Comments on: The Economy Stinks and Yet (More) People are Playing the Lottery! http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Chris Norman http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-445124 Chris Norman Fri, 27 Aug 2010 19:54:21 +0000 http://allfinancialmatters.com/?p=3085#comment-445124 Mr. President; I appeal to you, after several failed attempts to contact my congressman. The US economy is severely in need of leadership. I urge you to consider my idea for a stimulus plan and convey my sentiments to Washington and your friends and colleagues. I call this plan the "American Re-investment & Innovation Act". The US economy requires stimulation for jobs creation as well as an investment in US ingenuity to remain competitive in the global economy. This requires a reinvestment in American Small business on a scale not seen before. This act requires that: 1.) The establishment of Technology incubator programs, administered by the Small Business Administration. The programs require the establishment of Grants (for equipment) and loans for operating capital to small businesses. The program is intended to lead to job creation which provides income to American families. This program requires some basic governing principals. a.) Grants are available for the purchase of capital equipment. Grants range from $0-$1.5 million. b.) For every $50,000 in grant money awarded, one job must be created for a period of not less than 18 months. c.) No applicant may keep any grant money awarded. It must be spent in the same calendar year it is awarded. d.) Loans are available for operating capital. e.) Loans range from $1 - $1.5 million. f.) Operating capital cannot be used for capital equipment purchases. g.) For each $50,000 of loan money awarded, you must create 1 job for no less than 18 months. h.) All recipients of grant and award monies offered by this program must make their books available to the SBA for the duration of their program involvement. i.) No principal(s) of a grant or loan may take more than $90,000 in salary or bonuses out of the business operating under this program for the its duration and involvement. j. No Principal may transfer funds to another business. k.) No recipient may hold investments in other companies that may be considered inappropriate or in conflict with their involvement in this program. l.) Bankruptcy filings shall require a forfeiture of all funds received under this program at any time during the first 24 months of receipt. This program shall be administered by the Small business administration in conjunction with state and local entities involved in similar programs such as the Texas Emerging Technology Fund. This program is designed to start small companies in the range of 5-100 employees. It is also designed to grow small businesses who need access to capital to expand their business. The program should begin with $250 billion to lend and or grant. This is how you create jobs fast! Mr. President;
I appeal to you, after several failed attempts to contact my congressman. The US economy is severely in need of leadership. I urge you to consider my idea for a stimulus plan and convey my sentiments to Washington and your friends and colleagues. I call this plan the “American Re-investment & Innovation Act”.
The US economy requires stimulation for jobs creation as well as an investment in US ingenuity to remain competitive in the global economy. This requires a reinvestment in American Small business on a scale not seen before. This act requires that:
1.) The establishment of Technology incubator programs, administered by the Small Business Administration. The programs require the establishment of Grants (for equipment) and loans for operating capital to small businesses. The program is intended to lead to job creation which provides income to American families. This program requires some basic governing principals.
a.) Grants are available for the purchase of capital equipment. Grants range from $0-$1.5 million.
b.) For every $50,000 in grant money awarded, one job must be created for a period of not less than 18 months.
c.) No applicant may keep any grant money awarded. It must be spent in the same calendar year it is awarded.
d.) Loans are available for operating capital.
e.) Loans range from $1 – $1.5 million.
f.) Operating capital cannot be used for capital equipment purchases.
g.) For each $50,000 of loan money awarded, you must create 1 job for no less than 18 months.
h.) All recipients of grant and award monies offered by this program must make their books available to the SBA for the duration of their program involvement.
i.) No principal(s) of a grant or loan may take more than $90,000 in salary or bonuses out of the business operating under this program for the its duration and involvement.
j. No Principal may transfer funds to another business.
k.) No recipient may hold investments in other companies that may be considered inappropriate or in conflict with their involvement in this program.
l.) Bankruptcy filings shall require a forfeiture of all funds received under this program at any time during the first 24 months of receipt.
This program shall be administered by the Small business administration in conjunction with state and local entities involved in similar programs such as the Texas Emerging Technology Fund. This program is designed to start small companies in the range of 5-100 employees. It is also designed to grow small businesses who need access to capital to expand their business. The program should begin with $250 billion to lend and or grant.
This is how you create jobs fast!

