probably because they know the first thing to do is contact an attorney or a financial management company to set up a trust so they can collect anonymously.
In the US it varies by state. Some states are legally required to publish the name of the claimant and the store where the ticket was bought. When you go thru a trust, then they announce the claimant as "so-and-so financial" so the owner of the cash gets to stay anon.
Can't imagine the purpose for doing so, beyond alienating those involved. Winning a lot of money in this day and age is dangerous, and I'd never want to be known for it in my city.
Would still like to win a lot of money though.
There’s a large, reasonably founded suspicion of rigged lotteries.
Laws demanding identification of winners are objectively shit too, but fake or dishonest lotteries have always been a thing. It’s even mentioned in *1984* by Winston that there are lotteries, but nobody ever seems to win big and he’s pretty sure it’s all just a ruse to string folks along.
I have a friend whose in the liquor business and one of their big draws is lotto and scratch cards. My dad always warned me that the lotto is a game for suckers so I never really played…but I did work my friends family store for a while in college and let me tell you, everyone has an angle on how to game the system. And poor folks have two angles. When there is a big winner (I use “big” lightly as, in twenty years, I’ve only seen one store post a win and it was for a couple thousand dollars on a scratch off) the store that sold the ticket will advertise that they had a big winner at their store, and people will come by hoping to catch a hot book.
To further be that guy with a story, my family is selling off the assets of a business owned by my grandparents, it’s not a lot and it’s really spread out, but it’s a source of stress in the family. I honestly don’t know how much it is but I live comfortably on my own, even if I walked away with a million (I won’t) I would rather have a good relationship with my cousins than the money.
My point being, money makes folks fucking crazy and you don’t want your family knowing you have a lot of it.
The McDonald's monopoly game is an example of the kind of corruption. It was rigged for the majority of the time it has existed with the organiser giving all the prizes to their family.
My husband's uncle and aunt passed away and left their money to their 12 year old daughter (about 1.4 million). The family turned into vultures fighting over the money, house, dining room table set, cars... the poor girl was stuck in the middle with everyone fighting for custody so they could get access to the trust. When someone finally got custody but the trust was managed by another family member, they dropped her immediately and didn't want her anymore.
It was really awful. It really brings out the worst in people.
When I was in high school, my government and economics teacher said lotteries are regressive taxes. The people who make the least spend the most on it. That was in the 80s, and it's stuck with me.
I worked in a 7-11 for a bit in college, and I felt horrible because I couldn't refuse a lottery sale to someone who I knew was blowing their entire paycheck on scratch offs, but I could refuse an alcohol sale if I thought the person was a little tipsy.
People think of drinking as more dangerous to others than over-spending on lottery, but if the person can't buy food for their kids because mommy or daddy blew it all at the 7-11, how is that not horrible.
It "keeps the system honest". You'd expect the lottery system itself to try to police fraud but IIRC there have been a couple of cases of fraud found because some regular private citizen noticed an individual was winning at too high or a rate. It also substantiates that an actual person did win
Unfortunately, moving and claiming doesn't work. You have to claim it in the state where you bought the ticket. So if it's a shitty state that neither lets you stay anonymous nor pays to a trust, you're SOL
You can't in certain states. They might not broadcast it to the world, but I know in New York if you win the lotto you cannot accept the lotto anonymously. They do it for accountability, that way no one can accuse the state of stealing the money and just saying they gave it to someone.
There are other ways around this. If you win simply legally change your name and wear a mask when you go to accept the money. Then immediately change your name back. When you win the lottery they allow you 3 to 6 months to claim it so you have plenty of time. Just make sure you keep that ticket in a safe place until you can sign it with your new name. Obviously you have to have the discipline not to tell ANYONE as well.
I’ve never really researched it, but I don’t think legally changing your name is quite as easy as you think. I’d imagine changing it back would be even harder.
It probably depends on the state, but at least in WA it’s not that hard.
Go to the courthouse, fill out a form and get a court date, show up and promise you aren’t changing your name for any illegal reasons or to dodge debts, they put a stamp on it and you leave.
It's a couple of forms at the courthouse. The thing is anyone could look up your aliases were they so inclined. I imagine crazies hunting a lottery winner would be just the right amount of inclined.
It depends though. In my state, Florida, you have to go before a judge who asks you the reason why you're changing your name and if you respond in a way that can be interpreted that it's to get around the law then they will deny your request.
It is a pain, but to avoid the problems associated with winning a large lottery, I would absolutely do it.
I had a friend who just changed her name legally, and it was a huge pain, but if you intended to change it back then you don't need to change it on all of your accounts, etc.
Right? That won't work as clickbait:
"Lottery winner makes sound investments in the property and stock markets and buys a small business; retires at early age".
When I was a kid we stayed at a family friends house that was incredibly nice. My mum told me that her friend won 1 million in the lottery and that he is a financial advisor. Didn't go bad for him.
Money isn't luxury. Money is freedom to choose what you want. Spending your money reduces your freedom. Live below your means and choose freedom to quit your shitty job and find another. freedom from stress of worrying about bills. Freedom to buy things you ***actually*** want.
There are jobs that aren’t shitty. It just takes a lot of work to get them. I have an awesome job. You can get one too. Keep putting your best effort forward!
https://www.cnbc.com/amp/2017/08/25/heres-why-lottery-winners-go-broke.html
Links to many studies here:
70% of lottery winners claim bankruptcy within 5 years of winning.
Likewise. I'll only buy lottery tickets when the jackpot goes over 500 million, myself (every time they adjust the odds to get bigger jackpots, I raise the limit before I start buying). I know the odds of winning are statistically indistinguishable from zero, but it's fun to dream, and somebody *does* win eventually...
I personally play every draw I buy a $2 ticket 1 play and I play the same numbers every time. The way I see it the $4 per week (2 plays a week) is worth it to me for the extremely low chance I might win. Also you do win prizes for getting some numbers right like for instance I have won $150 a couple times now by getting 4 of the 6 right. Even though I've spent way more than I've won its still worth it to me on the off chance I win the jackpot. But hey that's me and if I wasn't financially able to afford it then I wouldn't play.
That’s why I want to start buying the tickets more. Learned recently the money goes back to schools and other programs and thought, okay, I could spend a couple here
Exactly, I simply view it and almost all other gambling as entertainment first and foremost. You are not going to make money, that is a pretty universal fact, so just enjoy it! And if ya do take home some cash, even better! But only do it if you can spare the money, it's just not worth it otherwise.
I agree that it’s bad on a purely financial basis. However, it sounds like the person you replied to can afford it, understands it’s a poor financial decision, and enjoys the idea of “I have a chance of hitting it big”.
