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Praying for Powerball

mannybolonemannybolone Los Angeles, CA 15,025 Posts
edited January 2006 in Strut Central
http://news.yahoo.com/s/nm/20060109/od_uk_nm/oukoe_uk_economy_wealth&printer=1;_ylt=AkurlrloZehUdi.Fk0ikARaek3QF;_ylu=X3oDMTA3MXN1bHE0BHNlYwN0bWE-Save money? Nah, just win the lottery Mon Jan 9, 2:16 PM ETMore than one in five Americans believe the best way to get rich is to win the lottery, while 11 percent say inheriting money is the way to go, a survey showed on Monday.Asked the most practical way to accumulate "several hundred thousand dollars," 21 percent chose winning the lottery, compared to 55 percent who thought saving something each month for many years was best, according to a survey by the Consumer Federation of America and the Financial Planning Association.Three percent of those surveyed thought a big insurance settlement was the best way to become wealthy.The poor were the most likely to say winning the lottery was the most practical way to gain wealth -- with 38 percent of those earning less than $25,000 a year choosing that option compared to just 9 percent of those earning $75,000 or more.African Americans and those over the age of 65 were also more likely to believe winning the lottery was more practical than saving each month -- at 30 percent and 31 percent, respectively.Stephen Brobeck, executive director of the Consumer Federation, said it was of "some concern" that so many people thought the lottery was their best chance at wealth."It appears that these Americans both greatly overestimate their chances of hitting a lottery jackpot and greatly underestimate their ability to build six-figure wealth by patiently making regular savings contributions over time that benefit from interest compounding," Brobeck said.The survey of more than 1,000 adults also found only about half of Americans understand the meaning of personal wealth -- which includes financial assets plus home equity and other assets minus consumer debts -- and less than half know how much personal wealth they have.Brobeck said the typical household had a net wealth of $100,000, mostly in home equity. About 5 percent had net wealth over $1 million, while nearly 1 in 10 households had zero net wealth -- meaning their debt exceeded their assets.While financial planners believe about half of young Americans could accumulate $1 million over a period of 30 years, fewer than 1 in 10 of Americans believe they could save that much money, the survey showed."Planners know that it is easier for individuals to build personal wealth than they realise," said James Barnash, chair of the Financial Planning Association.The survey has a margin of error of plus or minus 3 percentage points.

  Comments

  • jaymackjaymack 5,199 Posts
    i work in a liquor store and i think the lottery is not a good thing. people are hopeless hoping they'll hit it "big"

    spending 30 bucks a day. do the math.
    getting hyped up on a 100 dollar winning scratchy

    then spending it at foxwoods.

    its sad really. i try to tell them to spend it another way. odds are not good. i think its a shady dealing.

    the rush of pot luck people for mega millions when its in the high double to triple figures kills me. like when its higher you have a better chance. today a guy came in and asked how high the pot was. when he found it wasnt high enough for him($15 mill) he declined to participate.

    i do buy the occasional scratch ticket. couple a week. win once and a while. supporting my theory. lottery is poisonous.
  • SoulOnIceSoulOnIce 13,027 Posts
    ARGH this multi-posting is not my fault!! SQL BS!
  • SoulOnIceSoulOnIce 13,027 Posts
    Seriously - what's up with the site? Freeze-up triple-posts like WHOA
  • SoulOnIceSoulOnIce 13,027 Posts
    I always know it's time for a new job when I can't stop fantasizing about the lottery all day. I never play, though. Except when they have those $850 Million 6-state joints, I can't help buying one then.



    I had a roommate who used scratch cards as a second income. Dude seriously had some kinda mystic hookup with that shit. He brought home winners every day, and hit 3-figure payouts weekly. It was maddening.
  • Hotsauce84Hotsauce84 8,450 Posts


    African Americans[/b] and those over the age of 65 were also more likely to believe winning the lottery was more practical than saving each month -- at 30 percent and 31 percent, respectively.

    How timely!
  • ElectrodeElectrode Los Angeles 3,129 Posts
    My little brother and his friends are crazy about the lottery. Chalk it up to 18-19 year olds who are still fascinated by being legally able to play the California Lotto. I went to the convenience store today and say one of those orange slips of paper that show what the winning numbers were last draw. Picking 2 or 3 numbers still results in $3-$50. Pretty low reward for you picking a whopping half of the numbers right.
  • parenparen 537 Posts
    i won $10K on a scratch-off ticket in 2004, which puts me up around $10,500.00 or so v. the hoosier lottery in my lifetime.

    fuck prayer; you've gotta visualize those winning symbols/numbers.
  • Phill_MostPhill_Most 4,594 Posts
    While financial planners believe about half of young Americans could accumulate $1 million over a period of 30 years, fewer than 1 in 10 of Americans believe they could save that much money, the survey showed.

    "Planners know that it is easier for individuals to build personal wealth than they realise," said James Barnash, chair of the Financial Planning Association.

    YEAH RIGHT... TELL THAT BULLSCHITT TO SOME SINGLE MOTHER IN THE HOOD WHO'S SUCKIN' OFF OLD MR. WILLIAMS DOWN THE BLOCK EVERY OTHER WEEK JUST SO SHE CAN BUY DIAPERS FOR HER BABY. TELL THAT TO ALL THESE POOR ASS PEOPLE LIVIN' WITH NO HEAT IN THEIR HOUSES THIS WINTER BECAUSE THE FUCKIN' GAS PRICES ARE SO COTDAMN HIGH. SAVE MONEY??? MUTHAFUCKAS OUT HERE JUST TRYNA SURVIVE. POWERBALL IS A SCAM BUT THESE PEOPLE HAVE MORE OF A CHANCE TO HIT THE LOTTERY THAN THEY HAVE TO BUILD ANY PERSONAL WEALTH BY SAVING. KISS MY FUCKIN' ASS, JAMES BARNASH.
  • johmbolayajohmbolaya 4,472 Posts
    I'm as guilty as anyone in terms of lottery tickets. I will only buy a ticket if it goes over $100M. Granted, there will be less of a chance for me to win with even more people playing, but since I don't smoke weed I can't use dollar bills as rolling papers.

    It's trying times, and like David Lee Roth everybody wants some. Get rich or go broke trying.
  • GrafwritahGrafwritah 4,184 Posts
    YEAH RIGHT... TELL THAT BULLSCHITT TO SOME SINGLE MOTHER IN THE HOOD WHO'S SUCKIN' OFF OLD MR. WILLIAMS DOWN THE BLOCK EVERY OTHER WEEK JUST SO SHE CAN BUY DIAPERS FOR HER BABY. TELL THAT TO ALL THESE POOR ASS PEOPLE LIVIN' WITH NO HEAT IN THEIR HOUSES THIS WINTER BECAUSE THE FUCKIN' GAS PRICES ARE SO COTDAMN HIGH. SAVE MONEY??? MUTHAFUCKAS OUT HERE JUST TRYNA SURVIVE. POWERBALL IS A SCAM BUT THESE PEOPLE HAVE MORE OF A CHANCE TO HIT THE LOTTERY THAN THEY HAVE TO BUILD ANY PERSONAL WEALTH BY SAVING. KISS MY FUCKIN' ASS, JAMES BARNASH.

    Those people are as few as the rich. Don't get it twisted; the US is still a middle class country.
  • bluesnagbluesnag 1,285 Posts
    check this poor guy out. can you imagine the agony?

    http://www.ifilm.com/ifilmdetail/2686287
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