Anybody buy scratch off Lotto tickets ?

[QuietPortage]

Originally Posted By: IndyIan
I often buy one when I fillup if I got good mileage that tank, then its sort of a free reward for doing some hypermiling.
All I've ever won is $20 and I spend all the "winnings" on more tickets until there's no winnings left.
So I guess I spend $12-16 a month on it, which is pretty trivial in the grand scheme of my finances.

Start with $100 and put $20/month into an equity fund. Figure 10% over 30 years, and you'll have $32,215 instead of scratched up pieces of cardboard.

Or something close to that. I used CNN's retirement calculator and my fuzzy memory that the market has averaged a little more than 10% annual gains for the past 50 years.

I'd rather have the savings than pay a voluntary tax, but some people enjoy the scratching.

 

[hattaresguy]

No, lotto is nothing but a tax for the poor.

 

[Dave Hess]

You can buy a lot of groceries with $200. Won't use towards more scratch offs.
I still buy the occasional powerball ticket when filling up at gas station.

OT: Publix has a $5 off coupon for $50 grocery purchase, coupon inside the store by front office.

 

[UNC164]

I once heard a happy old geezer say "When I was young I spent almost all my money on fast cars, fast women, partying and booze, the rest I wasted".

 

[morepwr]

I have bought maybe 2 in the 20+ years that they have been around here. They used to be $1 and now you see $5 and $10 scratchers which is even more crazy to me.

 

[zzyzzx]

I don't buy lottery tickets. If I want to throw away money like that, I do it in a casino in Atlantic City.

 

[JHZR2]

Originally Posted By: rjundi
Since then I rarely do as I took engineering stats.


LOL

The only gambling I ever consider is a few rounds of blackjack or c r a p s. But I go in with $20 and any winnings go into my pocket. The rest gets played until its gone. Works OK for me.

But with fewer and fewer $5 tables at anyplace worth going (AC boardwalk or LV Strip - these casinos popping up everywhere are just idiotic IMO), I do it less and less, not that I ever did it much.

 

[Dave Hess]

If I did win Powerball, I wonder if any BITOG members would need some help?

 

[Sonic]

I've only bought a few in my lifetime, like maybe 5. Never won anything and I feel it's like throwing away a couple of bucks. I used to work with a guy that had a serious problem with buying scratch off tickets. He'd always say "you can't win if you don't play" which is true but I'm not really worried about it. The odds of actually winning a giant amount are pretty low. This guy would buy tickets about 5 times a day and multiple tickets each time. Sometimes he'd buy the really expensive ones too. He would easily spend $50 on tickets some days but most days it was at least $25. Every once in a while he'd hit a $50 winner and throw it in my face like he was showing me up for thinking he was wasting money. What an idiot, he could have won $5000 and still have been in the hole. He didn't get it.

I'm not saying I won't ever buy some again, I understand they can be kind of exciting. There's always that chance I guess but I don't see it becoming a habit.

 

[Dave Hess]

I saw on TV a postal employee won $50,000 on a scatch off ticket in New York. So instead of paying off any debt she had... she decided to buy $50,000 worth of more scratch off tickets hoping to win $200-300K.

She had bags and bags of non winning scratch off tickets in her living room. LOL

I won $100 (slot machine) on a day cruise to the Bahamas, I walked away with my all my winnings not wanting to chance lady luck.

 

[Patman]

I don't smoke and I don't spend that much on alcohol (I usually only get drunk a couple of times a year, at work functions when it's free)

So I figure if I spend a few bucks on the lottery I'm still further ahead than people who spend thousands of dollars a year on cigarettes and booze (like my ex wife!!)

As far as the scratch tickets, I just buy one per week, it's the $4 Cash For Life lottery, and right now the top prize is $2000 a week for life (it's usually $1000 a week) As always, lottery winnings are not taxable here in Canada, so $2000 per week would be more than enough money to retire on for me. My chances might be slim, but if I don't buy them they would be zero. Someone has to win, might as well be me.

