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I just dont understand!?!?!

Topic closed. 48 replies. Last post 5 years ago by THRIFTY.

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Posted: January 31, 2012, 7:25 pm - IP Logged

pfffttt, i'd be flabbergasted if I won 50 grand take home, are you kidding me?

nope, i'm not choosy, heck, i went ape s**t when i won 2 grand a few years ago...lol

    NoShame's avatar - Lottery-030.jpg
    Indiana
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    Posted: January 31, 2012, 7:27 pm - IP Logged

    " I wont play the Lottery unless its at least 50 Mill" or " Once it reaches 100 Mill, I'll play".....

     

    I'm one of those that say that and I say that because i would never want to work anymore without any fear of being broke.The reality is even if its 50 mil,you're lump sum would be between 23-20-ish million....then start the federal and state taxes and brings it significantly lower.

    Not to mention I'm certain there are always unforseen things that could drain the heck out of money(possibly developing health problems).It's one of those things where you have to think ahead and for me 100 mil taxed would make me comfortable no matter what comes my way.That's just my unbiased opinion

    Agreed.  Alot of the decision to wait for a higher jackpot comes from the fact that most of the jackpot is taken out for taxes anyway so for some, it makes sense to wait around if you're intention is to win once and never haveta worry about playing ever again.   And if you're playing in a pool, it makes even more sense to wait for a massive jackpot.  It's hard for some to get by even if you were to win $1million or even $10million.

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      Posted: January 31, 2012, 7:38 pm - IP Logged

      I suppose those folks think about their budget for the year and maybe they are spending less than $100 a year, so they pick and choose when to play. For me the $2 Powerball means I can still be in each draw, but no kickers or multipliers and less likely to buy an extra ticket on a whim.

      As far as needing to wait for a large enough jackpot -- never understood that logic. If there was a jackpot where the amount was "your mortage" + "your consumer debt" + "kids' college", I think folks would take that. Pretty sure that $12M MM would cover that.

        psykomo's avatar - animal shark.jpg

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        Posted: January 31, 2012, 9:27 pm - IP Logged

        Right on psykomo.....right on!!!     I Agree!   Party

        put the shell UP 2UR>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>EAR^^^^^^^^^^^^^^^^^^^^^>>>>!!!

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        White BounceDanceWhite BounceDanceWhite Bounce

        Jack-in-the-Box

          savagegoose's avatar - ProfilePho
          adelaide sa
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          Posted: February 1, 2012, 9:31 am - IP Logged

          i remeber when i won $1000 years and years ago, i was ecstatic. sooo freeking happy.

          just over a year ago i wont $1600, on keno, its not even what ive spent on keno, and compared to my personal debt, it wont even put a dent into it.

           

          so yeah enough money to clear out debt and still have a smile on my face would be great. i think $100k would get me smilling. 50k would be nice to, under 10k would be ehhhh as it would be blown on debt.

          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

            OldSchoolPa's avatar - Lottery-057.jpg
            Gurnee, Illinois
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            Posted: February 1, 2012, 7:07 pm - IP Logged

            Well I will say it does amuse me when people say they only play when the jackpot is over a certain amount.  But then again, we do live in America and everyone has the right to or not to play the lottery, and the freedom to play it as they wish.  Most people will never hit the jackpot.  A fortunate few will and even fewer will be so lucky as to hit multiple times.  I like to think that I am one of the future fortunate few that will hit and possibly even again (and again).  So my strategy is to give myself a chance in every drawing.  I used to poo poo playing the pick 5 games, but not anymore.  Hitting at that level fits into my "having sufficient money to play again another day" strategy.  I also target any state lottery with a jackpot of sufficient size (greater than 5 million for any that are not where I live...yes I do travel but not just to play the lottery in another state).  But I don't get caught up in the jackpot size hype of Powerball and Mega Millions.  My thought is it really doesn't matter until I have a ticket that bears all six numbers on a single line. 

            My strategy after I win will be to adjust my consumption and investment goals to fit the jackpot I ultimately take home.  For example, I would not consider purchasing a private jet no matter how large a jackpot I win, nor would I look to purchase an ultra luxury car if I only won a net of 5 million (I would have to win at least net 25 million to consider doing something like that).  Likewise, I would not purchase a super expensive property or house right away.   I would likely just renovate my existing house and while it is being renovated, just move into a luxury apartment (rent no greater than 1,100 dollars...so no I won't be living on the Gold Coast of Chicago or considering a move to NYC where I read about people paying 20,000 dollars a month in rent).

