Are you buying a lottery ticket?

[psu1969a]

If it's 1 in 300 M then a $600 M payout would be a break even expected value (a ticket costs $2) if (a) the $600 M was the lump sum value, (b) there were no taxes taken out and (c) there was no chance anyone else won and you'd have to split the prize with them. The effect of the last one in that list is negligible but the effects of the first two are not.

Spend it!

 

[ClarkstonMark]

If it's 1 in 300 M then a $600 M payout would be a break even expected value (a ticket costs $2) if (a) the $600 M was the lump sum value, (b) there were no taxes taken out and (c) there was no chance anyone else won and you'd have to split the prize with them. The effect of the last one in that list is negligible but the effects of the first two are not.

the effect of the last one is why no one would ever attempt to do this

 

[Jovialgent]

I hit Powerball last year for $100.00. As I was checking the numbers I nearly crapped my pants. I had 4 numbers, with no Powerball, worth $100.00. One more (5 numbers with no PB) was worth a Million! Ah, maybe next time.

 

[Op2]

My family has talked about this in the past.
Our son said he'd quit college. Mom and dad said, no. Finish and get his degree even if he never uses it.
Then, he could work for our family foundation finding ways to donate money to needy organizations. Figure we give 10% to the Church from our "investment earnings" off the top. I have two friends who run charity organizations that struggle. They would be set for life.
Then, build a field house for the two schools where I have recently coached (am still coaching).
That leaves my son to find ways to spend the interest we get off of the winnings.
Think about this.....here in rural NW Ohio, like many places, there are fundraisers for people who have had medical bills pile up because of a family members' issues. Hundreds of thousands of dollars. You see the reverse raffle, Chinese auction, spaghetti dinner - whatever - being held to raise money. Walk in, ask what the amount of doctor bills are for the child's kidney transplant. Oh, $270,000? Write a check for $400,000 and walk out.
Seriously, wouldn't that be awesome?!

OL

On one hand it would be awesome. But OTOH, to play Devil's Advocate, where would it end? Because unless you started saying "No" at some point, you'd quickly go broke.

 

[Texas Lion]

I belong to group on Facebook that does baseball glove raffles. He is doing a mega millions pool that closed last night at midnight. In total 25,000 dollars will go towards tickets. That’s 12,500 tickets he will buy over the next two days. Winners will get about 55k when it is all said and done with a big win but even with not it is pretty cool to be in.

 

[CVLion]

I’m in for three chances in each lottery drawing.

I’ll worry about what to do with the money after I win it. I’m sure I’ll think of something.

 

[Thomas1945]

I’m in for three chances in each lottery drawing.

I’ll worry about what to do with the money after I win it. I’m sure I’ll think of something.

Immediately sign up as platinum member of every Sugar Babies site you can find. That should provide the answer to any future where did the money go questions.

 

[MaconNitt]

Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?

buy Illinois a Moderator position

 

[Woodpecker]

yes, can not win if I don't have a ticket. will buy just 1. buying more is a pure waste of money.

But if you buy just one more, you'll DOUBLE your chances of winning😈

 

[Thomas1945]

But if you buy just one more, you'll DOUBLE your chances of winning😈

Finally some sound financial advice, I have a C note burning 🔥 a hole in my pocket, now I know what to do with it.

 

[PSU Mike]

That was years ago. Not recently. Just thought it would be something fun to post and people could get a laugh.

Not everything has to be Covid related.

Sorry, check my posting history. Just bad humor.

 

[LafayetteBear]

yes, can not win if I don't have a ticket. will buy just 1. buying more is a pure waste of money.

I bought 30 tickets. Going in one-thirds with the two other neighbor couples in our Pandemic germ pod. We're off booze for January, so we can at least hope that the excitement of winning will replace the lack of mood modifiers tonight.

 

[jmorovich]

Sorry, check my posting history. Just bad humor.

My bad...I’ve had so many posts that were meant to just be a break from seriousness hit with “BUT COVID!!”

I was a little sensitive. That’s my fault! I’ll put my big boy pants on and toughen up. I’ll go buy a ticket for you and me and we’ll keep our fingers crossed.