Financial Planner? Here's one...

Reply #8

Badger — Tue, 20 Nov 2007 13:30:32 GMT

With the odds of winning the Powerball jackpot at 1 in 146 million you would need to buy a ticket every minute, 24 hours a day for 278 years to have an even chance of winning.

Want a better idea? Invest that same $10 a week throughout your normal working life (20 years old to 65 years old) in a good growth stock mutual fund, and you will have $1 million.

It is time to grow up. Ed McMahon is not coming. Learn to live on less than you make. Get out of debt. And build wealth the slow cooker w... [ More ]

Reply #7

TexasDreams — Tue, 20 Nov 2007 02:24:57 GMT

Well said

Reply #6

psykomo — Sun, 04 Nov 2007 00:08:26 GMT

Thanks>>>>>someday:

..........BUTT thing's are more simple in the olde US of Ahhhh!

If we elect a Democrat to our GREAT system............here....U-Know

ALL our children will EAT.

Poverity as we know-it will END!

Gobal warming will not exist but, will blow away in the winds.

Homeless people will find homes's (somewhere)???????????

High gas price's will move to another country!

If we elect a Republician.........not even GOD can HELP on this WON

ALL our children will ST... [ More ]

Reply #5

someday — Sat, 03 Nov 2007 05:10:25 GMT

He seems to forget the revenue raised benefits the general public. A few dollars a week on a lottery will not break anyone, but will help many. If all gambling was prohibited, would people stop? NO! It would just go underground.

Everything in moderation

Reply #4

KY Floyd — Sat, 06 Oct 2007 23:29:57 GMT

he would have suggested they would be better off investing that money and not play the lottery

Anyone who goes to a financial advisor after winning doesn't need advice on what would be better than spending $10 a week on the lottery, but if financial advisors had to rely on lottery winners to make a living there would be a lot less advisors. The vast majority of people who consult financial advisors haven't won the lottery, and he'd be right for better than 99.9% of the people that got that... [ More ]

Reply #3

Stack47 — Sat, 06 Oct 2007 20:16:37 GMT

Unless you make really bad choices you could expect to at least earn enough to turn your investment into 200 to 300k.

That would be a more realistic expectation.

Many people have said the first thing they would do after hitting a huge jackpot is contact a financial advisor but had they talked to Joe before buying their tickets, he would have suggested they would be better off investing that money and not play the lottery. Joe was comparing spending $10 a week on the lottery but if a perso... [ More ]

Reply #2

KY Floyd — Fri, 05 Oct 2007 21:59:13 GMT

The raffle games you're playing on must be a lot easier than the ones I'm familiar with. Investing $10 a week for 45 years will result in $1 million with a rate of 12.36%. That's not as easy to get as it used to be, but it certainly isn't unreasonable based on past history. Unless you make really bad choices you could expect to at least earn enough to turn your investment into 200 to 300k. Spending 23 grand on the raffle games I'm familiar with gives you about a 99% chance of losing at least h... [ More ]

Reply #1

Stack47 — Fri, 05 Oct 2007 20:51:29 GMT

Want a better idea? Invest that same $10 a week throughout your normal working life (20 years old to 65 years old) in a good growth stock mutual fund, and you will have $1 million.

According to my calculator, $520 times 45 = $23,400 so while the odds of turning that into $1 million is less than hitting the Powerball jackpot, they are certainly much higher than wagering $2340 in ten different Millionaire Raffle games or $100 in 234 games.

It's easy enough to show had you bought into this... [ More ]

Financial Planner? Here's one...

Coin Toss — Fri, 05 Oct 2007 13:33:19 GMT

This is from the oney column in our local paper:

What's the big deal about playing the lottery?

By Joe Pxxxxxx

&

(Provided)

Question: I realize the odds are greatly against me winning the Lotto, but I love the excitement of playing. Besides, I only spend $10 a week. I know you will say this is not a good idea, but what is the big deal?

Answer: True financial peace does not come from having tons of money, but from knowing how to manage the money you have.... [ More ]