Author Topic: The Lottery: How I Despise It (Read 4817 times)

Firethorn · « **Reply #25 on:** June 05, 2007, 04:24:04 PM »

The lottery doesn't irk me so much. After all, you can play in increments of $.50-$2.00. Like others have noted, that's not much money. You can overspend money on a bar trip(at least the lotto won't cause a DUI), fancy rims, clothes, trips, car, whatever...

What really irks me are payday loan places. I know of one guy who effectivly ended up paying 900+% interest, effective. Them and 'rent to own' places. From some ad inserts from a local paper, I compared 32" LCD HiDef TV's. One from a RTO place, one from Walmart. The payment plan was such that, for the payments, you could buy the TV from walmart for cash in 9 months. How long did they want those payments for? 36 months.

Sheesh...

mountainclmbr · « **Reply #26 on:** June 05, 2007, 05:26:52 PM »

While I commend personal responsibility, I truly loath state-sponsored exploitation of the poor or ignorant. These things get used by the "ignorant hustlers" to impose socialism on everyone. I would favor lotteries to have a government civil servant become your personal servant. Winner gets to pick the govertment employee that gets to be your personal slave for life. Their wealth gets transferred to you in a very tailored opposite-leftist form. The rest of us get left alone. Government employees (not military) enter at their own risk. The elitists become waiters quickly, the economy explodes.

Bogie · « **Reply #27 on:** June 05, 2007, 05:34:35 PM »

Well, I blow a hundred or so a year on the lottery stuff.

I don't go to Vegas. I think that'd likely cost about $200 just in gas.

The "buzz" pretty much lasts all year - ohmigawd, I could just tell the whole world to bleep off, and buy Fistful his very own George Michael dance revue...

Prob not going to happen, but what the heck. I know I can drop $100 easy at a local casino, and not have NEARLY as much fun...

And, for what it's worth, ANY investment strategy should contain a long shot or two... Most of my money's in mutual funds. Fine.

mountainclmbr · « **Reply #28 on:** June 05, 2007, 05:40:56 PM »

I really don't care about what private businesses do. When the government makes the rules and excuses itsself from laws others must obey, I worry.

Perd Hapley · « **Reply #29 on:** June 06, 2007, 01:56:34 AM »

Quote

I could just tell the whole world to bleep off, and buy Fistful his very own George Michael dance revue...

Oh, you big thweetheart, you.

bdutton · « **Reply #30 on:** June 07, 2007, 10:05:53 AM »

I used to work for the company (private) that setup the Texas State Lottery.

So my opinion is slightly biased.

The lottery itself is a voluntary tax.

The business model is not ideal. The lottery department is itself a government agency and as such, the most inefficient model for running a business. They do make money but they could do better if not running as a government.

People like to gamble. If they are to spend their money gambling, where would you rather see them do it... at a casino or at a gas station and who would you rather see get that money... the state or a private enterprise (who would pay taxes of course). In the end, the government will get it's money.

Sylvilagus Aquaticus · « **Reply #31 on:** June 07, 2007, 11:56:39 AM »

I know some folks who hit $4million on the Texas lotto a few years back. They were in their late 40's, early 50's or so. It was back when it was paid out as an annuity instead of getting an option of instant payout.

They were already doing ok, financially, and their cost of living was modest. They've invested the annuity each year and gotten a nice return on it- nice enough they bought a second house in CO and drive nicer vehicles more frequently. IIRC, they've set up a family trust.

It's also amazing how there's no income you can't live beyond if you try a little. Just ask my ex.

Regards,
Rabbit.

MechAg94 · « **Reply #32 on:** June 07, 2007, 12:40:29 PM »

You got that right.

The old saying applies: A fool and his money are soon parted.

I imagine that lotto winners are deluged with people who are trying to help them spend or "manage" their money. If they are too gullible or just foolish, they could easily spend it all and then be stuck with property tax bills and such on the houses they bought. I remember one guy I read about who won around $1.5 million. He was putting in an underground garage to store his new car collection. I remember thinking that he is going to spend half his money building that and buy cars. The guy who won $300 million with MegaMillion declared bankruptcy last year. He was drunk every day and gambling all the time and he had some financial managers who blew a bunch of his money.

I think the best way is just what was said above. Put away as much of the money as possible and live off interest or set up some sort of permanent annuity. Anything to keep from spending it all or tying it up in debt. You might still have to work for a while, but the main goal (to me at least) is to make sure that you can be financially independent. That takes a little thought and planning. I hesitate to say you wouldn't work anymore because I imagine it would require a regular work schedule to insure you don't lose your money.

grislyatoms · « **Reply #33 on:** June 09, 2007, 07:48:07 AM »

I realize the odds, however I will buy a few from time to time. I probably spend $5 a year on lottery tickets.

Bogie · « **Reply #34 on:** June 09, 2007, 11:42:12 AM »

Face it - it's probably the only way I'll be able to get my underground missile silo on the side of a mountain, with clear fields of fire all around for at least six miles...

Either that, or a large valley and castle in Eastern Europe...

K Frame · « **Reply #35 on:** June 09, 2007, 01:09:09 PM »

"I imagine that lotto winners are deluged with people who are trying to help them spend or "manage" their money."

I've often thought that if I win the lottery for any substantial amount that the first thing I do is disconnect the phone. The second thing is leave town for a month or more.

