A Million Dollars - How to lose it

OK, folks, were you traveling in Irwin, Idaho last March? Did you buy fuel at the Huskys station? Did you buy a Power Ball ticket? Better check it out. 

http://www.idahostatesman.com/2010/08/19/1308127/1-million-winning-idaho-lottery.html

I wasn't there, so not worried. I do, occasionally, buy a PowerBall ticket. It's cheap entertainment. $5 lets me spend some time in Fantasy Land, for a day or so.  ;D 

I decide what I'm going to do with all that money. Then, the ticket proves defective, and I have to repeat. 

Actually, if I won, I'd give almost all of it away. Couldn't spend that much in the years I have left, but could do good, for a while. I'd start by giving most of it back - that is I'd take the much smaller lump sum. Then, I'd give most of that to the IRS.  :

I'd still have quite a bit of pocket money!  ;D

Might get some of that out, and buy a Prevost, early in the spending game.  ;D  Wonder how I'd sleep in one of those?  :-\ 

Oh, well, I could just show it off, to all the poor folks. 

Ray Fantascally rich D  :

Hi Ray... good topic.

  We have been buying Lotto and other tickets for many years...on orders from DW. (If you don't have one you can't win, she says)

If I had a windfall, (at my age) I would allocate my winnings as follows. All in fun.

1. I would give TOM and the Forum a substantial amount, but only if he can fix the "waiting for RV forum" delays. Maybe he can buy a bigger boat.then  ;D

2. I would give my RV away and not worry about my losses over the years.

3. I would hire hire someone to clean out my garage and my office/room to get rid of items that I have accumulated over 40 years.

4. I would, after everything is gone, start over again to collect stuff. Of course, I would keep all the stuff I I love dearly...junk.

When the final moment comes, I'll let someone else worry about it.

Just a thought...

Carson FL

I would....hmmmm...so much to do!
J

Gambling is a tax on people who are bad at math.

Gambling is a tax on people who are bad at math.

Click to expand...

I only gamble to study and test math theory. 

(I'll BET that goes over just great. Any takers?)  : 8) 

Ray Ha Ha D  ;D

Carson, go to your room. After an appropriate period of waiting, pack up and move closer to Chicago. That way, the electrons don't have so far to travel from the server, and they'll reach you sooner.

I would like to win one of those multi million dollar ones.  I would set up some wonderful group homes and endow them forever if I could.  I would try to give a home to as many young adults with disabilities as possible.

Then I would like a swimming pool, and probably a bigger, new motorhome with a driver, who is better at it then me, wouldn't take much.  Also I would like to sail around the world and ride up on the space shuttle to the space station, I know that its about done.

Otherwise, I don't know. likely new vehicles, maybe a newer house, but not sure about that.  I'm pretty happy, have most everything I want or need.

pretty easy... 2200 shares of GOOG; or if diversification is attractive at the time; half to MSFT and the other half to GOOG.

After that; 5 years to $2M, if I make it that far, then half to the IRS and half to the Humane Society.  OMG, it's crazy.

When I first learned how to program long ago I wrote a lottery program. At the time I was spending $20 a week on the California lottery. $5 for me, my brother, my GF and his wife. That would be 20 $1 sets of 6 numbers. It was a slow computer so it would do a weekly lottery draw every 15 seconds and check for winners. This was around the mid 80s. Playing $20 a week it was not until 2035 that one of us finally got all 6 correct. Like Jammer said "Gambling is a tax on people who are bad at math." I have not gambled in any form since then.

MRI studies have shown that "gambling" stimulates the same part of the brain that cocaine stimulates.  That helps explain the conundrum of people believing they can win, and a few do win..., as they walk into a casino costing many millions paid for by gamblers hoping to walk out with more money than they brought.  The lottery in NM is magical... some of the proceeds, about 20%, are used to fund scholarships for residents who graduate from HS and want to attend a NM college or university.  So here is a voluntary "tax" on the statistically challenged that pays for kids to attend college, where, presumably they will learn statistics and not buy lottery tickets in the future with the expectation of winning.

