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Budgeting strategies.

Topic closed. 13 replies. Last post 1 year ago by SilverLion.

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SilverLion's avatar - 8ball

United States
Member #165541
April 12, 2015
545 Posts
Offline
Posted: July 21, 2015, 12:00 am - IP Logged

There is a lot of talk here on LP how, you cant win. 

But we all still try.

There is a lot of debate on how to define indicators and consistency.

The bottom line is that lottery is not soley entertainment.  It can also be life changing.

Take that guy who might go to jail for rigging the electronic game in Illinois.

He mistook entertainment for felony.

Again bottom line is money in, money out.

People tell me all the time.  You spend a lot of money on the lottery!

Well a lot is relative.  I am always plugging new numbers into the calculator to test my "comfort zone"

I have been trying to get out of my comfort zone. 

Has any one ever told you you need to get out your comfort zone?  What the hell is that supposed to mean?

Well I got out of it, and I still feel the discomfort! 

Well that has to do with my daily budgeting. 

If you dont have a job.  If you are desperate, then dont play the lottery, or scratch offs.

So I was curious what percentage of your annual income do you devote to lottery?  What is your max and what is your min yearly expenditure? 

Ok the min is obviously 365 dollars per year.

With a good job, lottery budget is peanuts.

I have been switching back and forth from three dollars a day to ten dollars a day.  I cant get into the $25 dollar wheel scenarios.  Its cringingly painful!

I dont like to be out of my comfort zone, although for some unknown reason I have heard that saying, so I try it.  Have you ever heard something that wasn't true and then become lost? 

What is your comfort zone, and how far are you willing to go out of it to get a win, before you have to curb your spending severely?

Do you expect to break even with your yearly expenditure? 

Patterns do go cold.  But they always come back. 

I dont know.  I feel good tonite.  I came back into my comfort zone and I won some money in the pick 5 tonite.

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
    Member #157856
    August 2, 2014
    1522 Posts
    Offline
    Posted: July 21, 2015, 7:45 am - IP Logged

    Congratulations SilverLion on your Pick5 win !!Party

     My budget is small and I play advance play so I do not go the store and buy more then i really need.

     Keep on your winning streak !

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
      Member #30470
      January 17, 2006
      10354 Posts
      Offline
      Posted: July 21, 2015, 5:56 pm - IP Logged

      SilverLion,

      Saying the minimum is $365 a year assumes much.

      There are people here who home in on one game and only play it once or twice a week (PB, MM, others) and then there are people who play a lot heavier.

      Bark of bitter tree tastes good to hungry squirrel.

      - Hekowee Chief, F-Troop

      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.

        SilverLion's avatar - 8ball

        United States
        Member #165541
        April 12, 2015
        545 Posts
        Offline
        Posted: July 22, 2015, 3:02 am - IP Logged

        SilverLion,

        Saying the minimum is $365 a year assumes much.

        There are people here who home in on one game and only play it once or twice a week (PB, MM, others) and then there are people who play a lot heavier.

        Bark of bitter tree tastes good to hungry squirrel.

        - Hekowee Chief, F-Troop

        Why would a squirrel eat the bitter bark of a tree?

        Have you not ever tasted an acorn?

          SilverLion's avatar - 8ball

          United States
          Member #165541
          April 12, 2015
          545 Posts
          Offline
          Posted: July 22, 2015, 3:08 am - IP Logged

          Congratulations SilverLion on your Pick5 win !!Party

           My budget is small and I play advance play so I do not go the store and buy more then i really need.

           Keep on your winning streak !

          Thanks for the encouragment music*!   

          I am trying real hard! 

          I would love to help you to find your winning numbers, but I think Cali has computerized drawings, so it might be pretty much potentially possibly rigged.

          I can still try!

          I love California. 

          Anectodetally,

            However All the products I buy on the east coast tend to say...

          California has determined This product has a cancer producing ingredient.

          That kind of bothers me.

          I guess I should just ignore it!!

          Like the way I ignore the hypocrisy of computerized drawings.

