Chris- Posted October 21, 2018 Share Posted October 21, 2018 I'd buy a nice house, set up a personal trust to pay me $10,000/month for the rest of my life (which would only be like $7-8 million), set up $5 million trusts for my family, then split the remaining balance between investments and a foundation. Quote Link to comment Share on other sites More sharing options...
Chris- Posted October 21, 2018 Share Posted October 21, 2018 17 hours ago, Kal-El814 said: I have a simple formula for when I buy a lottery ticket: 1) Is the payout after taxes > $100M? 2) Have I realized #1 is happening? If yes, then I buy. I've spent maybe $50 on tickets since I was 18 and it seems like money well spent, honestly. It's not as though I'd need $100M in my life, something stupid high keeps me from buying tickets all the goddamned time, since it's not like I'd kick $1M out of bed. I think @legend did the math once and determined that once the payout is about $300 million, buying a ticket actually calculates to a smart investment. Quote Link to comment Share on other sites More sharing options...
ort Posted October 21, 2018 Share Posted October 21, 2018 I would set up a trust fund for each of my kids, put aside like 50 million bucks to give a nice payday to my extended family and close friends, buy a big chunk of land somewhere and build the house of my dreams, start 2 companies... and iOS game development company and some sort of charitable foundation. I would hire people to do most of the day-to-day work and work as much at both as I feel like. Also, travel a lot. Quote Link to comment Share on other sites More sharing options...
monkk Posted October 21, 2018 Share Posted October 21, 2018 Playing Mega Millions or Powerball is the equivalent of doubling up 26 times in a row in blackjack and deciding to let it all ride for #27. If you wouldn't do that you shouldn't play the lottery at those odds. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted October 21, 2018 Share Posted October 21, 2018 1 hour ago, monkk said: Playing Mega Millions or Powerball is the equivalent of doubling up 26 times in a row in blackjack and deciding to let it all ride for #27. If you wouldn't do that you shouldn't play the lottery at those odds. The difference of course is that in that scenario you already have a payout, where in this case the cost is low. I don't advocate for playing the lottery, though! But if you do it once a year for big events like this for the brief thrill, then it's not too bad. Quote Link to comment Share on other sites More sharing options...
Spawn_of_Apathy Posted October 21, 2018 Share Posted October 21, 2018 I don't even walk in to a convenience store for less than $600million, and even then I don't even play every time it gets that high. I played more often when for a short while I was at job I despised. My drive home also passed right by a lottery billboard that has the jackpot totals. Otherwise I only think about it when it gets to $800millon+. Usually just get $10 in tickets per drawing. There's always the "what if". And I feel better day dreaming about what I would do with the money if I have even the smallest of chances. Quote Link to comment Share on other sites More sharing options...
Remarkableriots Posted October 21, 2018 Share Posted October 21, 2018 I haven't ever bought a lottery ticket because of how inconvenient it's to buy a ticket where I live. You have to buy lotto tickets in California because it's illegal to buy them in Nevada. I try to avoid gambling because it's easy to waste all your money at the casinos but sometimes I spend $5 on Football parlay tickets. Quote Link to comment Share on other sites More sharing options...
Jason Posted October 21, 2018 Share Posted October 21, 2018 3 hours ago, monkk said: Playing Mega Millions or Powerball is the equivalent of doubling up 26 times in a row in blackjack and deciding to let it all ride for #27. If you wouldn't do that you shouldn't play the lottery at those odds. Where can I get in and out of a casino for $2? Quote Link to comment Share on other sites More sharing options...
Amazatron Posted October 21, 2018 Share Posted October 21, 2018 3 hours ago, Chris- said: I think @legend did the math once and determined that once the payout is about $300 million, buying a ticket actually calculates to a smart investment. Nah, that's wrong when you factor in taxes and the probability of a split pot (which increases a good amount as the jackpot keeps growing). Quote Link to comment Share on other sites More sharing options...
Remarkableriots Posted October 21, 2018 Share Posted October 21, 2018 13 minutes ago, Jason said: Where can I get in and out of a casino for $2? They have penny slot machines where I live. Quote Link to comment Share on other sites More sharing options...
Chris- Posted October 21, 2018 Share Posted October 21, 2018 19 minutes ago, Amazatron said: Nah, that's wrong when you factor in taxes and the probability of a split pot (which increases a good amount as the jackpot keeps growing). ...In other words the payout, which is exactly what I said. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 21, 2018 Share Posted October 21, 2018 9 minutes ago, Chris- said: ...In other words the payout, which is exactly what I said. Details, details. Quote Link to comment Share on other sites More sharing options...
stepee Posted October 21, 2018 Share Posted October 21, 2018 10 minutes ago, Chris- said: ...In other words the payout, which is exactly what I said. FUCKING BAM. GOTTEM. BEAAAASSSST 1 Quote Link to comment Share on other sites More sharing options...
legend Posted October 21, 2018 Share Posted October 21, 2018 3 hours ago, Chris- said: I think @legend did the math once and determined that once the payout is about $300 million, buying a ticket actually calculates to a smart investment. I do remember making a post like that working out the odds. I don't remember the number, but to be fair, IIRC, the number was only an estimate (and assumes linear value of money, of course) because the odds aren't entirely straightforward to compute because of a variety of interesting properties about the game and the rules. However, at a certain point it's not like it's the worst idea to play! Quote Link to comment Share on other sites More sharing options...
