This paper from 2010 examines whether giving large cash transfers to financially distressed people causes them to avoid bankruptcy. Findings suggest that skepticism regarding the long-term impact of cash transfers may be warranted. In other words lottery players may have a tendency to be more reckless with money. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1324845 What would you do with your money if you won Powerball lottery?
A tricky question. I must admit, I have no good idea how to inspect myself for a faithful answer. Having alot of money tends to corrupt people, and how could I be sure to resist? The current idea is about this: - Invest some of it in highly secure and/or diversified investments for security against inflation and currency troubles. - Try to find investments which give a yearly payout, and decide firmly not to touch the invested sum, but live from the payout. - Give some of the money away to -- Healthcare and similar organisations, maybe also medical research -- Care organisations for orphans, poor and/or old people in my region - Furthermore try to hide the money from everyone, and live modest to avoid being begged and pushed by self-proclaimed "friends" to help out with the money. Give small, unsuspicious amounts of money in cases where it deems me worthy, e.g. to help a person whom I care about, bei it a promising artist, an inventor or a friend of mine who is in trouble. That's the plan my mind makes in the non-corrupted state.
It could be argued that lottery tickets are a good investment - high possible return for minimal investment (though the probability of gain is low). But no, I don't buy them. If I won a billion dollars in Powerball, I'd probably quit my job and give up my bus pass - but I'd go and visit my former co-workers in a chauffeur-driven limo.
All right. Apologies. People buy lottery tickets as a way of hedging their bets. A $1 investment weekly is manageable versus the huge payoff if you win.
What I have done throughout the years is just write down the numbers I would have used if I went and bought a ticket. Over the past 50 years or so I've never come up with the winning numbers so I have not lost money. Instead I put my money into treasury bonds which at first gave me about 4% return. So I've never spent money on gambling so I've never lost any. If I had bought tickets during that 50 years I would be thousands less in savings so I'm glad I never got caught up in that lottery scam.
Me neither. I have never bought a lottery ticket. I was, and remain, curious as to whether any of our peers do so, and why.
Not me. Knowing that it's made so that they can keep 30% of the ticket shows that it's not a fair business at all. I'm not going to support that with my money.
Drink a lot of beer and stay out all night! ~Homer Simpson I'm not eligible for Powerball but I do on a rare occasion get random numbers for the 6/49.
