My husband seems to be really obsessed with the Mega Millions Lottery and talks about "when we win" this and "when we win" that. You and I both know my husband and I are never going to win. He buys one ticket every week. I don't want to waste money on something that isn't going to work out in our favor. Should I let him have his fantasy or tell him to get real??
2006-09-20 03:13:00 · 11 answers · asked by Anonymous in Family & Relationships ➔ Family
Depending on the rules of the contest, your husband is probably most likely to benefit from saving the money. Most contests are designed to work in favor of the person holding the contest (and not you)
Suppose your husband is buying a lottery ticket instead of investing the same amount of money some type of investment account that makes 6% APR. Then buying a
$1 ticket once per week he will most likely
lose $52 instead of having $53.62 after one year
lose $260 instead of having $303.36 after five years
lose $520 instead of having $712.78 after ten years
lose $2,080 instead of having $8,683.55 after forty years
$5 ticket once per week he will most likely
lose $260 instead of having $268.11 after one year
lose $1,300 instead of having $1,516.79 after five years
lose $2,600 instead of having $3,563.89 after ten years
lose $10,400 instead of having $43,417.16 after forty years
If the lottery is a "Pick 5" with balls numbered 1-30, his odds of winning each time are 1 in 142,506. So the probability of winning at all is
.03% after one year
.1% after five years
.36% after ten years
1.4% after forty years
So after thirty years, his "expected winnings" from the lottery ($1 ticket with a prize of $250,000) would be $1,146.95, but his savings would be $4,375.97.
2006-09-21 07:41:23 · answer #1 · answered by Chris H 1 · 1⤊ 1⤋
I think letting him has his fantasy is ok; as long as this "fantasy" doesn't become a problem. I also play the lottery, I don't play it once a week; however, if the jackpot gets pretty high, I like to buy a ticket and fantasize about the cool stuff I am going to buy and how the money would change my like (hopefully for the better).
Should you let him play? Sure...let him have fun with it. If its only one $1 ticket a week, its only $52 a year; just make sure it doesn't turn into something like $5000 a year.
2006-09-20 10:16:07 · answer #2 · answered by flyboop_2000 3 · 2⤊ 0⤋
My wife is saying the same about me.
Obession is only bad if he spends more & more & more.
Me: I do a max of $10 on 'stupid spending' which includes lottery ticket buying.. every week.
I do the same, we have actually already planned out what we would do with whatever we end up winning...
Btw, thats something that all people should do anyway.
Waiting till the actual win to discuss 'what to do if I win' is not smart.
Let him have fun as long as it doesnt grow into a 'real' problem.
2006-09-21 14:01:25 · answer #3 · answered by pcreamer2000 5 · 1⤊ 0⤋
One ticket a week is not an obsession. Let him dream. Dreams do come true. One ticket one $163 million in GA this past week. You can only win if you buy a ticket and it only takes one ticket to win. Who knows, you may be next.
2006-09-20 10:21:20 · answer #4 · answered by deep5223 4 · 1⤊ 0⤋
My husband buys 2 tickets every week. One on Wednesday and one on Saturday, religiously. Every now and then, he'll win $50 or $75. It's okay to daydream a little. But the one rule that we have in our house, is that as long as the bills are paid... your money is yours to spend freely!
2006-09-20 10:19:22 · answer #5 · answered by rellimztik_arual 3 · 1⤊ 0⤋
I think it depends on how much money you have and how much this is buggin you. If you absolutely need the money he is spending then talk to him about it - if it is really really bugging you - talk to him about it. But if not, let him have his fun as long as losing every week isn't devastating him . I personally agree with the philosopher who said that the lottery is a tax on idiots but if my boyfriend wants to play once in a while..whatever
2006-09-20 10:20:40 · answer #6 · answered by SunnySmile83 4 · 1⤊ 0⤋
I cant see that one ticket per week is a major issue - let him dream and be thankful his obsession isnt with the pokies
2006-09-20 10:16:59 · answer #7 · answered by ♥Kazz♥ 6 · 1⤊ 0⤋
One ticket a week isn't going to break your bank is it???? Everyone needs to have dreams and you never know, he might just win.
2006-09-20 10:31:22 · answer #8 · answered by Linda 3 · 1⤊ 0⤋
It's only a dollar a week.. let him have his fantasy.. As long as it's not interfering with your paying bills ..
2006-09-20 10:28:25 · answer #9 · answered by Tracy 4 · 1⤊ 0⤋
As long as he's not spending a lot of money on it, let him dream. Everyone has to have dreams.
2006-09-20 10:14:52 · answer #10 · answered by ♥dream_angel♥ 6 · 1⤊ 0⤋