PDA

View Full Version : Wizards Rookie Chris Singleton spent 10,000 on lotto tickets



lakerboy
04-02-2012, 07:01 PM
Washington Wizards rookie Chris Singleton says it was worth it to buy $10,000 worth of tickets for last week's Mega Millions lottery, adding it was "either that or blowing it in the clubs."

Read more: http://sportsillustrated.cnn.com/2012/basketball/nba/04/02/singleton.lottery.spree.ap/index.html#ixzz1qvX1Z0o2

:facepalm::facepalm::facepalm::facepalm::facepalm:

asandhu23
04-02-2012, 07:06 PM
Old ****ing news.

FraziersKnicks
04-02-2012, 07:07 PM
:laugh2: Great quote..

PleaseBeNice
04-02-2012, 07:08 PM
Old ****ing news.

Regarding your sig, I'm pretty sure LeBron is perfectly content with not having billions of pieces of ice, dust, and rocks.

lvlheaded
04-02-2012, 07:12 PM
Old ****ing news.

I love your sig :clap:

Seriously though, why is it between blowing 10 G's on lotto tickets of in the club? Why can't a choice be investing it wisely for your future? These athletes are idiots

Bin Laden
04-02-2012, 07:20 PM
Should've bought 100k

metsrock229
04-02-2012, 07:20 PM
10k is really not that much to athletes, what's the big deal?

BKLYNpigeon
04-02-2012, 07:24 PM
He makes $18,000 a game. I don think he cares.

PlezPlayDKnicks
04-02-2012, 07:24 PM
10k is really not that much to athletes, what's the big deal?

Exactly, that's not even a game check...

AceMan
04-02-2012, 07:30 PM
To be fair, he'd look like a genius if he won.

redsox0717
04-02-2012, 07:34 PM
"...adding it was "either that or blowing it in the clubs."

Or, you know, investing it like any other normal human would. This kid needs to look at Antoine Walker for a second.

metsrock229
04-02-2012, 07:37 PM
Or, you know, investing it like any other normal human would. This kid needs to look at Antoine Walker for a second.

Yeah, he made a low risk high reward investment. 10k isn't much and he still could have came out with something

Ebbs
04-02-2012, 07:39 PM
10 k is nothing to him but that mindset will **** him eventually.

kingbrentg
04-02-2012, 07:41 PM
I spent $12 on scratchers tickets today :sigh:

shep33
04-02-2012, 07:44 PM
He had to play for the Wizards :facepalm:

LTBaByyy
04-02-2012, 07:46 PM
That's actually smart.

If he won the 164 million dollars we would be applauding him and going crazy

LTBaByyy
04-02-2012, 07:47 PM
He makes that in 2 quarters. Its not that big of a deal

Raps18-19 Champ
04-02-2012, 07:53 PM
Better than blowing it at a club.

uprightciti
04-02-2012, 07:54 PM
Where did he buy them from? Antoine Walker???

Slug3
04-02-2012, 07:57 PM
If you think that's bad. I heard on the news about some woman who refinanced her house and took out $50,000 in equity. Then spent all of it on tickets for the lotto.

The Final Boss
04-02-2012, 07:59 PM
He had to play for the Wizards :facepalm:

It was either them New York or Miami.

Meatmypet
04-02-2012, 08:01 PM
It really isn't bad. Low risk, high reward. That's smart business.

To be fair, we also don't know who didn't hit the jackpot. Meaning, he could've had a ticket that won him 4 numbers + the megaball -- which would've been an automatic 10 grand anyways.

TboneM3
04-02-2012, 10:48 PM
"greater risk, greater reward" ? Are you muppets for real? The odds are SO poor, he literally threw money away.

In no way, shape or form can spending any amount of money on the lottery be a wise investment. :facepalm:

Lakers + Giants
04-02-2012, 11:00 PM
10k is really not that much to athletes, what's the big deal?

Seriously i bet it hurts my broke *** to lose 10 bucks more than it hurts him to lose 10 K.

Meatmypet
04-03-2012, 01:37 AM
"greater risk, greater reward" ? Are you muppets for real? The odds are SO poor, he literally threw money away.

In no way, shape or form can spending any amount of money on the lottery be a wise investment. :facepalm:

This logic is so flawed; I don't even know where to begin. You need to have money in order to invest.

This guy makes $18,000 per game which translates to about $120 per minute in a two and a half hour game including commercials, halftime and timeouts.

Think of it this way... He spent two hours of pay for a chance to be richer than Lebron James; practically enough money to BUY one of 24 NBA teams (6 franchises are worth more than the jackpot). How can this be bad investment?

Straight from NBA.com


Singleton didn't win a share of the record-breaking top prize, but he said Monday that he did win some money. He's not sure how much because he hasn't gone through all of his tickets yet.

As I've mentioned in the previous post, since we don't hear from those who didn't hit the jackpot, who's to say he wasn't one of the few to come up short by one regular ball or the mega ball and won $250,000 or $10,000?

Raph12
04-03-2012, 01:43 AM
That's kind of like a dude, making minimum wage, spending $40-50 on lotto ticktets... No biggie.

mRc08
04-03-2012, 01:44 AM
I find it amazing that javel mcgee's stupidity is still effecting this poor team.

lakerboy
04-03-2012, 01:46 AM
This logic is so flawed; I don't even know where to begin. You need to have money in order to invest.