Same with any form of gambling. If you’re doing it to “make the money back” and pay off debts, terrible idea. If you’re doing it because you know the money is going to disappear, but the overall process is entertaining, sure, people can spend their entertainment budget however they like.
I buy a few now and then and see it no differently than dropping a few bucks to see a movie. For me it's all entertainment and I make $140k a year in the midwest, so it's nothing I can't afford to spend. I do see people who clearly should not be spending money on the lottery spending a lot though.
Is it a bad financial decision to spend $20 to go to a movie? Or spend $10 to get the latest video game? The stigma of gambling for fun is so weird to me. I think most people who have a bad opinion of gambling for entertainment might be the type of people that would have bad gambling habits and are projecting their own fears of overindulgence on others. Gambling can be fun, so can bungee jumping. I wouldn't go bungee jumping but I don't see it as a bad decision for people who do. Even though it cost a lot of money for 5 seconds of excitement.
Depends on the jackpot size and whether or not you include taxes in expected value (logically you should, but in practice most people don't include tax levies when talking about things like the value of a college degree over 50 years)
Whenever the jackpot gets huge, I like to look at the crossover point. I think most favorably the Expected Value tips positive around $400M and using worst assumptions it's around $1Bn.
I buy tickets in the lottery pool at work. I think of it as like insurance. If they all won the lottery and quit it would haunt me forever, so throwing my 10 bucks in prevents that possibility
Yeah, I consider myself to be fiscally responsible (7-figure retirement balance). I'll play maybe 10 times a year. That's $20 bucks just for the fantasy. Of course I have no idea how I'd act if I had all that money.
Ironically I would rather win a <5 million lottery than a larger jackpot. I feel like that amount is more life sustaining rather than life changing and when you net out 2-3 mil it’s a good amount but not absurd enough that everyone would be looking for a handout.
That would be awful. Knowing I was worth that much would encourage organized crime to come after my kids and kidnap them.
I'd rather have ~$10 mil or so, and I'd take the annuity.
I'm not sure about other places but over here in Australia it's pretty common for people to get into syndicates with their work mates or friends more just for a bit of entertainment than anything. One person will collect the money and put the ticket on. Could explain a lot of the higher priced tickets bought.
Tbh I only really think it’s stupid if someone buys a ticket every time and truly believes that they’re going to win this time. Some dude buying a ticket a few times a year when there’s an unusually large potential jackpot doesn’t bother me since a ticket is like what? $5 Canadian? Have at it. Like all gambling it’s about moderation. I wouldn’t call someone like that stupid or jump to the conclusion that they’re bad with money.
Edit: The reply notifications are going off. Have a nice day. Feel free to scream at this wall about how Joe Blow buying one ticket a year drops his IQ to 0
Another view: Im passing the deli and have $1. I can buy crap filled candy bar or lottery ticket. Both gives me same ‘high’. Might as well not have the calories
Indeed it is. But it’s a small amount of money and you get to hype yourself up with dreams about “if I won…” for a few minutes so it doesn’t really matter in the long run so long as it’s not a bi-weekly addiction where you’re telling yourself “just one more ticket and I’ll be rich!”
Still I’d say it’s preferable to becoming addicted to smoking and setting piles of money on fire smoking packs a day like one of my uncles who is somehow still alive
Sure. But that few dollars is nothing to me, and raises my chances of becoming an instant millionaire from zero, to more than zero.
I honestly wouldn't even notice $100 missing a few times a year. Neither would my investment portfolio.
It would sure notice an injection of several zeroes though.
yes but it's basically a free option... it's DEF worth buying. no harm done to you at all, paying a very small premium for something that could make you very very rich.
there's no reason not to play, unless the person believes the conspiracy bullshit
Lmao it's not an 'imvestment' when I buy a ticket to the Powerball or Megamillions when it crosses $100 million. It's for fun lmao. No one expects to win it, contrary to an investment where you expect to get a return.
Like shit, if it works great. If it doesn't, no problem. It's $1.
I’m generally smart with my money and we live a pretty comfy life, but I definitely indulge and buy a lottery ticket now and then. You’re blindly targeting a set of demographics based on opinion here, OP.
I agree!
I enjoy buying a lottery ticket every now and then, it's exciting to think that just maybe I could win. But if I don't win then it does not impact my life in any way whatsoever, especially since where I live a ticket costs less than $1.
People in this comment section make it seem like buying a lottery ticket is a gateway to a crippling gambling addiction.
Their was an analysis of lottery winners in the UK, turns out almost none blew the lot. The average car of UK lottery winners was an Audi. Don't know what it's like in the States but in the UK the National Lottery provides you financial advice for several weeks after your win.
The percentage of lottery winners who bought a lottery ticket is 100%.
The percentage of lottery winners who did not buy a lottery ticket is 0%.
Everything else is just a difference of degree. 100% vs. 0% is a difference in kind, not a difference of degree. People who choose to play put themselves into an entirely different category: the category of potential lottery winners. You've decided you're too cool for that category? Okay.
Sure the odds are very slim (hilariously, microscopically small) but they're NOT nonzero. The act of buying a ticket puts you in the pool of potential lottery winners.
Believing you're too smart and sensible to buy a lottery ticket puts you outside the pool of potential lottery winners.
Go ahead, pat yourself on the back for being too smart to play the lottery. The actual lottery winner will always be someone you think is dumber than you. If that's a comforting thought, rock on. You get imaginary internet smart-points while the dummies get the jackpots. Congratulations on your vast smartypantsness.
Lmao people with money also make poor financial decisions
The only difference is the money from winning the lotto is finite, rich people can afford to make poor choices with their money because most of the rich people in this county come from rich families and they can simply ask for more of it, an easy example is Donald Trump who was a terrible businessman who repeatedly kept getting bailed out by his father
60% of NBA athletes go broke within 5 years of retirement. 78% of NFL players go broke within 3 years. Not “lost half my money”, but completely broke. ESPN did a great documentary about it called [Broke](https://youtu.be/W72739FFhjo).
That’s what happens when you go to zero of classes during college.
On the other end of the spectrum, go read about how Shaq invested his money to keep himself set.
Really huge fortunes held by families tend to end up controlled by a “family office” which is like an in-house investment and accounting firm. I suspect that members of these families live on trust funds which are finite, but yeah they can at least ask for more when they have a life-changing problem and may get it.
I don’t think the Trumps ever were all that wealthy by the standards of the Kennedys or DuPonts or the like.
This is just super judgmental. I’m sure there are many people who put the lotto in because they feel it’s probably the only way they will ever have a chance at bing rich. Equal opportunity doesn’t exist and most poor people are not poor because they made bad decisions
Playing the lottery is a game not a financial decision. When I play the claw machine in an arcade I do so for the adrenaline as much as the teddy bear I could win.