Stand_watie · « **Reply #36 on:** June 09, 2007, 05:30:35 PM »

Quote from: Huck Phinn on June 03, 2007, 06:47:57 AM

Murray was an observant Jew, regularly part of the minyan at shul. Always as he was leaving, Murray would say, " And God, would it be so terrible I should win the lottery?" This went on for years until finally there came the voice from everywhere and nowhere at once:

[reverb]"Murray! Ya gotta buy a ticket!"[/reverb]

So, to amuse myself and feed the fantasy, I occasionally buy a ticket, but only if the jackpot exceeds the odds against for the game at hand.

Murray probably figured his odds of finding the winning ticket lying in the street were only slightly less than his odds of winning with a purchased ticket.

MechAg94 · « **Reply #37 on:** June 10, 2007, 07:25:13 AM »

That sounds like a blonde joke I have heard.

ConfuseUs · « **Reply #38 on:** June 11, 2007, 12:06:47 PM »

I call it the greed tax more than the stupidity tax. Of course, greed and stupidity can go together really well. My gripe about the lottery is that every time I try to win it I fail to do so. That's really annoying.

The place where I work has a lottery pool of about 8-9 people playing the Powerball. I've figured (since I'm in the pool (but not to get rich(but I wouldn't mind that))) that the pool is large enough to increase the chance of winning part of the jackpot from 1:143 million to 1:3.5 million. The really fun part is telling the pool leader that mathematically there is no way to pick numbers such that the odds of wining are significantly increased, short of adding more people to the pool who will then split the jackpot into smaller pieces. grin

The other really funny part is "did we win anything?" followed by "yeah, we won $4", which really means "We won -$41" if you do the math. They never seem to understand that joke.

MechAg94 · « **Reply #39 on:** June 11, 2007, 04:22:10 PM »

I agree on greed. That is always a driver. There is a poker game I know called either "greed" or "in-between" where you bet whether the next card is in between the first two. Double the pot if it is the same. I have seen pots that were a couple hundred dollars a couple different times. Big enough to scare the hell out of me. I am not an adventurous poker player as my luck is always terrible at poker.
The point is that if there is enough money involved, people will do things they wouldn't always do otherwise. Sort of like that question about sleeping with someone for a million dollars.

2transams · « **Reply #40 on:** June 12, 2007, 04:50:23 PM »

We have this discussion at work all the time. The guys all talk about what they'll do when they win the lottery,and I'm the downer who tells 'em they're chumps for playing. I guess it's fun to fantasize about getting a $50,000,000 windfall.

But I'll never know,I don't play. I haven't bought one ticket in my whole life. Seems like a waste of money...you can say it's cheaper than a movie,but at least when Netflix shows up in my mailbox I'm guaranteed that I have a movie.

Last time the Mega Millions or Powerball or whatever the big one is got up to $300,000,000+ there were people on the news driving ten hours to buy tickets. Ten freakin' hours for lottery tickets. That's like me driving from home(St. Louis) to Dallas for lottery tickets. They figured the odds and said that you were more likely to be struck by lightning and be in a plane crash than win the jackpot.

roo_ster · « **Reply #41 on:** June 12, 2007, 05:45:25 PM »

Quote from: 2transams on June 12, 2007, 03:50:23 PM

They figured the odds and said that you were more likely to be struck by lightning and be in a plane crash than win the jackpot.

[dumb&dumber]So, what you're saying is...I have a chance!?[/dumb&dumber]

onions! · « **Reply #42 on:** June 12, 2007, 06:00:31 PM »

Well,if were gonna share stories...
I was seventeen,broke,& needed gas.My '73 Grand Prix (455 4bbl=sluuuurp) was thirsty.I stopped at the Amoco station @ Bostwick Lake to get a couple of gallons on the way to work.I don't remember how much exactly I bought as I was paying w/rolled pennies.Probably less than five bucks.(this was 1987 or so,$5=+/- five & a half gallons.Remember those days?

)

Anyways,I remember being a bit irked as I waited to pay for my gas.There was a guy in front of me that was in the process of dropping $100 on the Lotto.Easy pic,the lot,of course. ;/I'm still not sure how I felt as I watched him get into his new Beemer & drive away.I know that I wasn't envious.

That's all.

wmenorr67 · « **Reply #43 on:** June 12, 2007, 11:30:15 PM »

On the way back from New Orleans after Katrina duty one of the guys from my unit bought a lottery ticket at one of our stops. After taking the time to scratch it off it was $10,000 winner. I myself will indulge in Powerball on occasions when at home. Don't buy scratch tickets all that much. I would actually enjoy going to a casino and sitting down and playing Blackjack or some form of Poker.

MechAg94 · « **Reply #44 on:** June 13, 2007, 05:12:38 AM »

Playing a dollar or two a week on the lottery is no big deal. Driving 10 hours to buy tickets or dropping $100 thinking your chances are better is not smart. I saw a guy interviewed on TV who did that down here.

Louisiana is only a few hours from my home. I still wouldn't drive over there just to buy Powerball tickets. I like playing, but I draw the line. However, there are lots of people around Houston who drive to the casinos in Louisiana to blow some money.

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Author Topic: The Lottery: How I Despise It (Read 4817 times)

onions!