This guy makes $18,000 per game which translates to about $120 per minute in a two and a half hour game including commercials, halftime and timeouts.

Think of it this way... He spent two hours of pay for a chance to be richer than Lebron James; practically enough money to BUY one of 24 NBA teams (6 franchises are worth more than the jackpot). How can this be bad investment?

Straight from NBA.com



As I've mentioned in the previous post, since we don't hear from those who didn't hit the jackpot, who's to say he wasn't one of the few to come up short by one regular ball or the mega ball and won $250,000 or $10,000?

His logic is not flawed. The risk reward ratio of this investment is incredibly stupid. There is almost no chance of winning. 10,000 out of 175million.. How is that a good chance?

He makes 18k per game--sure. But NBA players only play 81 games a year. Take half his salary off for taxes (yes NBA players get only 1/2 of their said salary). Take some more for trainers, his special diet. He pays rent for a nice house, feeds his family, buys his cars, and of course has fun. He makes like $1.5M per year, not $10M. His spending habits is no doubt NOT SUSTAINABLE. No wonder NBA players go broke.

mRc08
04-03-2012, 01:55 AM
his logic is not flawed. The risk reward ratio of this investment is incredibly stupid. There is almost no chance of winning. 10,000 out of 175million.. How is that a good chance?

He makes 18k per game--sure. But nba players only play 81 games a year. Take half his salary off for taxes (yes nba players get only 1/2 of their said salary). Take some more for trainers, his special diet. He pays rent for a nice house, feeds his family, buys his cars, and of course has fun. He makes like $1.5m per year, not $10m. His spending habits is no doubt not sustainable. No wonder nba players go broke.

+1

sf-fanatic
04-03-2012, 03:08 AM
I spent $20 on the lotto

jbeezy
04-03-2012, 03:13 AM
He makes $18,000 a game. I don think he cares.

Thats why they end up homeless after their career is over

Meatmypet
04-03-2012, 10:38 AM
His logic is not flawed. The risk reward ratio of this investment is incredibly stupid. There is almost no chance of winning. 10,000 out of 175million.. How is that a good chance?

He makes 18k per game--sure. But NBA players only play 81 games a year. Take half his salary off for taxes (yes NBA players get only 1/2 of their said salary). Take some more for trainers, his special diet. He pays rent for a nice house, feeds his family, buys his cars, and of course has fun. He makes like $1.5M per year, not $10M. His spending habits is no doubt NOT SUSTAINABLE. No wonder NBA players go broke.

No one said it was a good chance. It's still chances nonetheless to be filthy rich by investing a fraction of what you earn in a season.

Think of a minimum wage person spending $50 on that MLB game with a chance to win a million dollars.
Entertainment was filled and odds are he might not win that million bucks, but who knows, if he plays everyday, there's a possibility without much penalty.

boolish
04-03-2012, 10:47 AM
10k is really not that much to athletes, what's the big deal?

tell that the antoine walker. it's a mentality. it's not the amount. it's the brain that does something like this that is going to produce very poor money management decisions over and over.

boolish
04-03-2012, 10:50 AM
This logic is so flawed; I don't even know where to begin. You need to have money in order to invest.

This guy makes $18,000 per game which translates to about $120 per minute in a two and a half hour game including commercials, halftime and timeouts.

Think of it this way... He spent two hours of pay for a chance to be richer than Lebron James; practically enough money to BUY one of 24 NBA teams (6 franchises are worth more than the jackpot). How can this be bad investment?

Straight from NBA.com



As I've mentioned in the previous post, since we don't hear from those who didn't hit the jackpot, who's to say he wasn't one of the few to come up short by one regular ball or the mega ball and won $250,000 or $10,000?


invest? this is not investing. this is gambling with very poor odds. it's not the amount of money you make. you can make hundreds of millions over your contracts in NBA and end up flat BROKE.

boolish
04-03-2012, 10:51 AM
It really isn't bad. Low risk, high reward. That's smart business.

To be fair, we also don't know who didn't hit the jackpot. Meaning, he could've had a ticket that won him 4 numbers + the megaball -- which would've been an automatic 10 grand anyways.

low risk? how is losing all yo money low risk? call him up and ask him how much that $10k got him.

boolish
04-03-2012, 10:53 AM
He makes $18,000 a game. I don think he cares.

that's exactly the problem.

C-Wick925
04-03-2012, 11:11 AM
I got 24 ez picks and only got two prizes.. 3 numbers correct 7 bux! 1 number correct w/ one megaball 3 bucks!

With 10000 tix i would think he would have a decent chance to get the 10000 prize or atleast come close to breaking even.. I mean i spent 24 and got 10 back..

