City-Data Forum PowerBall Lottery and Winning the Big One (spend, small, lifetime)
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11-22-2016, 10:43 AM
 100 posts, read 65,428 times Reputation: 377

Quote:
 Originally Posted by David A Stone What your statistics does not mention is how much ...per person ....\$\$\$\$\$ the lower income individuals spent on lottery drawing tickets.
Nationally, households in low tax brackets, those earning below \$25,000, dish out an annual average of nearly \$600 on lottery tickets. Conversely, those who earned more than \$100,000 spent only \$289 per year.

08-25-2017, 12:53 AM
 Location: Raleigh 8,047 posts, read 5,901,554 times Reputation: 9785
Quote:
 Originally Posted by longneckone What is wrong with one or two tickets per drawing? Somebody will win eventually. Like they say you have to play to win.
math is hard. Two of your statements are true, or reasonable, but one is false.
Each drawing is independent of the others. Therefore it is possible for there to not be a winner in a given draw unless all possible combinations are selected. It can't be easily determined how many tickets have to be sold to have 100% certainty of all combinations in play because, duplicates, but it is more that 292,000,000 tickets. So other wise it could take over 400,000 years to arrive at certainty of a winner. Pretty sure the lottery will not go on that long.
"certainty is a difficult thing"

08-25-2017, 10:59 AM
 Location: Grove City, Ohio 10,137 posts, read 12,395,557 times Reputation: 13986
Take the lump sum and keep maybe \$5 million giving the rest away to family, friends and co-workers. I work for a small company and would give every employee a cool million so they wouldn't feel left out but share in my good fortune. So that they wouldn't all just walk away, leaving my employer in a very bad spot, I would make it so they would get \$100k now and the remainder only when every last project has been completed which would be about 8 months from now. If they quit beforehand they get nothing.

To each family member, this would include all in-laws, everyone would get \$5 million so we can all be millionaires together.

One of my favorite charities is St Jude Hospital.

My church would get a good portion.

I don't know how I would do it but everyone who has been a regular poster on this forum would get \$20k so everyone here can share in my good fortune and pure luck.

And no, I am not the least bit interested in investing or business ventures so leave me alone.

Except for the 3% I would keep it would all be gone. Don't want it.

To family and friends who got the \$5 million I would ask only one thing; just make sure whatever happens my wife and I are never homeless living under a bridge.

I think I could get all this done in a couple days.

08-25-2017, 11:21 AM
 Location: Los Angeles area 14,018 posts, read 17,751,136 times Reputation: 32309
Chances of winning a big lottery are probably about on the order of magnitude of being struck by lightning, if not even less.

What a waste of time to even fantasize about it.

08-25-2017, 11:27 AM
 Location: Raleigh 8,047 posts, read 5,901,554 times Reputation: 9785
Quote:
 Originally Posted by Escort Rider Chances of winning a big lottery are probably about on the order of magnitude of being struck by lightning, if not even less. What a waste of time to even fantasize about it.
Lottery odds are (arguably) 1 in 292 million. Not even close:
"The odds of becoming a lightning victim in the U.S. in any one year is 1 in 700,000.
The odds of being struck in your lifetime is 1 in 3,000. Lightning can kill people
(3,696 deaths were recorded in the U.S. between 1959 and 2003)
or cause cardiac arrest.Jun 24, 2005"

08-25-2017, 11:27 AM
 13,323 posts, read 25,578,684 times Reputation: 20520
Quote:
 Originally Posted by Escort Rider Chances of winning a big lottery are probably about on the order of magnitude of being struck by lightning, if not even less. What a waste of time to even fantasize about it.
When the lottery started in Massachusetts and there was one drawing a week (the good old days!) I thought it would be harmless to buy a ticket a week. Then I got superstitious, that if I didn't buy my number, it would win. Then they added more drawings and it got silly, so I stopped. There was an article I read that one's odds of winning the original drawing went: Picture a football field covered with playing cards. Now picture seven football fields covered with playing cards, and your odds of winning are exactly one playing card.

That finished it for me.

08-25-2017, 11:30 AM
 Location: middle tennessee 1,926 posts, read 992,155 times Reputation: 6985
I have been struck by lightening 3 times

08-25-2017, 11:32 AM
 Location: Raleigh 8,047 posts, read 5,901,554 times Reputation: 9785
Quote:
 Originally Posted by nicet4 Take the lump sum and keep maybe \$5 million giving the rest away to family, friends and co-workers.<> One of my favorite charities is St Jude Hospital. My church would get a good portion. <>
We have discussed gift taxes. It seems the government sees in excess of \$14,000 per person per year as a gift designed to avoid taxes so the donor owes gift taxes on the excess.
St. Jude's would be a good idea. Even better would be to set up a fund and spread it around.
Your church may be different, but Jack Whittaker's church, at first, turned him down as they considered it a gift from gambling which is a sin.

08-25-2017, 11:33 AM
Quote:
 Originally Posted by Escort Rider Chances of winning a big lottery are probably about on the order of magnitude of being struck by lightning, if not even less. What a waste of time to even fantasize about it.
My life has enough time to indulge in a few harmless fantasies.

(However, since I've never bough lottery tickets, fantasy is all it is in my case!)

08-25-2017, 11:34 AM
 Location: Denver 'burbs 21,873 posts, read 23,166,915 times Reputation: 37276
Quote:
 Originally Posted by Escort Rider Chances of winning a big lottery are probably about on the order of magnitude of being struck by lightning, if not even less. What a waste of time to even fantasize about it.
Eh...I guess it depends on how much you have invested (emotionally as well as financially) in the fantasy.

I will occasionally purchase lottery tickets. I don't plan on winning or really expect to win. On the occasions I play I might spend a few minutes thinking about what I'd do. I look at is entertainment. Heck it costs \$10 to go to the movies and get entertained by fantasy for about 90 min. If I occasionally spend \$3-5 on a lottery ticket and spend 20 minutes thinking about the fun I'd have, what's the difference?
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