What is your opinion on my gambling habit?Prev TopicNext Topic

• Editgap

  

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  Jun 1, 2007, 10:02 am

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  I enjoy playing POWERBALL and chasing the dream like most of you here.

  I don't play any other games like pick 3 and pick 4, strictly Powerball.

  I spend on average $20 per draw using powerplay.

  I buy 6-13 line depend on my Powerball formula.

  I stick firmly to my budget because I learned from previous experience

  I.E 10 drawings per month = $200  a month = $2400/year.

  How do you feel about my spending. Do you feel it is too much to spending on lottery?
• Raven62

  

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  Jun 1, 2007, 10:15 am

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  Sounds reasonable. Hopefully their are some Wins (0+1, 1+1, 3+0, etc) to supplement the playing.

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• LuckyLilly

  

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  Jun 1, 2007, 1:49 pm

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  It depends entirely on what your disposable income is.  $2400 per year would be completely unreasonable for me.  But if you're paying your bills and putting money in a savings or retirement account too (not betting your retirement money on the lottery, expecting to retire on your winnings) then it's completely reasonable for you to spend that much.
• KY Floyd

  

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  Jun 4, 2007, 11:47 pm

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  Are you playing because you hope to win, or are you playing for fun? You should be expecting to lose 50% of what you spend on lottery tickets, so unless playing and losing is worth $1200 a year for the fun of playing you're spending too much. If you think it's fun to play, whether or not you're spending too much depends on your other finances. What else would you do with the $1200 a year you  should expect to be losing?
  
• Stack47

  

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  Jun 5, 2007, 4:58 am

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  In response to Editgap

  Quote: Originally posted by Editgap on Jun 1, 2007

  I enjoy playing POWERBALL and chasing the dream like most of you here.

  I don't play any other games like pick 3 and pick 4, strictly Powerball.

  I spend on average $20 per draw using powerplay.

  I buy 6-13 line depend on my Powerball formula.

  I stick firmly to my budget because I learned from previous experience

  I.E 10 drawings per month = $200  a month = $2400/year.

  How do you feel about my spending. Do you feel it is too much to spending on lottery?

  "I.E 10 drawings per month = $200  a month = $2400/year."

  Compare it to smoking. I believe a pack of cigarettes is around $4 in Ohio. If person smokes a pack and a half a day, they are spending pretty close to what you're spending on Powerball without any possible monetary return.

  "How do you feel about my spending. Do you feel it is too much to spending on lottery?"

  It's your choice on how much you spend on gambling each year but you might take a long look at the return you get from Powerball compared to what you could get playing Pick-3,4, or 5. 
• hypersoniq

  

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  Jun 5, 2007, 5:43 am

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  welcome to the club :-)

  I used to always play a full card with the power play ($10) sometimes two of them.

  I am down to 1 ticket per draw with powerplay. winning less but spending less.

  as long as it's "extra" income and not needed funds, then good luck in your pursuit of that dream...

  Have an EXCELlent day!
• dream200

  

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  Jun 5, 2007, 11:38 am

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  As long as you are responsible and not neglecting important things in life,I think that  you should spend whatever amount you want.
• justxploring

  

  Wandering Aimlessly
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  Jun 5, 2007, 11:53 am

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  I stick firmly to my budget because I learned from previous experience

   

  That's the key statement here, in my opinion.  I think that's a lot of money to spend, but it's your choice.  First sit down and ask yourself this:  "Am I putting away the maximum allowable into an IRA? Do I have credit card debt?"   If at the end of the year you discover you can't afford to put money into a retirement account, then I would dare to suggest you cut the $2,400 in half. You might win, but chances are you might not. So, depending on your age, you don't want to sit down in 30 years and say "Wow, if I had only put that money into an IRA with interest, I'd have $XXXX.  If you are paying all your bills and saving for your future, I see no reason to change your current "habit."  As others have written, people spend much more on habits like smoking and drinking.  It's a personal choice.