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Saving vs Playing

Topic closed. 17 replies. Last post 10 years ago by guesser.

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justxploring's avatar - villiarna
Wandering Aimlessly
United States
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November 5, 2005
4461 Posts
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Posted: March 23, 2007, 10:17 pm - IP Logged

Many times people come to this web site and write long posts to explain to us why we are wasting our time and money.  This is an ongoing debate, but we are all very much aware that the odds are great and the chances are slim that anyone here will become a millionaire from buying a ticket.  A select few might have a gambling problem, but most of us are just having fun and dreaming of the possibilities.

I would like to make a comment about the many financial analyses showing that, if we take $XXX and put it in an account making Y that in 30 years we will have $ZZZ.  Yes, it is true, and many people do just that but.....

Why do people always refer to the few dollars a week we spend on the lottery?  What about:

If you buy a used car for $10,000 instead of a new one for $20,000 your payments will be much lower.  So take that money an put it in a retirement account.  Why not help the environment and take the bus?  That will save you money on insurance, maintenance and gas.

If you stop buying CDs, going to the movies, eating out, picking up pizza or take-out Chinese food on the way home from work, you can probably save more than $75 month and put that money into a retirement account.

If you buy your clothes at thrift shops and go to garage sales, you can probably save hundreds each year and then put that money into a retirement account.

If you stop buying chicken, fish, meat, cereal, ice cream, cookies, soda and just eat beans, rice, eggs, spaghetti and Ramen noodles, you surely will cut your food budget by half or more, and you can take that money and put it into a retirement account.

If you stop taking vacations, don't go skiing, play golf or tennis or go to sporting events, you can save thousands every year.  Then you can take that money and put it into a retirement account.

We can all live without cable/satellite tv, cell phones, and high speed internet.  In fact, when I was growing up we only had a small black & white tv.  My Mom & Dad grew up without telephones or hot water heaters.  I mean, who used a clothes dryer? So you can give up some of these luxuries and save more than $100 a month on phone & utility bills.  Then, guess what?  You can put that money into a retirement account.

Before I moved to FL I realize many people didn't have central air conditioning.  It was 89 degrees today, but what's a little sweat?  If I stopped using my air altogether, I might save up to $30 a month.  Wait a minute!  What am I saying?  Who needs a house in the first place?  You can live in an RV for so much less money.  Here's what you can do with all those mortage payments or rent checks. You can put all that money away in a retirement account.

    psykomo's avatar - animal shark.jpg

    United States
    Member #4877
    May 30, 2004
    5113 Posts
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    Posted: March 23, 2007, 10:39 pm - IP Logged

    Many times people come to this web site and write long posts to explain to us why we are wasting our time and money.  This is an ongoing debate, but we are all very much aware that the odds are great and the chances are slim that anyone here will become a millionaire from buying a ticket.  A select few might have a gambling problem, but most of us are just having fun and dreaming of the possibilities.

    I would like to make a comment about the many financial analyses showing that, if we take $XXX and put it in an account making Y that in 30 years we will have $ZZZ.  Yes, it is true, and many people do just that but.....

    Why do people always refer to the few dollars a week we spend on the lottery?  What about:

    If you buy a used car for $10,000 instead of a new one for $20,000 your payments will be much lower.  So take that money an put it in a retirement account.  Why not help the environment and take the bus?  That will save you money on insurance, maintenance and gas.

    If you stop buying CDs, going to the movies, eating out, picking up pizza or take-out Chinese food on the way home from work, you can probably save more than $75 month and put that money into a retirement account.

    If you buy your clothes at thrift shops and go to garage sales, you can probably save hundreds each year and then put that money into a retirement account.

    If you stop buying chicken, fish, meat, cereal, ice cream, cookies, soda and just eat beans, rice, eggs, spaghetti and Ramen noodles, you surely will cut your food budget by half or more, and you can take that money and put it into a retirement account.

    If you stop taking vacations, don't go skiing, play golf or tennis or go to sporting events, you can save thousands every year.  Then you can take that money and put it into a retirement account.

    We can all live without cable/satellite tv, cell phones, and high speed internet.  In fact, when I was growing up we only had a small black & white tv.  My Mom & Dad grew up without telephones or hot water heaters.  I mean, who used a clothes dryer? So you can give up some of these luxuries and save more than $100 a month on phone & utility bills.  Then, guess what?  You can put that money into a retirement account.

    Before I moved to FL I realize many people didn't have central air conditioning.  It was 89 degrees today, but what's a little sweat?  If I stopped using my air altogether, I might save up to $30 a month.  Wait a minute!  What am I saying?  Who needs a house in the first place?  You can live in an RV for so much less money.  Here's what you can do with all those mortage payments or rent checks. You can put all that money away in a retirement account.

    R>>U>>from>>$$$

    "PLAM BEAC"?????

    HOME of the the RICH &&&&&&&&&&&&&&&&&&FAMOUS!!!!!!!!!!!