            Here's to hoping my luck changes in 2012.

            Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

            The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

              psykomo's avatar - animal shark.jpg

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              Posted: February 2, 2012, 8:50 pm - IP Logged

              Quite often, I hear or read statements being made like " I wont play the Lottery unless its at least 50 Mill" or " Once it reaches 100 Mill, I'll play".....

              I understand the odds are stupid crazy, but 1-2 dollars. Even after a roll, I mean what are you gonna do with a buck or 2? Buy a donut? You dont need a donut.

              Im just trying to understand the logic. Here in TX, our Lottery starts at 4 Mill, so probably 2.25 after taxes. I got into it with a buddy who made the remark. Im like "What, is that not enough for you"? lol

              Great POST>>>>>>>>>>>Dizz:

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              Jack-in-the-Box

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                Posted: February 3, 2012, 2:47 am - IP Logged

                I have heard people say the same thing, they wait till a jackpot is really high, before buying a lottery ticket, which I think is really stupid- since they could win a jackpot easily,  And therefore, I bet- they miss out on winning alot of times!!

                 

                Dance

                What's stupid is spending $1 on a chance to win $10 million when the same $1 can get you the same chance at winning $20, $30 or $50 million. Some people understand that and spend their money on the better risk that they know will come along  in a week or two. Others either don't understand it of have some reason they choose to spend their money on something that's worth less. Considering that what you're buying is usually worthless, concentrating on the bigger jackpots is the closest thing there is to a sensible decision about playing the lottery.

                  BobP's avatar - bobp avatar.png
                  Dump Water Florida
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                  Posted: February 3, 2012, 5:27 am - IP Logged


                  There are two levels to this nonsense.

                  The first are the people who don't play until the prize is above a set amount.  As if they would turn down mere millions to wait until their prize size requirements can be met.   This would make sense if they were putting money away for the big push, more likely they will buy a ticket.

                  The second are the gambling experts who apply a formula of waiting until the prize approximates the odds or above to get what they consider full value return on the dollar for the wager based on buying the prize.    Does not make sense for big prize games except for the few historic cases of lotto rollover prizes being bought for big bucks.  Pointless for the rest of us.

                  BobP

                    CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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                    Posted: February 3, 2012, 7:45 am - IP Logged

                    Quite often, I hear or read statements being made like " I wont play the Lottery unless its at least 50 Mill" or " Once it reaches 100 Mill, I'll play".....

                    I understand the odds are stupid crazy, but 1-2 dollars. Even after a roll, I mean what are you gonna do with a buck or 2? Buy a donut? You dont need a donut.

                    Im just trying to understand the logic. Here in TX, our Lottery starts at 4 Mill, so probably 2.25 after taxes. I got into it with a buddy who made the remark. Im like "What, is that not enough for you"? lol

                    Dizz.......While your point does have validity about "not enough", I am going to offer a counterpoint to that fact and bare with me for a second til I get to it.
                    Lets say you do get the 2.25 after taxes...Now how to live off it......  Going to purchase a vehicle or house or pay off the mortgage ?  How much is that ?  Got any other major bills like college loans or kids going to college  or need a new roof or kitchen remodel?   Have a relative like mom or dad  or other family member thats in dire need ?   With all the above described possible demands and others that weren't mentioned how much of a drain will that be on the 2.25  ?   For arguments sake, lets say you pay off all your bills, blow a few bucks on toys and vacations and are left with  1.9 - 2 mil or a little less......Heres  where my counterpoint comes in....... Invest it with a 5% return dividend( getting higher maybe tricky), so thats $90-  $100,000 or a little less a year return   Hyper( nice ) ....Hold on, now you have to pay taxes on that 100K.....How much ?  20 %...25%.....28%........so lets say now you are down to  $65 - 75K.....How much for general living  expendatures  over a years time??  Food -$10,000 or more, fuel,- $1500, electricity - $2000, cable $1500, HEALTH INSURANCE for 2 people is gonna cost at least $12,000., property taxes - $2 - $3000 maybe more,auto insurance,water bill, cell phone, home repairs,dental and doctors visits, birthdays & holidays, church ( if you participate ) & contributions to events or charities ( people know you are a millionaire so they are gonna ask for donations). I think most of your $65 -  75K is eaten up by daily life.
                    You won the 2.25 and thats a great thing..but is it enough to liv off the rest of your life ?  depends on how frugal you are....Health Insurance aint goin down, neither are taxes or fuel or food or property taxes.
                    With that in mind.................why not skip out on that 4 million and wait for the rollover and be assured of a comfortable life....I think honestly it would take a win of about 5 - 6 million after taxes to comfortably be set for life......without any worries.....but thats just my opinion and why I wait....  Patriot

