jackpot with other winners. With big jackpots, many more people play, and the odds of there being multiple winners jumps, greatly diminishing your jackpot winnings.

 

[pad406]

Ah the age old lottery questions
1. If you're not in you can't win
2. It's a 'dumb' persons tax
3. It's gazillion to 1 to win

as long as it's not financially hurting or it becomes like a gambling habit, I say go for it.

reminds me of an old joke

John goes into the church and kneels down.
"Dear God, the business is not going well and I have 10 staff that rely on me, a lottery win would really help"
next week, back again
"Dear God, things are really bad now, I'm going to have to let people go and my wife is threatening to leave with the kids."
the following week
"Oh Dear God, the business is gone, the wife and kids are gone, but I have one last chance to get it all back"
All of a sudden he hears a booming voice from the heavens
"Could you at least buy a d**n ticket!!!"

 

[bianca]

You can't win if you don't play. I would love to win the big prize. In fact, this weeks' prize of $400,000,000 just might be mine to win. I know a lot of people don't believe in this stuff, but 2 years ago, my deceased Mom came to me in a dream, dressed as a fortune teller and told me where to buy my tickets. Mind you, I had never dreamt of her in the 10 years since she had passed, so I understood the Importance of her visit. The next week, she showed up and just kept writing the number "4" over and over. On 4/4/14, I was chosen as the winner of a small contest that I had only entered once and won a $650 Disney Gift Card. I also started purchasing exactly 4 scratch-offs on the 4th day of every month at the store she told me to. I have won 2 separate $4,000 winning tickets (first in June and then most recently on 12/4/15). I also had $120 in winning tickets from 12/4 (it was a really lucky day, as all 4 were winners) and cashed them in yesterday. I purchased my 4 new tickets and won $170. My current predicament is that I am going to be at WDW on 2/4 and won't be able to purchase my tickets. In the meantime, I did purchase a Powerball ticket, as the jackpot is set at $400,000,000. That would be a really fun story to tell. Thanks, Mom!

 

[jesse8931]

We buy tickets 2x/week year round. So, I spend $104/year...so worth it!

I also buy scratch offs...about $10/week. I normally make back my money...maybe lose $5/month. I get the crosswords ones, that take a bit. Nice mental vacation for 10 minutes or so. Worth it, in my opinion, to lose track of reality for a bit of time in my chaotic life

Powerball - I will buy into it (we usually get Mega Millions and Hot Lotto). $400 million would help a LOT of people.

You are the sucker the lottery loves.

 

[bovioask1]

We buy tickets 2x/week year round. So, I spend $104/year...so worth it!

I also buy scratch offs...about $10/week. I normally make back my money...maybe lose $5/month. I get the crosswords ones, that take a bit. Nice mental vacation for 10 minutes or so. Worth it, in my opinion, to lose track of reality for a bit of time in my chaotic life

Powerball - I will buy into it (we usually get Mega Millions and Hot Lotto). $400 million would help a LOT of people.

I used to do scratch off, loved doing crosswords and bingo. Made out a few times but overall broke about even. 2 bucks for a powerball for a potential of 400 million? Why not? i've gambled for less lol

 

[Jeff_G]

We buy tickets 2x/week year round. So, I spend $104/year...so worth it!

I also buy scratch offs...about $10/week. I normally make back my money...maybe lose $5/month. I get the crosswords ones, that take a bit. Nice mental vacation for 10 minutes or so. Worth it, in my opinion, to lose track of reality for a bit of time in my chaotic life

Powerball - I will buy into it (we usually get Mega Millions and Hot Lotto). $400 million would help a LOT of people.

So you are spending upwards of $624 per year. If you took that money and invested it in a mutual fund making 8% per year when you goto retire (30 years) you would have and extra $78,015.35, if you received the more aggressive avg return of 12% you would have $183,555.52

However, my kids thank you for your contribution to their college scholarships.

 

[eliza61]

You are the sucker the lottery loves.

lol as opposed to us suckers who drop tens of thousands dollars at a make believe mouse house??

let's see she spends 104 bucks a year having fun, whereas the average Disney guest probably drops 5K on a 6 day disney trip to have fun.

exactly what's the difference.

