When I walked into the coffee shop, my old friend Rick O’Shea had his face so close to the table, all I could see was his tattered Yankee hat. As I grew closer, I saw that he was using a pen to scribble numbers onto a napkin. He was so focused that he didn’t even look up when I sat down opposite him at the table. I sat there for a minute watching him until I couldn’t take the curiosity anymore and asked him what he was doing. He looked startled to hear my voice.
“Oh, hi. I didn’t see you there. I’m just figuring out what I’m going to do with all of the money from this week’s lottery. Did you hear it’s up over $200 million? Anyway, I figure that the smartest thing to do is to take about 20% of the total winnings and distribute it to my family, with each member getting the same amount. I’ll set up trusts, I think, but I need to find a lawyer who won’t rob me blind.”
Rick, shouldn’t you wait until you actually win the lottery before you start spending the money?
“Yeah, but I play the lottery every week, so I figure that it’s just a matter of time before I win. This week might be it. First I’ll buy a new house with a big backyard…then a new car, no, a couple of cars; a sports car for the summer and an SUV for the winter. That way I won’t have to keep putting snow tires on my old IROC.”
Do you have any idea what the odds are against you winning even once in your lifetime? I’ve heard it said that the lottery is a tax on people who don’t know math.
“People who say stuff like that sure are a lot of fun. Anyway, I bet even the math snobs pick up a few tickets when the jackpot gets to $200 million.”
Sure, they might. But my guess is that they don’t spend so much time scratching tickets at the local convenience store that their fingers begin to turn silver. Didn’t your father play the lottery his entire life and not win at all? In fact, if he had saved the money he gambled, he probably could have retired early and moved someplace warm.
“Well, he had that one football card that he hit for about a thousand bucks.”
But then didn’t he blow it all at the track? If you hit the lottery, there is no doubt you would spend it all on scratch tickets.
“I don’t hang out at the convenience store just for the scratch tickets. It’s a social thing. I really like the people there.”
You must have a thing for people at convenience stores, because you spent a lot of time socializing with that scratch ticket brigade in your the last town, too. In fact, wasn’t the counter guy from that place in your wedding party?
“Yeah, I need to call that guy. I haven’t talked to him since I moved. I should probably figure on giving him a cut of this…let’s see…the lump sum would be somewhere around 160 million…after taxes probably 80 million, divide that by…sometimes I wish I didn’t have such a big family. Let’s see, then there are the tickets that we pooled our money for at work…160 million divided by the eight of us is 20 million each…anyway, if you want a piece of my winnings, you should stop giving me such a hard time.”
With odds of 1 in 175 million against you, I think it’s safe for me to say whatever I want.
“Hey, somebody’s going to win, and you can’t win if you don’t play. Besides, the money goes to good stuff like schools and kids and all of that.”
Wouldn’t you prefer that your money go towards your kids instead? You could open an account and take all of the money you would otherwise gamble and invest it.
“Right. First you tell me to stop gambling, and then you tell me to play the stock market. As if there is any difference. I read someplace that Bill Gates lost something like $30 billion in one day while playing the stocks back in 2000. Compared to that, my dollar bets here and there are nothing.”
I wonder if losing $30 billion even affected big Bill’s lifestyle.
“Anyway, Mr. “Save your money”, Mr. Guilty Conscience, tell me. Do you have any tickets to the big drawing?”
I refuse to answer that question on the grounds that I may incriminate myself to the tune of about 10 quick picks.