Someone pls explain this logic to me (17k reps)

[SaviorSelfJT]

About the lottery. Some people claim buying lottery tickets is worth the money, not because of the financial expected return, but because of a supposed entertainment value of imagining you won. And for this reason, it's justifiable that poor people spend 9% of their income on lottery tickets: https://consumerist.com/2010/05/26/p...ttery-tickets/

This almost makes sense to me. But if the consumer realized just how improbable the odds are, and they still get a thrill when purchasing a ticket, they should be able to get the same thrill by doing other things that don't cost money:
1. The odds of becoming a multi-millionaire by simply taking a jog around the block is greater than the odds by winning the lottery (you might get struck by a car thus winning a huge settlement)
2. I'm sure you can think of lots of other examples

What thinks you, misc?

[Bosko]

They don't issue logic to you if your IQ is 65

Another fun filled fact



The survey indicated that winning the lottery is the only plan that many Americans have for retirement. Eighteen percent are basing their retirement plans on hopes they will win the lottery, including 26 percent millennials, 19 percent Gen Xers and 13 percent baby boomers, according to the survey.

[IronFeta]

Buying lottery tickets to get rich is cope. Better off yoloing on Tesla or Bitcoin.

And people who say that they buy it for "entertainment reasons" are coping their cope.

[SaviorSelfJT]

Eighteen percent are basing their retirement plans on hopes they will win the lottery, including 26 percent millennials, 19 percent Gen Xers and 13 percent baby boomers, according to the survey.

That might be even more damning than the 9% of income figure. Cause that implies that they are doing it for financial reasons, not entertainment reasons

[Bosko]

I read a stat one time in the late 80"s, in depressed southern states the figure was as high as 87%

[AIphaAsFuark]

have bought a loterry ticket once, spent all week thinking of all the chit i could do if i was a millionaire.

was hugely disappointed when i lost lmao

never been back

[jtaylor2010]

Mind=blown at the stats of spending by poor people, but I don’t think people who say they do it to imagine what they’d do with their winnings are saying that means it’s justified that poor people spend so much on it. You’re just tying those two together for no real reason. That being said, it’s dumb to claim you only buy it to daydream about winning. You can imagine being rich for free. They’re buying a ticket because they’re trying to win. Yes, I occasionally buy a ticket and yes I realize it’s almost a certainty that I won’t win any meaningful money. I was surprised that 5 people became millionaires after Tuesday’s drawing though(and yes that’s just because of how many more people purchased tickets for that drawing). Still, there’s plenty of other dumb sh!t that people spend money on so I don’t see $3 for a lottery ticket as automatically worse than other investments. And actually, if anyone is spending money on something that’s bad for them then I’d say buying a lottery ticket is better.

[QuickShotSteve]

poor people are stupid. Say you spend $10 per week on lotto, thats $520 per year. Say they make $25k per year.

Thats 2.08% of their income.

So for 9% at $25k, would be spending : $2250 per year on lotto : Or ~$43 per week. They also probably spend $20-40 on cigarettes & natty light.

[trs5]

I sometimes buy a lottery ticket, for a draw that is maybe a week or two away. I then have something to daydream about when I just need a break from whatever I am doing - the National Lottery in the UK is a charitable fund, so the money will end up achieving something good, and I can imagine what I would do with the money.

It is not exactly my long term financial plan though. It is more of a £2 expense once every month or two that give me a little excitement for a few days/a week, even if the chance of winning is practically zero.

[Anachron]

I thought another name for the lottery was "tax on stupid".

[SaviorSelfJT]

Mind=blown at the stats of spending by poor people, but I don’t think people who say they do it to imagine what they’d do with their winnings are saying that means it’s justified that poor people spend so much on it. You’re just tying those two together for no real reason.

Go on Reddit and you’ll see that opinion everywhere lottery tickets are brought up.
The hive mind there is basically that poor people are victims, no fault of their own, and everything they do is rational and for a good reason. Including buying lotto tickets.

I need to get off of that chitty damned website (srs)

[Kiop]

hope
and easy gain
mentality, look into
a documentary of lotto
winners and its dangers