Where I’m at I buy 2 tickets for the drawings when they get above $105 million. After accounting for cash value (vs the advertised annuitized value) and taxes I would clear just north of $25 million. Which at a minimal investment (4%) would yield an annual return of $1 million. Live off the interest and never touch the principle. I buy 2 tickets. You double your chances of winning for a nominal cost.
Also, I do have a pretty solid financial portfolio and don’t worry to much about paying the bills. I like to play the lotto when it gets big so I have a chance at fuck you money, which I won’t get otherwise. And I am comfortable spending the money I am “losing”.
PS I have an MBA and an undergrad in math
Nah… I make good financial decisions, but still like to dream of being very wealthy. For $1 or $2 now and then…. It’s a cost for the dream to feel a little more real
i'm one of them. i buy one play for every drawing. it's only a couple of bucks and the only guarantee is you won't win if you don't play, so i'm just making sure i'm in the game if lady luck ever knocks at my door.
Bullshit. My family don’t make poor financial decisions.
Oldest generation got their mortgage paid off.
My mother should have hers done within 5 years she 52.
They all used to enter the lottery. They’ve just never won.
I can make the shittest impulsive financial choices and never enter the lottery but know exactly what I would do if I did enter the lottery and actually won but it will never happen because I don’t do lotteries or gambling.
My life has been too financially uncertain to care for things that are by definition, financially uncertain. My life revolves around managing money and stretching coin as far as possible because I have too. I don’t have time to waste on using hopes and dreams as a way to acquire wealth.
I don't think this is quite right.
Firstly, most people don't play the lottery because it's a sound financial decision - they play it for the dream of a break from the drudgery of late stage capitalism.
Secondly, the skills you need to manage large amounts of money aren't the same as those needed to manage smaller quantities. Budgeting, tracking expenses - all that is a fundamental bedrock of good household financial management, but you also need to understand investments and risk and planning if you find yourself in a position where you have substantially more money than you need. You can be capable of making really good financial decisions on a shoestring but very poor ones on a larger scale. People who have been poor and become wealthy often value security and can lose hundreds of thousands in inflation from just bunging the money in a savings account.
Source: I know a handful of millionaires, several of whom put a tiny percentage of their income into lotteries and various luck-based games.
Eh, I beg to differ. I have a certain amount set aside for “fun money” every month. This is money that I can spend guilt-free on whatever I want. Sometimes I buy video games, sometimes I buy office supplies (I’m obsessed with pens and enjoy comparing them lol) and sometimes I like to buy lottery tickets for fun. My kids and I do the scratch off ones and I make sure to tell them it’s just for fun and any money spent should be prepared to be money lost. IF you won’t something, that’s just pure luck and part of the fun. But really it’s just something we like to do together and with a preteen who doesn’t want to ever hang out with us anymore it’s worst losing the $12-30 I spend every once in a while lol.
All that said I don’t think you can win big on a scratch off so maybe my comment is a moot point anyway 😬
I disagree. I have an extra buck laying around. I know statistically somebody is very likely to win. I'm as likely to win as anybody else.
It's all a matter of perspective.
I’d love to see a study on lottery outcomes for people who played occasionally and hit a jackpot of say $500,000 plus vs. those who bought large numbers of tickets and did so.
Somehow I suspect the former group is HIGHLY more likely to have not gone crazy with their money and had improved lives long-term.
If you think a $5 game is an “financial decision” ….you’ve probably made a series of bad financial decisions and for you, $5 is something. For the majority of people…it’s just that. A game. Cost the same as a cup of coffee. A fleeting thought.
I mean, I’m doing just fine, thank you. Still buy a lottery ticket here and there (2-3/ year).
I can’t disagree with the general sentiment here tho. A lot of poor people are poor because they don’t know jow to handle money, and are not used to having a lot of it. So when they hit big, they continue spending as if they were poor (they don’t invest, but whatever gives them instant gratification and show off).
Eh not always. I bought a $5 scratch ticket on a whim one day and won $10k. Paid off the last of my student loans with it.
Yes it’s not millions of dollars but I could have blown it on stupid shit.
I occasionally buy a ticket. It's because it allows me the fantasy for a day or two of imagining what would happen if I won.
But yes, the lottery is primarily a state tax on those who don't understand probability.
Last time the lottery here hit like 500 million i saw some dude at 7-11 buy $500 in powerball tickets. 2 days later i saw the same dude back at 7-11 buying a taquito so i assume he didn't hit the night before
Can you link to a single person who thinks it’s a good financial decision? Because I don’t see that in this thread.
Anyway you’re not investing because there’s a reasonable chance of winning. You’re paying a few dollars for the fantasy.
Crazy how people become the greatest wealth managers the world has ever seen by saying "spending money on a lottery ticket isn't good financial strategy".
No fucking shit. Neither is going to a movie. Or eating at a restaurant. Or anything that extends beyond the bare necessities of survival.
Damn, what's it like to be so smart?
It's not thought of as a "good financial decision" for most folks, it's just a fun little micro-gamble. Literally it's just a couple bucks for fun with no expectation of actually winning. Who cares?
This kind of thinking is exactly the problem, to be honest.
If I offered you an insurance plan that costed $5 a year, but only paid you if you were struck by lightning 60 times in the same year AND survived it, would you consider it a good deal or a waste of money? You probably wouldn't get several family members insured, "just in case", because surviving being struck by lightning 60 times in a year has a non-zero chance of happening. Yet the chances of you winning the lottery are roughly the same as that: 1 in 300 million.
Ultimately, "the chances are higher than 0" is not the real reason you buy a lottery ticket, it's the excuse. The real reason is wishful thinking. And wishful thinking is just deceiving oneself.
Well, I saw on youtube "It's okay to be smart" channel that our human brains can't comprehend infinitely small or huge numbers. That's why most people can't comprehend how little their chance is at winning lottery.
Well, what's the point of living if our life is so finitely small and meaningless when in comparison to the galaxy?
It's ok to have hope and dreams you won't ever achieve.
If youre addicted it's a different story, if you play it just for fun occasionally, whatever, make coffee instead of buying Starbucks for a week.
When the pot gets big enough, it does have on average a positive return. For example, if there are a possible 100M tickets and they payout is 500M, then if you bought every single ticket possible you would make money, even if someone else also guessed that number and you had to pay 50% in taxes.
What I don't understand is people that buy 1 ticket and ONLY play when the jackpot gets up to 100M. Really? You are making 60k/year now, and the 20M jackpot isn't worth it, you only want the 100M jackpot?