And through association, I know a good number of people who have won big in the lottery. For instance, the girl who sits beside me at work right now, her grandparents won $11 million last year. The girl who sat in her seat last fall, her boyfriend won $100,000 a few years ago. My wife once dated a boy in high school who won $200,000 (and this was in the 80s, that was worth a lot back then, he ended up buying a big house for his parents with the money) And someone else my wife dated when she was younger won $100,000 (my wife seems to be good luck!) My mom worked with someone who won $250,000. And me personally, I have pretty good luck when it comes to contests, I won $6649 in a contest back in April 2010.

So if you see my signature line change and it lists a new Stingray, a new Lamborghini and a Tesla, you'll know I've won the big one! Our Lotto Max jackpot is up to $50 million this Friday, wish me luck!

 

[Dave Hess]

I once bought a $1 quick pick and all my numbers were off by just 1 number.

Example:
Winning # 5 - 15 - 32 - 39 - 44 - 51
Mine were # 4 - 14 - 33 - 38 - 43 - 52

 

[1 FMF]

lottery tickets are a tax on people with poor math skills

 

[doitmyself]

How a person spends their discretionary income is their own business.

To say a person should not buy lottery tickets is no different than telling people they should not dine out, purchase Starbucks, golf, drink wine/liquor/alcohol, attend movies, workout at the gym, and on and on. You can derive the same benefit of these activities for free, so why waste money on them? Disclaimer, water only provides hydration, not the buzz factor of alcohol. Some drink beer like it is water.

If this thread is about gambling addiction and abuse, well, then we should also include that in the dine out, alcohol, Starbucks, golf,......discussion.

I find it impossible to believe that people spend every single penny they earn on practical sources. If so, we should also scrutinize vehicle mods, gun collections, or any other interests people spend money on. Rant completed.

 

[Patman]

It really bothers me when people imply that those who buy lottery tickets are idiots, or are of lower intelligence. Sure, we know the odds are low, but it's nice to dream of a better life isn't it? I'm never going to earn $50 million in my lifetime, but if my lotto numbers come up tomorrow (and yes it's extremely unlikely) then I will certainly post in here "I told you so"

My wife and I are good with our money, between the two of us we invest $500 a month into retirement savings. So it's not as if our plan for the future depends on the lottery. But we do dream of retiring much sooner than the year 2030!

 

[Dave Hess]

Not bragging....

Last year I put away $27,000 towards retirement (Roth IRA, 401K and voluntary pension) I also get a company pension. That doesn't include my wife's retirement.

 

[hatt]

Originally Posted By: Patman
It really bothers me when people imply that those who buy lottery tickets are idiots, or are of lower intelligence. Sure, we know the odds are low, but it's nice to dream of a better life isn't it? I'm never going to earn $50 million in my lifetime, but if my lotto numbers come up tomorrow (and yes it's extremely unlikely) then I will certainly post in here "I told you so"

My wife and I are good with our money, between the two of us we invest $500 a month into retirement savings. So it's not as if our plan for the future depends on the lottery. But we do dream of retiring much sooner than the year 2030!
My main hate for the lottery is that you can't go to a convenience store without being behind someone fooling around with tickets. "What's the serial on that one, what about that one... blah blah blah." I should write down all the nonsense I hear with people thinking they have some system. Those people are certainly of lower intelligence. Nothing wrong with buying a couple tickets here and there for kicks.

 

[Pop_Rivit]

I don't play the lottery, but I appreciate those who do play it. Through the state's general fund our county and local school systems receive a significant revenue stream, and there are also state projects in our county funded by lottery revenue. It allows us to better budget our non-lottery revenue in ways that directly impact the local taxpayers and reduce their tax burden.

Remember-you can't help keep my taxes low if you don't play, so get out there and buy those lottery tickets.

 

[greenjp]

Originally Posted By: Pop_Rivit
...Remember-you can't help keep my taxes low if you don't play, so get out there and buy those lottery tickets.

Says the guy who I believe owns and/or operates a vineyard, selling a product that is 1) taxed by the state and 2) paid for entirely with discretionary income. How's the view from your horse?

 

[Jcp123]

Originally Posted By: Mr Nice
I won $100 (slot machine) on a day cruise to the Bahamas, I walked away with my all my winnings not wanting to chance lady luck.


When I turned 21, I went gambling. Won $120 and quit. I also didn't want Lady Luck to turn in me. After all, you know how women are when they sense you have some money