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3301 Posts
            Offline
            Posted: July 22, 2015, 3:53 am - IP Logged

            i think it is individual. i know a few  people on good incomes, they dont  " waste " their money on lotto! i prob spend too much, but its a comfort zone for me. should i name an amount?  i think you can see my tag lines. keno  i know i spent too much and i have cut back, in USA i dont think i would even bother with keno, here its a different     equation,  no tax on prizes. my plan has been , try and be in every  draw thats avail. and play small. wont know untill im too  invalided to play or too broke to play. till then i get to  dream almost every day of the week.

            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

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
              Member #30470
              January 17, 2006
              10354 Posts
              Offline
              Posted: July 23, 2015, 12:04 am - IP Logged

              Why would a squirrel eat the bitter bark of a tree?

              Have you not ever tasted an acorn?

              Let me try it again, see if you get it:

              Bark of bitter tree tastes good to hungry squirrel.

              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.

                Avatar

                United States
                Member #161539
                December 3, 2014
                328 Posts
                Offline
                Posted: July 23, 2015, 4:45 am - IP Logged

                i think it is individual. i know a few  people on good incomes, they dont  " waste " their money on lotto! i prob spend too much, but its a comfort zone for me. should i name an amount?  i think you can see my tag lines. keno  i know i spent too much and i have cut back, in USA i dont think i would even bother with keno, here its a different     equation,  no tax on prizes. my plan has been , try and be in every  draw thats avail. and play small. wont know untill im too  invalided to play or too broke to play. till then i get to  dream almost every day of the week.

                Always like the fact that you post your win-loss amounts ... very sobering and probably should be a wake-up call to the rest of us ... it is for me ... the years and money spent (wasted) trying to snag a really decent lottery prize.

                I agree with you and also you are lucky ... if and when you do get that big lottery hit one day ... it will be tax free.

                Every time I play and hope for that big life changing win ... in my mind I know that about 40% (+ or -) of the prize will be gone for taxes.

                At present I am not spending any money on Mega Millions and Powerball  ... don't know if I ever will again but sometimes I get a thought in my head ...  Hey, I can win this thing ! ... and I start playing again for two weeks and then I sober up ... but a nice hit on those two games would still be a lot of money left after taxes.

                So my "big lottery hit" ... if it ever happens, will probably be around a million dollars (+ or -) ... where you live, you would probably be a true millionaire but here in the states ... with the taxes, maybe a person walks away with $600,000 ... so here we need around $2 million to be a true millionaire.

                I like your arrangement much better ... know of any cheap apartments or houses in Australia? I might really enjoy playing the lottery there ... maybe even Canada ... what you win, is what you get !

                Always good to read your posts.

                ...

                  savagegoose's avatar - ProfilePho
                  adelaide sa
                  Australia
                  Member #37136
                  April 11, 2006
                  3301 Posts
                  Offline
                  Posted: July 23, 2015, 6:05 am - IP Logged

                  thanks for your reply. its nice to get a compliment. i started doing the spreadsheet to get the data , because before hand it was all guess work. and i like to have  actual data when i make  a claim of " i only spend."
                  once the spreadsheet was done, its no more hassle to keep going after the 1st year. also the numbers are for tickets bought, not personal spends. i do run 3 syndicates or pools.  soo the data could be divided by 3 and a fair approximation  of my spends would be 1/3 of the listed numbers.

                  finally the exchange rate between AUD and USD is about $1/74c  so $1 mill aussie bucks buys about $740k USD,. and then the costs of a lot of things here are higher! so  $600k USDgetting  for your mill win, would prob buy more  stuff over there than a $1M AUD would buy here. Houses are insanely priced, and also cars, the 2 big things id like to buy.

                   

                  one of the pools i run is prob going to run out of cash in a few months.. so  the spending should drop by the end of the year.

                  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

                    cbr$'s avatar - maren
                    Cordova,Al.
                    United States
                    Member #104482
                    January 15, 2011
                    4940 Posts
                    Offline
                    Posted: July 23, 2015, 10:49 am - IP Logged

                    There is a lot of talk here on LP how, you cant win. 