]]> By: technologizer http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-441286 technologizer Mon, 28 Dec 2009 10:30:43 +0000 http://allfinancialmatters.com/?p=3085#comment-441286 This year I just spent the yearly lotto budget ($104.00) in one fell swoop (better odds if you buy a bunch of tickets at once than the same numbers all year long) and haven’t bought any more since. This year I just spent the yearly lotto budget ($104.00) in one fell swoop (better odds if you buy a bunch of tickets at once than the same numbers all year long) and haven’t bought any more since.

]]> By: PowerBall http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-429019 PowerBall Tue, 07 Jul 2009 08:57:12 +0000 http://allfinancialmatters.com/?p=3085#comment-429019 Thanks for a lovely site, I am very impressed. The only lottery tickets I buy are <a href="http://www.powerballlotterytips.com" target="_blank">PowerBall</a> the relatively new "million dollar raffles" that Michigan and Indiana are beginning to hold once or twice a year. Instead of a lottery where there could be a million tickets sold and no winners, it's just like any other raffle, and there is only a set number of tickets, and guaranteed winners. Thanks for a lovely site, I am very impressed. The only lottery tickets I buy are PowerBall the relatively new "million dollar raffles" that Michigan and Indiana are beginning to hold once or twice a year. Instead of a lottery where there could be a million tickets sold and no winners, it's just like any other raffle, and there is only a set number of tickets, and guaranteed winners.

]]> By: Tzen http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-398301 Tzen Wed, 21 Jan 2009 12:32:10 +0000 http://allfinancialmatters.com/?p=3085#comment-398301 I spend only two dollars per week on the MegMillions. All this money goes to the schools. I don’t gamble in any other way. If I never win any of it back, I’ll be ok with that. I still save 60% of my net income for retirement. I think the people giving 10% (tithing) of their income to their church are dumber than the people spending $50 per week on the lotto. I spend only two dollars per week on the MegMillions. All this money goes to the schools. I don’t gamble in any other way. If I never win any of it back, I’ll be ok with that. I still save 60% of my net income for retirement.

I think the people giving 10% (tithing) of their income to their church are dumber than the people spending $50 per week on the lotto.

]]> By: infrequent player http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397992 infrequent player Mon, 19 Jan 2009 17:03:03 +0000 http://allfinancialmatters.com/?p=3085#comment-397992 I play the lottery maybe once every week. When I do, I buy 1 powerball ticket and sometimes 1 Carolina Cash ticket if the jackpot is over $100,000 dollars. Simply put, I am focused on my Get Rich Slowly plans which involve $1700 of savings activities outside of my 401k each month. Dropping another $8-12/month on Get Rich Quickly opportunities, albeit incredibly slim ones, isn't a big difference-maker for me in terms of missed opportunity for the money. Therefore, I won't play the lottery for anything less than a prize that is a serious game-changer. Winning $3000 in a daily numbers game? Just not that interesting- that might double my emergency fund, but I'm going to get there soon enough on my own, probably within the year or next year. I also would potentially play a $1 million raffle like someone mentioned above. I play the lottery maybe once every week. When I do, I buy 1 powerball ticket and sometimes 1 Carolina Cash ticket if the jackpot is over $100,000 dollars.

Simply put, I am focused on my Get Rich Slowly plans which involve $1700 of savings activities outside of my 401k each month. Dropping another $8-12/month on Get Rich Quickly opportunities, albeit incredibly slim ones, isn’t a big difference-maker for me in terms of missed opportunity for the money.

Therefore, I won’t play the lottery for anything less than a prize that is a serious game-changer. Winning $3000 in a daily numbers game? Just not that interesting- that might double my emergency fund, but I’m going to get there soon enough on my own, probably within the year or next year.

I also would potentially play a $1 million raffle like someone mentioned above.