Spiderman 1nner
04-03-2012, 11:37 AM
why do american's these days have this mentality that you should ball out and spend money as soon as you get it? its such an ignorant state of mind. This is why Dez Bryant owed hundreds of thousands in jewlery, why Vick went broke, why Plax went broke, etc. Like do they think anything thru at all? If your gonna waste your money like that, donate it, give it to people who need it more, don't blow it on stupid pointless ish. This is what rap music has done to today's society. Once upon a time it was about just sitting around wit your homies rapping about meaningful things (political issues, problems in the hood, etc.) but now its about partying and flashing material possessions that make you look like a "baller" and demeaning women. This is why we hear about an athlete getting arrested for domestic violence, or assault, or having a weapon all the time; because they idolize these rappers who rap about all that nonsense and they confuse it as socially acceptable.

SugeKnight
04-03-2012, 11:39 AM
It's his money. Who are we to judge? Its not like he does it all the time (i hope). Even if he goes broke, he's doing better than me lol

MrfadeawayJB
04-03-2012, 12:00 PM
10k for him is like the dollar i spent. Big deal

boolish
04-03-2012, 12:01 PM
I got 24 ez picks and only got two prizes.. 3 numbers correct 7 bux! 1 number correct w/ one megaball 3 bucks!

With 10000 tix i would think he would have a decent chance to get the 10000 prize or atleast come close to breaking even.. I mean i spent 24 and got 10 back..

he probably got $4000 back. but I am sure he got a "thrill".

BlinkManJan02
04-03-2012, 12:01 PM
To be fair, he'd look like a genius if he won.

lmao, this is very true.

dayman
04-03-2012, 12:06 PM
Anyone who thinks this was a smart choice (regardless of how much money you have, or make) obviously does not know the meaning of probability, nor how slim his odds would have been even if he spent $100,000 of lottery tickets.

Either that, or they are living in a fantasy world where belief is enough for them to make a stupid decision like this one. Lottery tickets (ie. gambling) is never a smart choice. The odds will always get the better of you.

LAKobeBryant
04-03-2012, 12:15 PM
A NBA fine is more than that

EYDI819
04-03-2012, 12:36 PM
I find it amazing that javel mcgee's stupidity is still effecting this poor team.

i think javale mcgee is AFFECTING your spelling LOL :D

Heater4life
04-03-2012, 12:37 PM
Chris Singleton's financial advisor (http://static8.businessinsider.com/image/4eaaaa78eab8eac070000014/allen-iverson-mug-shot.jpg) and investment partner (http://upload.wikimedia.org/wikipedia/commons/3/3d/Antoine_walker_z.jpg).

Chronz
04-03-2012, 12:46 PM
Regarding your sig, I'm pretty sure LeBron is perfectly content with not having billions of pieces of ice, dust, and rocks.
Ice dust and rocks are just another name for bling, Bron wishes he had that kind of pull.

Chronz
04-03-2012, 12:49 PM
Bad investment, poor attitude. But I wont be quick to say hes heading to bankruptcy.

Hawkeye15
04-03-2012, 12:50 PM
I still find is funny that some fans can't understand how an athlete making $5 million a year for years ends up broke by 45. They are athletes. Many of them have a Forrest Gump IQ, they are just big and strong and can put a little ball through a hoop.

Hawkeye15
04-03-2012, 12:50 PM
Bad investment, poor attitude. But I wont be quick to say hes heading to bankruptcy.

Of course not, but it shows fans HOW these athletes end up broke when they read things like this.

boolish
04-03-2012, 12:51 PM
hopefully the kid will start getting better advice and counseling.

daleja424
04-03-2012, 12:57 PM
The chances of selecting the correct 6 ball combination to win the powerball is 1:175 million...

The man bought 10,000 tickets (I hope they were all different sets of numbers too...)

That means he had a 0.006% chance of winning the lottery.

That is not a smart investment at all...

How about instead of being a douche and wasting all your money on lottery "or in the club" you invest some of if so you wont be broke in 5 years. And if you absolutely feel the need to hand out your money...try giving it to someone who needs it.

Just b/c 10k isnt a lot of money for this douche doesn't mean that it wouldnt make a world of difference for some struggling families out there.

BigBongTheory
04-03-2012, 01:11 PM
I got a really good laugh reading people's comments that agree this is a "smart investment"

When the odds are less than 0.01% how can that be considered an investment? That's not investing, that's poor decision making involving gambling. Ask him how far that 10k went, is there anything to show for it? If he would have spent even 1m on tickets there is still and unbelievable chance against him that he wouldn't touch any money even 100 times over. Low risk high reward? Investment? :laugh2:

EYDI819
04-03-2012, 01:25 PM
I got a really good laugh reading people's comments that agree this is a "smart investment"

When the odds are less than 0.01% how can that be considered an investment? That's not investing, that's poor decision making involving gambling. Ask him how far that 10k went, is there anything to show for it? If he would have spent even 1m on tickets there is still and unbelievable chance against him that he wouldn't touch any money even 100 times over. Low risk high reward? Investment? :laugh2:

i think what most of the posters that was defending Singleton is saying is that YEAH the probability of winning is near to impossible at 1:175mil but it looks like a good investment because WINNING A PRIZE is not only the JACKPOT but you can win by having 5 numbers + MEGA, 4 numbers + MEGA etc. So, if he spent 10k on tickets, his probability of winning OTHER NUMBERS than the jackpot, he might have done a good investment. What is the probability of winning 5 numbers? what is the probability of winning 4 numbers? isn't it lower than 1:175 mil.
JACKPOT = 1:175MIL
5 Non Mega = 1:40MIL
4 + MEGA = 1:689K
4 Non Mega = 1:15K
3 + MEGA = 1:13K
3 Non Mega = 1:306
2 + MEGA = 1:844
1 + MEGA = 1:141
MEGA = 1:74

The point here is what if he won a combination of those which he most likely did. And what if he made more than 10k back? isnt that good investment? What you need to think about is the probability of winning the JACKPOT is low but the probability of winning other prizes is not as low as you think!

