thanks for reminding me to get my lotto ticket.

Zepanda66:

 

I pity whoever wins. The pressure and anxiety they'll have coming in from society, friends and family. I hope they find that old reddit post on what you should do if you ever win lotto there was some great advice in that thread. 

 

I'll be happy to advise them. 🤑

But seriously... I think the pressure and anxiety comes from wanting to hang onto the money. Spend a whole lot, give a whole lot away. Once you get down to 1-2M left, you'll still be wealthy, own a whole lot of assets, friends and family will have as much as you, and you won't have enough left for anyone else to keep pestering you. "I'd love to help you, Joe, but I gave the rest of my money to Fred last week".

frankv:

 

Zepanda66:

 

I pity whoever wins. The pressure and anxiety they'll have coming in from society, friends and family. I hope they find that old reddit post on what you should do if you ever win lotto there was some great advice in that thread. 

 

 

 

 

But seriously... I think the pressure and anxiety comes from wanting to hang onto the money.

 

 

 

Na its not just that. We've already seen it in this thread other users practically demanding the winner to contribute to the community or some charity. Like every lotto winner has some damn obligation to donate/contribute to a charity. And I'm just sitting here like piss off with that crap. No. They have no obligation to give anything to anyone. Its their money. Period. 

frankv:

 

"I'd love to help you, Joe, but I gave the rest of my money to Fred last week".

 

So that's where the vegemite jar full of 5c coins came from...

frankv:

 

You don't have to keep all that $50M... spend a million of capital each year as well.

Of course you don't have to keep it. You can spend a million of capital each year if your goal is to get rid of the whole lot. But then you don't get that $1m in interest each year. The point I was making is that winning Lotto isn't an inherently selfish thing and that you could benefit others from the interest alone and still have the original $50m available to charity when you pop your clogs. Obviously you can split it up any way you want.

BTW, my understanding is that 1/3 of Lotto income (the "profit") goes to prizes. One third goes to the retailer and one third to the Lotto organization for infrastructure costs, salaries, advertising, etc.

 

So the Lotto sellers are making as much as the prizewinners. So maybe invest some of your $50M in buying a Lotto outlet or two, and have an ongoing stream of wealth.

No, all of the profit goes to the Lottery Grants Board.

"Under the Gambling Act 2003, all profits from playing Lotto are used to benefit New Zealand communities. The New Zealand Lotteries Commission runs the Lottery, and the New Zealand Lottery Grants Board distributes its profits."

sidefx:

 

I forget where I heard it, but someone once said something along the lines of "Lotto is just like tax for people bad at math" 😆

 

 

 

Having said that I have a ticket of course...

 

I too have a ticket :D

Got my ticket, gotta be in to win, although I realise the chance is slim-to-nil. Still, it's a bit of fun.

I aint telling anyone if I win, and with the corona virus looking to hit soon I would probably get a few huge as freezers and a whole lot of frozen food to see me thru a few months with zero contact outside the property if I was to win this weekend.

richms:

I aint telling anyone if I win, and with the corona virus looking to hit soon I would probably get a few huge as freezers and a whole lot of frozen food to see me thru a few months with zero contact outside the property if I was to win this weekend.

Geektastic: If we won, my wife and I agreed long ago we’d tell nobody.

I’d make an appointment to see our bankers, have them pay off the mortgage and invest the remainder bar $500k for immediate expenses.

Then have it transferred into our Trust, of which siblings and children of siblings are the eventual beneficiaries.

In a few years, I’d gift some money to siblings having set up a backstory about selling businesses etc first. Just enough to pay their mortgage off and a bit as a bonus.

They can find out about the rest when we die.

duckDecoy:

 

minigopher17:

 

It's down to maths and money.

 

Maths: Each Lotto + Powerball line costs $1.50. So if you bought every single possibility of numbers (~38 million combinations) to guarantee you'd win, that would cost around $57m and you'd still lose out with the $50m jackpot. Therefore Lotto will never have a jackpot higher than $57m unless they increase the cost of playing per line again.

 

 

its a little better and a little worse than that.  The better side is that not only will you win 1st division, but you will also win a bunch in the other divisions as well.  But the worse side is that you assume you hit the $50m alone, it could well be shared.  But I get your main point.

 

I didn't think that's how it works.  I.e. if you win 1st division, you don't get the accumulative winnings of division 2-7, only the winnings for division 1 (1 million + Powerball).

I'm ready for another disappointment this Saturday.  Bought two tickets as I have most of the recent few jackpots.

If I had a 50 mill ticket, I would be claiming it as a family sindicate.

Intravix:

 

duckDecoy:

 

its a little better and a little worse than that.  The better side is that not only will you win 1st division, but you will also win a bunch in the other divisions as well.  But the worse side is that you assume you hit the $50m alone, it could well be shared.  But I get your main point.

 

 

I didn't think that's how it works.  I.e. if you win 1st division, you don't get the accumulative winnings of division 2-7, only the winnings for division 1 (1 million + Powerball).

 

I'm ready for another disappointment this Saturday.  Bought two tickets as I have most of the recent few jackpots.

 

The one winning line doesn't accumulate the lower combinations, no.  But if you've purchased every combination possible, then there will be other lines that do cover all the various divisions and combinations.  So, more than one line will win prizes, not one line winning multiple prizes.

geoffwnz:

 

Intravix:

 

I didn't think that's how it works.  I.e. if you win 1st division, you don't get the accumulative winnings of division 2-7, only the winnings for division 1 (1 million + Powerball).

 

I'm ready for another disappointment this Saturday.  Bought two tickets as I have most of the recent few jackpots.

 

 

The one winning line doesn't accumulate the lower combinations, no.  But if you've purchased every combination possible, then there will be other lines that do cover all the various divisions and combinations.  So, more than one line will win prizes, not one line winning multiple prizes.

 

Oh duh I did not think of that haha.

6 hours to go :)