$1B Lottery
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MuirWannabe
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I keep reading these responses saying what a disaster it would be to win $1b. How it would ruin your life. I kinda understand the underlying point that money ain’t everything. But still, I can’t get past the notion of how fun it would be to buy things I’ve never but dreamt of. I guess I feel it would not ruin my life. I’m willing to attempt it.
That's because for so many people winning the lottery was a disaster. I suspect that for most of the forum members here, many of whom are already used to dealing with large sums of money, they would be more disciplined and controlled than the general population with a windfall like that. But even that's no guarantee. Jack Whittaker was already a multimillionaire when he won the lottery for $300+ million and it was still a disaster for him.
One needs only to look at the numbers of people who come into large sums from whatever means, playing football, inheritances, or lotteries, and are bankrupt within a few years, more often than not with serious damage to their relationships and health.
Given that we buy so few tickets in the first place, I only buy when the jackpot is a more "normal" size of a few million or so. A billion dollar pot brings out the people who normally don't buy, so that lowers the odds even further than usual.
While a billion dollar prize would indeed be nice, I think we could squeak by on only three million or so, after taxes.
W2R
Moderator Emeritus
What are the first forty things you would you buy? The next forty? The next four hundred? And then, after you shopped around, found, and bought all of that, what would you do? Would you be a different person?
If/when you win $1B in the lottery, it would be interesting to read a description of your experiences and your perspectives on what it was like for you.
Not saying you're wrong, but just thinking that sort of life could get mind-numbingly tedious after a while.
RunningBum
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I started a list, just for fun and dreaming, and couldn't get to 40 without dropping into things less than $1000. I wouldn't mind a $10M payoff, or maybe even $25M, but beyond that, forget it.
FANOFJESUS
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I did not know you could do that? Do you have a link?
MuirWannabe
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That's because for so many people winning the lottery was a disaster. I suspect that for most of the forum members here, many of whom are already used to dealing with large sums of money, they would be more disciplined and controlled than the general population with a windfall like that. But even that's no guarantee. Jack Whittaker was already a multimillionaire when he won the lottery for $300+ million and it was still a disaster for him.
One needs only to look at the numbers of people who come into large sums from whatever means, playing football, inheritances, or lotteries, and are bankrupt within a few years, more often than not with serious damage to their relationships and health.
Given that we buy so few tickets in the first place, I only buy when the jackpot is a more "normal" size of a few million or so. A billion dollar pot brings out the people who normally don't buy, so that lowers the odds even further than usual.
While a billion dollar prize would indeed be nice, I think we could squeak by on only three million or so, after taxes.
I get your point. It’s just my ego and my sense that ‘I could control it rather than it controlling me’ that is probably wrong.
MuirWannabe
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First 40 things. Interesting thought experiment I haven’t really done already. I paid my $20, so guess it’s my right to dream. Here goes a partial list.
Mega yacht with fully loaded crew
Membership in executive jet travel company
Vacation home, log home, in the mountains. Probably the Sierra.
Paid off college tuitions for all my grandchildren
Paid mortgages for my children
Contributions to charities/causes of particular interest
New car to replace my 2002 246,000 mile suburban.
Also, probably a Tesla model S cause I think they’re cool
Maybe buy a small private island somewhere
Save the rest lol
To quote Joe Walsh:
Lucky I’m the same after all I’ve been through,
I can’t complain but sometimes I still do,
Life’s been good to me so far....
Please realize my open kimono with the list above and be gentle....
Dtail
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That's because for so many people winning the lottery was a disaster. I suspect that for most of the forum members here, many of whom are already used to dealing with large sums of money, they would be more disciplined and controlled than the general population with a windfall like that. But even that's no guarantee. Jack Whittaker was already a multimillionaire when he won the lottery for $300+ million and it was still a disaster for him.
One needs only to look at the numbers of people who come into large sums from whatever means, playing football, inheritances, or lotteries, and are bankrupt within a few years, more often than not with serious damage to their relationships and health.
Given that we buy so few tickets in the first place, I only buy when the jackpot is a more "normal" size of a few million or so. A billion dollar pot brings out the people who normally don't buy, so that lowers the odds even further than usual.
While a billion dollar prize would indeed be nice, I think we could squeak by on only three million or so, after taxes.
Bolded - stats question - wouldn't the odds of winning be the same to an individual no matter how many people play, or is your comment more related to that the odds that there will a winner somewhere increases?
HFWR
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Cash value, after taxes, would be a mere $300M or so...
Premium cat food and raman!
Premium cat food and raman!
W2R
Moderator Emeritus
OK! Not trying to be critical, but just numbering.... (in blue):
OK, that's 8, so you have 40-8 = 32 more to go. What, you can't even think of 40 things you want to buy with it, much less the second 40 and then 400 more? After all, you wanted $1B, not just a few million. So hop to it! This takes work!! Tomorrow you have to go through this all over again. Just joking around, hopefully very gently...