Heater4life
04-03-2012, 01:31 PM
Can someone forward some of these to Singleton and every other dumb *** out there. There called ideas and actual investments.

http://www.investinganswers.com/personal-finance/rich-famous/12-star-athletes-making-second-fortune-savvy-investments-2644

http://www.thedailymeal.com/10-best-athlete-owned-restaurants-slideshow-9

http://www.forbes.com/sites/forbestravelguide/2012/03/12/athlete-backed-restaurants-worth-a-visit/

boogie-reke
04-03-2012, 01:33 PM
So did he share how much he got out of the 10k tickets? cover expense?

Heater4life
04-03-2012, 01:34 PM
The point here is what if he won a combination of those which he most likely did. And what if he made more than 10k back? isnt that good investment? [What you need to think about is the probability of winning the JACKPOT is low but the probability of winning other prizes is not as low as you think!

:laugh2:

Encore! Encore!

Heater4life
04-03-2012, 01:36 PM
So did he share how much he got out of the 10k tickets? cover expense?

Yea, he earned himself over 200 paper cuts and an eye exam.

EYDI819
04-03-2012, 01:44 PM
I guess people will just hate him for his decision because they do not have 10k to spend like he has :facepalm: It is not like he can see your comments here and listen/read and take your comments to consideration lol. Just leave him be if he goes broke or not. Atleast we have something to laugh about :D

EYDI819
04-03-2012, 01:45 PM
So did he share how much he got out of the 10k tickets? cover expense?

He only said he has winnings but didn't say how much.

EYDI819
04-03-2012, 01:48 PM
Yea, he earned himself over 200 paper cuts and an eye exam.

Since he has extra money, he can probably hire 10,000 people to look at 10,000 tickets as a part of his poor decision making :D

AIMelo=KillaDUO
04-03-2012, 01:53 PM
Or, you know, investing it like any other normal human would. This kid needs to look at Antoine Walker for a second.

Investing $10,000... :facepalm:

You guys fail to realise that $10,000 to us, is the equivilent of problley $100 to NBA players. So this isn't all that stupid, Lottery tickets with the chance of winning 640 million, is worth it, when it's not gonna break Chris Singletons bank.

BigBongTheory
04-03-2012, 01:56 PM
I guess people will just hate him for his decision because they do not have 10k to spend like he has :facepalm: It is not like he can see your comments here and listen/read and take your comments to consideration lol. Just leave him be if he goes broke or not. Atleast we have something to laugh about :D

I've got more than enough money burning a hole in my pocket, But I'm telling the truth when I tell you I didn't spend a single cent on lottery tickets. Noone hates the guy, it's just his attitude. Either he was spending that on pieces of paper with ink print on them or he was throwing it like Pacman jones in a nightclub. Let me see what he thinks when he's 75 living in trailer on the side of the higway, that 10k he wasted on paper sounds like a good sum of money.

It's not that he spent money, but the way he spent it and has nothing to show for it. I could care less about the guy, I don't even know who he is and as I write this can't even remember the guys name without looking at the thread title (guy on Wizards who wasted 10k). Kobe apparently just spent 300k on a Lamborghini, but what does he have to show for it? ...A Lamborghini, with money he didn't hand to the dealer knowing there was only a 0.001 chance of him owning and taking it home with him.

EYDI819
04-03-2012, 02:02 PM
Investing $10,000... :facepalm:

You guys fail to realise that $10,000 to us, is the equivilent of problley $100 to NBA players. So this isn't all that stupid, Lottery tickets with the chance of winning 640 million, is worth it, when it's not gonna break Chris Singletons bank.

Exactly my point! What is stupid is if regular people like us did that. What stupid is, if we bought $1000 worth of tickets if we only make $2000 a week! HE MAKES 18k a game that is like 55% of what he makes on a SINGLE GAME.

To compare it to us:
Singleton
$18k of earning a game = $10k spent on lotto (55%)
Average Joe
120 a day (based on $15/hour) = spent $66 on lotto (55%)

It looks stupid if we do it but it looks effortless when Singleton does it. He still has $8k remaining if he didnt win anything. We would only have $54 left if we didnt win anything. Our loss as average people is greater than his loss

EYDI819
04-03-2012, 02:09 PM
I've got more than enough money burning a hole in my pocket, But I'm telling the truth when I tell you I didn't spend a single cent on lottery tickets. Noone hates the guy, it's just his attitude. Either he was spending that on pieces of paper with ink print on them or he was throwing it like Pacman jones in a nightclub. Let me see what he thinks when he's 75 living in trailer on the side of the higway, that 10k he wasted on paper sounds like a good sum of money.