I was in Beatty, Nevada once and spent the night at a hotel there.  The next morning at breakfast, like 6:30am, there was a young couple playing a slot machine.  I was close enough to overhear parts of their conversation.  Evidently they had decided to take every cent they had and try to hit a jackpot on this particular slot machine so they would have enough money to pay the rent and fix a broken transmission.  They were wagering the maximum bet on each "roll" and after about 30 minutes or so they were broke, completely out of money.  The woman started crying in despair.  She said, "What are we gonna do now, Steve?"  Steve said, "I don't know, we're broke" and walked away.  The woman followed him toward the exit.  Then another person, having breakfast, finished and paid his tab.  He received some change and as he walked by the very same slot machine, he put in two quarters, "7-7-7", the "jackpot"... $5000.  I was relieved that the young couple did not see this.  Many years later, as casinos have been introduced to NM and most other states across the country, I wonder how many times this story has been repeated in one form or another, over and over and over? 

Have a nice day... :-\

Having worked in a gaming (slot) arcade while attending college, having studied statistics, and having later taught stats, I learned a long time ago that there's only one winner. I begrudge putting any money into a lost slot machine and, if I do, it's only to relieve the weight of loose change in my pocket.

BTW the typo above was unintentional and, when I went to fix it, realized how the letters could be re-arranged to have a different meaning in the context of gambling.

Before I retired, i used to stop every morning on the way to work and buy a pack of camels [i limited myself to one pack a day, when they hit 50 cents a pack i quit] and a lottery ticket............

after i retired, i hardly ever think or want to buy lottery or lotto tickets........i just wanted out of that cement plant pretty bad
\
I honestly don't think that i would want a huge chunk of money.......i think it would bring me a whole bunch of problems that i don't have now........i have read where the big wins have ruined the lives of the winner.......and i can see how..

but...if i did..i would set up scholarships ......

i would keep my old bounder........why get rid of something you like

i do play the slots about once a month and have been for years...........you finally  have to realize that it is a form of entertainment and when you reach your limit ....it's time to go home..........and i just play the "penny slots"    [famous last words that i hear a lot] ;D ;D

I probably buy 4 or so tickets a year.  I always get mad when I don't win and lose my dollar , and say to myself I won't waste anymore money.  It is fun entertainment, fun to dream and really does not cost much as long as I don't take it seriously.  You don't buy it to win but to dream.  If you buy it win you will probably get hit by a meteor before your number comes in.  But if..............

Len,

I'll occasionally buy a lottery and dream too. If I buy at a counter, I'll ask "could I have the winning ticket please".

But, casino gambling is something of an addiction. I have a couple of kids in that biz, one being a casino manager, and they'd tell you a lot of horror stories.

I am sorry for your children Tom.  They must be starving.  I do not go to casinos, but everyone I know that does always comes home with more than they took.  I am not sure how much longer the casinos will be able to stay in operation.  Maybe that is why we started selling them to the Indians - kind of like glass beads you know.  I would sure warn your kids if I were you. : : :

An old saying in the airline industry.

"Want to make a small fortune? Start with a large fortune and buy an airline." 

In the entire history of airlines, there is only one airline that has ever made a overall profit in their history.  Southwest Airlines.

[quote author=Len]I am sorry for your children Tom.  They must be starving.[/quote]

Len, the kids are doing quite well, but thanks.

digiacomo - Giving up Camels when the price went to 50-cents was the smartest thing you ever did, no gamble there just a sure thing.

Wendy

That's right Wendy ..........i gave up the camels and the cement dust and welding smoke all within a couple of years......I'm hoping that will give me a few years to travel around .......and see this country,..........

i just don't think any lottery money could make us any happier.........it' funny though.........when i tell most people that they look at me like I'm nuts ;D..........

i think there are many happy and satisfied people here [ on this forum]...........cause we're all doing what we want...