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how i plan on getting my family lotto to pay for itself

Published:

Last Edited: August 17, 2010, 9:50 am

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

Entry #5

Comments

1.
konaneComment by konane - August 17, 2010, 10:07 am
Good luck, hope your strategy wins something really big for everyone!
2.
savagegooseComment by savagegoose - August 20, 2010, 12:04 am
yeah i wish i had started this 10 years ago.
3.
savagegooseComment by savagegoose - August 28, 2010, 3:27 pm
$19 out   $12.25 in from a win
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.
4.
savagegooseComment by savagegoose - September 6, 2010, 12:27 pm
well 1 day left, another $19 down for next fortnight and no wins. pretty usual. here's hoping tue can deliver a good result or ill have top pay out my own pocket.
5.
marcieComment by marcie - September 18, 2010, 11:26 am
Try the 02,11,12,15
6.
savagegooseComment by savagegoose - October 5, 2010, 12:06 pm
tks marcie, no luck tho.
7.
savagegooseComment by savagegoose - October 13, 2010, 7:39 pm
well last 2 weeks worth and no winner
will look like this untill i place some bets, then basically 100 comes out


total so far     --\/

$0     |--------- $180 -------------------------------------------------------------------------------------------------------------| $8300
8.
savagegooseComment by savagegoose - October 19, 2010, 1:10 am
tonight's last night, on oz lotto 7/ 45. not good odds of that hitting. and will start taking out $19 per fortnight for next 10 weeks
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.
9.
savagegooseComment by savagegoose - January 2, 2011, 9:13 am
i decided to stream line the operation. getting 10 weeks money out of people, was hard i always had to call and harass them for the cash and put up with complaints etc.

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.
10.
savagegooseComment by savagegoose - January 2, 2011, 9:23 am
oh also , the new years draw had an offer i could not refuse, buy a 36 game maxi pick for $21 and get 18 games quick pick thrown in.
i did that with the family fund, and we didn't win a red cent.
11.
savagegooseComment by savagegoose - April 20, 2011, 12:13 pm
total so far     --\/

$0     |--------- $200 -------------------------------------------------------------------------------------------------------------| $8300
12.
savagegooseComment by savagegoose - May 24, 2011, 7:18 am
total so far =====\/

|------------------$230----------------------------------------------------------------------------------------------$8300
13.
savagegooseComment by savagegoose - June 5, 2011, 3:40 pm
|------------------$250----------------------------------------------------------------------------------------------$8600

they have raised prices on 2 games 20c ea, so now the total savings need to fund future lotto purchases is up$300
14.
savagegooseComment by savagegoose - November 18, 2011, 10:11 am
|------------------$291---------------------------------------------------------------------------------------------$8600
ok upto            --- /
15.
savagegooseComment by savagegoose - February 12, 2012, 3:00 am
funny think happened with this plan. the lotto people have decided to increase the price on a pair of games, by 10c a line from 40c to 50c, and min number of lines you can play is 4.
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
16.
savagegooseComment by savagegoose - August 16, 2012, 11:00 am
well ive judiciously halted some games to boost the saving rate. atm we are at

|---------$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


17.
savagegooseComment by savagegoose - February 24, 2013, 7:01 am
|---------$465------------------------------------------------------------------------$10k--|

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.
18.
savagegooseComment by savagegoose - February 24, 2013, 7:09 am
$130567 is the new goal;   even though the balance is going up, the target is going up faster. we are saving    on the pool of cash but the price raises, and interest rate reductions, are making the goal further and further away. this year alone 10k to 13k, a 3k increase. and savings only up $120!
19.
savagegooseComment by savagegoose - February 24, 2013, 7:10 am
o man a typo, $13,067 is the goal
20.
savagegooseComment by savagegoose - April 11, 2014, 7:26 pm
oh man they keep setting the goal posts   further down the field. now the goal is like $15k

|---------$550------------------------------------------------------------------------$15k--|
21.
savagegooseComment by savagegoose - August 26, 2014, 7:57 am
another update

|---------------$700--------------------------------------------------------------$15k---|

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