A Fool and His Money…

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Well, here they are…those losing lottery tickets I wrote about last night. Despite the pitiful, next-to-non-existent odds, I made a last minute trip to the grocery store to buy a chance. 

So, what is it that drives a lot of us to jump on the lottery bandwagon, knowing we don’t stand a snowball’s chance in hell of winning? Here are a few erroneous beliefs from ProblemGambling.ca:

  • Events are consistently erratic – (Events are always erratic; fundamental uncertainty)
  • Things “even out” – (Things don’t have to even out, but sometimes do as more observations are made; law of large numbers)
  • If a number hasn’t come up in awhile, it’s “due” – (coins, dice, etc. have no memories; independence of events)
  • After a few losses, a person is due for a win – (A player is never due for a win/loss; independence of events)
Lottery

Credit: kappit.com

Math has never been my strong suit. If it were, I would have chosen engineering or some other field that pays big bucks. Instead, I enjoy reading, writing, and the more creative stuff. Despite this, I’m realistic about the odds of winning a game of chance, which is why I seldom play. It’s only when a jackpot reaches newsworthy proportions, due to no winners, that I buy a ticket. In 2015 I bought less than five tickets for the entire year.

The Lottery Commission estimates that the jackpot will rise to $1.3 billion by the next drawing on Wednesday, January 13th. That puts the odds of winning at 1 in 292.2 million. 

According to nbcnews.go.com previous lottery winners offer clues to beating the odds and advice for properly securing the new found wealth:

  • Let the computer pick the numbers 
  • If you do pick your own keep in mind that the following numbers are most frequently drawn: 8, 54, 14, 39 and 13
  • Immediately sign the back of the ticket
  • Stay anonymous if your state allows it
  • Assemble a reputable money management team 
  • Wait 6 months to a year before making a large purchase or spending a large sum – 44% spend the entire winnings within five years (Camelot Group Study 2015)

Lottery BALLS

So, since I only spend one dollar, this fool will buy another ticket and hope that even a small win is in the cards.

If not, that’s OK. At least I won’t wonder “what if.” I’ll know for sure that I lost!  🙂

 

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Lottery Ticket

 

How To Read Your Losing Powerball Ticket

(Credit and link to: someecards.com)


Let’s face it:  most of us know, as we’re buying our losing lottery ticket, that we won’t be flying off to our newly purchased tropical island on our newly purchased private jet. Yet, we do it anyway.

It’s fun to dream…

With the jackpot currently at $9oo million, how can one resist? 

Here’s how (consider the following):

  • You’re more likely to die getting hit by a car as a pedestrian, in an airplane crash, getting struck by lightning, or stung by a wasp
  • You’re more likely to be attacked by a shark
  • You’re more likely to be elected president of the United States
  • You’re more likely to be born with extra fingers or toes
  • You’re more likely to be drafted into the NBA  

           (credit nbcnews.com)

The odds are 1 in 175,223,510; not real good. 

I took a class in Finite Math, which studies odds, probabilities, and the like. After completing the course I vowed never to play the lottery again and suggested they teach the class to people in Gamblers Anonymous. 

But, eventually someone has to win!

So, after I enter the HGTV Dream Home Sweepstakes, I gotta run out and buy a lottery ticket…have a great weekend!!  🙂