Not an apples-to-apples comparison. The first study included small winners (for example $1,000) while the second was about (in)famous big winners (a $1,000,000 and up).
Cherry pick your examples, and prove whatever you want to prove! ;-)
It seems axiomatic that for those whose core financial strategy is buying lottery tickets, in the most unlikely event that they win they would be unlikely to handle the big bucks well.
That's not what it says......I doubt any of these numbers because I don't know where they came from, or how they were calculated, or even who Dave Ramsey is, but the trend is repeated across multiple sources in various media. From that web site:
I lived in Florida for 61 years, the local (operated by Tribune Publishing) newspaper reported their statistics that showed about 50% bankruptcy in "major lottery winners" within 5 years. Of course the examples published were those that led to financial ruin, jail or death (usually drugs or auto accident).
I remember a front page article about a winner who went out and bought an Acura NSX. Within a week, he had killed himself, only a couple of months after winning.
Another piece of random useless data, the NSX had one of the shortest product life expectancies of any auto produced at the time. It allowed an average driver to far outdrive his abilities, hence many were wrecked within weeks of purchase.
As I tell my wife, "Playing the lottery is NOT a valid retirement strategy."
I believed that I had a valid strategy when I took the company buyout. Then they cancelled retiree health coverage and forced us onto ACA, really screwing that up.
The chance of winning is (something like) 1 out or 350 million. At $2 per ticket, payback would be $750 million, but then taxes cut that approximately in half, so payback would be at $1.5 billion.
The jackpot was upped to $900 million earlier today (news coverage and word-of-mouth advertising such as threads like this appear to have an effect), so it's still not at break-even payback.
It's pretty safe to say it's NEVER worth buying a lottery ticket.
It's arguable (especially with so many tickets being sold) that more than one person may get the winning numbers, so if you buy two tickets they should have the same numbers so if another person also gets the numbers, it'll get split among three tickets - you'll get 2/3rds of the pot and they'll get 1/3rd.
Of course, this is all just an academic exercise...
This is the funny thing about statistic !😀 .... I like it, a total non sense but the results ! Explain that to the winner !
400 billions ! wow, I will give back 200 millions to the guy of Facebook ! You must feel rich to give back again 1/3 of what another rich guy gived for poors (less the taxes !) !
Does anyone have any idea what to do with the money? I would give some away to friends and relatives and buy some test equipment. I would also like to have a big hobby shop with equipment to build small projects. Lath, mill, laser cutter, etc and possibly a bigger house to hold everything.
I would not waste my time and or money trying to find things to invest in that may or may not pay off. The money is already in the bank why screw around.
I would not waste my time and or money trying to find things to invest in that may or may not pay off. The money is already in the bank why screw around.
I know exactly what to do with it... I've got so many projects that'll make money now but need funding, and I'd like to do them. One is my audio company.
I'd like to get to work, ironically.
I'd like to get to work, ironically.
... safer to play loterie !
But you're already famous, I say myself some times ago I have to build one of your amp one day to see how it compet with my old Chord !
For an audio company that works :
1) call an Ayatollah
2) ask him to buy participations in the main ezines and print hifi magazines
3) Launch with him a 1000 euros SS amp which is said to sound like a 50 000 dollars SET with silver everywhere with some stradivarius owners testimonials
4)Then from here, sell the technology : a woodo component for all the smartphones, mp3 stuffs like Intel with pc !
5) call a friend of the Ayatollah to launch a brother company to avoid trusting.
The bigger thing staying to find the market ! Best companies have to be agile today !
But you're already famous, I say myself some times ago I have to build one of your amp one day to see how it compet with my old Chord !
For an audio company that works :
1) call an Ayatollah
2) ask him to buy participations in the main ezines and print hifi magazines
3) Launch with him a 1000 euros SS amp which is said to sound like a 50 000 dollars SET with silver everywhere with some stradivarius owners testimonials
4)Then from here, sell the technology : a woodo component for all the smartphones, mp3 stuffs like Intel with pc !
5) call a friend of the Ayatollah to launch a brother company to avoid trusting.
The bigger thing staying to find the market ! Best companies have to be agile today !
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"The ever-surging Powerball jackpot has grown to a record $900 million just hours ahead of Saturday night's drawing.
The lucky winner will take home an estimated $558 million if they choose a lump-sum cash prize, lottery officials announced Saturday morning. And if no one happens to strike it rich this time, the prize for the next drawing on Wednesday would reach a staggering $1.3 billion, officials added."
The lucky winner will take home an estimated $558 million if they choose a lump-sum cash prize, lottery officials announced Saturday morning. And if no one happens to strike it rich this time, the prize for the next drawing on Wednesday would reach a staggering $1.3 billion, officials added."
The Powerball site says NO jackpot winners! So next drawing will be for 1.3 Billion. Thats more money than i make in a year.
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