It's not that he spent money, but the way he spent it and has nothing to show for it. I could care less about the guy, I don't even know who he is and as I write this can't even remember the guys name without looking at the thread title (guy on Wizards who wasted 10k). Kobe apparently just spent 300k on a Lamborghini, but what does he have to show for it? ...A Lamborghini, with money he didn't hand to the dealer knowing there was only a 0.001 chance of him owning and taking it home with him.

Did you read that story about kobe when he actually got owned by the dealer? he spent 300k on a car that is not customized to his specs when he can actually buy it for 250k out the door.

I am not defending the guy by any chance because like you, I do not even know the guy. I am just pointing out that His Stupidity or whatever you call it is not really as close to a microscope when you compare if we as average people did the same decision by spending that amount of money. He could have done a lot better by giving it to Autism or some charity. I am just looking at it in his point of view which was "IF I DIDNT WIN BY SPENDING 10K, I AM NOT BEGGING FOR FOOD THE NEXT DAY!" attitude which is pretty arrogant IMO

lakerboy
04-03-2012, 02:17 PM
Exactly my point! What is stupid is if regular people like us did that. What stupid is, if we bought $1000 worth of tickets if we only make $2000 a week! HE MAKES 18k a game that is like 55% of what he makes on a SINGLE GAME.

To compare it to us:
Singleton
$18k of earning a game = $10k spent on lotto (55%)
Average Joe
120 a day (based on $15/hour) = spent $66 on lotto (55%)

It looks stupid if we do it but it looks effortless when Singleton does it. He still has $8k remaining if he didnt win anything. We would only have $54 left if we didnt win anything. Our loss as average people is greater than his loss

1.) Average Joe earns $120 every business day. That's 20 days a week, 240 days a year. Chris Singleton plays 81 games a year, this lockout he plays around 60 games.

2.) Average Joe will earn $120 for the rest of his life. Chris Singleton will be lucky to even have his rookie contract picked up in the next two years. He is a scrub, no doubt.

3.) Average Joe pays 20% taxes, Chris Singleton pays around 50%, after which he pays association fees, agent fees, etc. He takes home around 45-50% of his actual salary.

4.) Average Joe does not have to pay for trainers, special food/diet. Average Joe lives in a normal house, has a normal car and do not have people around him constantly harassing him for money. Chris Singleton pays for a nice house, a nice car, strip club money, entourage money, all that good stuff.

As one of the posters here said, Chris Singleton is one of those plenty NBA players with cavemen like IQ. With this mentality, he will lose all his money in 3 years if he is not resigned after his rookie contract expires.

In a few years, Chris Singleton will be a below-average Joe.

BigBongTheory
04-03-2012, 02:22 PM
Did you read that story about kobe when he actually got owned by the dealer? he spent 300k on a car that is not customized to his specs when he can actually buy it for 250k out the door.

I am not defending the guy by any chance because like you, I do not even know the guy. I am just pointing out that His Stupidity or whatever you call it is not really as close to a microscope when you compare if we as average people did the same decision by spending that amount of money. He could have done a lot better by giving it to Autism or some charity. I am just looking at it in his point of view which was "IF I DIDNT WIN BY SPENDING 10K, I AM NOT BEGGING FOR FOOD THE NEXT DAY!" attitude which is pretty arrogant IMO

Yeah I understand you and your opinion.

Regarding Kobe though and any star athlete and icon, they spend no money if you think about it.

Kobe didn't get the raw end of deal by spending 50k more for that Lambo if it was worth only 250k because he owns it. Kobe Bryant owned this car? I'll pay 150k more than it was worth just because Kobe's *** was sitting on this seat. He could turn around and sell that same car for profit just because he's Kobe Bryant. It's the same with mansions and everything else they want to buy. Chris Paul buys a mansion in Los Angeles for 5m and lives there for a couple years until he decides to sell, he can sell for little loss and possibly even a profit if to the right buyer because he's Chris Paul. Essentially if you have the money you can hand over paper now for bricks and drywall, and get back your paper and maybe even more later, after your done with it.

EYDI819
04-03-2012, 02:25 PM
1.) Average Joe earns $120 every business day. That's 20 days a week, 240 days a year. Chris Singleton plays 81 games a year, this lockout he plays around 60 games.

2.) Average Joe will earn $120 for the rest of his life. Chris Singleton will be lucky to even have his rookie contract picked up in the next two years. He is a scrub, no doubt.

3.) Average Joe pays 20% taxes, Chris Singleton pays around 50%, after which he pays association fees, agent fees, etc. He takes home around 45-50% of his actual salary.

4.) Average Joe does not have to pay for trainers, special food/diet. Average Joe lives in a normal house, has a normal car and do not have people around him constantly harassing him for money. Chris Singleton pays for a nice house, a nice car, strip club money, entourage money, all that good stuff.

As one of the posters here said, Chris Singleton is one of those plenty NBA players with cavemen like IQ. With this mentality, he will lose all his money in 3 years if he is not resigned after his rookie contract expires.

In a few years, Chris Singleton will be a below-average Joe.

