Mega Lottery – Mega Rip Off

There has been a lot of news the past few days about the $600+ million Mega lottery. If people knew the facts, they would never spend the money. It is crazy to see all of those people lined up with pockets full of cash to buy a chance at winning. Consider the facts:

  • Tax on the poor: The majority of lottery players are low-income and sometimes in deep poverty. Whatever money isn’t used to pay lottery workers and advertising, and winners goes to fund education for middle and upper income kids
  • The odds of winning are 1 in 176,000,000, it is a sucker’s bet
  • Most winners don’t know how to deal with large sums of money end up less happy often facing bankruptcy, divorce, and estranged from family and friends (source Foxnews). Reminds me of the phrase “A fool and his money will soon part,” or the more modern rendition “… are soon partying.”

3 thoughts on “Mega Lottery – Mega Rip Off

  1. Yesterday, there were a lot of people who called in to a local radio show to say what they would do with the (net) proceeds if they won. Most commented that they would help family members, colleagues and charities. I would suggest that while we are fantasizing about what we would do if we won, that we examine how we could accomplish the same things right NOW. Of course it’s on a smaller scale, but my thought is – why wait to do those good things? If you start counting your blessings, I bet you will find that you are more wealthy than you realize and you CAN afford to be generous . . . Just some food for thought.

    1. Kent says:

      Great comment about what we can do now. I kind of doubt big lotto winners use a majority for charity, our lifestyle’s can quickly swell to meet our new expectations. Would be a cool story though if someone just took a few million to buy a car, house, fund retirement and their children’s college education and gave 99% to charity.

  2. I think it’s great that you are warning and informing those that are unaware. It surely would be a life-changing amount. While I don’t agree with spending a lot on tickets, we occasionally will buy a ticket when a jackpot gets this high. I agree that investing a lot is not wise as the odds are not in our favor, BUT as my dad has always said, when it comes to any kind of game of chance, “You can’t win if you don’t play.” He’s won in the past. 🙂 You can win with one ticket as easy as with one hundred tickets.

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