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-   -   Poor people spend 9% of income on lottery tickets (https://gfy.com/showthread.php?t=1063002)

Minte 03-31-2012 04:56 AM

Poor people spend 9% of income on lottery tickets
 
It's a good thing they can't buy them with food stamps.

http://www.dailyfinance.com/2010/05/...ets-heres-why/

brentbacardi 03-31-2012 05:08 AM

It ain't the rich keeping these people down... :2 cents:

rowan 03-31-2012 05:10 AM

Watch all of the "every now and then" people rush out to buy a ticket when there's an occasional big payoff. They don't realise that since everyone else is doing the same (impulse buy because of the big jackpot), the effective average payout is actually lower than if they'd just bought during a normal week.

TheSquealer 03-31-2012 05:12 AM

I'm confused. You mean playing the lottery, renting 24" spinners for my 94' chevy caprice, having cool cell phones, designer jeans and buying gold grills for my teeth isn't going to make me rich?

That just makes no sense.

I thought poor people were just "disadvantaged". I had no idea they actually make retarded choices and behaved irresponsibly.

TheSquealer 03-31-2012 05:14 AM

Quote:

Originally Posted by rowan (Post 18854688)
Watch all of the "every now and then" people rush out to buy a ticket when there's an occasional big payoff. They don't realise that since everyone else is doing the same (impulse buy because of the big jackpot), the effective average payout is actually lower than if they'd just bought during a normal week.

Ah, you're right. Good to have a system when challenging 1:200,000,000 odds.

:1orglaugh:1orglaugh:1orglaugh

Minte 03-31-2012 05:24 AM

I am sure some of our liberal friends here will chime in soon and sort this all out for us.

TheSquealer 03-31-2012 05:37 AM

Quote:

Originally Posted by Minte (Post 18854694)
I am sure some of our liberal friends here will chime in soon and sort this all out for us.

It's becoming a sore point for me. Not the general stupidity of such methods of taxing the poorest people into homeless shelters to pay for state programs while they blame rich people for everything - i've actually always found that to be a little amusing.

What annoys me is that I can't get gas and walk in and buy a bottle of water because it feels like 10 idiots are always in front of me trying to buy lottery tickets and of course, no brilliant decision like that can be made quickly... so many pretty colors to choose from.

Barefootsies 03-31-2012 05:39 AM

I do not understand.

Are you saying that 99% of GFY is playing the lotto religiously?

:helpme

Dead 03-31-2012 05:42 AM

Quote:

Originally Posted by Minte (Post 18854678)
It's a good thing they can't buy them with food stamps.

http://www.dailyfinance.com/2010/05/...ets-heres-why/

Sure they can! The black market takes all kinds of payments.

Shotsie 03-31-2012 05:59 AM

Quote:

Originally Posted by Dead (Post 18854703)
Sure they can! The black market takes all kinds of payments.

I know a lot of those corner stores in the ghetto will cash out people's electronic benefit cards for them for a percentage. I'm not exactly sure how they work it since it's illegal, but say you get $500.00 a month for food on your card, you take it to the store and they'll give you, like, $400.00 cash on the spot and keep the other hundred.

Buff 03-31-2012 06:03 AM

The vast majority of the poor in the United States are poor because they have high time preferences (http://en.wikipedia.org/wiki/Time_preference) and low IQs.

Buff 03-31-2012 06:08 AM

Quote:

Originally Posted by TheSquealer (Post 18854699)
It's becoming a sore point for me. Not the general stupidity of such methods of taxing the poorest people into homeless shelters to pay for state programs while they blame rich people for everything - i've actually always found that to be a little amusing.

What annoys me is that I can't get gas and walk in and buy a bottle of water because it feels like 10 idiots are always in front of me trying to buy lottery tickets and of course, no brilliant decision like that can be made quickly... so many pretty colors to choose from.

What he said

L-Pink 03-31-2012 06:17 AM

Buying lotto tickets is my plan for funding my retirement. Plus while I'm there I can buy my daily 18 pack of Coors light. Gotta have a plan and stick with it.