What I was saying is this specific situation which was a 1 time thing. If you are doing your calculation for the REST OF HIS LIFE. Do you actually think he will spend $10k every Lottery for the rest of his life?

I mean he knows that HE IS A SCRUB that is why he spent that amount of money in the first place to win the lottery to get a quick pay because he knows he is not getting paid like Kobe, Garnett, Wade etc. in the future.

The money he spent on a lottery ticket is alot of money to us but it is chump change for him.

lakerboy
04-03-2012, 02:27 PM
What I was saying is this specific situation which was a 1 time thing. If you are doing your calculation for the REST OF HIS LIFE. Do you actually think he will spend $10k every Lottery for the rest of his life?

I mean he knows that HE IS A SCRUB that is why he spent that amount of money in the first place to win the lottery to get a quick pay because he knows he is not getting paid like Kobe, Garnett, Wade etc. in the future.

The money he spent on a lottery ticket is alot of money to us but it is chump change for him.

I didn't say he was going to spend 10k for every lottery ticket for the rest of his life. My point is, 10k is NOT chump change for him. It ain't chump change for NBA players not getting max deals BECAUSE they will NOT get paid after retirement.

EYDI819
04-03-2012, 02:30 PM
Yeah I understand you and your opinion.

Regarding Kobe though and any star athlete and icon, they spend no money if you think about it.

Kobe didn't get the raw end of deal by spending 50k more for that Lambo if it was worth only 250k because he owns it. Kobe Bryant owned this car? I'll pay 150k more than it was worth just because Kobe's *** was sitting on this seat. He could turn around and sell that same car for profit just because he's Kobe Bryant. It's the same with mansions and everything else they want to buy. Chris Paul buys a mansion in Los Angeles for 5m and lives there for a couple years until he decides to sell, he can sell for little loss and possibly even a profit if to the right buyer because he's Chris Paul. Essentially if you have the money you can hand over paper now for bricks and drywall, and get back your paper and maybe even more later, after your done with it.

It all depends on the situation I guess. Just look at DR J. He actually foreclosed his house because nobody bothered to buy it and he lived there. Nobody even offered. I mean He is a HOF, a Legend, an ambassador to basketball and nobody bothered to buy his house. But then again all these young guys that has money dont konw DR J.

sep11ie
04-03-2012, 02:32 PM
Even lotto tickets are ****ed in Washington.

BigBongTheory
04-03-2012, 02:32 PM
1.) Average Joe earns $120 every business day. That's 20 days a week, 240 days a year. Chris Singleton plays 81 games a year, this lockout he plays around 60 games.

2.) Average Joe will earn $120 for the rest of his life. Chris Singleton will be lucky to even have his rookie contract picked up in the next two years. He is a scrub, no doubt.

3.) Average Joe pays 20% taxes, Chris Singleton pays around 50%, after which he pays association fees, agent fees, etc. He takes home around 45-50% of his actual salary.

4.) Average Joe does not have to pay for trainers, special food/diet. Average Joe lives in a normal house, has a normal car and do not have people around him constantly harassing him for money. Chris Singleton pays for a nice house, a nice car, strip club money, entourage money, all that good stuff.

As one of the posters here said, Chris Singleton is one of those plenty NBA players with cavemen like IQ. With this mentality, he will lose all his money in 3 years if he is not resigned after his rookie contract expires.

In a few years, Chris Singleton will be a below-average Joe.

That's another interesting point that I failed to bring up. And it's a good and obvious point, Athletes don't have a job until they are 65. Look at Brandon Roy, If he was splurging and banking on the next huge contract he would be dead broke right now.

EYDI819
04-03-2012, 02:34 PM
I didn't say he was going to spend 10k for every lottery ticket for the rest of his life. My point is, 10k is NOT chump change for him. It ain't chump change for NBA players not getting max deals BECAUSE they will NOT get paid after retirement.

He has a guaranteed $1.5 mil next year and plus the $1 mil +/- he is going to get when this year ends. You dont think $10k over $2.5 mil is chump change to him?

BigBongTheory
04-03-2012, 02:38 PM
He has a guaranteed $1.5 mil next year and plus the $1 mil +/- he is going to get when this year ends. You dont think $10k over $2.5 mil is chump change to him?

It is, that's chump change to him right now, it's like 50 bucks to the average person. But that's right now. What about when he doesn't have a job in the NBA any longer and isn't getting those huge checks after the game. When the money he made in the NBA runs out and he no longer has a spot on a roster.

EYDI819
04-03-2012, 02:40 PM
That's another interesting point that I failed to bring up. And it's a good and obvious point, Athletes don't have a job until they are 65. Look at Brandon Roy, If he was splurging and banking on the next huge contract he would be dead broke right now.

You are right but do you think these low level IQ athletes think about their future? They think about the Now and never the future. They are the "living like a king for a day" and "living like a bum for the rest of their lives" kind of people.

We make more "intelligent" decisions because we actually work for our livelihood and we do have blood sweat and tears put into our jobs but we don't get the pay we actually deserve. That is why we make the right decisions because our room for failure is pretty small compared to theirs.