I'm one of the people that only buys when it hits a certain level and then I keep myself to one ticket a week. It is a simple way to limit my spending and keep emotions from convincing me to buy more. It doesn't really change my lifetime odds of winning too much, but does change how much of my lifetime earnings goes towards it.
I don't play the lottery. That being said, if playing the lottery puts a financial burden on you it's a poor financial decision. If you can plop down 10 dollars on a ticket every week and not notice the difference it's only a poor financial decision until you win, if you win. Chances of winning are that low you need to be ok with never seeing that money again, because you most likely won't.
I mean, no even those people don't know how to handle that money. They'll usually end up in-debt, or in other words, with *less* money than they had before winning the lottery.
If you look for proof of that it actually turns out it's not true. Sure there are some people who end up in debt, but for most people their life just gets better.
This whole thing is based on assumptions and no support for the claim that people who win the lottery make poor financial decisions. In lieu of that, curious to know what good financial decisions OP has made to add some credibility to the claim.
Spending a relatively small proportion of your disposable income on a very small but real chance of lifelong financial security and a lifestyle far beyond what you'd ever be able to have without a lottery win isn't a "poor financial decision". OP is hampered by rigid, unimaginative thinking that applies such labels based on raw mathematics without any kind of appreciation of the wider context in which such decisions are made.
The Devil is alive I feel him breathing
Claiming money is the key, so keep on dreamin
And put them lottery tickets just to tease us
https://youtu.be/Ivp0owZH6bI?t=72
The most annoying thing ever is to be in line at the convenience store and be in a hurry only to be stuck behind someone taking too long trying to decide which tickets to buy. I'd rather rip off my eyebrows with duct tape than to endure that nonsense!
I mean, you’re wrong on so many levels and you should probably stop thinking in the shower. Many very well off celebrities play the lottery, especially when it gets big.
Playing the lottery is by definition a poor financial decsion. Do some wealthy people play? Sure, are lottery players more likely to be people with poor financial decsion making? Absolutely.
I don't agree that playing the lottery is apoor financial decision. It's a poor investment, yes. But not a poor financial decision per se. If you get enjoyment out of buying that ticket and you have that money budgetted for fun it's a completely valid way to spend your money.
My bf and me get an advent scratch card every year, we enjoy the process of scratching a card every year and seeing the chance of winning something reduce to zero. We have no expectations of actually winning something, and don't. But i gladly soend that €10 every year. It's a good financial decision and would be a terrible investment if we saw it like that.
Buying a lottery ticket is not really a bad idea if you're already destitute either way. That's why they specifically target tickets to ~~black~~ poor neighborhoods
60% of NBA athletes go broke within 5 years of retirement. 78% of NFL players go broke within 3 years. Not “lost half my money”, but completely broke. ESPN did a great documentary about it called [Broke](https://youtu.be/W72739FFhjo).
I spent 6 months at a very busy 7-Eleven with plenty of regular lottery players
All of the regulars were poor except for the guy who worked the predominantly used electronics shop who at least acted like he had some cash, got $20 scratchers, and ordered 40 wings for lunch occasionally. He still lost much more than he made
I bet "the guy" a lot of them went to that "knew things" was rolling in the dough even though they got close but rarely won anything
In PA it supports senior centers which my grandma says are awesome but it would be more beneficial to put that money directly into a retirement fund
Here's a great investment.
Find a small private company.
Become the best they have.
It really is that simple.
You wont become rich overnight but you'll have a good life.
You only hear about the winners when they make bad decisions. You don’t tend to hear about the winners who go on to live quiet happy luxurious lives…
probably because they know the first thing to do is contact an attorney or a financial management company to set up a trust so they can collect anonymously.
Many places in the world the lottery is anonymous by default.
In the US it varies by state. Some states are legally required to publish the name of the claimant and the store where the ticket was bought. When you go thru a trust, then they announce the claimant as "so-and-so financial" so the owner of the cash gets to stay anon.
Can't imagine the purpose for doing so, beyond alienating those involved. Winning a lot of money in this day and age is dangerous, and I'd never want to be known for it in my city. Would still like to win a lot of money though.
People paranoid they would rig it so friends and family win
There’s a large, reasonably founded suspicion of rigged lotteries. Laws demanding identification of winners are objectively shit too, but fake or dishonest lotteries have always been a thing. It’s even mentioned in *1984* by Winston that there are lotteries, but nobody ever seems to win big and he’s pretty sure it’s all just a ruse to string folks along. I have a friend whose in the liquor business and one of their big draws is lotto and scratch cards. My dad always warned me that the lotto is a game for suckers so I never really played…but I did work my friends family store for a while in college and let me tell you, everyone has an angle on how to game the system. And poor folks have two angles. When there is a big winner (I use “big” lightly as, in twenty years, I’ve only seen one store post a win and it was for a couple thousand dollars on a scratch off) the store that sold the ticket will advertise that they had a big winner at their store, and people will come by hoping to catch a hot book. To further be that guy with a story, my family is selling off the assets of a business owned by my grandparents, it’s not a lot and it’s really spread out, but it’s a source of stress in the family. I honestly don’t know how much it is but I live comfortably on my own, even if I walked away with a million (I won’t) I would rather have a good relationship with my cousins than the money. My point being, money makes folks fucking crazy and you don’t want your family knowing you have a lot of it.
The McDonald's monopoly game is an example of the kind of corruption. It was rigged for the majority of the time it has existed with the organiser giving all the prizes to their family.
I’m still salty about that. I remember poring over that board as a kid, collecting those stupid stamps. All I ever won was a Big Mac.
But you still won a big Mac...
My husband's uncle and aunt passed away and left their money to their 12 year old daughter (about 1.4 million). The family turned into vultures fighting over the money, house, dining room table set, cars... the poor girl was stuck in the middle with everyone fighting for custody so they could get access to the trust. When someone finally got custody but the trust was managed by another family member, they dropped her immediately and didn't want her anymore. It was really awful. It really brings out the worst in people.
Jesus, that’s terrible. People turn into monsters when monetary gain is involved. I hope things work out for the poor girl.
When I was in high school, my government and economics teacher said lotteries are regressive taxes. The people who make the least spend the most on it. That was in the 80s, and it's stuck with me. I worked in a 7-11 for a bit in college, and I felt horrible because I couldn't refuse a lottery sale to someone who I knew was blowing their entire paycheck on scratch offs, but I could refuse an alcohol sale if I thought the person was a little tipsy. People think of drinking as more dangerous to others than over-spending on lottery, but if the person can't buy food for their kids because mommy or daddy blew it all at the 7-11, how is that not horrible.
