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No debt or better your odds to win the lottery?
Posted on 10/24/18 at 7:57 am
Posted on 10/24/18 at 7:57 am
An obvious hypothetical being discussed on morning radio show. Would you rather take the option of getting all of your current debt wiped out guaranteed. Or have your odds of going to 1/10,000 to win 1.6B rather than 1/302 mil or whatever.
Which would you choose?
I'd go with the guarantee but they made good points about how you already have a plan to pay down that debt and you could go right back into debt shortly after. The odds are increasing by a large margin so its tempting.
Which would you choose?
I'd go with the guarantee but they made good points about how you already have a plan to pay down that debt and you could go right back into debt shortly after. The odds are increasing by a large margin so its tempting.
This post was edited on 10/24/18 at 7:59 am
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Posted on 10/24/18 at 7:59 am to IAmNERD
Debt. That would pay off my mortgage and small student loans and I’d feel rich.
Posted on 10/24/18 at 8:02 am to IAmNERD
Better lottery odds, take out the biggest loan i could get through legal and illegal means, then spend it all on tickets. If u buy 25,000 tickets at 1/10,000 odds you are most likely gonna wipe all debt plus never have to worry about going in it again.
Any other choice would be dumb
Any other choice would be dumb
Posted on 10/24/18 at 8:03 am to IAmNERD
quote:
Would you rather take the option of getting all of your current debt wiped out guaranteed.
Having my current debt wiped out would probably be the biggest stress reliever I've ever experienced.
Posted on 10/24/18 at 8:07 am to IAmNERD
quote:
No debt or better your odds to win the lottery?
No debt and it isn't even close. Even with reduced odds, you have a .0001% chance to win.
I know with my wife's student debt and our house note gone, we'd be saving an extra $18k a year.
ETA: Lol at the downvotes for taking a responsible financial approach to this question. Downvotes probably drooling over all the boats and four wheelers they could buy.
This post was edited on 10/24/18 at 9:55 am
Posted on 10/24/18 at 8:13 am to IAmNERD
1/10,000 are still total garbage odds. What kind of question is this
Posted on 10/24/18 at 8:16 am to IAmNERD
I don't need a lot of money to be happy, so I'd wipe the debt. I'd kill myself with a billion dollars.
Posted on 10/24/18 at 8:22 am to IAmNERD
No debt.
Posted on 10/24/18 at 8:25 am to IAmNERD
I have had zero debt for over 10 years.
No big deal.
Winning 1.6 billion dollars would be a big deal.
No big deal.
Winning 1.6 billion dollars would be a big deal.
This post was edited on 10/24/18 at 8:25 am
Posted on 10/24/18 at 8:25 am to IAmNERD
quote:
Would you rather take the option of getting all of your current debt wiped out guaranteed. Or have your odds of going to 1/10,000 to win 1.6B rather than 1/302 mil or whatever.
Would I be able to change my odds by buying more tickets? Obviously I could theoretically cover all possibilities out of 1/10K with just $20K in cash, then I'm guaranteed $1.6B, or at least my share of it if the pot is split.
If we're just talking a theoretical my odds go to 1/10K regardless of how many tickets I have bought, then I take the guaranteed debt wiped out. And I spend a shite-ton on my credit cards beforehand on all sorts of fun things. Then no mortgage, no car note, that would free up a lot of spending money.
Posted on 10/24/18 at 8:28 am to IAmNERD
Outside of my mortgage (which isn’t much), I have zero debt so I’d take the lottery.
Posted on 10/24/18 at 8:30 am to IAmNERD
Assuming mortgage is debt then anyone with a brain would take that option.
Posted on 10/24/18 at 8:30 am to IAmNERD
Stupid. I could literally get richer if I was debt free and had all that as disposable income...could buy up a few rentals and continue working my already good job.
So basically the question is would you rather win a half mil or increase odds on jackpot. I will take the half mil.
So basically the question is would you rather win a half mil or increase odds on jackpot. I will take the half mil.
Posted on 10/24/18 at 8:46 am to IAmNERD
This is why 90% of poor people are poor.
Posted on 10/24/18 at 9:00 am to LSUBFA83
I agree. I'm wiping out my debt. But they had a good point that probably about half the people would want the bigger house and go right back into debt within a year or two. Do y'all think that's true? I do. People just can't stand to not have the latest and greatest stuff.
Posted on 10/24/18 at 9:03 am to IAmNERD
quote:
But they had a good point that probably about half the people would want the bigger house and go right back into debt within a year or two. Do y'all think that's true? I do.
I've read/heard that most jackpot winners blow it all and end up back in debt. Not sure how reliable that is or the exact numbers, but it wouldn't surprise me.
Posted on 10/24/18 at 9:23 am to IAmNERD
Pick the guarantee 100 time out of 100.
Posted on 10/24/18 at 9:45 am to IAmNERD
Can I buy more than 10,000 lottery tickets? Or do I have 1 in 10,000 odds with 1 lottery ticket?
If every ticket you buy has a 1 in 10,000 chance at 1.6 Billion why would you not buy 10K or more lotto tickets?
If you only get 1 ticket with a 1 in 10,000 chance and actually have substantial debt why on earth would you take that chance?
The answer is blatantly obvious either way.
If every ticket you buy has a 1 in 10,000 chance at 1.6 Billion why would you not buy 10K or more lotto tickets?
If you only get 1 ticket with a 1 in 10,000 chance and actually have substantial debt why on earth would you take that chance?
The answer is blatantly obvious either way.
Posted on 10/24/18 at 10:21 am to IAmNERD
quote:
But they had a good point that probably about half the people would want the bigger house and go right back into debt within a year or two.
I would absolutely sell my house and put all the money into a larger house and have mortgage debt again.
However, the mortgage would be minuscule and it would be a "forever" type home instead of the "starter" home I'm in. I'd easily pay it off in a short time frame, especially with no student loans to worry about.
That is some serious equity I'd be getting from the debt wiping. Only an idiot wouldn't take that in my situation. I have 250k left on my mortgage
Posted on 10/24/18 at 10:25 am to IAmNERD
If my odds stay 1/10000 no matter how many tickets I get, I’m taking the guarantee. If each ticket has a 1/10000 chance I’m going with the lotto option
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