Jason Posted October 21, 2018 Share Posted October 21, 2018 3 minutes ago, legend said: I do remember making a post like that working out the odds. I don't remember the number, but to be fair, IIRC, the number was only an estimate (and assumes linear value of money, of course) because the odds aren't entirely straightforward to compute because of a variety of interesting properties about the game and the rules. However, at a certain point it's not like it's the worst idea to play! A super naive calculation (naive because it ignores things like taxes and the possibility of split jackpots) would start with the jackpot exceeding whatever the denominator in the odds of winning is, times the cost of the ticket. So for Mega Millions, 258,890,850 times the $2 ticket --> don't play unless the jackpot is at least $517,781,700. Quote Link to comment Share on other sites More sharing options...
Amazatron Posted October 21, 2018 Share Posted October 21, 2018 29 minutes ago, Chris- said: ...In other words the payout, which is exactly what I said. Then that’s the most pointless analysis ever. OMG, the odds of winning are 1 in 300 million, so if I can take home more than that I have a positive expected value! Quote Link to comment Share on other sites More sharing options...
legend Posted October 21, 2018 Share Posted October 21, 2018 21 minutes ago, Jason said: A super naive calculation (naive because it ignores things like taxes and the possibility of split jackpots) would start with the jackpot exceeding whatever the denominator in the odds of winning is, times the cost of the ticket. So for Mega Millions, 258,890,850 times the $2 ticket --> don't play unless the jackpot is at least $517,781,700. Yeah I think we went a little further with effect of splitting the pot, but I don't remember well enough anymore. I think that post may have been toward the beginning of D1P Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted October 22, 2018 Share Posted October 22, 2018 Build a witchery to own the xtians https://www.cbsnews.com/amp/news/brett-kavanaugh-hex-catland-books-brooklyn-tonight-2018-10-20/ Quote Link to comment Share on other sites More sharing options...
thewhyteboar Posted October 22, 2018 Share Posted October 22, 2018 1 1 Quote Link to comment Share on other sites More sharing options...
Spawn_of_Apathy Posted October 22, 2018 Share Posted October 22, 2018 Maybe Sears should play the lottery. 2 Quote Link to comment Share on other sites More sharing options...
Guest Posted October 24, 2018 Share Posted October 24, 2018 A single winning ticket was sold in South Carolina. Holy moly. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 24, 2018 Share Posted October 24, 2018 2 minutes ago, sblfilms said: A single winning ticket was sold in South Carolina. Holy moly. At least we know the money will be spent on guns and four wheelers Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 24, 2018 Share Posted October 24, 2018 South Carolina allows lottery winners to remain anonymous. Lucky bastard(s) Quote Link to comment Share on other sites More sharing options...
Joe Posted October 24, 2018 Share Posted October 24, 2018 Thanks everyone for participating in the poor tax! Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted October 24, 2018 Share Posted October 24, 2018 20 minutes ago, sblfilms said: A single winning ticket was sold in South Carolina. Holy moly. Someone in San Diego had all the numbers but the mega! Quote Link to comment Share on other sites More sharing options...
RedSoxFan9 Posted October 24, 2018 Share Posted October 24, 2018 my parents are on vacation in South Carolina Quote Link to comment Share on other sites More sharing options...
elbobo Posted October 24, 2018 Share Posted October 24, 2018 glad I can stop wasting $2 on this stupid thing Quote Link to comment Share on other sites More sharing options...
RedSoxFan9 Posted October 24, 2018 Share Posted October 24, 2018 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 24, 2018 Share Posted October 24, 2018 1 minute ago, RedSoxFan9 said: Man these guys are full of ice cold takes Quote Link to comment Share on other sites More sharing options...
Rev Posted October 24, 2018 Share Posted October 24, 2018 I'd keep about 50 million for myself, family and friends and donate about 70% of the remaining to effective altruism outlets then pick where I want to invest the other 30%. Maybe I'd invest in some tech ventures. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted October 24, 2018 Share Posted October 24, 2018 2 hours ago, RedSoxFan9 said: I see Meghan McCain's husband's site is still doing quality work. Quote Link to comment Share on other sites More sharing options...
legend Posted October 24, 2018 Share Posted October 24, 2018 4 hours ago, RedSoxFan9 said: What bullshit! If I have to hear anymore about "self made" people like Elon Musk I might have to put a drill through my eye. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted October 24, 2018 Share Posted October 24, 2018 2 minutes ago, legend said: What bullshit! If I have to hear anymore about "self made" people like Elon Musk I might have to put a drill through my eye. The myth of the "self-made [fill-in-the-blank]" is one of the most pernicious and destructive ones in American society. Quote Link to comment Share on other sites More sharing options...
legend Posted October 24, 2018 Share Posted October 24, 2018 19 minutes ago, SFLUFAN said: The myth of the "self-made [fill-in-the-blank]" is one of the most pernicious and destructive ones in American society. Agreed, that's why I put it in quotes. But even for those who that site might label as so, they're covered all the fucking time. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted October 24, 2018 Share Posted October 24, 2018 I do agree that fiscal responsibility (for individuals) should be praised over buying lottery tickets, especially since such a small % of the modern population actually practices it. But being "self-made" has nothing to do with being fiscally responsible, and has everything to do with luck, connections, inherited wealth, etc. Yes of course some self-made millionaires were in fact hard-working people who had the right idea at the right time, but they are certainly in the minority compared to those who were born into wealth and connections. Quote Link to comment Share on other sites More sharing options...
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