Student wins lottery, leaves school

Dec 30, 2007, 11:23 am (18 comments)

International

A college student withdrew from school after winning the 5 million yuan ($683,000) jackpot in a lottery in China's eastern city of Nanjing, local media reported on Thursday.

The second-year student at the Jiangsu Maritime Institute, identified by the nickname Yong to protect his identity, was the sole first-prize winner in the "Double Color Ball" issued by the China Welfare Lottery on Tuesday, the Beijing News said.

"After winning the lottery, Yong told his roommates that he would share 2,000 yuan with each of them," it added.

Yong informed school authorities of his winnings, and had returned home.

"We are not sure if he will return to school, but we hope he will eventually finish his education," the paper quoted Yong's teacher as saying.

The Communist Party abolished lotteries in China after taking power in 1949, denouncing them as a practice of decadent capitalists. But the country launched state-run lotteries in 1987 amid market-oriented reforms.

Lotteries have become increasingly popular both among the poor and the newly rich in China, where many forms of gambling are banned. Per capita income in China's urban areas is roughly $1,900 a year and about $600 a year in rural areas.

Lottery-related crimes have been on the rise as well, and underground lottery schemes have become rampant across the country in recent years, bankrupting many families.

Last month, China set up its first help center for lottery addicts, offering counseling and legal assistance.

Reuters

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LckyLary

I keep forgetting that Red China has a Lottery. Why is it called the Welfare Lottery? Meantime, only 6 or so miles away from here, someone won Mega Millions, and other than seeing the jackpot reset and a brief article in the local Paper the day after, you would have no idea, nor is there any information anywhere if any one came forward yet or who it is. Even at the store itself there are no banners up, no news reporters camped out, and it is eerily quiet there.

MissNYC's avatarMissNYC

That really is not enough money to retire on...I wonder if he'll regret that.

MissNYC's avatarMissNYC

Quote: Originally posted by LckyLary on Dec 30, 2007

I keep forgetting that Red China has a Lottery. Why is it called the Welfare Lottery? Meantime, only 6 or so miles away from here, someone won Mega Millions, and other than seeing the jackpot reset and a brief article in the local Paper the day after, you would have no idea, nor is there any information anywhere if any one came forward yet or who it is. Even at the store itself there are no banners up, no news reporters camped out, and it is eerily quiet there.

Are you talking about the last Mega Millions jackpot where there were two winners? I think it's kinda weird also that no one has come forward yet.

fwlawrence's avatarfwlawrence

It is if you live in China. What does the average Chinese make-less than $1000 a year?

KY Floyd's avatarKY Floyd

Quote: Originally posted by MissNYC on Dec 30, 2007

That really is not enough money to retire on...I wonder if he'll regret that.

This is in China and the article said the per capita income in urban areas is $1900 a year, and less in rural areas? He'd probably regret it if he moved to the US and thought he could live the rest of his life on that, but it appears to be more than enough to be reired in China. Of course there was nothing inth earticle to indicate that he has any plans to retire or skip a colege education.

time*treat's avatartime*treat

Quote: Originally posted by fwlawrence on Dec 30, 2007

It is if you live in China. What does the average Chinese make-less than $1000 a year?

Per capita income in China's urban areas is roughly $1,900 a year and about $600 a year in rural areas.

This guy isn't stupid. He was smart enough to get into school. He's not going to just live on the winnings, he's going to buy a few nice factories and start churning out goods & toys for foreign companies. Well on his way to being a multi-millionaire (in any currency) in a few years.   

tntea's avatartntea

What a sad story!

time*treat's avatartime*treat

5 million yuan ($683,000) / Per capita income in China's urban areas (of) roughly $1,900 a year = 359.47 years income.

Does anyone here think if they were given 300 times what they made on 2007, they would be going broke anytime soon?

tntea's avatartntea

Quote: Originally posted by time*treat on Dec 30, 2007

5 million yuan ($683,000) / Per capita income in China's urban areas (of) roughly $1,900 a year = 359.47 years income.

Does anyone here think if they were given 300 times what they made on 2007, they would be going broke anytime soon?

Does anyone here think if they were given 300 times what they made on 2007, they would be going broke anytime soon?

 

Yes... without an education.. What a waste to throw away.

LuckyLilly's avatarLuckyLilly

Quote: Originally posted by tntea on Dec 31, 2007

Does anyone here think if they were given 300 times what they made on 2007, they would be going broke anytime soon?

 

Yes... without an education.. What a waste to throw away.

I don't have an "education" but I'm not stupid.  I, for one, would not be broke if I won 300X my 2007 income.  There are plenty of people who have no formal education beyond high school and do quite well in life, and in business.  And plenty of people with advanced degrees who act like dumb asses.

tntea's avatartntea

Quote: Originally posted by LuckyLilly on Dec 31, 2007

I don't have an "education" but I'm not stupid.  I, for one, would not be broke if I won 300X my 2007 income.  There are plenty of people who have no formal education beyond high school and do quite well in life, and in business.  And plenty of people with advanced degrees who act like dumb asses.

All I am saying it is sad to just up and quit an education, especially when handed to money to where you can devote more time to it.

Omniscient's avatarOmniscient

Quote: Originally posted by tntea on Jan 1, 2008

All I am saying it is sad to just up and quit an education, especially when handed to money to where you can devote more time to it.

But TIME IS MONEY ... The reason 'most' people go to college is so they can learn something that will increase their salary. Once you have that kind the money, you get the TIME part back. If I decided to go to school to learn something new to improve my financial future, and suddenly hit the lotto for a few million, then that would conclude my schooling. I would then perhaps concentrate on opening a chain of businesses/successful franchises and be set for the rest of my life. I could afford to hire people with experience to help me make the right business decisions.

   I saw a show a long time ago with Ted Turner(multi-billionaire) and he said in the way of ...if you can afford to hire people to do the things you cant or dont want to do, so you can do what's important, then do it. If you dont like doing yardwork, hire someone to do it, ect. Dont waste time on the trivial things in life, but instead, concentrate on the more important things to you if you can afford to.

justxploring's avatarjustxploring

Quote: Originally posted by tntea on Jan 1, 2008

All I am saying it is sad to just up and quit an education, especially when handed to money to where you can devote more time to it.

Don't compare going to school in China with colleges in the United States. I know it's changing, but they still don't enjoy the freedoms that most American students do. As their economy becomes stronger, they are slowly encouraging a little more creativity, but Chinese education has always been strict and rigid, since the government is very competitive. (I have a family member who spends a lot of time in China.)     

aaaok

Quote: Originally posted by fwlawrence on Dec 30, 2007

It is if you live in China. What does the average Chinese make-less than $1000 a year?

i thought i read that it said some people are living off of 600 a year im going to take 300,000 over there and live for 50 years!

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