Lotto (and scratchies) are for losers

Discussion in 'Money Management & Banking' started by Gockie, 4th Jun, 2016.

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  1. Marg4000

    Marg4000 Well-Known Member

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    Well, that makes me a loser - but only in your opinion.
    Marg
     
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  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    I'm sure you understand winning lotto is nice to have, whereas other people are saying stuff like they'll be able to pay for surgery, pay bills etc... if you make your money by investing then winning lotto can be icing on the cake and you probably can afford whatever it costs to play because you already have the money. But many other people don't do the investing first...
     
  3. Bayview

    Bayview Well-Known Member

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    The best mindset to use for a Lotto win - a big one - is the same one used by the Rockerfeller family who set up their foundation - only use the interest, and preserve the capital.

    If every Lotto winner were to invest every cent of their winnings into cashflow producing assets, and only spend the interest, they would be set.
     
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  4. Sonamic

    Sonamic Well-Known Member

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    Each to their own.
    I buy a Lotto ticket every Saturday night. If that makes me a loser then so be it. I do it for kicks rather than banking my future on it and dreaming of how to "blow" the big one. Would a big win change my life? Sure. Would I stop going to work? No, but it would provide options, perhaps a change of professions. I don't smoke and it's on the very rare occasion that I drink, so a Lotto ticket habit won't kill me. :p

    Don't be so quick to judge. And remember, property can be a gamble too.
     
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  5. Bayview

    Bayview Well-Known Member

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    You don't have to defend yourself here, S.

    Everyone here is on the RIGHT page, but it certainly would help if you could pull off the big one.

    We have a system 7 every week....no guilt here.

    The diff between all of us here in the fishbowl, and yer average Joe in the street is; we are investing and having a dabble; the Joe is investing in gambling.
     
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  6. MTR

    MTR Well-Known Member

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    my husband buys lotto when he remembers to buy, biggest win 10k, ticket sitting in his pocket for weeks, pretty exciting at the time

    My g/friends son who is at Uni won $2.5m about 2 years ago now, was walking the dog and randomly purchased ticket.

    What did he do with the money. - still at Uni, he purchased his first house, purchased car for his mum, paid his Dad's mortgage (parents divorced)

    The rest is in managed funds



    MTR:)
     
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  7. Sonamic

    Sonamic Well-Known Member

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    Agreed.

    But this is not the first thread that I've stumbled across on PC where those amongst us who buy Lotto have been tarred as "losers" paying "idiot tax" with the same brush as average Joe. Even if we have successful investment property portfolios like the "winners" who don't buy lotto.
     
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  8. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Every living person has won the lottery of life.
    There are no winners or losers, it's just how one interprets another from their own developed views.
     
  9. LifesGood

    LifesGood Well-Known Member

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    I win all the time so I'd hardly classify myself as a loser. Sometimes my lotto payouts even hit the double figures.

    I figured it's more fun and much better value than ciggies and booze.
     
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  10. Gockie

    Gockie Life is good ☺️ Premium Member

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    Ok I'm boring, I have never smoked and hardly drink.
    Are you in positive territory on your lotto though?
     
  11. LifesGood

    LifesGood Well-Known Member

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    Positively addicted.
     
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  12. 2FAST4U

    2FAST4U Well-Known Member

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    Based on what? The 2008-2016 Sydney? Plenty of people bought houses in Adelaide's northern suburbs back in 2008 and the houses haven't grown at all. My aunty bought a nice house on a 700sqm block 17km from the CBD in 2009 and it's worth less now than what it was when she bought it....I'm sure there's plenty of people in Perth, Tasmania, and even Brisbane with similar stories.
     
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  13. Gockie

    Gockie Life is good ☺️ Premium Member

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    Sydney's been great for me and in the long term, Adelaide et al. will do well. Just need some patience. Of course some areas are just dogs...
     
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  14. Redwing

    Redwing Well-Known Member

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    This year I'm running the lotto for our work crew, $5 per week each and its fun checking how we're going, updating the spreadsheet and the team, FWIW we're up around an overall ROI of 129.6% YTD

    If the big one comes in, the Helicopters on stand-by ;)
     
  15. Gockie

    Gockie Life is good ☺️ Premium Member

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    Oh wow. Whenever I was ever in a lotto syndicate at work, we might make a small win but eventually all wins would get absorbed by a future entry.... Lots of money down the drain when you collectively add up all the contributions made by the syndicate members!
     
  16. jins13

    jins13 Well-Known Member

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    My hat's off to him. I am the same that winning lotto means giving it to my folks. I don't want to lose the hunger or the drive because of a leg up and besides my parents deserve to have a good break. Sometimes the best results are achieved when you are backed in a corner and need to produce something.
     
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  17. TMNT

    TMNT Well-Known Member

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    yes obviously, the ones who cant stop is not good

    I have a bit of an addictive personality, and when I was 19 I guess you could say I had a bit of a problem.
    I went out with a good friend and was at the pokies about 5 times per week, I was a student so didnt earn much, but never sold my own stuff, or did cash advances on my credit card,
    then there was a few trips to the casino and sports betting, which I never won, my biggest loss was $2k (a lot for a student) in a bender at the casinos bj table and $1k on a bet on a cricket match.

    I pretty much stopped after that,
    I probably go with different friends to teh pokies along with a drink and probably put in $5
    every now and again now, but thankfully I dont have a problem.....well I hope not
     
  18. Gockie

    Gockie Life is good ☺️ Premium Member

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    Soumds like you are over it... I wish you well TMNT.

    This was from about 10 years ago but I heard with the pokies that hoteliers would buy the licences/rights for the pokies and move the pokies from some parts of Sydney into others with higher demand (typically the lower SES areas)...
     
  19. Marg4000

    Marg4000 Well-Known Member

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    We put in a 10 week lotto entry then forget about it. Never check our numbers.

    The fun happens when we get the letter from lotto. We leave it sitting on the dining room table while we speculate what amount us inside. Could be a million.

    Never has been, (and most likely never will be) but you never know!

    All the fun went out of poker machines when Queensland legalised them.

    Before that it was a good day out to the pokie palaces across the border in Tweed Heads. They even ran buses there, $10 fare but you got a $5 poker chip voucher and a $5 food voucher. Mum had a friend on the Gold Coast, mum would get the pokie bus from Brisbane to Twin Towns. She would cash in the poker chip voucher, then mum and friend would have the cheap lunches, always got change from the $10 after both ate. Bus home after a lovely free day out, only cost the bus fare into the city and back to get the bus.
    Marg
     
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  20. Ed Barton

    Ed Barton Well-Known Member

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    You seem very anti wedding. I can't think of a better way to spend money than on a party.