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What $1 Buys – $151 Million Dollars Mega Million Jackpot!!!

{ 29 comments }

151 million dollars mega million lotto jackpotWhat does $1 buy these days? How about a chance to win the $151 Million Dollar Mega Million Jackpot??

I went over to their website and checked what are the odds of winning the jackpot and here it is.

1 in 175,711,536!!!

That is a ridiculously small chance to win the jackpot! You have a better chance of being struck by lighting in the US ( 1 in 750,000).

So why do I spend that $1?

That $1 buys me a little dream time of how I can spend that $151 Million Dollars. If I win, I’m going to invest 90% of the jackpot and blow the 10%! I’m gonna buy that penthouse in my high rise condo. What the heck, I’ll buy the whole top floor! The market is still down so I’m sure I can get a deal. We’ll do a slow trip around the world in style and stop by all the places we always wanted to visit – Maldives, New Zealand, Bora Bora, Tahiti, Barbados, St. Martin, and more. Yes, I love love love beaches. Oh yeah, Angkor Wat and Lhasa too. After that?…

Anyway, I have noticed that my dream time has been shrinking. In college, we used to pool a buck each from everyone on our floor (dorm) and purchase some tickets when the jackpot was humongous. We would dream and talk about it for days and days, but now my dream time is about 15 minutes. Yes, reality sets in pretty quick and my experience tells me I won’t win. 🙁 It’s tough getting older and wiser. My entertainment value for the $1 is shrinking, I guess it’s experience inflation.

So do you buy lottery tickets? Do you buy it every week or just when the jackpot is big? I only spend $1 when the jackpot is over $100,000,000 and the biggest prize I’ve won was only $5…

Here is my updated money flow chart v2.0 – I added the $1 expenditure to the bottom corner…. Thanks Big Cajun Man for the inspiration! 😀

retire at by 40 flow chart

 

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{ 29 comments… add one }
  • Moneycone March 11, 2011, 4:43 am

    Not much of a lottery person, but have to admit, those big numbers are enticing!

  • Sustainable PF March 11, 2011, 5:48 am

    I have to admit that we play the lottery weekly. And the lottery up here is rarely over $50 million. I know we shouldn’t – that the chances to win are minuscule. The dream of winning however is a powerful albeit unrealistic one.

    • retirebyforty March 11, 2011, 8:17 am

      I only play once in a while since I never win… I guess the prize shouldn’t matter that much. I mean 5 million or 150 million, it’ll still be a huge change in the winner’s life.

  • Kevin @ Thousandaire.com March 11, 2011, 6:22 am

    It could be a bagillion dollars, I know I’m not going to win so I don’t play. I have, on occasion, bought a ticket to play the “what if” game, which was fun. However, that’s only good about once every few years for me.

    • retirebyforty March 11, 2011, 8:17 am

      heheh, I only buy maybe once a year. A lot of time, I want to buy one, but I just don’t make it into the grocery store by the drawing time.

  • krantcents March 11, 2011, 11:20 am

    In California, it has been around since the 80s. I think I have played it maybe a dozen times for a buck. I am pretty sure I am not even.. Everything has to line up for me to take a chance. The prize must be over a $100 million, I have to have a $1 to waste and I have to be near a place I can buy it. If not, I don’t bother.

  • Afford-Anything.com March 11, 2011, 2:21 pm

    Wow, I love that chart!

    My boyfriend always says the lottery is a “tax on people who are bad at math.” I think he heard that somewhere, but I don’t know who originally said it.

    I admit that I DO play the odds once a year — my former high school sells raffle tickets, at $50 per ticket, and they sell a limit of 2,500 tickets. So you have a 1 in 2,500 chance of winning.

    Winner gets $15,000. Nine runners-up get $100. The money benefits the school.

    I figure if I don’t buy lottery tickets 52 weeks per year, I have an extra $50 to try my hand at the $15,000 jackpot … or at least support a local high school.

    • retirebyforty March 12, 2011, 6:22 pm

      Yeah, it is tax on people who are bad at math, but if you don’t play, you won’t win. 🙂
      Your high school raffle sounds like a good deal though. win win for everyone.

  • sandy @ yesiamcheap March 11, 2011, 2:36 pm

    When it’s above $100 million it catches my eye. Then I forget to play unless i read a post like this about someone else playing. Thanks for the reminder!

  • Crystal March 11, 2011, 9:15 pm

    Whenever I really hate my job, I buy a ticket – I call it my $1 piece of hope…

  • Jessica07 March 12, 2011, 5:57 am

    I only buy the little scratch tickets. You can’t gain as much, but your odds are better. So far, my husband and I are $80 up, so to us it seems as though those odds are a little better than that. We only a lot so much money per year on the cards, and we only buy them when we plan on watching a movie. I guess they’re our popcorn replacement.

    I know buying lotto tickets flows against the odds, but how else can you have fun while giving your state a boost, yet not have to get pick a party to do so? 🙂

    • retirebyforty March 12, 2011, 6:24 pm

      Wow, that’s pretty good. I am way down on the lotto since I’ve never won anything big. I think I won 5 bucks once.

  • youngandthrifty March 12, 2011, 10:47 am

    Lol LOVE the updated flow chart.

    I don’t partake in the lottery, but I used to be addicted to buying those scratch and win cards (I think I even bought them before I turned the legal age of buying lottery tickets!).

    The thrill of winning $2-5 off my $2 card was just too much for me. 🙂

    • retirebyforty March 12, 2011, 6:25 pm

      thanks! 😉
      I never got into those scratch cards, thanks goodness.

  • Darwin's Money March 12, 2011, 12:58 pm

    I don’t participate at all because I believe winning that kind of money would ruin our lives. Friends, family, relationships – all shot. They all want your money and they’re jealous. I’ve read about winner after winner and they’re generally miserable. Something to think about…

    • Jessica07 March 12, 2011, 2:30 pm

      I never thought about it from that angle. What an intiguing viewpoint.

    • retirebyforty March 12, 2011, 6:25 pm

      No way! I won’t tell anyone, heh heh.

  • eemusings March 12, 2011, 3:52 pm

    I’ve played maybe 5 times, but only for mystery shops – company paid for the tickets plus a fee. I can tell you though you can’t get a lotto ticket for $1 in NZ! Try $8-15. Yowch.

    • retirebyforty March 12, 2011, 6:21 pm

      $8-15? That’s crazy! I love NZ, people are so relaxed. 🙂

  • Money Reasons March 12, 2011, 5:19 pm

    We use to do the same at work. We would pull our money and we would take turns buying the lottery tickets.

    Here’s a different spin on the odds. When a person is conceived, they typically have a 1/250,000,000 chance of being the person that they are. So I guess anything is possible. Shoot, I remember reading a story about a woman that won it twice!!! For some reason, knowing that she won it twice makes me a little upset, and the kicker is that I don’t play the lottery… 🙂

    • retirebyforty March 12, 2011, 6:26 pm

      I read about someone who kept winning the lotto too. Crazy! 😀

  • Buck Inspire March 12, 2011, 10:08 pm

    Interesting point about the dream time as we get older is shrinking… With that realization, can we try to extend dream time or accept it for what it is?

    I play every once in awhile. The one buck is entertainment and dream time for me, too. Haven’t play for awhile. Besides, aren’t our blogs our lottery tickets anyway? 🙂

  • 101 Centavos March 13, 2011, 8:11 am

    I have a friend that tosses the $1 into a special box every time he even thinks about buying a lottery ticket. When the kitty reaches 40 or 50 bucks, he takes his wife out to dinner, or buys her a present.

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