The Athletes have the money because it was given to them without working like the average joe. He is just proving the saying "EASY MONEY IS EASY SPENDING"

lakerboy
04-03-2012, 02:43 PM
He has a guaranteed $1.5 mil next year and plus the $1 mil +/- he is going to get when this year ends. You dont think $10k over $2.5 mil is chump change to him?

This is where we defer.

When you are 22 years old, have $2.5M in your savings account but a weak earning potential (no contract extension looming), $10k is not chump change.

Pretend you are 22 years old. You are given $2.5M but you have no earning potential yourself (just a regular 9-5 job) are you going to spend 10k on a lotto ticket? That's not chump change.

When you are 40 years old you are still going to bank on that $2.5M

EYDI819
04-03-2012, 02:44 PM
It is, that's chump change to him right now, it's like 50 bucks to the average person. But that's right now. What about when he doesn't have a job in the NBA any longer and isn't getting those huge checks after the game. When the money he made in the NBA runs out and he no longer has a spot on a roster.

That is my point. He doesn't think about the future. He is young, he is stupid. Just like all the other mid 20's that are working and thinking that 401k is not for them because they are young and think that they dont need to put money in there because 65 is a long way. What they dont understand is the $1 you put it now is probably worth $.50 in 40 years.

He is not different than any other cavemen that spends $50k on a brand new car when he only makes $30k a year. Then only difference is he spends more money because he has more money.

EYDI819
04-03-2012, 02:51 PM
This is where we defer.

When you are 22 years old, have $2.5M in your savings account but a weak earning potential (no contract extension looming), $10k is not chump change.

Pretend you are 22 years old. You are given $2.5M but you have no earning potential yourself (just a regular 9-5 job) are you going to spend 10k on a lotto ticket? That's not chump change.

When you are 40 years old you are still going to bank on that $2.5M

We are talking about the NOW which is why he spent the $10k because he can afford it. HE is actually thinking about his future that is why he bought the tickets in the first place hoping that he would win and be set for life. Like I said his thinking is like a caveman. If we think about our futures as average Joes, we would go to the route of 401k and "sure" investments. But he is not an average Joe, his thinking of investment is next to Javale Mcgee thinking he is a point guard.

He has the money now so his thinking is He must spend it now. If it was me I wouldnt do it but then again I dont have a $2.5mil contract. :(

BigBongTheory
04-03-2012, 02:57 PM
You are right but do you think these low level IQ athletes think about their future? They think about the Now and never the future. They are the "living like a king for a day" and "living like a bum for the rest of their lives" kind of people.

We make more "intelligent" decisions because we actually work for our livelihood and we do have blood sweat and tears put into our jobs but we don't get the pay we actually deserve. That is why we make the right decisions because our room for failure is pretty small compared to theirs.

The Athletes have the money because it was given to them without working like the average joe. He is just proving the saying "EASY MONEY IS EASY SPENDING"

No doubt, that's why it's hard to respect most athletes and hard to gain respect for some of them. That's why even though I dislike some of the greats for obvious reasons I respect them, and it's easy to feel that they actually deserve a number in the ballpark that they are getting because of the will and dedication they had throughout their respective careers. If it always went that way though good catchers would always be the one's getting paid the most in baseball because they put their bodies through hell every game and every season. Some players get the millions thrown at them with sponsors etc. for the star appeal and make the team money even if they aren't top 20 in their position and don't necessarily deserve it. *Cough* Tebow.

NYMetros
04-03-2012, 02:57 PM
This isn't any different than gambling IMO. Athletes blow thousands all the time in the casinos.

EYDI819
04-03-2012, 03:05 PM
No doubt, that's why it's hard to respect most athletes and hard to gain respect for some of them. That's why even though I dislike some of the greats for obvious reasons I respect them, and it's easy to feel that they actually deserve a number in the ballpark that they are getting because of the will and dedication they had throughout their respective careers. If it always went that way though good catchers would always be the one's getting paid the most in baseball because they put their bodies through hell every game and every season. Some players get the millions thrown at them with sponsors etc. for the star appeal and make the team money even if they aren't top 20 in their position and don't necessarily deserve it. *Cough* Tebow.

*COUGH* RASHARD LEWIS *COUGH* lols

BigBongTheory
04-03-2012, 03:10 PM
This is where we defer.

When you are 22 years old, have $2.5M in your savings account but a weak earning potential (no contract extension looming), $10k is not chump change.

Pretend you are 22 years old. You are given $2.5M but you have no earning potential yourself (just a regular 9-5 job) are you going to spend 10k on a lotto ticket? That's not chump change.

When you are 40 years old you are still going to bank on that $2.5M

Well that's not a good comparison to me because 10k to 2.5m is like 15 dollars to 10k (don't feel like doing the math but I've shown my opinion). If you have 10k, 15 dollars is going to be spent one way or the other. Just don't spend continually on things that have nothing to show for themselves. The interest your going to get from 2.5m is decent.

BigBongTheory
04-03-2012, 03:21 PM
But yes, when your spending that kind of money on something and have nothing to show for it is when it's a problem. Atleast have something to show for it. In this case, he doesn't.

EYDI819
04-03-2012, 03:30 PM
Well that's not a good comparison to me because 10k to 2.5m is like 15 dollars to 10k (don't feel like doing the math but I've shown my opinion). If you have 10k, 15 dollars is going to be spent one way or the other. Just don't spend continually on things that have nothing to show for themselves. The interest your going to get from 2.5m is decent.