]]> By: Jason Bontrager http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397605 Jason Bontrager Fri, 16 Jan 2009 20:26:51 +0000 http://allfinancialmatters.com/?p=3085#comment-397605 The lottery can be fun, and some of the games have better odds than others (not that any of them are good). I played the Texas Two Step (1:1,800,000) for most of last year. This year I just spent the yearly lotto budget ($104.00) in one fell swoop (better odds if you buy a bunch of tickets at once than the same numbers all year long) and haven't bought any more since. Funny thing: by not buying lottery tickets I'll save far more than that $104 that I would've spent on the tickets themselves. I'd buy tickets with cash, so I'd need to *get* cash. Generally that's at least $20, of which I'd spend $5 on tickets and the rest on other stuff, usually junk food. So when it came time to buy more tickets (five drawings later), I'd have to get at least another $20... The anticipation was fun, as was the daydreaming, but it gets frustrating after a while, and you can't get rich on hope (hope in one hand, s**t in the other, see which fills up first). So I'm on the wagon and expect to remain so. The lottery can be fun, and some of the games have better odds than others (not that any of them are good). I played the Texas Two Step (1:1,800,000) for most of last year. This year I just spent the yearly lotto budget ($104.00) in one fell swoop (better odds if you buy a bunch of tickets at once than the same numbers all year long) and haven’t bought any more since.

Funny thing: by not buying lottery tickets I’ll save far more than that $104 that I would’ve spent on the tickets themselves. I’d buy tickets with cash, so I’d need to *get* cash. Generally that’s at least $20, of which I’d spend $5 on tickets and the rest on other stuff, usually junk food. So when it came time to buy more tickets (five drawings later), I’d have to get at least another $20…

The anticipation was fun, as was the daydreaming, but it gets frustrating after a while, and you can’t get rich on hope (hope in one hand, s**t in the other, see which fills up first). So I’m on the wagon and expect to remain so.

]]> By: Andy http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397588 Andy Fri, 16 Jan 2009 18:55:29 +0000 http://allfinancialmatters.com/?p=3085#comment-397588 This just confirms what I once heard about lotteries....it is a tax for people that are bad at math. This just confirms what I once heard about lotteries….it is a tax for people that are bad at math.

]]> By: poor boomer http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397257 poor boomer Thu, 15 Jan 2009 21:11:20 +0000 http://allfinancialmatters.com/?p=3085#comment-397257 p.s. when i worked in a convenience store, the lottery customers were mostly older people. so i'm guessing that older people, having a shorter time horizon for building wealth through investment, are more likely to play lottery than younger people. p.s. when i worked in a convenience store, the lottery customers were mostly older people.

so i’m guessing that older people, having a shorter time horizon for building wealth through investment, are more likely to play lottery than younger people.

]]> By: poor boomer http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397256 poor boomer Thu, 15 Jan 2009 21:09:05 +0000 http://allfinancialmatters.com/?p=3085#comment-397256 I don't play the lottery, but I'd guess that in a stinking economy, the infinitesibal probability of getting rich becomes more appealing because the probability of 'normally' becoming rich becomes so much worse, e.g: Probability in a good economy: 0.001 Probability in a stinking economy: 0.00001 Probability by playing the lottery: 0.000001 That is, the lottery player has become even MORE pessimistic of their chanced to become rich any other way. I don’t play the lottery, but I’d guess that in a stinking economy, the infinitesibal probability of getting rich becomes more appealing because the probability of ‘normally’ becoming rich becomes so much worse, e.g:

Probability in a good economy: 0.001
Probability in a stinking economy: 0.00001
Probability by playing the lottery: 0.000001

That is, the lottery player has become even MORE pessimistic of their chanced to become rich any other way.

]]> By: Vince http://allfinancialmatters.com/2009/01/13/the-economy-stinks-and-yet-more-people-are-playing-the-lottery/comment-page-1/#comment-397166 Vince Thu, 15 Jan 2009 05:04:17 +0000 http://allfinancialmatters.com/?p=3085#comment-397166 How odd, that article appears to contradict this WSJ article talking about a decline in lottery sales: http://online.wsj.com/article/SB123024947406734259.html How odd, that article appears to contradict this WSJ article talking about a decline in lottery sales:

http://online.wsj.com/article/SB123024947406734259.html

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