the point is that it’s the equivalent of throwing a dollar into the ditch every week to absolutely no purpose. you could light a dollar on fire and it would make more economic sense than playing the lottery. it’s a tax on people who aren’t good with statistics.
the fact that it’s JUST ONE DOLLAR or ONE POUND or whatever is meaningless; it’s still stupid. if you had a friend who randomly tossed cash into the fireplace, i imagine you’d think it was pretty dumb, even if he responded ‘oh it’s just a dollar who cares’
You’re acting as though the chances of winning something on the lottery is as improbable as winning the jack pot. If I remember things correctly the chances of getting your money back is 1/4.
If I saw someone throw $1 or £1 in the fire place I’d find it odd in the sense that nothing productive can come out of it, I wouldn’t exactly find it wasteful just strange.
I?m also in total disagreement with black jesus and weeks on this one, whilst it makes almost no ?financial? sense to play the lottery, it doesn’t mean you have poor money management if you do. The fact that the lottery is an attractive prospect to people with poor money management is irrelevant.
If you enjoy a flutter on the horses or the occasional rollover lottery ticket its not necessarily a sign you have poor money management because you are paying for something that brings you enjoyment. The return on an investment isn?t always financial. Spending money for sustenance, enjoyment and an increased pecuniary return are all as valid as one another imo as long as you are increasing your net worth at a rate you?re happy with or you?ve plateau?d at a level you?re happy at. You have to enjoy life, and the ten pounds I?ve spent on 90mm lotto rollovers in the last 5 years was money well spent because I enjoy the anticipation of the draw, its fun. I certainly don?t factor the lottery into my ?accumulation of massive wealth? plan.
The more education and money you have the less like likely you are to play the lottery. If you spend a dollar a day on the lottery thats $365 a year $3,650 over 10 years. Go up to someone who plays the lottery and ask them if they’ve won back 3,650 dollars over the last 10 years and see how many say yes.
People who play who play the lottery are getting scammed and the worst part about it is when you tell them they’re getting scammed they get mad at you and defensive. Its not my opinion that your putting out more money than you getting back thats whats actually happening. Putting your money in a mattress would be a better idea, hell that $3,650 could have been gaining interest in a savings acount or some kind of moderate investment. Or you could have just made you financial burden $365 dollars lighter each year.
Also the horses and the lottery aren’t the same thing because at least with horses there are some kind of stats to go on, jockeys, you can see the horses and there is an actual race. with the lottery its just you giving someone money to pick a RANDOM NUMBER.
Anyway, i dont think anyone here is playing the lotto everyday…bc that would be relying on it. Which is not a good financial decision. Pretty sure, he was talking for more of the casual players side. Y’know the guy whose spare change goes to a quick pick?
The education + money correlation to playing lotto is utterly baseless. Now logically you might assume that if you?re rich you no longer desire winning the lottery, but that?s just an assumption. I?m sure it might very well be true for 90% of multi millionaires but I wouldn?t pass it off as fact. From my experience one thing about rich people is they love money more than poor people, I know a few people with a net worth in the millions who play the lottery. The education thing is just… well its just not true.
Also you missed the point of my post, I wasn?t arguing that playing the lotto isn?t financial suicide (exaggeration) nor was I wasn?t arguing that its not a waste of money (subjective), I was arguing that by playing the lotto it?s not a given that you have poor money management, it might be indicative of that, but one most certainly does not equal the other. Some people play it for fun at a cost that is acceptable to them when weighed against the enjoyment they derive from partaking.
Buy cigarettes, alcohol, videogames, watch movies, eat junk food? Congrats. You also spend money on stupid shit that doesn’t benefit you. Stop trying to claim moral high ground.
Nobody’s claiming a moral high ground, they’re saying that you’re throwing your money away for impossibly small odds of profiting. At least with cigarettes, alcohol, videogames, movies, junk food, you actually get something (the item), whereas the only thing you might gain from the lottery are really expensive cheap thrills.
You’d be better off getting a friend and betting a dollar for flipping a coin, you have better odds of profiting.
Actually the net gain on 1 lotto ticket is 30 cents.
That mean you’re losing 70 cent per ticket, and not $1.
So by your example the person that spent $365 a year will win back $109.50. Their total net gain for the year will be - $255.5.
Like Shin Akuma says many of us spend more than $255.5 on video games, junk food, movies, alcohol etc…
It’s just up to the individual as to what they want to spend the money on. Like I already stated you have a 1 : 23,000,000 chance of winning the lottery.
Some people like the $ -255.50 for that 1 in 23 million, and some don’t.
You gave yourself away quick. Everything purchase is pointless given a long enough time line. I don’t see how you can claim money spent on X superfluous shit is better than X superfluous shit.
