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Author Topic: POWRBALL  (Read 4740 times)
amlithist
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« Reply #15 on: November 25, 2012, 10:23:43 PM »

Desperate and foolish--I'll cop to both.  What can I say?  It's been that kind of a year.  ;)
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kiana
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« Reply #16 on: November 25, 2012, 10:24:39 PM »

I agree when it is purely entertainment.  I have no problem with people getting their entertainment from imagining winning the lottery.  In fact I am enjoying it immensely on this thread.   Unfortunately, I've met people who really think winning is a realistic possibility.   My mother swears she is ahead on scratch tickets when in reality she wins about $3 (local currency) for every $40 (again, local currency) she spends.  She also swears she breaks even on the lottery, whereas in reality she wins the lowest division - worth about twice cost of the ticket - maybe once every couple of years despite buying a ticket every other week.  I know too many people - invariably on extremely low incomes - who think the unlikeliness of winning the lottery is more or less the same as the unlikeliness of calling a coin toss or which way a die will land.

I was being flippant when I said it was a stupidity tax - I don't actually think people who play the lottery and hope to win are stupid.  Desperate and foolish though.

Now that you have clarified, I agree completely.
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If robbers ever broke into my house to search for money, I'd just laugh and search with them.
galactic_hedgehog
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« Reply #17 on: November 25, 2012, 10:28:51 PM »

In theory I think lotteries can be good and I admit in the past I have bought a ticket or two when the jackpot was huge (yeah, I know the odds, but I'd just waste the buck on candy bars or something, right?).  However, I've seen people who can ill-afford to buy a yard's worth of scratch tickets, sit in their car and scratch them off, then throw them aside and go back into the store and buy another yard's worth.
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mountainguy
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« Reply #18 on: November 25, 2012, 11:27:11 PM »

When I bought my single ticket tonight at the grocery store, the clerk said to me "good luck," to which I replied with a laugh: "thanks, but not bloody likely."

I'm not exactly sure what I'd do with the money if I won. I'd definitely pay off my debts, and buy property in favorite city. But I can't imagine not doing work of some sort.
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kiana
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« Reply #19 on: November 25, 2012, 11:38:25 PM »

I'd definitely:

1) Pay off my student loans and my mother's mortgage.
2) Buy a non-crappy car, and while I'm at it, buy one for her and a nice pickup for my brother.
3) Figure out what to do with the rest later, but it would definitely involve gifts to some charities I find worthwhile as well as some scholarships (and maybe some other stuff) for my underfunded undergraduate department.
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If robbers ever broke into my house to search for money, I'd just laugh and search with them.
pigou
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« Reply #20 on: November 26, 2012, 1:40:15 AM »

I was being flippant when I said it was a stupidity tax - I don't actually think people who play the lottery and hope to win are stupid.  Desperate and foolish though.
You could conceive of lottery tickets as a saving vehicle for the poor. It may be that there are social reasons preventing the poor from accruing savings: e.g. feeling compelled to help out friends and neighbors anytime they have saved up a little money. That wouldn't allow them to accrue any meaningful savings. But spend the money on a lottery ticket, and there's a chance you'll get a decent payout - not the jackpot, but maybe a couple hundred bucks. That let's you make a larger purchase. Sure, you could have just saved the money on a savings account. However, about 20% of Americans don't even have a bank account (much less a brokerage account to buy tech stocks, as fizmath suggests).

You could have savings accounts that don't pay any interest, but where you get a "ticket" for each dollar you have deposited. Then, interest on deposits of all participating accounts is pooled and becomes a jackpot, with prices paid out to savers. That would, I think, be very much in demand - especially among the poor, where even a couple percent interest don't really add up to anything. Turns out, that's not at all popular with states as they depend on lottery revenue. Messed up incentives...
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wet_blanket
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« Reply #21 on: November 26, 2012, 1:56:57 AM »

I was being flippant when I said it was a stupidity tax - I don't actually think people who play the lottery and hope to win are stupid.  Desperate and foolish though.

You could have savings accounts that don't pay any interest, but where you get a "ticket" for each dollar you have deposited. Then, interest on deposits of all participating accounts is pooled and becomes a jackpot, with prices paid out to savers.

You mean like this?
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pigou
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« Reply #22 on: November 26, 2012, 2:24:10 AM »

I was being flippant when I said it was a stupidity tax - I don't actually think people who play the lottery and hope to win are stupid.  Desperate and foolish though.

