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Old 05-27-2022, 08:57 PM
 
Location: Howard County, Maryland
16,565 posts, read 10,665,830 times
Reputation: 36595

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Quote:
Originally Posted by wp169 View Post
Don't forget, if you have 40 separate tickets and win $200,000, you can cash half in one year and the other half the next year
Maybe it's different in Florida, but where I live in Maryland, you only have 182 days from the date of the drawing to claim your prize. So your idea will only work if you win a drawing during the second half of the year.
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Old 05-28-2022, 05:13 AM
 
3,495 posts, read 1,755,859 times
Reputation: 5512
Quote:
Originally Posted by bus man View Post
Maybe it's different in Florida, but where I live in Maryland, you only have 182 days from the date of the drawing to claim your prize. So your idea will only work if you win a drawing during the second half of the year.
I live in NY and we have one year after the date of the drawing to cash in lottery tickets. If I play a NYWin4 number like 2229 which pays $1200 for $1.00 straight bet and is taxable, I'll get two .50 tickets instead which pay $600 each and pay no tax for winning $1200.

Last edited by wp169; 05-28-2022 at 05:30 AM..
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Old 05-28-2022, 07:16 AM
 
8,005 posts, read 7,239,818 times
Reputation: 18170
Quote:
Originally Posted by TNSLPPTSO13 View Post

The $175-$200 I waste..err...invest on the lottery every month will not help me in reducing my debt. I budget for it also. I admit that the largest amount I've won on the Fantasy 5 has been $555 in over 30 years of playing...but I still have hope.

Ironically,:the biggest prize I've ever won on the lottery was $10,000...on a scratch off.
If it's any comfort, your track record is better than many of the frequent traders on the Investing forum who are basically doing exactly what you are, only with larger amounts but without the chance of a huge payoff.
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Old 05-28-2022, 07:41 AM
 
8,886 posts, read 4,596,109 times
Reputation: 16247
Life is a gamble.
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Old 05-28-2022, 08:18 AM
 
Location: MIAMI FLORIDA
308 posts, read 213,382 times
Reputation: 1117
Quote:
Originally Posted by steveklein View Post
Uh, $200/month for 30 years compounded at an average return of 8% per year would yield $330,000. Over 40 years, it would be $780,000.

You can structure your argument any way you'd like, but what you are doing is financially idiotic. $200/month is really about all someone needs to save their entire working career to retire a decent middle class life, once you supplement it with social security.

And you are throwing that entire sum away on the (relatively small) chance of hitting a big score when if you just socked it away, you would have your big score when it came to retirement.
Unfortunately,is too late for that at this time.30 years ago I was playing maybe 5 bucks a week since I was earning $8.50 an hour and could barely afford my mortage.
At my age the only thing compounding will be my fractures when I trip and fall
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Old 05-28-2022, 08:26 AM
 
Location: MIAMI FLORIDA
308 posts, read 213,382 times
Reputation: 1117
Quote:
Originally Posted by steveklein View Post
Uh, $200/month for 30 years compounded at an average return of 8% per year would yield $330,000. Over 40 years, it would be $780,000.

You can structure your argument any way you'd like, but what you are doing is financially idiotic. $200/month is really about all someone needs to save their entire working career to retire a decent middle class life, once you supplement it with social security.

And you are throwing that entire sum away on the (relatively small) chance of hitting a big score when if you just socked it away, you would have your big score when it came to retirement.

If it's any comfort, your track record is better than many of the frequent traders on the Investing forum who are basically doing exactly what you are, only with larger amounts but without the chance of a huge payoff.
[/[/b]QUOTE]

But it also gives them the joy of feeling smarter,more responsible and superior than you in every which way but loose...priceless!
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Old 05-28-2022, 09:06 AM
 
8,005 posts, read 7,239,818 times
Reputation: 18170
Quote:
Originally Posted by TNSLPPTSO13 View Post

If it's any comfort, your track record is better than many of the frequent traders on the Investing forum who are basically doing exactly what you are, only with larger amounts but without the chance of a huge payoff.
[/[/b]QUOTE]

But it also gives them the joy of feeling smarter,more responsible and superior than you in every which way but loose...priceless!
Yep. If you bet $1000 on a ball game you're an irresponsible gambler. If you buy $1000 of a risky stock you're an investor. Not only that, it's easy to convince yourself you're not gambling and the betting window is open five days a week.
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