                    But we all still try.

                    There is a lot of debate on how to define indicators and consistency.

                    The bottom line is that lottery is not soley entertainment.  It can also be life changing.

                    Take that guy who might go to jail for rigging the electronic game in Illinois.

                    He mistook entertainment for felony.

                    Again bottom line is money in, money out.

                    People tell me all the time.  You spend a lot of money on the lottery!

                    Well a lot is relative.  I am always plugging new numbers into the calculator to test my "comfort zone"

                    I have been trying to get out of my comfort zone. 

                    Has any one ever told you you need to get out your comfort zone?  What the hell is that supposed to mean?

                    Well I got out of it, and I still feel the discomfort! 

                    Well that has to do with my daily budgeting. 

                    If you dont have a job.  If you are desperate, then dont play the lottery, or scratch offs.

                    So I was curious what percentage of your annual income do you devote to lottery?  What is your max and what is your min yearly expenditure? 

                    Ok the min is obviously 365 dollars per year.

                    With a good job, lottery budget is peanuts.

                    I have been switching back and forth from three dollars a day to ten dollars a day.  I cant get into the $25 dollar wheel scenarios.  Its cringingly painful!

                    I dont like to be out of my comfort zone, although for some unknown reason I have heard that saying, so I try it.  Have you ever heard something that wasn't true and then become lost? 

                    What is your comfort zone, and how far are you willing to go out of it to get a win, before you have to curb your spending severely?

                    Do you expect to break even with your yearly expenditure? 

                    Patterns do go cold.  But they always come back. 

                    I dont know.  I feel good tonite.  I came back into my comfort zone and I won some money in the pick 5 tonite.

                    I play a lot of advance play in the lottery . It I combine everything I like to play in the lottery, $3500 per year. Within my comfort zone min.Thumbs Up

                      Lucky Loser's avatar - bucks
                      Texas
                      United States
                      Member #86154
                      January 30, 2010
                      1649 Posts
                      Offline
                      Posted: July 23, 2015, 12:01 pm - IP Logged

                      There is a lot of talk here on LP how, you cant win. 

                      But we all still try.

                      There is a lot of debate on how to define indicators and consistency.

                      The bottom line is that lottery is not soley entertainment.  It can also be life changing.

                      Take that guy who might go to jail for rigging the electronic game in Illinois.

                      He mistook entertainment for felony.

                      Again bottom line is money in, money out.

                      People tell me all the time.  You spend a lot of money on the lottery!

                      Well a lot is relative.  I am always plugging new numbers into the calculator to test my "comfort zone"

                      I have been trying to get out of my comfort zone. 

                      Has any one ever told you you need to get out your comfort zone?  What the hell is that supposed to mean?

                      Well I got out of it, and I still feel the discomfort! 

                      Well that has to do with my daily budgeting. 

                      If you dont have a job.  If you are desperate, then dont play the lottery, or scratch offs.

                      So I was curious what percentage of your annual income do you devote to lottery?  What is your max and what is your min yearly expenditure? 

                      Ok the min is obviously 365 dollars per year.

                      With a good job, lottery budget is peanuts.

                      I have been switching back and forth from three dollars a day to ten dollars a day.  I cant get into the $25 dollar wheel scenarios.  Its cringingly painful!

                      I dont like to be out of my comfort zone, although for some unknown reason I have heard that saying, so I try it.  Have you ever heard something that wasn't true and then become lost? 

                      What is your comfort zone, and how far are you willing to go out of it to get a win, before you have to curb your spending severely?

                      Do you expect to break even with your yearly expenditure? 

                      Patterns do go cold.  But they always come back. 

                      I dont know.  I feel good tonite.  I came back into my comfort zone and I won some money in the pick 5 tonite.