Kinda bugs me to do the math (OCD???) lols

10k : 2.5 mil = .004 (.4%)
10k x .004 = $40

I believe that is an average amount of $$$ people spend on tickets given the fact that they make $30k a year which is $120 in lottery tickets a year which is average of 52 weeks a year and 2 drawings a week. We are looking at 104 drawings and people are spending $120 on lottery a year. That is a little over a dollar per drawing. In hindsight, people are actually spending the same amount on lottery as how much Singleton spent but then again he did it in 1 drawing :facepalm: (I'm talking about ratio wise not amount wise. Ratio of his income to spending)

BigBongTheory
04-03-2012, 03:52 PM
Kinda bugs me to do the math (OCD???) lols

10k : 2.5 mil = .004 (.4%)
10k x .004 = $40

I believe that is an average amount of $$$ people spend on tickets given the fact that they make $30k a year which is $120 in lottery tickets a year which is average of 52 weeks a year and 2 drawings a week. We are looking at 104 drawings and people are spending $120 on lottery a year. That is a little over a dollar per drawing. In hindsight, people are actually spending the same amount on lottery as how much Singleton spent but then again he did it in 1 drawing :facepalm: (I'm talking about ratio wise not amount wise. Ratio of his income to spending)

Yeah, thanks for breaking it down for me haha. ocd huh? Been struggling with it since I was 9. So much heartache :mad:

EYDI819
04-03-2012, 03:58 PM
Yeah, thanks for breaking it down for me haha. ocd huh? Been struggling with it since I was 9. So much heartache :mad:

I guess we are riding the same boat :cry:

BigBongTheory
04-03-2012, 04:06 PM
I guess we are riding the same boat :cry:

As long as the boat is clean, the price of it was an even number, it's riding in a perfect vertical, it's not going too fast that I can't keep up with the amount of birds I can count, and as long as I can catch an odd amount of fish so I can savage one raw and throw it overboard. And it has to have a shower. And two steering wheels so it's even. :p

EYDI819
04-03-2012, 04:11 PM
As long as the boat is clean, the price of it was an even number, it's riding in a perfect vertical, it's not going too fast that I can't keep up with the amount of birds I can count, and as long as I can catch an odd amount of fish so I can savage one raw and throw it overboard. And it has to have a shower. And two steering wheels so it's even. :p

you forgot that there has to be a laminated tag on everything lols :D:D:D

D.O.N.
04-03-2012, 04:11 PM
Is it known how many did he won?

naps
04-03-2012, 05:38 PM
Well, it's not a big deal for him. It's like I bought a $5 lotto. So I don't see it matters. Imagine if he won. But if he keeps this mentality up for long then he's ****ed.

VinceCarter
04-03-2012, 11:53 PM
Yeah, he made a low risk high reward investment. 10k isn't much and he still could have came out with something

No that is a high risk high reward. You had something like a 50 times better chance of being struck by lightning then hitting that jackpot. His 10K barely even mad a dent in his chances in that jackpot.

barreleffact
04-04-2012, 12:35 AM
i think what most of the posters that was defending Singleton is saying is that YEAH the probability of winning is near to impossible at 1:175mil but it looks like a good investment because WINNING A PRIZE is not only the JACKPOT but you can win by having 5 numbers + MEGA, 4 numbers + MEGA etc. So, if he spent 10k on tickets, his probability of winning OTHER NUMBERS than the jackpot, he might have done a good investment. What is the probability of winning 5 numbers? what is the probability of winning 4 numbers? isn't it lower than 1:175 mil.
JACKPOT = 1:175MIL
5 Non Mega = 1:40MIL
4 + MEGA = 1:689K
4 Non Mega = 1:15K
3 + MEGA = 1:13K
3 Non Mega = 1:306
2 + MEGA = 1:844
1 + MEGA = 1:141
MEGA = 1:74

The point here is what if he won a combination of those which he most likely did. And what if he made more than 10k back? isnt that good investment? What you need to think about is the probability of winning the JACKPOT is low but the probability of winning other prizes is not as low as you think!

This is such a great post, but it truly is disturbing how few people acknowledged it. People are still content saying how stupid he was, but honestly, it was decent if all the numbers were different. Personally, those saying to invest are not that enlightened because stocks kill bank accounts too. There really is no form of making money without some physical or monetary risk.

VinceCarter
04-04-2012, 12:41 AM
This is such a great post, but it truly is disturbing how few people acknowledged it. People are still content saying how stupid he was, but honestly, it was decent if all the numbers were different. Personally, those saying to invest are not that enlightened because stocks kill bank accounts too. There really is no form of making money without some physical or monetary risk.

BUT the prize amount for matching 3 numbers is $10. I doubt you're going to get more than a 10% return.

Definitely should've went with mutual funds, stocks, bonds...anything is better than the lottery.

ironman9518
04-04-2012, 12:47 AM
I love how this is a big deal, 10k is nothing to him

reffahead
04-04-2012, 10:17 AM
Who cares, it's going towards education depending on what lottery he played in.