Don't buy lottery tickets, whatever you do! : r/povertyfinance

17 votes, 15 comments. 2M subscribers in the povertyfinance community. Financial advice, frugality tips, stories, opportunities, and general guidance…

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Lottery Tickets Are Costing The Poor Serious Money. : R ... - Reddit

2 weeks from now

Let's assume that instead of buying lottery tickets, you invest the money in a retirement account. Anyone who reports income on their taxes is eligible to put up to $6,500 in a Roth or regular …

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I Am A Statistician And I Buy Lottery Tickets : R/math - Reddit

2 weeks from now

Buy 1 ticket: You always lose the dollar, but .01% of the time you're gonna get $1000. So thats -1 + .0001 * 1000 = -0.9 expected profit. Buy 2 tickets: You always lose the two dollars, but .02% …

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The Lottery Is Not A Tax On People Who Can't Do Math. The ... - Reddit

2 weeks from now

I actually agree with your logic 100% and semi-regularly buy 1 lottery ticket (but never multiple), but it is no less rational buying 2 than 1 mathematically. Like you say though I agree: If you …

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FAQs about Don't buy lottery tickets, whatever you do! : r/povertyfinance Coupon?

Is it worth buying a lottery ticket?

If you want to choose to spend some money on the lottery for entertainment, and can afford to do so, so be it. If you are wondering if it will be "worth it" to buy a lottery ticket, the answer is a resounding no. I remember my tax law prof going on a tirade about how lottery tickets are a regressive tax on the poor. ...

Is buying lottery tickets a good investment?

Buying lottery tickets is a terrible financial decision. If you buy $10 in tickets, you can expect to get about half of that money back. You are buying a fun distraction for a few days, not an investment. ...

Should I buy a $5 lottery ticket if I have $100?

Buying a $5 lottery ticket when you have $100 in your bank account is a much different decision then buying a $5 ticket when you have $1M in your bank account. I always tend to reference an excellent blog post on the Kelly criterion when talking about lottery. Do Not Play the Lottery Unless You Are a Millionaire ...

Can I buy a lottery ticket with a credit card?

Buy lotto tickets every week with credit card, never had this happen. I wouldn’t think a Lottery Ticket would be distinguished in a Point Of Sale purchase at a 7-11 or wherever. Simply the final amount you paid for whatever purchase is all they need to know. I checked my visa statement quickly after reading this. ...

Should I play lottery as an investment?

So never play lottery as an investment, that would be extremely stupid, but go ahead, reasonably, if it entertains you or if you feel like you don't pay enough taxes. Treat it like throwing money into the wind - you're playing for the fun and not for the jackpot. You have a better chance at making it big by investing in a random penny stock. ...

Should you spend $5 on lottery tickets?

If spending $5 from your entertainment budget on an occassional lottery tickets gives you the joy of daydreaming, then that's fine, that is what you are buying (the daydream). Separately you need a realistic retirement plan. ...