.

u-Bob 03-31-2012 06:28 AM

the only way to make money using a lottery is by running your own lottery.

CDSmith 03-31-2012 06:28 AM

I heard the big lotto in the US is up to a $500 mill jackpot.

Will someone buy me a ticket?

Shotsie 03-31-2012 06:36 AM

Quote:

Originally Posted by u-Bob (Post 18854739)
the only way to make money using a lottery is by running your own lottery.

I play the pick three all the time, I've actually won a couple grand on it over the years. I hit twice in one week one time for a total of $607.00.


Quote:

Originally Posted by CDSmith (Post 18854740)
I heard the big lotto in the US is up to a $500 mill jackpot.

Will someone buy me a ticket?

I think there were three winning tickets sold yesterday. They're still waiting for the people to come forward. Of course at least one of them will be some 85 year old with one foot in the grave.

Freaky_Akula 03-31-2012 06:38 AM

There is a reason they call lotteries a tax on stupidity.

u-Bob 03-31-2012 06:52 AM

any good lottery affiliate programs? :)

TheSquealer 03-31-2012 06:53 AM

Quote:

Originally Posted by Freaky_Akula (Post 18854748)
There is a reason they call lotteries a tax on stupidity.

That was a physicist that said something like "i think of lotteries as a tax on the mathematically challenged"

dallasnovelty 03-31-2012 08:08 AM

The lottery is the Redneck Retirement Fund

DamageX 03-31-2012 08:09 AM

Now just imagine if it ever occurred to them to actually save that 9%... Maybe some day they'd REALLY get out of the deep shit they're in.

suesheboy 03-31-2012 09:16 AM

Looking at study now...

suesheboy 03-31-2012 09:20 AM

How big was the study and the control groups. Not willing to PAY to see the answer.

source is 3 links deep.

shake 03-31-2012 09:25 AM

Quote:

Originally Posted by Buff (Post 18854718)
The vast majority of the poor in the United States are poor because they have high time preferences (http://en.wikipedia.org/wiki/Time_preference) and low IQs.

Very interesting, I haven't heard about "Time preference" before. I've long thought about that general concept, but it's nice to know the name for it :) thanks

DamianJ 03-31-2012 09:57 AM

Quote:

Originally Posted by Minte (Post 18854678)
It's a good thing they can't buy them with food stamps.

http://www.dailyfinance.com/2010/05/...ets-heres-why/

As I said in the week, Idiot Tax.

BareBacked 03-31-2012 10:13 AM

I have heard people call lottery tax a "Stupid People Tax"

If some spent 9% of their income I tend to agree with the statement lol

Spunky 03-31-2012 10:23 AM

People can still dream.somebody has to win it

Brent 3dSexCash 03-31-2012 10:33 AM

Quote:

Originally Posted by Buff (Post 18854718)
The vast majority of the poor in the United States are poor because they have high time preferences (http://en.wikipedia.org/wiki/Time_preference) and low IQs.

ooo, someone's been paying attention in their economics class. was this last week's chalk board lesson? would you care to elaborate with Laffer curves and indifference curves? let's meet for a beer and discuss the income effect and substitution effect.

do you prefer macro or micro? i'm more of a socioeconomic guy myself.

:1orglaugh:1orglaugh:1orglaugh

Yngwie 03-31-2012 11:29 AM

Quote:

Originally Posted by BareBacked (Post 18854909)
I have heard people call lottery tax a "Stupid People Tax"

If some spent 9% of their income I tend to agree with the statement lol


Good thing in Canada is whatever you win on the lotto is not taxed so that saying doesn't work here. Of course, if I would win I'd be paying taxes on everything that I bought, but I would not get taxed a penny on the actual winnings. A couple years back I was 1 # off from winning $12 000 000 on one of the lotteries in Canada. Won like $1909 by matching 6 of the 7 #'s. Had I won the $12 000 000 I would have gotten the full $12 million. I don't play the lottery very much though. Maybe 2 times per year IF that.

Cherry7 03-31-2012 11:31 AM

People are not stupid, they know the system is rigged against them, they get the worse jobs, the worse schools etc, the chances of escaping poverty are slim...social mobility is falling not increasing...