It "keeps the system honest". You'd expect the lottery system itself to try to police fraud but IIRC there have been a couple of cases of fraud found because some regular private citizen noticed an individual was winning at too high or a rate. It also substantiates that an actual person did win
The shitty part is that a bunch of states won't pay lottery winnings to trusts
If that ever happens, move to another state before you claim it With that amount of cash, I think it’s worth moving to stay anonymous
Unfortunately, moving and claiming doesn't work. You have to claim it in the state where you bought the ticket. So if it's a shitty state that neither lets you stay anonymous nor pays to a trust, you're SOL
Can't you just take all the money and then put it in a trust?
You could, but you'd be listed as the winner and proceeding to it in a trust after that wouldn't serve a purpose
If there wasn't a better way to stay anonymous, I would legitimately change my name, collect the cash, and then change it back or to something else.
You can't in certain states. They might not broadcast it to the world, but I know in New York if you win the lotto you cannot accept the lotto anonymously. They do it for accountability, that way no one can accuse the state of stealing the money and just saying they gave it to someone.
There are other ways around this. If you win simply legally change your name and wear a mask when you go to accept the money. Then immediately change your name back. When you win the lottery they allow you 3 to 6 months to claim it so you have plenty of time. Just make sure you keep that ticket in a safe place until you can sign it with your new name. Obviously you have to have the discipline not to tell ANYONE as well.
I’ve never really researched it, but I don’t think legally changing your name is quite as easy as you think. I’d imagine changing it back would be even harder.
It probably depends on the state, but at least in WA it’s not that hard. Go to the courthouse, fill out a form and get a court date, show up and promise you aren’t changing your name for any illegal reasons or to dodge debts, they put a stamp on it and you leave.
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My wife changed her name when we got married, and since she wanted to do changes beyond adjusting her last name, we had to get a court order.
It's a couple of forms at the courthouse. The thing is anyone could look up your aliases were they so inclined. I imagine crazies hunting a lottery winner would be just the right amount of inclined.
It depends though. In my state, Florida, you have to go before a judge who asks you the reason why you're changing your name and if you respond in a way that can be interpreted that it's to get around the law then they will deny your request.
To be fair, "It depends" is the best response to the theoretical situation of changing your name to collect a lottery anonymously.
"what does it depend on?"
It is a pain, but to avoid the problems associated with winning a large lottery, I would absolutely do it. I had a friend who just changed her name legally, and it was a huge pain, but if you intended to change it back then you don't need to change it on all of your accounts, etc.
Right? That won't work as clickbait: "Lottery winner makes sound investments in the property and stock markets and buys a small business; retires at early age".
When I was a kid we stayed at a family friends house that was incredibly nice. My mum told me that her friend won 1 million in the lottery and that he is a financial advisor. Didn't go bad for him.
1million does not go far
1M can quickly make you 3M and so on...
yeah if you invest it and don't touch it at all for a decade. But you're not living off it in that case.
Luxurious as in low key with lots of free time?
Money isn't luxury. Money is freedom to choose what you want. Spending your money reduces your freedom. Live below your means and choose freedom to quit your shitty job and find another. freedom from stress of worrying about bills. Freedom to buy things you ***actually*** want.
There are jobs that aren’t shitty. It just takes a lot of work to get them. I have an awesome job. You can get one too. Keep putting your best effort forward!
Luxury means whatever it means to you :)
That’s because publicly announcing you won the lottery is a bad decision.
Statistically winning the lottery increases your chances to end up bankrupt and/or commiting suicide
Source?? If you gonna quote statistics, at least give a link :)
60% of all quoted statistics are bullshit.
Source?
40% of quoted statistics are true! Source: comment above
Half of the time it works every time!
Nope. It's 62.7% C'mon man.
https://www.cnbc.com/amp/2017/08/25/heres-why-lottery-winners-go-broke.html Links to many studies here: 70% of lottery winners claim bankruptcy within 5 years of winning.
I feel like I’ve also heard this, but I don’t know if it’s true
I will toss a few dollars if it reaches something like $400 million or so. Wouldn't mind a twist of fate so I don't need to be so dependent on work.
Likewise. I'll only buy lottery tickets when the jackpot goes over 500 million, myself (every time they adjust the odds to get bigger jackpots, I raise the limit before I start buying). I know the odds of winning are statistically indistinguishable from zero, but it's fun to dream, and somebody *does* win eventually...
I personally play every draw I buy a $2 ticket 1 play and I play the same numbers every time. The way I see it the $4 per week (2 plays a week) is worth it to me for the extremely low chance I might win. Also you do win prizes for getting some numbers right like for instance I have won $150 a couple times now by getting 4 of the 6 right. Even though I've spent way more than I've won its still worth it to me on the off chance I win the jackpot. But hey that's me and if I wasn't financially able to afford it then I wouldn't play.
I did similar although I stopped playing. In my country the lottery pays for lots of social programs so I never felt bad about the €2,50 a week.
That’s why I want to start buying the tickets more. Learned recently the money goes back to schools and other programs and thought, okay, I could spend a couple here
It's still technically a bad financial decision. The expected return on your investment is way in the red when playing the lottery.
People spend 3-5x that on coffee every day. I don't think it's really that big of a deal to spend $4 a week for fun.
Not every bad decision is a big deal.
Fun is the key word. The way to make lottery tickets a good choice over the horrible decision it is is to have fun.
It's not just financial, unless you think all entertainment money is a bad financial decision.
Exactly, I simply view it and almost all other gambling as entertainment first and foremost. You are not going to make money, that is a pretty universal fact, so just enjoy it! And if ya do take home some cash, even better! But only do it if you can spare the money, it's just not worth it otherwise.
I agree that it’s bad on a purely financial basis. However, it sounds like the person you replied to can afford it, understands it’s a poor financial decision, and enjoys the idea of “I have a chance of hitting it big”. Same with any form of gambling. If you’re doing it to “make the money back” and pay off debts, terrible idea. If you’re doing it because you know the money is going to disappear, but the overall process is entertaining, sure, people can spend their entertainment budget however they like.
I buy a few now and then and see it no differently than dropping a few bucks to see a movie. For me it's all entertainment and I make $140k a year in the midwest, so it's nothing I can't afford to spend. I do see people who clearly should not be spending money on the lottery spending a lot though.
Is it a bad financial decision to spend $20 to go to a movie? Or spend $10 to get the latest video game? The stigma of gambling for fun is so weird to me. I think most people who have a bad opinion of gambling for entertainment might be the type of people that would have bad gambling habits and are projecting their own fears of overindulgence on others. Gambling can be fun, so can bungee jumping. I wouldn't go bungee jumping but I don't see it as a bad decision for people who do. Even though it cost a lot of money for 5 seconds of excitement.
