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$500 million
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30 / F / where all my drea...
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Posted 11/27/12 , edited 11/27/12
What would you do with $500 million dollars? The Jackpot is at $500 million for the lottery right now, what would you do if you won that much money?



http://finance.yahoo.com/news/millions-chase-record-500m-powerball-175725660.html

Millions chase record $500M Powerball jackpot

Eight months after a trio of ticket buyers split a $656 million Mega Millions jackpot to set a world lottery record, Powerball is offering up a prize that would be the second highest.

The $500 million jackpot, the largest in Powerball's history, represents a potential life-changing fortune. But before shelling out $2 for a ticket, here are some things to consider:

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A GOOD BET: SOMEONE WILL WIN

It's the gambler's mantra: Somebody's gotta win, so why not me?

The first part is true; somebody will win the Powerball jackpot.

Chuck Strutt, executive director of Multi-State Lottery Association, predicts there's about a 60 percent chance it'll happen Wednesday — maybe better if there's a flurry of last-minute ticket purchasers picking unique numbers.

The jackpot already has defied long odds by rolling over 16 consecutive times without anyone hitting the big prize, which now stands at $500 million ($327 million cash value). Strutt puts the odds at around 5 percent there would be no winner in the entire run through Wednesday.

As the drought increases, so too will the chances of it ending on the next draw, because ticket sales spike with a growing jackpot.

Someone will win. Eventually.

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A BAD BET: IT'LL BE YOU

It's true to say that you have a better chance of being struck by lightning than winning the Powerball. But that woefully understates the danger of lightning.

Tim Norfolk, a University of Akron mathematics professor who teaches a course on gambling, puts the odds of a lightning strike in a person's lifetime at 1 in 5,000. The odds of winning the Powerball jackpot: 1 in 175 million.

While weather is the go-to analogy for such astronomical odds, Norfolk suggests there are better ones.

For example, you'd have a slightly better chance of randomly picking the name of one specific female in the United States: 1 in 157 million, according to the latest census.

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VICTORY LOVES COMPANY

Should you win the jackpot, there's a good chance you'll have to share — and not just with family, friends and Uncle Sam.

The odds of someone winning increase as the ticket sales do. So, too, do the odds of duplicate tickets, especially for people who choose their own numbers rather than letting the computers pick.

Prefer the lucky numbers of seven or 11? You're not alone. How about a loved one's birthday? It's 31 or lower — digits more frequently duplicated than 32 and up. (There are 59 white balls and 35 red balls in the draw).

Norfolk predicts that if there is a winner, there will be multiple ones because mathematical theory shows that numbers have a way of clustering, even at much smaller sample sizes.

If you take 23 random people, there's about a 50-50 chance that at least two will have the same birthday, Norfolk said. Throw choice into the equation — about 20 percent of players typically select their own numbers — and the clusters could be even more defined.

That played out in March, when three tickets from Kansas, Maryland and Illinois split the world-record $656 million Mega Millions jackpot.

A single ticket holds Powerball's current record of $365 million in 2006, shared by several ConAgra Foods Workers in Lincoln, Neb.

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FEELING LUCKY IN A BAD ECONOMY

Gambling experts say a majority of Americans will play some lottery game at least once in a given year.

Clyde Barrow, director of the Center for Policy Analysis at UMass-Dartmouth, says addicted gamblers are less likely to turn to massive jackpot ticket games like Powerball than scratch-off games.

"Scratch-off players are looking for instant gratification and an instant win," Barrow said. "A lot of those people don't like playing lotto because you have to wait. You have to sit on it for a few days."

While it may seem counterintuitive, Barrow says gambling activity often increases as the economy gets worse and people have less disposable income. However, his research — which focused mainly on New England — found the trend reversed in the latest downturn.

"The Great Recession has been so deep and so long, it's suppressed any kind of discretionary spending across the board," said Barrow, who added about the same percentage of people are playing the lottery — they're just buying fewer tickets.

Strutt, Powerball's executive director, said sales largely stayed flat during the peak of the recession in 2008 and 2009, but picked up since.

"Our biggest factor is gas prices," he said. "If people go to a gas station and put 80 bucks of gas in their car, they're not feeling happy to buy a lottery ticket."

___

RIG-PROOF LOTTERY?

It's conceivable you could win Wednesday night's drawing, just not the right one.

In addition to the official one televised nationally from Tallahassee, Fla., there are four practice runs. The reason, Strutt says, is to make sure the machines are running properly and the numbers are being distributed properly.

The balls used in the game are regularly measured, weighed and X-rayed. Then they're locked up in a room that's under 24/7 surveillance. Only the organizers and their auditors have a key.

___

IS IT A GOOD INVESTMENT?

You already know the answer to that. Yet people play anyway.

Strutt is estimating that there will be $214 million in sales for Wednesday's drawing (up from $140 million from Saturday's drawing).

