Rule of thumb is the economic value of a ticket exceeds its price when the payout reaches roughly $200M for a $1 ticket and not quite double for a $2 ticket. I mention this because economists try to say this is how we should view these things and I disagree: I don’t see the value in a ticket as the calculated value if you take the numbers and divide them out to determine the amount allocable to each chance at each drawing. I see the value as residing mostly in the fantasy, in the entertainment created by the chance.
Are economists counting the possibilty of multiple winners?
I see this as entertainment value too…
I’ll buy a ticket for the next one if this one goes unwon. I could quit my moonlighting job and concentrate better on my primary job, which would be wonderful.
I rarely buy lottery tickets (the gas station guy jokes with me and asks if I need a new $1 bookmark, which is how I refer to them). But I’ve always said that the first thing I’d do is purchase new stairs for the homeless shelter where we make breakfast once a month - the staircase leans sideways and I’m always nervous when carrying hot food up to the women’s dining room. I’d also redo the entire kitchen there, which really needs replacing. I’d probably give all of it but a million or so to charities, since I’m used to living in borderline poverty and wouldn’t quit my job anyway.
For $2 I can fantasize longer, and with better writing, than most movies that cost much more than $2. I can make my own popcorn, drink inexpensive water, and there’s no obnoxious kid in front of me on his cell phone. Winning would be the gravy.
I buy tickets ( spent all of $4 ) when the jackpot is high. I figure it is the equivalent to buying a cup of coffee , which I don’t drink. Either way, I can afford to blow that once in awhile.
I fantasize about winning , but what I want is to owe nothing to anyone and pay off the debts of people close to me.
It would be nice to have enough to live comfortably without worrying about some things… I might buy a home closer to my family in Mass
The rest, I would probably give to various charities, anonymously
I tried to buy tix online, but maybe because I’m not in a Lotto state is wasn’t accepted???
mom2collegekids…I’m still trying to decide if this is really possible…or if…well, you know…there’s one born every minute.
Sorry everyone, we are going to win. I knew it when the NBC news said we were more likely to get bitten by a shark than win. I’m always positive I’m going to get bitten by a shark, so my odds must be pretty good for tonight 
Good thing I already filed FAFSA and Profile!
Bought three tickets. I have detailed plans for when I win. 
I’d buy CC and do a little housekeeping … :-*
There is no absolute way to determine the “value” of a ticket for a jackpot that isn’t necessarily going to be won and won by a set number of people. For example, if the odds are x% that the jackpot will be won and there are 2 winners, the value is different if x changes and/or if the number of winners changes. Think about it: if the odds are 100% that the jackpot is won and there will be 1 winner, then it’s simple division, but if you reduce the odds and/or increase the number of winners then it all changes. I’ve seen a casual estimate with about ¾ chance and 3 winners coming up to a little under $2. That kind of thing is why I said “rule of thumb”.
OK, I’ll play. Husband and I would split the money. He’d build his own state-of-the-art athletic club and have all our friends belong for free. He’d buy electric cars for his staff, give them all BIG raises, and buy a house for his top employee.
I’d do bunch of things to the house, buy an apartment in Paris and give lots of money to UC Berkeley to fund the nation’s biggest, most extensive study abroad program with lots and lots of money set aside for scholarships for all undergrads choosing non-English-speaking countries. I’d give everyone in my and DH’s husband $1 million to avoid envy. Pay off DD’s student loans.
And. Never. Fly. Coach. Again.
rats- back to work tomorrow
Well, yeah, quit the job and pay the debts. Get certain members of my family some freaking awesome health care. Get my immediate family things they’d love to do for the rest of their lives. Build a nice house. A residence and fund for DD.
Most would be left over. So endow something worthwhile where it’s likely to grow something. Feeding the hungry children is not on that list (sorry). Neither is funding a Google competitor. Too many investment projects look for immediate or short-range gains. Not happening. It took 50 years to make a significant dent in tobacco use. It would take that long to make improvements in education or anything else important. And you’d want pilot studies, first. (I.e., do exactly what the Common Core people did not do.) So maybe all I’d see in my lifetime is the completion of pilot studies. I could live with that.
Did not buy a ticket. Small sigh.
Pay off our house, get H a new car, ( as long as he gets rid of at least one of the ones that need constant repairs), pay off the Ds college loans, put some into retirement, and maybe take a honeymoon for our 34th anniversary.
And give both of our daughters and sons in law a nest egg.
Also fund Minis projects in Tamil Nadu & local arts projects for youth.
And have surgery on both my feet and my wrist.
On second though, we could remodel our garage so it actually had room for a car, H can take my car (it’s only 12 yrs old- his is 23) & I will get a Tesla.
:x
" And. Never. Fly. Coach. Again"
Okay, I can agree with that one! Though I still don’t know if I could stand to pay for it, or just count on upgrades. I guess once you’re cheap, sometimes you stay that way, even after 500 Million dollars. Or half that, because that’s all you’d end up with.
Wh-a-a-t? No one’s buying a Golden Ticket to the Ivy League (or other tippy top school)?
I’ve only bought one lottery ticket in my life, my brother bought it for me when I was 16, I won some money and he made me give him half since I wasn’t old enough to redeem. Hubby buys a few when it gets high.
I think it’s a tax on the poor, but I’m not so high and mighty I wouldn’t take the money if hubby won.
First thing you’d have to get a tax attorney and accountant and move to a more tax advantage state - before you claimed the ticket.
I’d probably just shut the doors to my business immediately or give it to a few employees if they wanted to give it a go.
I’d set up trusts for everyone in my family.
I’d go buy a private island in the Caribbean and never be seen from again. The key is to not be found out or you’ll meet relatives you never knew you had. I’d spend my days working on a charitable trust and managing the money so it lasts generations.
^ ^
How much money have some of you spent on lottery tickets in your lifetime?
Once I convinced every fellow employee in the office (including supervisors) to go in on two tickets each and we would share the Powerball prize of around 400 million. We had about 80 to 90 lottery tickets and almost every number was covered. So…we won a grand total of a few dollars and two free tickets!!
Zero