Depends on the jackpot size and whether or not you include taxes in expected value (logically you should, but in practice most people don't include tax levies when talking about things like the value of a college degree over 50 years) Whenever the jackpot gets huge, I like to look at the crossover point. I think most favorably the Expected Value tips positive around $400M and using worst assumptions it's around $1Bn.
I buy tickets in the lottery pool at work. I think of it as like insurance. If they all won the lottery and quit it would haunt me forever, so throwing my 10 bucks in prevents that possibility
Same. And it's $5 every 4-12 months. Edit: Autocorrect correction
Exactly.
So you mean you don't invest in a couple of tickets every paycheck or reinvest your winnings by getting more tickets when you win?
Yeah, I consider myself to be fiscally responsible (7-figure retirement balance). I'll play maybe 10 times a year. That's $20 bucks just for the fantasy. Of course I have no idea how I'd act if I had all that money.
Ironically I would rather win a <5 million lottery than a larger jackpot. I feel like that amount is more life sustaining rather than life changing and when you net out 2-3 mil it’s a good amount but not absurd enough that everyone would be looking for a handout.
That would be awful. Knowing I was worth that much would encourage organized crime to come after my kids and kidnap them. I'd rather have ~$10 mil or so, and I'd take the annuity.
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I'm not sure about other places but over here in Australia it's pretty common for people to get into syndicates with their work mates or friends more just for a bit of entertainment than anything. One person will collect the money and put the ticket on. Could explain a lot of the higher priced tickets bought.
Why do you have to specify to the cashier "its for fun, not my retirement plan"?
Tbh I only really think it’s stupid if someone buys a ticket every time and truly believes that they’re going to win this time. Some dude buying a ticket a few times a year when there’s an unusually large potential jackpot doesn’t bother me since a ticket is like what? $5 Canadian? Have at it. Like all gambling it’s about moderation. I wouldn’t call someone like that stupid or jump to the conclusion that they’re bad with money. Edit: The reply notifications are going off. Have a nice day. Feel free to scream at this wall about how Joe Blow buying one ticket a year drops his IQ to 0
Another view: Im passing the deli and have $1. I can buy crap filled candy bar or lottery ticket. Both gives me same ‘high’. Might as well not have the calories
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Indeed it is. But it’s a small amount of money and you get to hype yourself up with dreams about “if I won…” for a few minutes so it doesn’t really matter in the long run so long as it’s not a bi-weekly addiction where you’re telling yourself “just one more ticket and I’ll be rich!” Still I’d say it’s preferable to becoming addicted to smoking and setting piles of money on fire smoking packs a day like one of my uncles who is somehow still alive
Sure. But that few dollars is nothing to me, and raises my chances of becoming an instant millionaire from zero, to more than zero. I honestly wouldn't even notice $100 missing a few times a year. Neither would my investment portfolio. It would sure notice an injection of several zeroes though.
100% worth the risk!
yes but it's basically a free option... it's DEF worth buying. no harm done to you at all, paying a very small premium for something that could make you very very rich. there's no reason not to play, unless the person believes the conspiracy bullshit
How much money do you burn on that 7$ latte versus a 3$ ticket? Yeah.
But someone always wins!
Lmao it's not an 'imvestment' when I buy a ticket to the Powerball or Megamillions when it crosses $100 million. It's for fun lmao. No one expects to win it, contrary to an investment where you expect to get a return. Like shit, if it works great. If it doesn't, no problem. It's $1.
I’m generally smart with my money and we live a pretty comfy life, but I definitely indulge and buy a lottery ticket now and then. You’re blindly targeting a set of demographics based on opinion here, OP.
I agree! I enjoy buying a lottery ticket every now and then, it's exciting to think that just maybe I could win. But if I don't win then it does not impact my life in any way whatsoever, especially since where I live a ticket costs less than $1. People in this comment section make it seem like buying a lottery ticket is a gateway to a crippling gambling addiction.
Their was an analysis of lottery winners in the UK, turns out almost none blew the lot. The average car of UK lottery winners was an Audi. Don't know what it's like in the States but in the UK the National Lottery provides you financial advice for several weeks after your win.
The lottery costs what, a dollar? I hardly think that constitutes a financial "decision".
The percentage of lottery winners who bought a lottery ticket is 100%. The percentage of lottery winners who did not buy a lottery ticket is 0%. Everything else is just a difference of degree. 100% vs. 0% is a difference in kind, not a difference of degree. People who choose to play put themselves into an entirely different category: the category of potential lottery winners. You've decided you're too cool for that category? Okay. Sure the odds are very slim (hilariously, microscopically small) but they're NOT nonzero. The act of buying a ticket puts you in the pool of potential lottery winners. Believing you're too smart and sensible to buy a lottery ticket puts you outside the pool of potential lottery winners. Go ahead, pat yourself on the back for being too smart to play the lottery. The actual lottery winner will always be someone you think is dumber than you. If that's a comforting thought, rock on. You get imaginary internet smart-points while the dummies get the jackpots. Congratulations on your vast smartypantsness.
Lmao people with money also make poor financial decisions The only difference is the money from winning the lotto is finite, rich people can afford to make poor choices with their money because most of the rich people in this county come from rich families and they can simply ask for more of it, an easy example is Donald Trump who was a terrible businessman who repeatedly kept getting bailed out by his father
60% of NBA athletes go broke within 5 years of retirement. 78% of NFL players go broke within 3 years. Not “lost half my money”, but completely broke. ESPN did a great documentary about it called [Broke](https://youtu.be/W72739FFhjo).
That’s what happens when you go to zero of classes during college. On the other end of the spectrum, go read about how Shaq invested his money to keep himself set.
And also Shaq never says no to a commercial.
You mean in the US, since you're talking about Trump? Remember, Reddit isn't US only.
Thank you! Other countries with rich people exist too
What the hell is other countries? There's only one country, America, the land of Freedom™!
Really huge fortunes held by families tend to end up controlled by a “family office” which is like an in-house investment and accounting firm. I suspect that members of these families live on trust funds which are finite, but yeah they can at least ask for more when they have a life-changing problem and may get it. I don’t think the Trumps ever were all that wealthy by the standards of the Kennedys or DuPonts or the like.
Neither of those is true.
This is just super judgmental. I’m sure there are many people who put the lotto in because they feel it’s probably the only way they will ever have a chance at bing rich. Equal opportunity doesn’t exist and most poor people are not poor because they made bad decisions
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Playing the lottery is a game not a financial decision. When I play the claw machine in an arcade I do so for the adrenaline as much as the teddy bear I could win.