Half the proceeds go to the prize pool — about a third of that to the big jackpot, with the rest to lower ones, including a new $1 million second prize. The other half goes to the lottery operations in the 42 states plus Washington, D.C., and the Virgin Islands where Powerball is played. This funds charitable efforts such as education, in addition to paying for overhead and compensating winning stores.

Barrow says it's no secret that it's not a prudent investment to regularly buy lottery tickets, but he contends it's a little more defensible as the amount skyrockets.

If the jackpot amount approached $600 million, and if you had the means to buy enough tickets until you won, AND if you could guarantee you wouldn't have to share with anyone, then it might be a wise investment, he said.

That's a lot of ifs, Barrow acknowledges. Still, he says he'll likely join the throngs of ticket buyers.

"For two bucks, it's worth a chance," he said. "What else am I going to do with that $2? I'll just waste it on something else."
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32 / M
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Posted 11/27/12
two girls at the same time.
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28 / M
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Posted 11/27/12
Coffee.
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Posted 11/27/12
I'd become batman.
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26 / F / Seattle
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Posted 11/27/12
Build my dream house, then finance a movie or two
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25 / Behind you
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Posted 11/27/12
I'd donate $400,000,000 to SENS for the research of immortality. Then I'd live in absolute luxury and do the things I want to do in life until I am around 70 years old. Then If immortality is not around by then, I will cryogenically freeze myself until I can be immune to death by ways of aging.

Actually, I plan to do cryogenics anyways. Can't wait to see the distant future.
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26 / X / Rochester, NY
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Posted 11/27/12 , edited 11/27/12
Build a house (not a giant one, just one I can live in) , travel the world, continue firefighting.
I don't think I'd ever stop working per say, I just would never do another min-wage job that I hate ever again. I'd do things I ENJOYED doing only. New computer. And that's it.
Maybe upgrade my itasha into a super itasha :| lol

Oh and sharing shows caring.
There's some friends of mine who are really swell people and have a hard time in life financially (as do I)
I think I'd help them out a bit. In the least, help them kill off their college debts.
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28 / M / the Netherlands
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Posted 11/27/12 , edited 11/27/12
Cry because of wealth tax, interest on savings account.. IRS sure loves us Dutchies.
Besides that, I'd continue to live in a normal house but would definitely buy a new car (not 1 of those fancy expensive sports cars but a regular one) and that's about it. I don't have to live in a fancy house with a fancy pool etc to enjoy life :)

Money corrupts people. Stick with your principles and you'll do just fine :)

I once received an amount (personal reasons) and I spent it on a new PC (mine was pretty old so I was happy I could), a new (much needed) TV, gave a chunk to my dad so he could buy himself a camera, helped my brother out with expenses for his car, bought a new dishwasher (old one was near its end) and bought my mom a puppy. I don't really care about money. Aslong as I can pay my bills I'm happy ;)
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23 / M / The Midwest
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Posted 11/27/12 , edited 11/27/12
Throw money at crowds of people to incite riots.

Also new house, car, TV, computer, etc etc.

I'd also go over to the local community college where I used to go and just flaunt my wealth like a total asshole. I'd bring body guards for that though of course.

I'd also throw a bunch of money at my family under the circumstances that they could never contact me again because fuck them.

And then after being a massive douche to everyone I'd donate 95% of whatever I had left to charities and then go live in a quiet place where no one knew me.
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18 / M / Illinois
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Posted 11/27/12
Build the best computer a consumer can, then buy 2 more monitors so i can have triple monitors, then put the rest in savings.
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20 / M / Seattle
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Posted 11/27/12
Gummy Bears. B*t*h*s love gummy bears.
Posted 11/27/12
Smart investment mixed with splurging. I may or may not be able to help flaunting that wealth, but I'd remember that it came to me out of some sort of luck.
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23 / F / Sexual Chocolate
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Posted 11/27/12 , edited 11/27/12
Aside from buying a new house and paying off all my debts my life would be pretty much the same. I'd probably upgrade my electronics and maybe get myself a nice muscle car. Aside from that though i'd still go to work (I enjoy my job), i'd still hang out at the same bars, and i'd still be the same cheapskate who refuses to pay retail price for anything.
wwe
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30 / F / where all my drea...
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Posted 11/27/12
I would 1st help my family pay off all there bills so they wont have any more to pay off and there house as well. 2nd buy my dream place and car, 3rd travel the world and see new places, 4th save whats left of it and enjoy life
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21 / M / With Lucina
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Posted 11/27/12
I'd buy a whole bunch of video game and anime merchandise along with a bunch of other things, cars and a bigger house and all that personal and family stuff

I guess that'd only be around $2-3 million right there, I wouldn't really spend a lot at all

So put the rest in a bank and live off the interest lol
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