    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&DEMOCRAT$$$$$

    who can AFFORD the $$$$$$$$UN$$$$$HINNE$$$$$$$$$$$$$$$ 

      truecritic's avatar - PirateTreasure
      Michigan
      United States
      Member #22395
      September 24, 2005
      1583 Posts
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      Posted: March 23, 2007, 10:55 pm - IP Logged

      I am willing to trade 2 TV dinners and use that $2 to buy a couple of chances with MM.

      You'd think that since I haven't won the jackpot, I would at least lose a few pounds from not eating those TV dinners.  But NO! 

      What?

        jarasan's avatar - new patrick.gif
        Harbinger
        D.C./MD.
        United States
        Member #44103
        July 30, 2006
        5583 Posts
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        Posted: March 23, 2007, 10:57 pm - IP Logged

        What about just e-baying everything. I've certainly considered that. What the heck am going to do with all this stuff,  I know I could get something for that pasta maker sitting up there on the cabinet taking up space.

        LOL jarasan

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
          Member #30470
          January 17, 2006
          10344 Posts
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          Posted: March 23, 2007, 11:30 pm - IP Logged

          Justxploring

          It seems a lot of people assume anyone who plays lotto is a heavy player. 

          That's just not the case.

          As far as stocks, etc. go, for what I play on lotto in an entire year wouldn't even open an account with any broker.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            pigsNtrees's avatar - pigsNtrees
            Mallorn trees of Lothlorien
            United States
            Member #26084
            November 14, 2005
            199 Posts
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            Posted: March 23, 2007, 11:45 pm - IP Logged

            Great post! Some of the things I do to save money for lotto is......

            Buy leg quarters instead of a whole chicken.

            Buy all my meat in the reduced meat section and nothing over $2.00 a pound.

            Do all our laundry on the weekend and hang most of it out to dry.

            Buy our DvDs at the pawn shop. You would be surprised what you can find there.

            Before my husband was forced to take an early medical retirement I never gave much thought to how to shave a few cents here a dollar there. It can really add up if you do it right.

            Quando Porca Volare!

            drunk hobbit

              Avatar
              NY
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              October 16, 2005
              3471 Posts
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              Posted: March 24, 2007, 1:42 am - IP Logged

              I'm not sure about the assumption that everyone spends a lot of money. I think a lot of people who don't play think that many (most?) of us don't really understand the odds. I see a lot of posts saying overly optimistic things. For most of them I figure people are simply being positive about their chances, but I'm sure there are plenty of people out there who don't really have a clue just how steep the odds are.

              As far as how much of a difference it would make to invest the money we spend on the lottery, it obviously depends on how much and for how long, but even a modest investment can  become a nice chunk of change. If you started putting $17 a month into an investment that paid 7% and continued for 35 years you'd end up with just over 30 grand. Do it for 15 years and you'll only have about $5400. Obviously, starting a  a steady investment program while you're still young is a far better idea than waiitng until you're 40 or older.

              A while back there was a topic about a study that said that a sizable percentage of people said that winning the lottery was their best chance at becoming millionaires. The study pointed out how unrealistic it was to *count* on becoming a millionaire by winning the lottery, but as I remember it said nothing about the realistic chances of saving enough money to become a millionaire. If $17 a month at 7% for 35 years becomes 30 grand it would take about $550 a month to accumulate $1 million. Saving an average of $6600 a year is also unrealistic for a sizable percentage of people. Counting on winning may be unrealistic, but for a lot of people it is their best chance at becoming millionaires.

                justxploring's avatar - villiarna
                Wandering Aimlessly
                United States
                Member #25360
                November 5, 2005
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                Posted: March 24, 2007, 7:27 am - IP Logged

                Although I was obviously being sarcastic in response to many of the comments about how we could all be millionaires if we'd just invest our lottery money, I actually don't spend a lot of money on most of the things I mentioned.  I don't play golf, tennis or ski. I don't own a boat. Walking on the beach is where I get most of my exercise, although this time of year there's an annoying species that flies here called snowbirds, and they take up all the free parking spaces.  By the way, I really do eat a lot of pasta, eggs, pancakes, cereal, and beans! 

                You are right, pigsNtrees about saving money on the little things. I always made a good living until the past couple of years, but the cost of living here has increased dramatically, and the wages are very low.  One new "expense" I have is the local do-it-yourself car wash.  I don't have a garage or carport and, for some reason, my car is covered in brown and yellow spots every morning with bird poop all over it and purple berries (or maybe it's purple bird poop)  Even that went up to $1.75 so I've learned to run the hose over my car very quickly or I need to add more quarters.  We have residential water restrictions, which makes me chuckle when I drive by the golf courses in the rain and they have their sprinklers on.  Money talks!

                  JAP69's avatar - alas
                  South Carolina
                  United States
                  Member #6
                  November 4, 2001
                  8790 Posts
                  Online
                  Posted: March 24, 2007, 8:03 am - IP Logged

                  Many times people come to this web site and write long posts to explain to us why we are wasting our time and money.  This is an ongoing debate, but we are all very much aware that the odds are great and the chances are slim that anyone here will become a millionaire from buying a ticket.  A select few might have a gambling problem, but most of us are just having fun and dreaming of the possibilities.