                      There is no budget to be had with jackpot games other than spending what you can afford to play. A person can spend $2 on a single line twice per week which $16 per month. For the average pay out upon a win, which is $4 and sometimes $7, a player can only hope to hit for the $7...a +/-50% return. When you double your expense to $4/play and $32/month, you've gotta really start hoping for that $100 win or you're getting in deeper and deeper. As you stated, everyone has their own spending comfort zone and could prolly care less about losses 'cause they're focused on those millions. Likewise, matching a pair on Pick3 for $50 after having spent $20-$30 will yield a $20 profit which can be then spent on PB or MM's...let the state do heavy lifting is my thought. See, the proper allocating and circulation of money in the gambling business is very important and any profits made should be used to fund the next series of plays before going back into one's pocket.

                       

                      It's much, much easier to turn a profit on the small games, or, break even than ever possible with JP games. However, there's the misconception which goes something like this: "Why would I play a game for a funky payout of $50 minimum if I hit when I can play a game for the chance at millions?" Major difference in odds of winning a given payout, and, the prize for that minimum match makes a big difference in the player's wallet would be the answer. Hey, to each their own, though, and I can respect anyone for which ever game they enjoy. But, when you're really concerned about controlling and getting the most out of what you spend per dollar, then you must look at ROI in some kind of way. These are just my thoughts but, I'm prolly putting way too much thought into this. It works for me, though.

                      Small games, frequent wins, and regular payouts 'cause.....

                      There are seven days in the week...'Someday' isn't one of them.

                      #lotto-4-a-living

                        SilverLion's avatar - 8ball

                        United States
                        Member #165541
                        April 12, 2015
                        545 Posts
                        Offline
                        Posted: July 29, 2015, 1:16 am - IP Logged

                        I play a lot of advance play in the lottery . It I combine everything I like to play in the lottery, $3500 per year. Within my comfort zone min.Thumbs Up

                        Nice!

                        This player has an understanding of monetary loss.

                        I have played advance play, and I never have any results. 

                        Unless I play one line for fourteen draws.  I have more luck that way, then playing 10 lines for fourteen days.

                        140 lines in ten draws versus 14 lines in 10 draws = Loss of comfort.

                        365 x 5 =  1825

                        365 x 10 = 3650

                        3650 -1825 = 1825

                        I tried to get out of my comfort zone.  Why?  Who knows?  Seems like a fad.

                        So

                        365 x 7 = 2555

                        2555 - 1825 = 730 uncomfortable bets.

                        At one dollar a day over comfort zone that means more than one year of uncomfortable angst.

                          LottoMetro's avatar - Lottery-024.jpg
                          Happyland
                          United States
                          Member #146344
                          September 1, 2013
                          1129 Posts
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                          Posted: July 29, 2015, 7:53 pm - IP Logged

                          I used to play something like 10% of my annual income on the lottery. Way too much, so I cut back almost all play.

                          I think you should just set a fixed amount per month and stick to that, while parlaying any winnings.

                          This year I've spent around 0.06% of my YTD income on lotto. Probably as much as the insurance premium against an airplane hitting my house. Most likely you will never hit it big so should spend least possible, but you do not want to be left out of the game altogether.

                          If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                          If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                          2016: -48.28% (13 tickets) ||
                          P&L % = Total Win($)/Total Wager($) - 1

                            SilverLion's avatar - 8ball

                            United States
                            Member #165541
                            April 12, 2015
                            545 Posts
                            Offline
                            Posted: July 29, 2015, 9:55 pm - IP Logged

                            I used to play something like 10% of my annual income on the lottery. Way too much, so I cut back almost all play.

                            I think you should just set a fixed amount per month and stick to that, while parlaying any winnings.

                            This year I've spent around 0.06% of my YTD income on lotto. Probably as much as the insurance premium against an airplane hitting my house. Most likely you will never hit it big so should spend least possible, but you do not want to be left out of the game altogether.

                            Lets assume as a lottery employee, you make 60,000 a year. 

                            60000 x 10% =  6000

                            I dont know.  If I was you.  I would think, I had some comfort zone to spare.  At least to 7500.

                            Especially if I could manage at least 3 or 4 nice hits per year.

                            You are right!  I dont want to be left out of the game.  And I dont really want to think about airplanes hitting anything but air.