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Good Waste Of $20

Brooklyn Bully

By Brooklyn Bully,
in Huddle Lounge

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Brooklyn Bully Newbie

Brooklyn Bully

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This is what I don't understand....so it makes financial sense to spend $20 to win $363M but not so much when that $20 could win you $45M.

Like $45M wouldn't change someones life just as much

It's just $20. Plus, Powerball costs $3 total with the power play. Mega Millions is $1 total. So I get more "chances" with my $20.

Not to mention if other people win, I'd have to share it.

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thatlookseasy Newbie

thatlookseasy

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Posted

This is what I don't understand....so it makes financial sense to spend $20 to win $363M but not so much when that $20 could win you $45M.

Like $45M wouldn't change someones life just as much

Well statistically speaking the expected value of a ticket is a lot higher when the jackpot is high

Its about $0.00, but still

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CarolinaKid704 Newbie

CarolinaKid704

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Last powerball drawing: 1-15-35-37-47 8 PWB

My numbers: 1-15-26-37-59 10 PWB

$14

I've had some very close calls but usually only make out with 3 out of 6 numbers. Its all luck in the end but I would advise you to play one game routinely as oppose to just throwing down $20 in tickets on one big cash out.

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Jangler Newbie

Jangler

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This is what I don't understand....so it makes financial sense to spend $20 to win $363M but not so much when that $20 could win you $45M.

Like $45M wouldn't change someones life just as much

Tonights Cash 5 would be just fine with me. 407k

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charlotte49er Newbie

charlotte49er

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I rarely play the lottery. Maybe twice in my whole life. But Mega Millions is up to $363 million for tongiht's drawing. May as well waste $20.

Would you take lump sum or yearly with that prize (after taxes rape you)?

There is a limit to the size that you can take the "lump sum". I want to say it's $100 Mllion. Then you loose something like 49% for taking the lump sum, (You get a lump sum of 51%) That's $51 Million. Then taxes come out of it. You are automatically in the top tax brackett (35% both State & Federal, if I remember right.) That's another $17.85 Million. That leaves you with $33.15 +/- Million out of the $100 Million. Still a nice nest egg!

But for a jack pot this big, you have to take the yearly payout.

Oh, and I bought $50 worth of tickets. (But it for the consortium here at the "Old Folks Home". :D )

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Inimicus Mentor

Inimicus

Posted
Posted

Im changing my answer.

Did some reading and its going to pay out at approx $38,500 per million a year for 26 years.

so at 363 million thats 14 million a yer

or

1.18 mill a month

or

38k a day

Since I plan on living for the next 26 years Ill take it over time.

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CosmoGirl Newbie

CosmoGirl

Posted
Posted

Last powerball drawing: 1-15-35-37-47 8 PWB

My numbers: 1-15-26-37-59 10 PWB

$14

I've had some very close calls but usually only make out with 3 out of 6 numbers. Its all luck in the end but I would advise you to play one game routinely as oppose to just throwing down $20 in tickets on one big cash out.

Yes, I try to play the same numbers each time rather than change them up.

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charlotte49er Newbie

charlotte49er

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Then if you refuse to let them take your picture and use you as advertisement. That's another cut you lose!

People who win lotteries get mail and calls from all over. I'm dying and need an operation, my child is dying and needs an operation! I'm your 3rd cousin on your mother's sister side. Man, can you spare a mill or two? My home is getting foreclosed upon! Even close relatives you know, start hitting you up for money, new cars, new homes, all of the above!

If I ever won, I'm giving to 3 organizations. The World Wildlife Fund, the National Humane Society and the Char/Meck Humane Society. The rest will be spent on my business. (Though I might start an HD TV Channel.) Oh, and maybe bionic legs. :D

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