For a few dollars they buy a little hope, a chance, that they could be a winner....

woj 03-31-2012 12:29 PM

Quote:

Originally Posted by Cherry7 (Post 18855033)
People are not stupid, they know the system is rigged against them, they get the worse jobs, the worse schools etc, the chances of escaping poverty are slim...social mobility is falling not increasing...

For a few dollars they buy a little hope, a chance, that they could be a winner....

"hope" won't improve their condition, the $645/year that they piss away could though, with that they could very easily take a few courses at a community college, learn some skills, and actually have some chance of escaping the poverty they are in...:2 cents:

WarChild 03-31-2012 12:58 PM

Quote:

Originally Posted by Yngwie (Post 18855030)
Good thing in Canada is whatever you win on the lotto is not taxed so that saying doesn't work here. Of course, if I would win I'd be paying taxes on everything that I bought, but I would not get taxed a penny on the actual winnings. A couple years back I was 1 # off from winning $12 000 000 on one of the lotteries in Canada. Won like $1909 by matching 6 of the 7 #'s. Had I won the $12 000 000 I would have gotten the full $12 million. I don't play the lottery very much though. Maybe 2 times per year IF that.

You might want to read the thread again and then consider how silly your post is. :1orglaugh

DamageX 03-31-2012 01:00 PM

Quote:

Originally Posted by Cherry7 (Post 18855033)
People are not stupid

Statistics would disagree with you.

kronic 03-31-2012 01:16 PM

Quote:

Originally Posted by Yngwie (Post 18855030)
Good thing in Canada is whatever you win on the lotto is not taxed so that saying doesn't work here. Of course, if I would win I'd be paying taxes on everything that I bought, but I would not get taxed a penny on the actual winnings.

The saying works just fine in Canada. It's not a "Lottery" tax. It's a "Stupid people tax". You're mixing up the two. You don't pay money on the lottery, but you're handing over the money to government for no good reason...hence a "Stupid people tax".

On that note, it's always humbling to visit these GFY threads. I continuously forget that I'm in the presence of such wealth, greatness and intelligence. If only the world knew that a great many of the "1%" posted on GFY, this place would be flooded, not with surfers looking for free porn, but with the poorest of the poor seeking to learn from you all.

DBS.US 03-31-2012 01:16 PM

Lotto is a great deal for the poor, $1 buys they some hope and dreams for a few days.:2 cents:

raymor 03-31-2012 01:24 PM

Quote:

Originally Posted by Buff (Post 18854718)
The vast majority of the poor in the United States are poor because they have high time preferences (http://en.wikipedia.org/wiki/Time_preference) and low IQs.

I've swen many examples of that. I suspect time preference has even more to do with it than IQ. My dad grew up in a tent worj a dirt floor, an extreme example of "disadvantaged". He worked sixty hours per week to go to college in order to have a better life years later. He kept working like yhat, eyes always on the future, after college and ended up flying around on corporate jets.

The investment of work my dad made put me in "privileged" class. I was more interested in having fun in the moment. I figured the future would take care of itself. I ended up living under a tarp myself.

wehateporn 03-31-2012 01:25 PM

It's a voluntary tax, I'm very grateful to those who choose to pay for the so-called "Good Causes"


u-Bob 03-31-2012 03:29 PM

Quote:

Originally Posted by Buff (Post 18854718)
...high time preferences ...

If you are interested in reading some good stuff on time preference, I recommend the first chapter of Hans-Herman Hoppe's book on democracy. He talks about time preference and the process of civilization and decivilization.

WarChild 03-31-2012 03:33 PM

Today I bought a raffle ticket for $20 that goes to support Bermuda dance organizations for youths. I look at it just as a donation.

mineistaken 03-31-2012 04:47 PM

645$ year is 53$ a month on tickets. Sounds too much when we sepak about average. Lots of them spend 0$, lots of them spend 2-4$ a month. To maintant 53$ month average lots and lots should spend 100+ a month.. Does not sound real.


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