OK, that's 8, so you have 40-8 = 32 more to go. What, you can't even think of 40 things you want to buy with it, much less the second 40 and then 400 more? After all, you wanted $1B, not just a few million. So hop to it! This takes work!! Tomorrow you have to go through this all over again.
Just joking around, hopefully very gently... 
Philliefan33
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DH and I have one ticket for each drawing, so we get to dream for $4. I tried the “40 things” exercise, and could only list ten big-ticket items. Beyond that I was down to things like a spending spree with the LL Bean catalog. I guess we would be very bad billionaires [emoji23]
Dtail
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MRG
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Everyone misses the need to hire a 1% AUM advisor! That's number one, or two.OK! Not trying to be critical, but just numbering.... (in blue):
OK, that's 8, so you have 40-8 = 32 more to go. What, you can't even think of 40 things you want to buy with it, much less the second 40 and then 400 more? After all, you wanted $1B, not just a few million. So hop to it! This takes work!! Tomorrow you have to go through this all over again.
Retiree_Having_Fun
Recycles dryer sheets
Chances of winning if you buy a ticket is non-zero vs not buying a ticket has a zero chance of winning.
Bought 1 ticket - If I win, I am going to buy socks and underwear. If I don't win, I am going to buy socks and underwear.
The chances of me buying socks and underwear tomorrow is about the same whether I buy a ticket or not.
I also like to use the god-exists logic. I either will win the lottery or I won't win the lottery - so I guess I have a 50/50 chance of winning the lottery.
MuirWannabe
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OK! Not trying to be critical, but just numbering.... (in blue):
OK, that's 8, so you have 40-8 = 32 more to go. What, you can't even think of 40 things you want to buy with it, much less the second 40 and then 400 more? After all, you wanted $1B, not just a few million. So hop to it! This takes work!! Tomorrow you have to go through this all over again.
So, you’re making it seem like work to spend it. Which is your point of course. But I’ve never had trouble having things I (or others in my life especially DW) want to spend money on. Yes, it’s a lot of money. But I’m telling you. I can do it! [emoji4]
GravitySucks
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Have you considered health insurance costs?
Dtail
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haha indeed invariably leading to the 1Bil dollar person trying to manage their income for ACA purposes........
Fedup
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I’ve heard the line is long so I didn’t buy any ticket. Besides I don’t know what to do with the money, it might ruin my kids.
Sunny
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Well yeah, but your chances of dying in a car accident in the next two days are about the same as not dying too. Yet, people are going to die in car accidents unfortunately. Fortunately or unfortunately, depending on how they handle their 4th cousins asking for money, somebody will eventually win the lottery too.
I’ve never understood people who struggle with money wasting it on lottery tickets, but in the flip side....if you can afford it and find it fun, I don’t understand the you have a better chance of being struck by lightning logic from stop you from buying a ticket either. People are struck every year, people will win lotteries. If it’s fun for ya, go for it.
I rarely buy one, but have at times. I’d rather throw $4 away on a chance to change generations of my family than $4 on “insert gambling choice of black jack, slots etc here” on a much better chance to be able to win some amount that isn’t life alternating.
However, if you don’t have the money or it isn’t fun, do go ahead and do the smart thing and not buy a ticket.
GravitySucks
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I have Schrodinger's lottery ticket. At this point it has both won and not won. It's state is undetermined until it's measured so I'll wait till afternoon tomorrow to check if I won thereby extending the time that im rich a few hours.
38Chevy454
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Very very very high probability I will wake up tomorrow morning not $1B richer, but I did buy $10 worth for fun.
W2R
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NW-Bound
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I did not know the size of the grand prize until reading this thread. Asked my wife if we should get a couple of tickets for the fun of it.
She said "we would not win". Then added "I would not want to win". Said winning would bring all kinds of complications into our life.
A former coworker never bought a ticket. Said that if luck was such that he would win, he would have picked up the winning ticket dropped on a sidewalk.
I think I can handle that amount of money, or learn to quickly and safely enough. The problem is I would need to be a loner in this world with no friends nor relatives to stay out of trouble.
Given that we buy so few tickets in the first place, I only buy when the jackpot is a more "normal" size of a few million or so. A billion dollar pot brings out the people who normally don't buy, so that lowers the odds even further than usual.
While a billion dollar prize would indeed be nice, I think we could squeak by on only three million or so, after taxes.
The odds of winning are the same, but the odds of multiple winners are higher. But even after sharing with one or two other winners, there's still plenty of money left.
FANOFJESUS
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[Verse 2]
My Maserati does 185
I lost my license, now I don't drive
I have a limo, ride in the back
I lock the doors in case I'm attacked
Verse 2 sounds like a lotto winner.
