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April 24, 2024, 3:48 am
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how i plan on getting my family lotto to pay for itself
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my family have all agreed to join in a min entry in all lottos it costs $9.50 a week and there is 5 of us playing , so makes it $95 every 5 weeks.
I charge them $20 ea, and myself $20 making it $100.
then i place the money in a bank account earning 6% interest, and withdraw $19 every 2 weeks to enter the plays.
this leaves $5 in the account and earns interest at a very small rate.
any small winnings will also be placed into the account.
so far after 30 weeks we have won $50 and as of this week we have $150 in the account.
Eventually, i aim to get account balance upto $8300 so by then the interest on the money will actually pay for the ticket purchases and i will no longer have to get the $20 every 10 weeks off of my 4 brothers and sisters.
but , it will take like 40 years at the rate we are saving , even with compunded interest.
ill leave updates on the blog form time to time when we get a win.
so far the savings graph looks like this
total so far --\/
$0 |--------- $150 -------------------------------------------------------------------------------------------------------------| $8300
Comments
i posted the a link to the numbers and pic of ticket in forums,.
ermm was power ball,
draw was 7 17 27 37 41 pb 34
my ticket
7 18 27 37 40 pb 44
2 numbers 1 number off a 5 hit oh well maybe next time.
will look like this untill i place some bets, then basically 100 comes out
total so far --\/
$0 |--------- $180 -------------------------------------------------------------------------------------------------------------| $8300
with no wins it will be around $80 left, plus bank interest, yeah we still get that out here. so with no wins and everyone paid up it will $185 balance in 10 weeks. with wins some more.
well i changed it to a monthly direct deposit into tthe lotto funds account, of $9 ea per month. this making them set up an auto withdrawal on their bank account, means i no longer have to nag anyone, the money gets put in monthly, and i withdraw it fortnightly. buy the tickets.
any wins i miss will soon be auto deposited into the same account as well , as the lotto office allows you to put thre bank you want winning you dont collect yourself into a nominated bank account.
also their is a small amount of extra dollars that amounts to about $2 a month that accumulate into the account. earning extra interest.
sure whn i started this i would buy 10 weeks at a time, but the money earns interest in the bank account so its better to deposit it there. anyhow this is the current state of things. sure hope people can keep it up.
and i read that my state lotto may be doing online purchases and also subscriptions, so maybe the whole thing will be automated soon.
i did that with the family fund, and we didn't win a red cent.
$0 |--------- $200 -------------------------------------------------------------------------------------------------------------| $8300
|------------------$230----------------------------------------------------------------------------------------------$8300
they have raised prices on 2 games 20c ea, so now the total savings need to fund future lotto purchases is up$300
ok upto --- /
so a 25% increase in 2 games. means an extra $600 ish for the total. that one price increase is more than we have saved so far.! around $300 is the ballance, and now its close to $10k needed. ce la vie heres hoping we get a decent win sometime soon
|---------$355------------------------------------------------------------------------$10k--|
here -----/
the interest rates are now %5.7 so needing 10k to generate, annual costs. a fair bit higher than the starting $8,300. i started at, and well lower than the $6k when i actually dreamed this system up and rates where %7.
this pool has done real poor in over last 12 months wining twice or 3 times, and when we have a larger jackpot i do buy more.
still its still going in the right direction
here -----/
WOW 4 draws in a row won prizes, boosting the savings $120. although somwe games have gone up in price, and the interest earned on savinngs still falls. an exact amount need to pay all tivkes has tobe worked out, but im guessing its closer to $11k now. although once the balanc reaches $2k i see that compound interest will start to work, ie the 1st half the money will be the slowest.
|---------$550------------------------------------------------------------------------$15k--|
|---------------$700--------------------------------------------------------------$15k---|
| -------------$800-------------------------------------------------------$30k----|
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