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Old 11-17-2005, 02:39 AM
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Default $315 million lottery winners.

The winner of the "megamillions lottery" turns out to be seven hospital workers who entered as a group. After the tax bite, each gets about $20 million. I've always gotten a laugh out of lotteries - the odds of winning were something like 1 out of 160,000,000. Like another irrational activity - voting. How many elections were decide by one vote? Some guy wrote a book about this - forget the name - about the widespread behavior of people based on their misperception of, or ignoring of, probabilities. Lotteries are basically a voluntary regressive tax.
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Old 11-17-2005, 02:43 AM
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Default Re: $315 million lottery winners.

Odds of 1:160,000,000 are still better than 1:0. If the surplus revenues are put to good use, like education, I'm all for it. If it's voluntary, what's wrong with it?
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Old 11-17-2005, 02:46 AM
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Default Re: $315 million lottery winners.

I consider a lottery a tax on people that can't do math.
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Old 11-17-2005, 02:51 AM
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Default Re: $315 million lottery winners.

Quote:
Originally Posted by Warren
I consider a lottery a tax on people that can't do math.
Exactly. Another book I wish I could remember the name of was by a guy who traced down big lottery winners, years after they won, to see what happened to them. Most of them had unhappy lives afterward. I remember one committed suicide, and another said he wished he'd never won. I don't know how they screwed up their lives.
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Old 11-17-2005, 03:03 AM
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Default Re: $315 million lottery winners.

Spend $1 to make millions. Horrible odds but not impossible. Seems like a reasonable risk to reward margin to challenge those odds.
I'm sure many people give away a dollar in change over a week or a month, same amount of money yet zero chance to win the lottery. I'd take the lottery.
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Old 11-17-2005, 03:12 AM
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Default Re: $315 million lottery winners.

That's what I was trying to say, you can't win if you don't buy a ticket.
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Old 11-17-2005, 06:32 AM
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Default Re: $315 million lottery winners.

Quote:
Originally Posted by Al Terego
That's what I was trying to say, you can't win if you don't buy a ticket.
Yeah and you can't hit Pluto with a rock unless you throw one! :D
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Old 11-17-2005, 07:17 AM
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Default Re: $315 million lottery winners.

Quote:
Originally Posted by alphamale
Quote:
Originally Posted by Al Terego
That's what I was trying to say, you can't win if you don't buy a ticket.
Yeah and you can't hit Pluto with a rock unless you throw one! :D
Huh? It is possible to win the lottery, even if the odds are slim. It is im-fricken-possible to hit Pluto with a rock thrown from Earth by a human being, unless you're talking about thowing one at the Mickey Mouse's dog character at Disneyland.
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Old 11-17-2005, 07:25 AM
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Default Re: $315 million lottery winners.

Not to mention there are plenty of people who have won the lottery. Name one person who has hit Pluto with a rock (damn abusive Mickey :) )
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Old 11-17-2005, 02:21 PM
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Default Re: $315 million lottery winners.

Gee, the guy from my hometown had a pretty decent life after winning MegaBucks, got to quit his job to be home for his kids, and coached several little league teams. Guess they missed out on many like him in your book.......
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Old 11-17-2005, 04:08 PM
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Default Re: $315 million lottery winners.

Quote:
Originally Posted by alphamale
Quote:
Originally Posted by Warren
I consider a lottery a tax on people that can't do math.
Exactly. Another book I wish I could remember the name of was by a guy who traced down big lottery winners, years after they won, to see what happened to them. Most of them had unhappy lives afterward. I remember one committed suicide, and another said he wished he'd never won. I don't know how they screwed up their lives.
That's why if you ever win 20 million bucks you should just give it all away. I bet that would make you really happy.

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Old 11-17-2005, 07:50 PM
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Default Re: $315 million lottery winners.

I'll spend $5 on a lottery ticket most weeks. Why the hell not? :shrug:
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Old 11-19-2005, 01:37 PM
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Default Re: $315 million lottery winners.

A large number of lottery winners regret winning because they can't handle their newfound wealth, and often give in to the moochers who fall in around them. One guy got robbed ten or so times--because he always carried around 250,000 in cash. Yes, that much, and he got it robbed like 10 times. Another lottery winner's granddaughter was murdered in a drug-related robbery.

As for the lottery: the last I recall reading anything authoritative on it, the odds of winning were about 1:80,000,000. A ticket cost one dollar. So, if the jackpot was at least 80,000,000, I would, over a sufficiently large number of trials, come out ahead. I would therefore buy a ticket, as it would make financial sense to do so (payout*odds>1). When it's less than that threshold, it's not worth my time or dollar, so I won't play.
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Old 11-19-2005, 11:46 PM
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Default Re: $315 million lottery winners.

I always think if the odds are so low, why do I know three people who won?
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Old 11-19-2005, 11:47 PM
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Default Re: $315 million lottery winners.

Quote:
Originally Posted by Al Terego
unless you're talking about thowing one at the Mickey Mouse's dog character at Disneyland.
:laughcry:
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Old 11-21-2005, 08:56 PM
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Default Re: $315 million lottery winners.

How 'bout you lottery players instead send me however much per week you spend on lottery tickets and I'll give you the same odds. There's about a 100,000,000:1 odds that I'll send you a bunch of money back! ;P
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