Her taxes were close to half that, and if I remember correctly she spent like 5 million on the lottery tickets themselves. This was also over like 20 years. So depending on how much of her time she spent on this, it’s about the equivalent to a very good job.
So you’re saying all I need is a small disposable income of $250,000 p/a over 20 years and I, too, could have the chance to be a millionaire?
Yeah, I think 5 mil would have done better on the stock market over 20 years.
Also, stop eating avocado toast, and make coffee at home
But that would ruin the economy!
Everyone can be a millionaire!
I think she knew something
Well yeah, gambling is about odds and statistics. I remember doing statistics and probability in school and one of the questions is about calculating the odds on a bet. It was close to zero and I asked my teacher if that means the person actually lost the bet. She confirmed that that is the case and hence why we should be careful getting involved in gambling, especially those who end up resorting to loan sharks.
The lesson is basically telling us that you won’t ever win in gambling if you do the math. But at least the proceeds from lottery ticket sales actually go towards charities so it is less egregious than gambling in casinos or racing where the house always wins. However, in the case of the statistician in this post, she did the math and exploited whatever she knew to win the lottery, which most of us can’t do.