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Why is the lottery a bad idea?

Is buying  lottery a good idea or bad?

  • What can be the pros and cons - both for and against - buying a lottery addict? Moreover, how does it affect the economy of a family or a country/society at the macro level? Does it really help startups and is that a good/bad investment for a person living below poverty line with no or minimal education as they are the most likely to be fooled by such schemes?

  • Answer:

    The odds of winning any large prize are in the 1:millions. Better return would be a few shares of common stock returning 5% over several years. If held for 20 years the cash value would greatly exceed the losses from regular lottery ticket purchases. SPENDING "These numbers are for U.S. only and they run by a Fiscal Year, which means 2012 already ended in mid summer. BTW,Americans spent the same amount on Lotteries since the 9/11 2001 attacks ($532.6 billion) as what was spent on the War in Afghanistan ($538 billion through FY2012)."http://gestetnerupdates.com/2012/11/28/how-much-is-spent-on-lottery-tickets-each-year/ 2012  $65.5 billion 2011 $57.6 billion 2010 $59 billion 2009 $52.3 billion 2008 $52.8 billion 2006 $57.4 billion 2005 $52.6 billion 2004 $48 billion 2003 $45 billion 2002 $42.4 billion WINNINGS With the majority of states in the United States operating state lotteries, lottery ticket sales are brisk throughout the country. In 2010, citizens spent a little more than $53 billion US Dollars (USD) on the tickets. For the same year, a little less than $33 billion USD was paid out in prizes to winning ticket holders. After allowing for administrative costs of about $2.5 billion USD, this left the states with $17.5 billion USD in profits. http://m.wisegeek.com/how-much-does-the-us-profit-from-lottery-ticket-sales.htm My idea: spend and equal amount on stock and lottery tickets over time. You will end up in 20 years with more dividends than lottery winnings. See rule of 72 'Rule Of 72' A rule stating that in order to find the number of years required to double your money at a given interest rate, you divide the compound return into 72. The result is the approximate number of years that it will take for your investment to double. For example, if you want to know how long it will take to double your money at 12% interest, divide 12 into 72 and you get six years. Read more: http://www.investopedia.com/terms/r/ruleof72.asp#ixzz2Kt2NwPot

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Like the saying goes "you can't win if you don't play". It only becomes bad if you can't afford it. Just like any form of gambling. In my state a certain percentage of the money  helps to fund public schools. So when I don't win I'm still okay with it.

Mike Criner

If you really want to win, you should sell lottery tickets.

Rolf Bazuin

Pro: You have a  1 in 5,153,632.65 chance of winning $1,000,000. Con: You have a 1 in 2.4 chance of wasting $2.

Erik Bates

I remember hearing the lottery referred to as "an idiot tax" and "a poor tax" (the rich don't buy lottery tickets). For a family budget, buying lottery tickets has a similar effect to buying cigarettes: it is a continual drain on your finances. Only your odds of winning the lottery (e.g., 1 in 5,000,000 ... or one in 2,000 if you play the lottery every week for 50 years) are far worse than your odds of getting lung cancer as a smoker (1 in 15). In the same 50 year time period your odds of dying in a car accident become around 1 in 200. I don't know anybody who says 'I won't drive because I might die in an accident' ... yet I know lots of people who play the lottery because they might win ... which is ten times less likely. Buying tickets costs you money, costs your family money, and is a horrible investment. Do the feelings you get from buying the ticket - the hopes, the dreams, the disappointments - make up for it? Only you can judge ...

Kamal Hassan

It depends on your thoughts. If you think that after buying lottery  you will win and by chance if you don't win then you get depression and  at all then it is a bad idea. If it is not and you think, whatever will   happen, I will accept happily, then it is not bad. I read somewhere  that "Take risk, If you win, you will happy, you loss, you will be wise. Visit Here -    http://jackpotgewinner.eu/brad-duke-ein-cleverer-gewinner/

Bill Fortin

It is game and if you play than you will win so .. if you have economic condition as well to spent for lottery than you can go for it . Playing lottery games is more than just a hobby, it's a passion for many people because they trust on their luck . So it is a good idea if you are confident on your luck and playing technique because it is the fastest way to earn lot . Visit Here :- http://rekordjackpot.com/?p=66

Megan Hanry

It is perhaps one of the cheapest and more meaningful way to buy hope for a few days. Other methods are going to church, temple, mosque etc.

Anonymous

Trying to get rich by playing the lottery is like trying to commit suicide by standing in your back yard and waiting for lightning to strike you.

Jon Corelis

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