                    Stay Positive, Believe and good things will come your way

                      Guru101's avatar - rw6jhh
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                      Posted: February 3, 2012, 8:33 am - IP Logged

                      Quite often, I hear or read statements being made like " I wont play the Lottery unless its at least 50 Mill" or " Once it reaches 100 Mill, I'll play".....

                      I understand the odds are stupid crazy, but 1-2 dollars. Even after a roll, I mean what are you gonna do with a buck or 2? Buy a donut? You dont need a donut.

                      Im just trying to understand the logic. Here in TX, our Lottery starts at 4 Mill, so probably 2.25 after taxes. I got into it with a buddy who made the remark. Im like "What, is that not enough for you"? lol

                      When Powerball was only $1 a ticket, I would buy tickets even at $20M if Hoosier Lotto was under $5M After Hoosier Lotto reaches $5M, I usually didn't bother buying Powerball tickets until it got up to $100M. Now that Powerball is $2 a ticket, I won't play until it reaches $100M, at which time I'll only buy 1 ticket. After it reaches $200M, I might buy 2.

                      The problem is the new price to odds ratio compared to the old price to odds ratio. They doubled the price, in yet they only took the odds down from 1 in 195,000,000 to 1 in 175,000,000. That's Mega Millions odds and a lot of times I don't even get 1 number right on Mega Millions. To say that the odds are better is false advertising. They have assumed that if you bought 5 lines before for $5, you will still buy 5 lines now for $10.

                      Gonna win.Big Smile

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
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                        Posted: February 3, 2012, 2:16 pm - IP Logged

                        What's stupid is spending $1 on a chance to win $10 million when the same $1 can get you the same chance at winning $20, $30 or $50 million. Some people understand that and spend their money on the better risk that they know will come along  in a week or two. Others either don't understand it of have some reason they choose to spend their money on something that's worth less. Considering that what you're buying is usually worthless, concentrating on the bigger jackpots is the closest thing there is to a sensible decision about playing the lottery.

                        Calling people stupid for "risking" a dollar to win $10 Million when they could wait and "risk" that dollar on $50 Million seems a little harsh coming from someone who has said previously that he plans on "risking" about $20 this year on Powerball. Whoa, last of the big-time spenders.

                        Making an attempt to supplant one's nature (being a cheapskate) as being a strategy is utterly obvious and laughable.


                                                                     
                                             
                                                                 

                         

                         

                         

                         

                                                                                                                           

                        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                    --Edmund Burke

                         

                         

                          savagegoose's avatar - ProfilePho
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                          Posted: February 3, 2012, 6:47 pm - IP Logged

                          hey its all about a free country, and freedom of choice. Buy what you can afford when you want. and to  hopefully win. aint that why we are all here ? to share the dream. lady luck doesnt care what the jackpot is,  and to tell the truth she tries very hard to only  put up your numbers when you dont have a ticket in play. untill you can regular hit just 5 numbers , what does it matter what the jackpot is anyhow

                          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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                            Posted: February 4, 2012, 3:03 am - IP Logged

                            Harsh? If the choice was getting a glass of Jack for $1 or getting  2 or 3 or 5 identical glasses of Jack for $1 I'll bet you'd recognize that spending the $1 on only one glass is a stupid choice.  Just because you're buying a chance instead of a certainty doesn't make the lottery any different.

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                              Posted: February 4, 2012, 4:31 am - IP Logged

                              Calling people stupid for "risking" a dollar to win $10 Million when they could wait and "risk" that dollar on $50 Million seems a little harsh coming from someone who has said previously that he plans on "risking" about $20 this year on Powerball. Whoa, last of the big-time spenders.

                              Making an attempt to supplant one's nature (being a cheapskate) as being a strategy is utterly obvious and laughable.

                              ridge, you'll never out smart KY floyd. He's been a hallmark here on the LP and  regarded as the handful who has a sophisticated sensability to him. As much as i disagree with Floyd, most of the time, to my dismay.lol, he's correct...