With the current economic crisis upon us many of us have thought about alternative methods to “paying the bills.”
Let me be the first to admit that, at a moment of weakness, I’ve thought about buying a lottery ticket.
I mean, can you really escape it? Driving down I-85 you see about 10 million ad for the “Mega Millions” and it’s always some insane amount of money up for grabs.
The best commercials I’ve ever seen are the ones that suggest something to the extent of “Today might be your lucky day.”
Right.
But it gets you thinking, for sure.
One of the first jobs out of college was located in the same building as the “collection” point for those that win the “Mega Millions.” So, of course, all my fellow employees religiously headed down Monday and Thursday to buy a few tickets. I went with them a few times, not to buy any but to just “join them.”
But it’s tempting. I have never bought a ticket, but I’ve been close. In fact, I don’t gamble at all, even for “fun.”
Some facts that I found recently about the lottery:
- $58.4 billion: How much we spent on the lottery in 2007.
- 30%: Amount states kept as profits.
- $1.1 billion: California’s total lottery profits.
- 1.5%: Portion of California’s education budget that comes from the lottery.
- $8.50: Amount a college-educated player spends on the lottery each month in Texas.
- $16: Amount spent each month by the typical player without a high school degree.
- 49: West Virginia’s rank in median household income.
- 1: West Virginia’s rank in state lottery profits per capita.
- $315 million: Biggest lottery jackpot claimed by a single winner.
- $51.7 million: Biggest unclaimed jackpot.
Wow.
wow indeed.
We have the lotto here in South Africa as well and everyone will say that someone has to win – it could be you.
Right – I probably have a better chance in being attacked by a Shark.
Although I did get 5 out of 6 numbers correct once, I won the equivalent of $800 based on todays exchange rate.
Funny how my financial situation drastically improved when I started giving my money to God and not the Lotto.
But honestly I still catch myself thinking about winning the lotto sometimes. hmmm
yah. it's almost too easy to think about…
I did lottery once when I turned 18 in CA. My coworkers have blown hundreds, possibly thousands of dollars over the years. I've done the NCAA Tournament Brackets Pools and Super Bowl Pools. But I stayed out of the fantasy leagues, etc.
With all the casinos popping up on indian tribe reservations there is more gambling going on now more than ever. I have no desire to go to Vegas.
I remember when the lottery started years ago in NY. it was to pay for education. I wonder across the board in the US how much is going where it was originally intended. The piece of the puzzle that is missing above is how big is the California education budget so you can see how much of the lottery proceeds went there.
haha. you always give me a good history lesson.
Oops, sorry for the messed up hyperlink.
The lottery is a poor tax. Dave has it right on the money.
Here in GA, our lottery paid for my first year of college and all 4 years of college for my wife. So the way I look at it is… we already won! Why would I want to give some of that money back?
peace|dewde
… because we can and we're a little stooooooooopid.
I took Dave Ramsey's financial peace course last year, and he strongly advises against playing the lottery, calling it a "tax on the poor." Check out what he has to say <a href"http://.” target=”_blank”>http://www.daveramsey.com/etc/cms/lottery_ruin_your_life…. It's interesting and will convince you to not even think about playing the lottery.
i've got that book on my shelf… and a few fun work books.