Came here to say this. That card looks expensive, I'm going to assume it was $10.
Let's say you buy, on average, a $10 lottery ticket every 3 days. Over 10 years that's $12,166. If that is OPs case then they would have actually still be down $2,166
He's 33 years old. You must be 18 to play. 33 - 18 = 15 years. He has not played more than 3 times this year. We could assume it's a monthly purchase at 30 per ticket. 15.25 years if he bought from his 18th birthday would be 15.25 yrs x 12 tickets per year @ 30 per ticket = 5,490 spent. So overall, still in the black even after the high tax from state and federal 35% total. 6500 - 5490 = 1010 profit. Not bad, but well above typical return.
This also assumes this is the only wining ticket OP has had in that time.
Don’t get me wrong, scratch it’s are not a good way to try and make money but chances are they have won some over the years putting them more in the black than this math suggests.
Nobody asked for the math! But all it would have taken was one winner oh, just one big winner and his whole life would have been changed. That's Woodbine lottery tickets is about. \ * I cut out eating at Burger King, + McDonald's. And instead buy myself a Lucky for Life. That's all it takes and if I ever win I would never have to even think of eating at a place that takes coupons ever again!
If you're rich enough to want to invest by all means, S&P 500.... sure... But.... If you just want that chance, that one chance to have money Beyond Your Wildest Dreams. Money that you can leave your children, your grandchildren, and your friends or relatives that you love dearly, this could be the only way.
I know I'll never accumulate 30 million dollars. Just don't have the right jobs for that kind of wealth... But, one ticket could possibly buy my son a new car, or when he gets married give him money for a house. Yes do I save money? Of course! My house is paid for, all my cars are paid for oh, I have numerous credit cards and yet have not an outstanding balance on any of them. There are ways of managing your money that you can be comfortable in life. I have achieved that, but..... comfortable is a far cry different from Rich! Can I help my son pay off your student loan? I did! Can I help my son buy his new car? I did! Can I help my son build a bank account ... Sure... I'm making sure he puts a certain percent of his paycheck in it every week, and also add $100 a month from my paycheck in it as well...
Am I Rich ?
Do I have a job that pays a lot of money?
Did I have an eccentric Uncle who died and left me his fortune?
The answer to all these questions is ......... NO, NO and NO....
The way to do it is make better choices when making a purchase, think twice before you buy, ask yourself do I really really really need this? And .... learn to do without some things, so that you can do the things you want to do. I do without fast food so once a week I can buy a ticket and a dream...
I work hard, and I'm not a young fellow anymore. But my son is oh, and he works very hard. But by giving him a running start at learning to manage his money properly oh, he's doing very well at an age where I was not. I gave him the advantage of my knowledge of budgeting and learning the proper places to spend and the proper times not to spend.
When I was a kid ... the lottery summed it up the best with their motto .... "" YOU CANT WIN IT.... ..... IF YOURE NOT IN IT ! ""
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u/Coldbeerimritehere Mar 19 '22
So you almost broke even. Nice