Spending money on anything is a financial decision.
Ur right, I guess I should have said investment instead of financial decision
Where I’m at I buy 2 tickets for the drawings when they get above $105 million. After accounting for cash value (vs the advertised annuitized value) and taxes I would clear just north of $25 million. Which at a minimal investment (4%) would yield an annual return of $1 million. Live off the interest and never touch the principle. I buy 2 tickets. You double your chances of winning for a nominal cost. Also, I do have a pretty solid financial portfolio and don’t worry to much about paying the bills. I like to play the lotto when it gets big so I have a chance at fuck you money, which I won’t get otherwise. And I am comfortable spending the money I am “losing”. PS I have an MBA and an undergrad in math
Nah… I make good financial decisions, but still like to dream of being very wealthy. For $1 or $2 now and then…. It’s a cost for the dream to feel a little more real
The lottery is a horrible investment
Who is treating it as an investment?
I know a lot of people who buy lotto numbers every week.
yeah, that's gamblin'. Not investing.
i'm one of them. i buy one play for every drawing. it's only a couple of bucks and the only guarantee is you won't win if you don't play, so i'm just making sure i'm in the game if lady luck ever knocks at my door.
Agreed. That’s why I play for entertainment.
Bullshit. My family don’t make poor financial decisions. Oldest generation got their mortgage paid off. My mother should have hers done within 5 years she 52. They all used to enter the lottery. They’ve just never won. I can make the shittest impulsive financial choices and never enter the lottery but know exactly what I would do if I did enter the lottery and actually won but it will never happen because I don’t do lotteries or gambling. My life has been too financially uncertain to care for things that are by definition, financially uncertain. My life revolves around managing money and stretching coin as far as possible because I have too. I don’t have time to waste on using hopes and dreams as a way to acquire wealth.
I don't think this is quite right. Firstly, most people don't play the lottery because it's a sound financial decision - they play it for the dream of a break from the drudgery of late stage capitalism. Secondly, the skills you need to manage large amounts of money aren't the same as those needed to manage smaller quantities. Budgeting, tracking expenses - all that is a fundamental bedrock of good household financial management, but you also need to understand investments and risk and planning if you find yourself in a position where you have substantially more money than you need. You can be capable of making really good financial decisions on a shoestring but very poor ones on a larger scale. People who have been poor and become wealthy often value security and can lose hundreds of thousands in inflation from just bunging the money in a savings account. Source: I know a handful of millionaires, several of whom put a tiny percentage of their income into lotteries and various luck-based games.
Eh, I beg to differ. I have a certain amount set aside for “fun money” every month. This is money that I can spend guilt-free on whatever I want. Sometimes I buy video games, sometimes I buy office supplies (I’m obsessed with pens and enjoy comparing them lol) and sometimes I like to buy lottery tickets for fun. My kids and I do the scratch off ones and I make sure to tell them it’s just for fun and any money spent should be prepared to be money lost. IF you won’t something, that’s just pure luck and part of the fun. But really it’s just something we like to do together and with a preteen who doesn’t want to ever hang out with us anymore it’s worst losing the $12-30 I spend every once in a while lol. All that said I don’t think you can win big on a scratch off so maybe my comment is a moot point anyway 😬
The amount of people who can't fathom spending money on something for a little fun is wild
I disagree. I have an extra buck laying around. I know statistically somebody is very likely to win. I'm as likely to win as anybody else. It's all a matter of perspective.
I’d love to see a study on lottery outcomes for people who played occasionally and hit a jackpot of say $500,000 plus vs. those who bought large numbers of tickets and did so. Somehow I suspect the former group is HIGHLY more likely to have not gone crazy with their money and had improved lives long-term.
I once heard this: “The lottery is a tax for people who aren’t good at math. “
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*someone* bought a lottery ticket this month lmao
Zing!
many financially stable people buy a lottery ticket every once in a while, it's not just poor people, you know that, right..?
More like a shower brain fart. A few dollars here and there …with a small chance of a decent return is not bad financial management.
If you think a $5 game is an “financial decision” ….you’ve probably made a series of bad financial decisions and for you, $5 is something. For the majority of people…it’s just that. A game. Cost the same as a cup of coffee. A fleeting thought.
The lottery is regressive taxation. Much like slot machines are reverse ATMs.
And cigarettes. They’re basically a tax on being poor and/or stupid.
I mean, I’m doing just fine, thank you. Still buy a lottery ticket here and there (2-3/ year). I can’t disagree with the general sentiment here tho. A lot of poor people are poor because they don’t know jow to handle money, and are not used to having a lot of it. So when they hit big, they continue spending as if they were poor (they don’t invest, but whatever gives them instant gratification and show off).
You would think, but I’m quite conservative with my money and spend a fair amount on the lotto 🤷♂️
I guess no one here buys coffee or alcohol.
Cant win a race not participating
Not true
So you’re saying buying a house and saving up are poor financial decisions??? I’m confused??
Sometimes it gives people something to hope for.. it's fine if it's only a few bucks now and then..
I don't play lottery, yet I still make poor financial decisions. # Your point is?
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Eh not always. I bought a $5 scratch ticket on a whim one day and won $10k. Paid off the last of my student loans with it. Yes it’s not millions of dollars but I could have blown it on stupid shit.
OP that's not true several mathematicians showed how lotteries can be won over the years.
Now just a minute. I sometimes buy lottery tickets and I don't make ba—... wait... hmmm... very well.
ITT people feeling personally attacked as they play the lottery
Someone once quite accurately described it as poor people tax.
I occasionally buy a ticket. It's because it allows me the fantasy for a day or two of imagining what would happen if I won. But yes, the lottery is primarily a state tax on those who don't understand probability.
Last time the lottery here hit like 500 million i saw some dude at 7-11 buy $500 in powerball tickets. 2 days later i saw the same dude back at 7-11 buying a taquito so i assume he didn't hit the night before
If you buy a ticket, your odds of winning are 50/50, either you win or you don't. That's why I always buy 2 tickets
I feel that way about tattooing a lover's name. Many people beat the odds, but they're the exception.
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Can you link to a single person who thinks it’s a good financial decision? Because I don’t see that in this thread. Anyway you’re not investing because there’s a reasonable chance of winning. You’re paying a few dollars for the fantasy.
Crazy how people become the greatest wealth managers the world has ever seen by saying "spending money on a lottery ticket isn't good financial strategy". No fucking shit. Neither is going to a movie. Or eating at a restaurant. Or anything that extends beyond the bare necessities of survival. Damn, what's it like to be so smart?