You could have savings accounts that don't pay any interest, but where you get a "ticket" for each dollar you have deposited. Then, interest on deposits of all participating accounts is pooled and becomes a jackpot, with prices paid out to savers.

You mean like this?

Something like that, but something that's automatic rather than requiring people to buy bonds. There's a successul implementation in Michigan: http://www.freakonomics.com/2010/11/18/freakonomics-radio-could-a-lottery-be-the-answer-to-americas-poor-savings-rate/

However, these lotteries are illegal in all but 3 states - can't compete with the state-run lotteries.

Also, from the article:
Quote
In fact, a recent national survey of a thousand adults, one in five American adults said their greatest chance of accumulating hundreds of thousands of dollars is through the lottery. That number jumps to forty percent for folks making less than twenty-five thousand dollars a year.
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usukprof
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.


« Reply #23 on: November 26, 2012, 2:32:16 AM »

Since I'm more likely to be killed by falling airplane parts than win the lottery, I'll just look up instead of buying a ticket.
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Fat, drunk, and stupid is no way to go through life, son.  --Dean Vernon Wormer
parispundit
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« Reply #24 on: November 26, 2012, 7:01:38 AM »

Buying a lottery ticket is like becoming an academic - lots of psychic pay, little cash return.

That said, if I won my wine collection would become SERIOUS. And that gorgeous 14th-century fortified water mill outside Bordeaux would be MINE.
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aandsdean
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Positively impactful on stakeholder synergies


« Reply #25 on: November 26, 2012, 10:24:34 AM »

Buying a lottery ticket is like becoming an academic - lots of psychic pay, little cash return.

That said, if I won my wine collection would become SERIOUS. And that gorgeous 14th-century fortified water mill outside Bordeaux would be MINE.

This:  http://www.propertyturkeyforsale.com/highly-exclusive-istanbul-yali-prime-location-64-rooms-i1004707.html

Would be nice, though it would burn about half of the after-tax return on the giant jackpot.  I've been by this place on a boat several times and it's quite tempting.  Indeed it is.
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Que scay-je?
mended_drum
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« Reply #26 on: November 26, 2012, 11:41:56 AM »

If I won, after paying off debts and setting aside some just in case Mended_mom ever needs elaborate medical care, I believe that I would meet with my college president and talk about some *very* targeted donations. 

I might build a pottery studio for myself too.  In an outbuilding, so that the mess wouldn't get into my house.
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"dr. mended_drum don't give a sh!t; she will chew me up like a cobra."
dolljepopp
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So 'ne Driss...


« Reply #27 on: November 26, 2012, 12:03:32 PM »

Hmmm.

Assuming taxes would take about half, and after converting to Euros, that would leave me in the neighbourhood of 165 million-plus.

 
---

I'd never fly economy again. Possibly not even business.

We'd pay off the mortgage and finish all the work we want to do on the flat -- built-in wardrobes, new kitchen -- and live in a posh place while the work was being done.

We'd buy a second car -- something for winter, not too posh. We might, eventually, buy a slighter larger place in our neighbourhood if we found one we liked enough.

I'd endow or partially endow the non-profit I helped set up a few months ago.

Various charity donations, of course -- Alzheimer's and Diabetes and HIV and cancer research and various and sundry 'save the planet' things.

Possibly some scholarships to my doctoral uni and my Masters uni. My undergrad uni decided about twenty years ago to try to be a rah-rah sports school, so I wouldn't give them bupkis.

 
---

We have a lottery here, although I've never bought a ticket. (There's also EuroMillions and I think those tickets are sold here too.)

When I was still in the States, I would, for giggles, buy one ticket anytime the jackpot was over $ 100 million. That seemed to be a handful of times a year.


I don't really approve of lotteries, but if I won $ 425 million, I could probably live with my hypocrisy...

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quotiazelda
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« Reply #28 on: November 26, 2012, 12:07:28 PM »



I'd never fly economy again. Possibly not even business.


I'd never fly again, period. With all the money I needed and all the time in the world, I would take trains and boats everywhere I needed to go.

(I am perhaps exaggerating, but not by much)
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"Dream on, Jump Street."
flavorrocks1
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« Reply #29 on: November 26, 2012, 12:44:15 PM »


kiana, tickets in my area cost $2.00 a piece.  I would like to know where you buy a good steal for around $6.00.
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"If frogs couldn't hop, I'd be gone with the Schwinn."  Kermit the Frog
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