 

[eliza61]

So you are spending upwards of $624 per year. If you took that money and invested it in a mutual fund making 8% per year when you goto retire (30 years) you would have and extra $78,015.35, if you received the more aggressive avg return of 12% you would have $183,555.52

However, my kids thank you for your contribution to their college scholarships.

couldn't you make that argument with just about everything?

I spend 8,000 bucks a year on vacation. let's see if I took that and put it in a mutual fund how much would I have.
I purchased a LV bag for my 55 birthday $4200 bucks, now I don't do that every year so maybe that's different.
I know a guy who is a technology freak. loves the gadgets and gidgets, the thingamabobs and doohickies. easy spends 2 to 3K a year probably more yet no one calls him a "sucker"

The truth is everybody thinks their "vice" is acceptable.

my dad loved Vegas, loved baccarat and poker, drop 10k on a vegas vacation and you're enjoying yourself, spend 100 bucks on a lottery and your a sucker.

interesting.

 

[Jeff_G]

couldn't you make that argument with just about everything?

I spend 8,000 bucks a year on vacation. let's see if I took that and put it in a mutual fund how much would I have.
I purchased a LV bag for my 55 birthday $4200 bucks, now I don't do that every year so maybe that's different.
I know a guy who is a technology freak. loves the gadgets and gidgets, the thingamabobs and doohickies. easy spends 2 to 3K a year probably more yet no one calls him a "sucker"

The truth is everybody thinks their "vice" is acceptable.

my dad loved Vegas, loved baccarat and poker, drop 10k on a vegas vacation and you're enjoying yourself, spend 100 bucks on a lottery and your a sucker.

interesting.

Yes indeed you could, and you make some very good points, we all have our vices.

For grins lets say you spend 6k a year every year at the mouse house, Mickey just cost you $750,147.59 after 30 years

 

[eliza61]

Yes indeed you could, and you make some very good points, we all have our vices.

For grins lets say you spend 6k a year every year at the mouse house, Mickey just cost you $750,147.59 after 30 years

lol, oh sweet lord.

there is my retirement in a nutshell. That's why some times ignorance is bliss.
I've been an annual visitor for the last 10 years. initially I plunked down 18K for my dvc so right that if I had let that sit for 20 years would have grown.

I just laugh because the very same statements folks make about the lottery are exactly what my older siblings and aunts tell me when I mention I'm going to disneyworld yet again.

 

[AnnaS]

I buy a game a few times a year. Literally. When the jackpot is big, if I find a dollar, just got a refund of a $1 at customer service, etc. I am cheap and just not a player. DH on the other hand - maybe $5 to $10 3/4/5 times a year. We hardly ever play. I did buy one game this morning. Why not? You never know.

 

[capegirl]

Yes indeed you could, and you make some very good points, we all have our vices.

For grins lets say you spend 6k a year every year at the mouse house, Mickey just cost you $750,147.59 after 30 years

I shall pretend that I did not see this post.

 

[Minnesota!]

You are the sucker the lottery loves.

And I am beyond ok with that. What I spend on it annually is such a drop in the bucket. $624/a year. Cheap entertainment. Plus, there is the playbacks...

I forgot - we buy about $120/month in pull tabs. Goes great with our beer on Saturday nights!

So you are spending upwards of $624 per year. If you took that money and invested it in a mutual fund making 8% per year when you goto retire (30 years) you would have and extra $78,015.35, if you received the more aggressive avg return of 12% you would have $183,555.52

However, my kids thank you for your contribution to their college scholarships.

And, guess what...I am not guaranteed to be here 30 years from now to spend that $78,015.35 - $183,555.52. I am guaranteed to be here right now, enjoying the $3 - $5 I just spent. I never have, never will live for "the future". I save what money I feel I can afford to give up right now towards that mythical time down the road. I will be able to retire at 55. However, I refuse to put more in "just because". I would rather spend it now and enjoy it than hope and pray I can take some with me in an RV somewhere when my hair is grey... Life experiences have taught me many things - mainly how to balance the here vs the future.