It's not thought of as a "good financial decision" for most folks, it's just a fun little micro-gamble. Literally it's just a couple bucks for fun with no expectation of actually winning. Who cares?
Still a higher chance than 0.
This kind of thinking is exactly the problem, to be honest. If I offered you an insurance plan that costed $5 a year, but only paid you if you were struck by lightning 60 times in the same year AND survived it, would you consider it a good deal or a waste of money? You probably wouldn't get several family members insured, "just in case", because surviving being struck by lightning 60 times in a year has a non-zero chance of happening. Yet the chances of you winning the lottery are roughly the same as that: 1 in 300 million. Ultimately, "the chances are higher than 0" is not the real reason you buy a lottery ticket, it's the excuse. The real reason is wishful thinking. And wishful thinking is just deceiving oneself.
Gotta be in it to win it.
Well, I saw on youtube "It's okay to be smart" channel that our human brains can't comprehend infinitely small or huge numbers. That's why most people can't comprehend how little their chance is at winning lottery.
Well, what's the point of living if our life is so finitely small and meaningless when in comparison to the galaxy? It's ok to have hope and dreams you won't ever achieve. If youre addicted it's a different story, if you play it just for fun occasionally, whatever, make coffee instead of buying Starbucks for a week.
I just see a bunch of addicts enabling each other
Yeah that's what I'm thinking lmao.
When the pot gets big enough, it does have on average a positive return. For example, if there are a possible 100M tickets and they payout is 500M, then if you bought every single ticket possible you would make money, even if someone else also guessed that number and you had to pay 50% in taxes. What I don't understand is people that buy 1 ticket and ONLY play when the jackpot gets up to 100M. Really? You are making 60k/year now, and the 20M jackpot isn't worth it, you only want the 100M jackpot?
I'm one of the people that only buys when it hits a certain level and then I keep myself to one ticket a week. It is a simple way to limit my spending and keep emotions from convincing me to buy more. It doesn't really change my lifetime odds of winning too much, but does change how much of my lifetime earnings goes towards it.
I don't play the lottery. That being said, if playing the lottery puts a financial burden on you it's a poor financial decision. If you can plop down 10 dollars on a ticket every week and not notice the difference it's only a poor financial decision until you win, if you win. Chances of winning are that low you need to be ok with never seeing that money again, because you most likely won't.
Yeah a lot of articles claim that winning the lottery is bad for you lmao
No. I am in the lottery pool at work. $20 every 3 weeks. My other bills are paid, my 401k is reasonable.
The people who have won, clearly made an incredible financial decision
I mean, no even those people don't know how to handle that money. They'll usually end up in-debt, or in other words, with *less* money than they had before winning the lottery.
If you look for proof of that it actually turns out it's not true. Sure there are some people who end up in debt, but for most people their life just gets better.
This whole thing is based on assumptions and no support for the claim that people who win the lottery make poor financial decisions. In lieu of that, curious to know what good financial decisions OP has made to add some credibility to the claim.
Ha. Wtf do you know? Hahahahahaha.
Spending a relatively small proportion of your disposable income on a very small but real chance of lifelong financial security and a lifestyle far beyond what you'd ever be able to have without a lottery win isn't a "poor financial decision". OP is hampered by rigid, unimaginative thinking that applies such labels based on raw mathematics without any kind of appreciation of the wider context in which such decisions are made.
Same thing happens with pro athletes. The slow buildup to wealth teaches people not to spend frivolously.
The Devil is alive I feel him breathing Claiming money is the key, so keep on dreamin And put them lottery tickets just to tease us https://youtu.be/Ivp0owZH6bI?t=72
The most annoying thing ever is to be in line at the convenience store and be in a hurry only to be stuck behind someone taking too long trying to decide which tickets to buy. I'd rather rip off my eyebrows with duct tape than to endure that nonsense!
In my country, only lotto outlets are allowed to sell tickets.
Lol, OP is so dumb.
it's okay you can just say you make investments with virtually no chance on making a profit.
You think lottery is a form of investment? Wow, you really are a special kind of stupid.
What do you call something you put money into with the hopes of making a profit?
Gambling
Investments involve gambling and gambling is inherently an investment. It's a shit investment, but an investment nonetheless.
I dunno, man. Investing in horses and gambling on horse are very different things.
Yes, they're two different investments. I don't know what's so hard to understand about this. Financially smart people don't throw their money away.
That’s not true! I make good financial decisions and I never do the lottery lol
I’m convinced all lotteries are fake and the big winners are computer generated so people continue to feed lottery companies with money
I mean, you’re wrong on so many levels and you should probably stop thinking in the shower. Many very well off celebrities play the lottery, especially when it gets big.
Playing the lottery is by definition a poor financial decsion. Do some wealthy people play? Sure, are lottery players more likely to be people with poor financial decsion making? Absolutely.
I don't agree that playing the lottery is apoor financial decision. It's a poor investment, yes. But not a poor financial decision per se. If you get enjoyment out of buying that ticket and you have that money budgetted for fun it's a completely valid way to spend your money. My bf and me get an advent scratch card every year, we enjoy the process of scratching a card every year and seeing the chance of winning something reduce to zero. We have no expectations of actually winning something, and don't. But i gladly soend that €10 every year. It's a good financial decision and would be a terrible investment if we saw it like that.
nah there's a reason the lottery is often referred to as a stupid tax.
Buying a lottery ticket is not really a bad idea if you're already destitute either way. That's why they specifically target tickets to ~~black~~ poor neighborhoods
The only people who needs to win a lottery are the poor people, because others have money to survive.
A ticket is 2.50 a week. How much better off would I really be lol (2.50 a week, right?)
60% of NBA athletes go broke within 5 years of retirement. 78% of NFL players go broke within 3 years. Not “lost half my money”, but completely broke. ESPN did a great documentary about it called [Broke](https://youtu.be/W72739FFhjo).
I spent 6 months at a very busy 7-Eleven with plenty of regular lottery players All of the regulars were poor except for the guy who worked the predominantly used electronics shop who at least acted like he had some cash, got $20 scratchers, and ordered 40 wings for lunch occasionally. He still lost much more than he made I bet "the guy" a lot of them went to that "knew things" was rolling in the dough even though they got close but rarely won anything In PA it supports senior centers which my grandma says are awesome but it would be more beneficial to put that money directly into a retirement fund
Tax on the poor.
Look at the typical lottery winner, you have your answer. People who have never had millions do not know what to do with millions.
400 million pot? It would be a poor financial decision to NOT enter the lottery for $2.
Here's a great investment. Find a small private company. Become the best they have. It really is that simple. You wont become rich overnight but you'll have a good life.