NBA Player drops 10K on MegaMillions

[Zebo]

All investments are gambles. This is just has lower odds. Much lower. As low as you can go, but not many investments can go from $10K to $500mil.

No they are not. Investments are not a zero sum game first of all like gambling. Investments also have a disproportionate payout in your favor or reasonably so froma safe US bond to riskier stocks compared to lotto which not only has horrendous odds the ppl only get paid 1:10-20th of what was invested by ppl. State takes the rest.

 

[Vic Vega]

...

 

[Zebo]

It's only 10k, he makes lots of money in the nba so it might sound like a lot of money to normal people. But this won't change how he lives at all, and hey his chances are 10k higher than someone who spent 1 buck. Plus for him will make it that much more exciting.

So did dennis rodman.

 

[Zebo]

Let me put it another way for those who think gambling and investing is the same thing.

First of all gambling is a zero sum game. Meaning nothing is being produced just money swapping hands mandates a rake to be taken for profit to the event holders.

When you gamble the state/casino is working against you and their rake is always in their favor.

When you invest the CEO is working for your to increase his stake as well. Whether that be you for your own company for Jensen at nV. They want to make you money because they get richer too.

 

[Childs]

No they are not. Investments are not a zero sum game first of all like gambling. Investments also have a disproportionate payout in your favor or reasonably so froma safe US bond to riskier stocks compared to lotto which not only has horrendous odds the ppl only get paid 1:10-20th of what was invested by ppl. State takes the rest.

The rate of return is not guaranteed when you invest in stocks or real-estate. Even bonds have a risk of default from the issuer. There is no risk free investment scheme. In its purest form, its a gamble.

 

[Xstatic1]

I predict another Dennis Rodman, flat broke, in his future with bets like that.

yup!

 

[alkemyst]

$10k is nothing on a bet leveraged for $600+ Million, if you are making a Million+ per year.

 

[DominionSeraph]

When you invest the CEO is working for your to increase his stake as well. Whether that be you for your own company for Jensen at nV. They want to make you money because they get richer too.

Unless you come upon someone like Mitt Romney who will use a bankruptcy loophole to steal that money for his inside investors (who then conveniently paid him millions.)

 

[Mr. Pedantic]

I don't see the problem. Just another basketball player with more money than sense. I thought that was what libertarians wanted? The freedom to be as stupid as you can?

 

[alkemyst]

I don't see the problem. Just another basketball player with more money than sense. I thought that was what libertarians wanted? The freedom to be as stupid as you can?

really bro, is he that stupid for this gamble as well as the promise he made?

One of the ones I did is was setting an income level where I'd give back.

I had a 10 year clusterfuck, but I made it late and I am sticking with it.

Most that hear my story say I have no 'common sense'...aka the poor's validation that they are somehow smarter.

A lot of money for my future and a bit of money for their's...and I feel happy doing it.

Yeah, my life could come crashing down again unexpectantly; but I am wiser and more prepared.

 

[AyashiKaibutsu]

It's an investment? lol. No......buying a house is an investment, or buying stocks in a company. The lottery is A GAME YOU DUMBASS. He plays one all the time, does he not realize what a game is?

If it has positive EV it's totally an investment (not that lottery does).

 

[Sureshot324]

This guy is clearly part of the 70% of NBA players that will go broke a few years after retirement.

 

[Nintendesert]

If he's serious about wasting that much money on the lotto, I can go on happy knowing he's going to wind up like Allen Iverson.

 

[fatpat268]

It's only 10k, he makes lots of money in the nba so it might sound like a lot of money to normal people. But this won't change how he lives at all, and hey his chances are 10k higher than someone who spent 1 buck. Plus for him will make it that much more exciting.

Who cares? It's just stupidity either way, and he'll likely go broke after he's done playing because of stupid spending like that.

Too many sports stars who come into millions of dollars buy many sports cars, mansions, and then give a little money to their entire entourage. Then they wonder where all their money went when they wash up and don't have a way to pay for taxes and insurance on all the frivolous shit they bought.

Too many multimillionaire athletes are spending and living like billionaires, and then they have no fucking idea why they ran out of money.

Stupidity at it's finest.

 

[Mr. Pedantic]

really bro, is he that stupid for this gamble as well as the promise he made?

One of the ones I did is was setting an income level where I'd give back.

I had a 10 year clusterfuck, but I made it late and I am sticking with it.

Most that hear my story say I have no 'common sense'...aka the poor's validation that they are somehow smarter.

A lot of money for my future and a bit of money for their's...and I feel happy doing it.

Yeah, my life could come crashing down again unexpectantly; but I am wiser and more prepared.

He's not stupid for spending $10k on the lottery. He's stupid for thinking it's an investment and for tweeting about it.

 

[alkemyst]

He's not stupid for spending $10k on the lottery. He's stupid for thinking it's an investment and for tweeting about it.

He's a free individual...UMADBRO?

 

[Beev]

He's a free individual...UMADBRO?

/yawn

Calling someone stupid doesn't imply anger, so your tired meme does nothing but make you look like a fool like always.

 

[alkemyst]

/yawn

Calling someone stupid doesn't imply anger, so your tired meme does nothing but make you look like a fool like always.

Personally if someone wants to blow $2000 on a big screen TV when their kid is starving I start to get uppity.

$10k out of his $1,000,000+ paycheck per year is seriously nothing.

The fools are people like you that don't even have much of a pot to piss in yet waste their time telling others they should get one.

 

[coloumb]

/shrug

$10k to him is exactly like the average joe spending $10.

 

[alkemyst]

/shrug

$10k to him is exactly like the average joe spending $10.

Pretty much.

This is no different than the guy making $50k/year blowing $500.

Sort of scary how the numbers ramp up.

 

[mcurphy]

I'm curious how much he actually won. I just checked his twitter, but no updates on winnings, so I assume it wasn't much.

 

[Savarak]

I'm curious how much he actually won. I just checked his twitter, but no updates on winnings, so I assume it wasn't much.

Ten thousand entries, needs to be checked five or ten sets of numbers per actual paper ticket by hand, would need a lot of time, especially to catch the $2 and $3 dollar winners

 

[OverVolt]

Saw in a news article there was $1.5billion in sales and the jackpot only increased 277million from the last jackpot, so the tax rate is 81.5%

There is the ole "what a strange game, the only way to win is not to play" quote.

 

[nonameo]

could have bought real estate.

In detroit.

 

[HopJokey]

Saw in a news article there was $1.5billion in sales and the jackpot only increased 277million from the last jackpot, so the tax rate is 81.5%

There is the ole "what a strange game, the only way to win is not to play" quote.

How much were the payouts for non-Jackpot prizes?