                  I would like to make a comment about the many financial analyses showing that, if we take $XXX and put it in an account making Y that in 30 years we will have $ZZZ.  Yes, it is true, and many people do just that but.....

                  Why do people always refer to the few dollars a week we spend on the lottery?  What about:

                  If you buy a used car for $10,000 instead of a new one for $20,000 your payments will be much lower.  So take that money an put it in a retirement account.  Why not help the environment and take the bus?  That will save you money on insurance, maintenance and gas.

                  If you stop buying CDs, going to the movies, eating out, picking up pizza or take-out Chinese food on the way home from work, you can probably save more than $75 month and put that money into a retirement account.

                  If you buy your clothes at thrift shops and go to garage sales, you can probably save hundreds each year and then put that money into a retirement account.

                  If you stop buying chicken, fish, meat, cereal, ice cream, cookies, soda and just eat beans, rice, eggs, spaghetti and Ramen noodles, you surely will cut your food budget by half or more, and you can take that money and put it into a retirement account.

                  If you stop taking vacations, don't go skiing, play golf or tennis or go to sporting events, you can save thousands every year.  Then you can take that money and put it into a retirement account.

                  We can all live without cable/satellite tv, cell phones, and high speed internet.  In fact, when I was growing up we only had a small black & white tv.  My Mom & Dad grew up without telephones or hot water heaters.  I mean, who used a clothes dryer? So you can give up some of these luxuries and save more than $100 a month on phone & utility bills.  Then, guess what?  You can put that money into a retirement account.

                  Before I moved to FL I realize many people didn't have central air conditioning.  It was 89 degrees today, but what's a little sweat?  If I stopped using my air altogether, I might save up to $30 a month.  Wait a minute!  What am I saying?  Who needs a house in the first place?  You can live in an RV for so much less money.  Here's what you can do with all those mortage payments or rent checks. You can put all that money away in a retirement account.

                  When we do all the above things to save money for retirement and after 40 years or less of doing so we will have turned into such a miser we would not want to spend the retirement money for the good things in life. ROFL

                  Looks like we enjoy some of the good things in life as we go along. Spending that million dollars year by year as we get some of it. Big Grin

                  WHATT

                    tntea's avatar - Lottery-059.jpg

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                    Posted: March 24, 2007, 9:55 am - IP Logged

                    Well I look at it like this.. you cannot take it when you go,  the money made off of pick 4's is just as sweet, and it is money I give freely..

                         OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                      Raven62's avatar - binary
                      New Jersey
                      United States
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                      Posted: March 24, 2007, 11:55 am - IP Logged

                      Sounds like you have the makings of a bestseller:

                      How To Save Your Way to Millions!

                      A mind once stretched by a new idea never returns to its original dimensions!

                        lotterybraker's avatar - pyramid
                        mississippi
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                        March 3, 2006
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                        Posted: March 24, 2007, 12:02 pm - IP Logged

                        well..I prefer the Saying.."You have to spend money to make money"..lol..so..when I get a chance to play..I am going to play..but it is always on numbers I choose..lol

                        "Attention all Mathematicians: Check your degree at the door because when it comes to whole numbers you are the Amateur"

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
                          United States
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                          November 5, 2005
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                          Posted: March 24, 2007, 1:35 pm - IP Logged

                          I didn't mean to rate my own thread, but I was trying to use the new feature and finally figured it out.  I'll have to check it out again, since Todd said it isn't necessary to vote to see the member name and rating. Every time I try it, I end up casting a vote. Maybe I'm not clicking quickly enough.  Gosh - hot flashes, night sweats, age spots, spider veins and now my mouse finger is slowing down.

                            JADELottery's avatar - MeAtWork 03.PNG
                            The Quantum Master
                            West Concord, MN
                            United States
                            Member #21
                            December 7, 2001
                            3675 Posts
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                            Posted: March 24, 2007, 1:42 pm - IP Logged

                            No VS. here....  I do both Save and Play.

                            Presented 'AS IS' and for Entertainment Purposes Only.
                            Any gain or loss is your responsibility.
                            Use at your own risk.

                            Order is a Subset of Chaos
                            Knowledge is Beyond Belief
                            Wisdom is Not Censored
                            Douglas Paul Smallish
                            Jehocifer

                              lotterybraker's avatar - pyramid
                              mississippi
                              United States
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                              March 3, 2006
                              5903 Posts
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                              Posted: March 24, 2007, 1:44 pm - IP Logged

                              I didn't mean to rate my own thread, but I was trying to use the new feature and finally figured it out.  I'll have to check it out again, since Todd said it isn't necessary to vote to see the member name and rating. Every time I try it, I end up casting a vote. Maybe I'm not clicking quickly enough.  Gosh - hot flashes, night sweats, age spots, spider veins and now my mouse finger is slowing down.

                              Hang Tough Justxploring...better days ahead...lol

                              "Attention all Mathematicians: Check your degree at the door because when it comes to whole numbers you are the Amateur"