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petitepedal

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I start playing when they get over $200 million. That way I don't waste my money when the jackpots are lower. I just read a book that says that more affluent people play the lottery that way with a set starting point while it's more likely that poorer people play the lottery all the time in the vain hopes that a winning ticket will get them out of debt. So in a way, the poor subsidize the rich by building up the jackpots at the start.

Personally I'd be afraid of having that much money. I could get stupid fast. The second place prize of $1 million would be OK with me.

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1 hour ago, Kirby said:

I never buy tickets on my own, and my workplace has never done a pool,  If they did, I would go in, however, just for insurance that I'm not the feature in a news story about how the whole office won a fortune and quit except for the one person who chose not to go in on the tickets.

Me too...I wasn't  here on Tuesday when they bought the first round..my coworker kicked in for me.

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I've been in those work related lottery pools only about less than 5 times in all years at work. 

I would be concerned the amount of effort and cost...to avoid being hit with mega taxes over the years.  (even if the lst year the lump sum is tax-free...for certain lotteries, I think. I haven't looked into Canadian tax law much...)

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3 minutes ago, shootingstar said:

to avoid being hit with mega taxes over the years. 

Yeah, the very worse part about having to pay mega taxes it that you have to earn (or win) uber dollars to qualify for mega taxes, or so I've been told.  It's a terrible thing.

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I have only bought one lottery ticket in my life. When Pa. started their lottery a club that I frequented instead of the normal cover charge you got free admission with the purchase of a lottery ticket. I bought one ticket and handed it back to the girl that sold it to me. I told her to enjoy it. She thanked me and acted like I had just given her a million dollars. She didn’t win anything.

when my wife was the office manager at the local supermarket they started selling lottery tickets. The lottery people gave my wife a dozen tickets or so. One of the prizes was a new Harley. My wife gave me the tickets and suggested I play them out until they were gone. They were the scratch and sniff pita tickets. I kept winning more tickets and small amounts of money. Eventually my luck ran out and I used up all the tickets. I can’t imagine why people would spend the time and effort those things take not to mention the money.

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27 minutes ago, Longjohn said:

I have only bought one lottery ticket in my life. When Pa. started their lottery a club that I frequented instead of the normal cover charge you got free admission with the purchase of a lottery ticket. I bought one ticket and handed it back to the girl that sold it to me. I told her to enjoy it. She thanked me and acted like I had just given her a million dollars. She didn’t win anything.

when my wife was the office manager at the local supermarket they started selling lottery tickets. The lottery people gave my wife a dozen tickets or so. One of the prizes was a new Harley. My wife gave me the tickets and suggested I play them out until they were gone. They were the scratch and sniff pita tickets. I kept winning more tickets and small amounts of money. Eventually my luck ran out and I used up all the tickets. I can’t imagine why people would spend the time and effort those things take not to mention the money.

I did win $30.00 once,...which probably covers all ticket costs I spent in  the work group lottery pools when I did rarely participate.  

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I used to be in a science department of 15 teachers.  We and some administrators or other department members would put in $5 each and get about $100 worth of tickets for the really big lotteries.  We did that about 5 times.  $500 lost.

When I was in my 20's, I was putting $20/week into lottery tickets.

Finally, I realized I could put $20 into the stock DRIP plans that you did by snail mail and Sara Lee, Exxon, Abbott Labs, took small sums of money and put it directly into stocks - up to the 90's Merrill Lynch charged $150-$190 to do ONE stock buy or sell.  That way, I wasn't going to lose $20 most weeks but should gain.

I still put $25/month into Abbott Lab's stock no-purchase-fee DRIP administered by computershare.com and also $25/month into AbbVie's stock no-purchase-fee DRIP administered by shareowneronline.com that spun off from Abbott in 2013.  They have raised their dividends every year for 49 consecutive years, paying 1.62% and 4.87%, respectively despite 20+% gains in stock price last year. They have been very good to me!  They are both now DSPP's (DRIP's that don't require share ownership before joining).

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26 minutes ago, MickinMD said:

I used to be in a science department of 15 teachers.  We and some administrators or other department members

I noticed no one from the math department were mentioned.  They obviously understand mathematically challenged entertainment.

 

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1 hour ago, Longjohn said:

I have only bought one lottery ticket in my life. When Pa. started their lottery a club that I frequented instead of the normal cover charge you got free admission with the purchase of a lottery ticket. I bought one ticket and handed it back to the girl that sold it to me. I told her to enjoy it. She thanked me and acted like I had just given her a million dollars. She didn’t win anything.

when my wife was the office manager at the local supermarket they started selling lottery tickets. The lottery people gave my wife a dozen tickets or so. One of the prizes was a new Harley. My wife gave me the tickets and suggested I play them out until they were gone. They were the scratch and sniff pita tickets. I kept winning more tickets and small amounts of money. Eventually my luck ran out and I used up all the tickets. I can’t imagine why people would spend the time and effort those things take not to mention the money.

My low-income parents did buy a lottery ticket or so every month for probably enough years.  I think they might have won a ticket or so to enter into another lottery. 

We will never know how much was spent it wasn't anything noticeable to any of us that led to debt problems.  None of us (their children) criticized them since this habit never escalated to anything serious. Now we are talking about parents who never went out for regular cafes or drinks, to blow their bits of money (like me). They never went to casinos (which does notice among some big city casinos) nor indulged in money betting in card games/mah jong. (The latter neither parent played at all.) So myself and siblings saw it as a sort of harmless "treat" they indulged in since we knew how hard parents worked and sacrificed for us.

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1 minute ago, bikeman564™ said:

Not really, I just don't buy lottery tickets much. Only several times in my life. I'm in a lotto club at work though.

It was hilarious when dearie and I bought a set about 8 months ago. We had to figure out the rules, markings on tickets, etc. That's how clueless we are and still are about lottery tickets. We haven't gotten around since then to get any more. 

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1 hour ago, Kzoo said:

I noticed no one from the math department were mentioned.  They obviously understand mathematically challenged entertainment.

 

Actually, math had a pool of their own, as did that other statistically knowledgeable department, Phys. Ed.!

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7 hours ago, Kirby said:

I never buy tickets on my own, and my workplace has never done a pool,  If they did, I would go in, however, just for insurance that I'm not the feature in a news story about how the whole office won a fortune and quit except for the one person who chose not to go in on the tickets.

This is my situation, too. I’ll be damned if the rest of the office retired and I didn’t join in on the ticket.

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1 hour ago, MickinMD said:

Actually, math had a pool of their own, as did that other statistically knowledgeable department, Phys. Ed.!

I don’t trust the math skills of the Phys. Ed. Department. When I was in high school the boys locker room had a large banner from the football coach telling his players to give 150% in every game. 🤪

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11 hours ago, JerrySTL said:

I could get stupid fast.

Apparently a LOT of people get stupid fast.   Why do 70 percent of lottery winners end up bankrupt?    If they knew how to manager lots of money, they would have lots of money already.

I purchased  $4 in tickets each for Powerball and Mega Millions.  

I'll worry about going bankrupt after I win.

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Despite my joke in the "Thinks regret" thread about my lottery ticket not coming in...nope didn't buy one, and haven't for at least 5 years. Didn't even get wife scratch off tickets for Christmas. It was fun to watch her when got 10 1$ tickets - perhaps this one, but the $1 tickets have virtually disappeared. Now $5 and up. What is the fun in that with only one or two tickets.

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