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Lottery Savings Account

Topic closed. 19 replies. Last post 6 years ago by BobP.

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What percent of your ticket purchase price and prize reduction would you subscribe to?

Zero none nada [ 10 ]  [27.78%]
10 Percent [ 5 ]  [13.89%]
20 Percent [ 2 ]  [5.56%]
25 Percent [ 2 ]  [5.56%]
50 Percent [ 2 ]  [5.56%]
75 Percent [ 1 ]  [2.78%]
90 Percent [ 3 ]  [8.33%]
Huh? [ 9 ]  [25.00%]
Great idea for other people. [ 2 ]  [5.56%]
Total Valid Votes [ 36 ]  
Discarded Votes [ 0 ]  
dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
Oklahoma
United States
Member #82391
November 12, 2009
6290 Posts
Offline
Posted: March 7, 2011, 8:20 am - IP Logged

InterestingWhat?.........

    Raven62's avatar - binary
    New Jersey
    United States
    Member #17843
    June 28, 2005
    49785 Posts
    Online
    Posted: March 7, 2011, 5:37 pm - IP Logged

    Lottery savings Accounts give you a chance to win cash prizes instead of earning regular interest on your savings. When you put your money into a Lottery Savings Account, you're paid less interest than holders of standard savings accounts. The unpaid interest is accumulated and given as a lottery prize, usually once a month, to one of the lottery savings account holders. And that can be big money! In the U.S., Lottery Savings Accounts are only legal in Michigan: Most states that run lotteries prohibit anyone else from running a lottery for payouts, even banks.

    Michigan is the last place you'd expect to find more people saving money these days. One-third of the residents live below the poverty line, and everyone sees the blight of vacant homes, abandoned furniture and dumped tires. It seems like a ridiculous place to launch an experiment to turn nonsavers into regular savers.

    Bank deposits don't get people's hearts pumping, but scratch-off tickets do. The average American household snaps up about $500 annually in lottery tickets, whose appeal is especially strong among those with lower incomes. Some estimates suggest that more than 80 percent of lottery revenue comes from households making less than $50,000 a year -- the very people who have the hardest time saving. In fact, 38 percent of people earning less than $25,000 a year think the lottery is the most practical way they'll accumulate a few hundred thousand dollars in their lifetimes.

    To redirect that money, the credit unions explored how they could blend the excitement of the lottery with the certainty of socking away cash. After all, both are about pursuing aspirations. (One is just a much more fun way to do it.) In January 2009, the credit unions declared that for every $25 someone saved, the saver would earn an entry into a drawing for a $100,000 prize one year later. At the same time, they gave out monthly prizes of up to $100. The credit unions also hoped to attract new members and expand their deposit bases. So as part of the program, people could join a credit union and open an account to bid for the prize at the same time.

    http://www.washingtonpost.com/wp-dyn/content/article/2010/02/05/AR2010020501447.html

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

      BobP's avatar - bobp avatar.png
      Dump Water Florida
      United States
      Member #380
      June 5, 2002
      3104 Posts
      Offline
      Posted: March 10, 2011, 3:00 am - IP Logged


      Hmmmm, so some are willing to let the lottery hold their ten million dollar jackpot and pay it out over twenty years, but not to hold ten cents out of their ticket purchase because the lottery can't be trusted, interesting.

      BobP

        AuntiePat's avatar - animaniacs10
        Just outside of Cleveland, OH
        United States
        Member #54079
        August 3, 2007
        106 Posts
        Offline
        Posted: March 16, 2011, 8:29 am - IP Logged


        Hmmmm, so some are willing to let the lottery hold their ten million dollar jackpot and pay it out over twenty years, but not to hold ten cents out of their ticket purchase because the lottery can't be trusted, interesting.

        BobP

        Your statement is predicated on a jackpot winner taking a lump sum prize (although, as we all know, all amounts awarded--other than the big on--are lump sum awards)--I just know when I talk about winning lotteries--I'm talking about the jackpots, not the $300 I won last week and last month on my state's version of a pick 5 game.

         

        Before you make this type of a statement-perhaps you might need to conduct ANOTHER poll asking just how many respondents who would be so lucky to win a jackpot prize-- whether a national or state jackpot game--would take the payout and how many would prefer the lump sum prize.  While I can see some merits to this enforced savings (as well as some pitfalls), I DO agree with the previous poster who indicated that the government was far too involved with our lives and have--OVER ALL THE PREVIOUS ADMINISTRATIONS-- shown immense irresponsibility with the power that they have.

          BobP's avatar - bobp avatar.png
          Dump Water Florida
          United States
          Member #380
          June 5, 2002
          3104 Posts
          Offline
          Posted: March 17, 2011, 6:21 am - IP Logged

          Your statement is predicated on a jackpot winner taking a lump sum prize (although, as we all know, all amounts awarded--other than the big on--are lump sum awards)--I just know when I talk about winning lotteries--I'm talking about the jackpots, not the $300 I won last week and last month on my state's version of a pick 5 game.

           

          Before you make this type of a statement-perhaps you might need to conduct ANOTHER poll asking just how many respondents who would be so lucky to win a jackpot prize-- whether a national or state jackpot game--would take the payout and how many would prefer the lump sum prize.  While I can see some merits to this enforced savings (as well as some pitfalls), I DO agree with the previous poster who indicated that the government was far too involved with our lives and have--OVER ALL THE PREVIOUS ADMINISTRATIONS-- shown immense irresponsibility with the power that they have.


          The question of lump sum vs spread out payments has been asked and polled a number of times.  Not every state offers the option.

          As to whether your employer steals the pension fund or the federal government raids the social security trust fund we're never going to see that money again.   So far lottery winnings have been safe as have bank accounts even if it has taken some time to get the money back from closed banks which keeps me hopeful percentage banked portions of lottery ticket sales would be safe as anything else is these days. 

          Congradulations on your win, spend your money while it's still worth something.

          BobP