(Topic ID: 227697)

Lotto 1.6 billion, Buy Now!

By Azmodeus

5 years ago


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  • 16 posts
  • 11 Pinsiders participating
  • Latest reply 5 years ago by underlord
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    #7 5 years ago

    If you want to play the lottery, here's the real strategy if you want to win big.

    Put $10 a week in a bank account. Start when you're 16.

    By the time you're 55, you'll have saved over $20,000 and with even small interest would probably be at $25k

    Then wait until the jackpot gets to above $1bn, and spend all your $25k on one jackpot. so your 1 in 300,000,000 chance goes all the way down to a 1 in 24,000 chance which is 5x more likely than being struck by lightning.

    Or, when you turn 55, take that $25k and go on a really nice vacation

    #11 5 years ago
    Quoted from PinMonk:

    Your math was way off. Even at only 2% interest, you'd have over $40k, but if you put it in stocks and averaged 10% annually (highs and lows are smoothed out over time to about that), you'd have well over $400k after 35+ years.
    And your odds of winning don't change like that. There's one winning combination, so you have a 1 in 300+ million chance of holding a winning ticket. The only odds that change are your likelihood of splitting it with yourself or another person because with more tickets the chance of duplicates goes up. That's why watching Mayweather blow $2000 on lottery tickets was just a SMH moment...

    My math is way off?????

    2% interest (not many banks will give you that) over 39 years at $520 invested per year is $30,000. i do get 15% at least on my investments, but this example was just sticking it in the bank with 1% interest as a base case.

    But, apparently, you think that the odds of winning is 1 in 300 million no matter how many tickets you buy.... so using your math, a person who spends $600 million to buy every single number has the exact same chance as a person who spends $2 on a single ticket. You do realize that each ticket you buy would have a different combination of numbers right? SMH.

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