Anyway, tickets have been purchased and, when I win, I will buy you other suckers a round of something at Trader Sam's

 

[manning]

rationalizing is alive and well.

 

[eliza61]

rationalizing is alive and well.

And so is Hypocrisy.

once again, you do that every single day of your life. How do you "rationalize" your wdw vacations (if you go)? As Jeff pointed out, that money could be used to make a serious dent.

So you are saying every thing you do with your dough is an absolute "necessity"? What a bleak, boring life.

Any time you make any purchase you pretty much "rationalize" it's worth. I went to see Wicked on Broadway, tickets ran me 167 bucks for 2 hours worth of "fun". just like the lottery, outside of the intrinsic "pleasure" I get nothing back. at least the lottery there is a chance of a return however small, with a Broadway play I get zip.

you say rationalizing is alive and well?

Hypocrisy is thy middle name. You blow money just as well, except you think what you blow it on is better.

 

[supersnoop]

And so is Hypocrisy.

once again, you do that every single day of your life. How do you "rationalize" your wdw vacations (if you go)? As Jeff pointed out, that money could be used to make a serious dent.

So you are saying every thing you do with your dough is an absolute "necessity"? What a bleak, boring life.

Any time you make any purchase you pretty much "rationalize" it's worth. I went to see Wicked on Broadway, tickets ran me 167 bucks for 2 hours worth of "fun". just like the lottery, outside of the intrinsic "pleasure" I get nothing back. at least the lottery there is a chance of a return however small, with a Broadway play I get zip.

you say rationalizing is alive and well?

Hypocrisy is thy middle name. You blow money just as well, except you think what you blow it on is better.

You can't compare a lottery ticket to an experience. At the end of the day, you still have the memories from the experience, and only the disappointment from the lottery ticket. You may want to claim that the lottery ticket gives you enjoyment, but more often than not, it leads to depression. The typical person who spends money on a lottery ticket will be much worse off after the drawing.

 

[eliza61]

You can't compare a lottery ticket to an experience. At the end of the day, you still have the memories from the experience, and only the disappointment from the lottery ticket. You may want to claim that the lottery ticket gives you enjoyment, but more often than not, it leads to depression. The typical person who spends money on a lottery ticket will be much worse off after the drawing.

I disagree, it's a matter of perspective sure, but people here act as if their method of blowing money is some how "superior". The play gives me momentary pleasure. How will the person who buys money on a lottery ticket be much worse? I spend maybe 10 a month. Is it leading to financial ruin? lol, if that were the case the theater tickets do way more damage considering by the time I add in parking (in midtown Manhattan, that was 35 bucks and dinner) I was well over 300 bucks. twice as much in one night than what I spend all year on lottery. I brought lottery tickets for the drawing and as you can see by my timer, I'm retiring in a few months so obviously the two bucks is not making me worse off.

The bottom line is it's all discretionary income spent on "fun". the only difference is what you value more. As I said, I have family members who think I'm stupid (and yes they have used that term) for going to Disney every year. They think it's a colossal waste of time.

I can't answer the depression statement. I have never once in my life been "depressed" over not winning. We never expect to win so no harm no foul. lol most of the time we laugh about how lousy our luck is.

 

[manning]

All I can say is I spend and saved some. Boy is retirement great. No money worries to date.

 

[ICF]

The typical person who spends money on a lottery ticket will be much worse off after the drawing.

How so? Because someone "blew" a few $$'s on a lottery ticket? We've lost on the last couple of powerball drawings.....my life was not impacted.

 

[supersnoop]

How so? Because someone "blew" a few $$'s on a lottery ticket? We've lost on the last couple of powerball drawings.....my life was not impacted.

I said "typical." You might not be typical.

"Those in the lowest fifth in terms of socioeconomic status (SES) had the highest rate of lottery gambling" (http://journalistsresource.org/stud...inance/research-review-lotteries-demographics)
"[D]esperation motivates lottery consumption" and "lottery participation is strongest among those in poverty" (http://stoppredatorygambling.org/wp...verty-and-the-Demand-for-State-Lotteries1.pdf)