sandalwood
January 10, 2016, 11:28 AM
If you haven't kept up with this latest eye popper - the huge jackpot - maybe you should read some of the articles discouraging people from buying a powerball ticket. I liken them to articles telling people why they shouldn't start their own business.
Mind you, I'm not telling you to gamble. I'm telling you to read and make up your own mind about the logic behind these articles.
For example, one article suggests it is too risky to spend $20 to buy a ticket even though the prize is over a billion bucks. The explanation goes something like this:
The statistical formula used to determine the profitability of the play (buying a ticket) says you will lose money even if you win. Since I don't want to get into the math, I'll just toss in this bloviation:
If people never put up their money to start a business where would we be? The statistics are almost the same for people who start businesses. If you do the math, your business will fail within the first year or not go beyond the third or fifth year. In other words all those dollars were lost.
On the other hand, you could hit the jackpot. The jackpot being whatever you are willing to accept. I'll use Gordon's postcards idea as an example.
Gordon says fly low and collect the dough. He even showed us how to do it with postcards. Let's say he followed the math wizards and didn't share his story. Wouldn't we all be losers?
And, to boot, by not sharing he wouldn't even have given us a chance to buy a ticket. I think the real answer is how much is that $20 worth to you? If it is $20, don't buy a ticket or start a business. But if its potential worth to you is $1.3 billion or thereabouts, then maybe you might get off your bohunkus and take the initial step.
Just my 2¢ on advice we get from experts who talk a good game but wouldn't walk onto the field if it was strewn with $100 bills.
Mind you, I'm not telling you to gamble. I'm telling you to read and make up your own mind about the logic behind these articles.
For example, one article suggests it is too risky to spend $20 to buy a ticket even though the prize is over a billion bucks. The explanation goes something like this:
The statistical formula used to determine the profitability of the play (buying a ticket) says you will lose money even if you win. Since I don't want to get into the math, I'll just toss in this bloviation:
If people never put up their money to start a business where would we be? The statistics are almost the same for people who start businesses. If you do the math, your business will fail within the first year or not go beyond the third or fifth year. In other words all those dollars were lost.
On the other hand, you could hit the jackpot. The jackpot being whatever you are willing to accept. I'll use Gordon's postcards idea as an example.
Gordon says fly low and collect the dough. He even showed us how to do it with postcards. Let's say he followed the math wizards and didn't share his story. Wouldn't we all be losers?
And, to boot, by not sharing he wouldn't even have given us a chance to buy a ticket. I think the real answer is how much is that $20 worth to you? If it is $20, don't buy a ticket or start a business. But if its potential worth to you is $1.3 billion or thereabouts, then maybe you might get off your bohunkus and take the initial step.
Just my 2¢ on advice we get from experts who talk a good game but wouldn't walk onto the field if it was strewn with $100 bills.
