–by Ashley Zhou
Wednesday night, January 13, was a heartbreaking moment for many people—the
Powerball jackpot winning numbers were released and 1.5 billion
dollars were taken away. . . by someone else.
The US Powerball is run by the Multi-State Lottery Association, and it
was the most valuable lottery in the United States. If no one
wins a jackpot, the prize is accumulated automatically
into the next one until someone brings the bonus home. The week before January 13 was a
craze for purchasing lottery tickets because the bonus money was the
highest ever in history–$1.5 billion.(what??!!!)
“Normally, it is not worth it to buy a lottery ticket of any kind.
Your chances of winning . . . Powerball are less than 1 in 220 million.
You’re more likely to get struck by lightning twice in your natural
lifespan than you are to win the Powerball on a particular ticket. If
the jackpot is $40 million, then the expected value of a lottery
ticket (assuming you only care about the jackpot, not the smaller
prizes), is $40 million / 220 million = 18 cents. Since a ticket costs
$2, you are spending far more than you can reasonably expect to get.
However, last week, when the jackpot was 1.3 billion, the expected
value of a ticket was approximately $1.3 billion / 220 million, or
$5.90 — more than the cost of a ticket. So, in theory, it is worth it
to buy a ticket. In practice, of course, it is effectively certain
that you won’t win, but some–myself included–derive entertainment
from imagining that they can win. That’s why I dropped $10 just this
once. Buying 5 tickets increased my chances from 1 in 220,000,000 to
one in 44,000,000, which you should recognize is still very nearly 0.
From a financial standpoint, buying more tickets is more akin to
spending more money than it is to increasing your chances of winning.”
–Statistics and Calculus teacher, Ms. Emily McKee
Even though the chance of winning the jackpot is so small, it’s
very interesting to talk about: How would you spend that huge amount
of money if you had won the jackpot?
“I’d probably donate $10 million or so to Palm Valley and set up a
scholarship. I’d definitely keep working here because I can’t imagine
anything I’d rather do, but I might give my salary to hire a teacher’s
aide just to do the less fun parts of being a teacher–i.e. everything
except teaching kids. I’d also take college classes whenever I wanted
for the fun of learning. There’d be no pressure, since a bad grade
would have absolutely no impact on my life,” says Ms. McKee.
Our loyalest blog reader, Drama teacher Mr. Sarkis, shared his
idea with us:
After paying the taxes,
I would sit down with a pencil and paper and
while crying tears of joy,
take great delight in planning large amounts to give to:
21 nieces and nephews,… 35 grand nieces and nephews,… 2 great-grand nephews,
St. Jude’s Children’s Research Hospital,
Sisters of St Joseph in Rochester, NY,
a merit scholarship endowment fund for Palm Valley School,
a Dance Training and Performance School….free for young people who
love to dance and are willing to work.
I’d give to . . .
the United Nations Relief Organizations.
I would purchase . . .
• a 2-bedroom penthouse overlooking Central Park in NYC
• a 2-bedroom condo on Las Terrenas Beach in the Dominican Republic
(both of which I would share with friends who love adventure and art
and life)
• a state-of-the-art jumbo-size video-screen-tv communication
console
• I would travel the world and be especially generous in handing out
substantial sums of money to good poor people I encountered along the
way.
I would spend 1 year exploring China by car, and pay whatever the cost
for a chauffeur and a guide with the personality and intelligence and
energy of PVS Senior sudent, Henry Huang.
I would hire a personal full-time cook specializing in low cholesterol
high nutrition, exotic gourmet cooking and invite friends and loved
ones to lots of dinners….. and a personal trainer/masseuse skilled
in teaching old people how to do yoga.
I would contribute large sums of money for research to find a sure cure
for drug addiction.
I would treat 10 high-school students who LOVE American History to
a trip to NYC for a dinner and performance of Broadway’s smash hit
HAMILTON…. AND a comprehensive field-trip study of the memorial site
of the World Trade Center disaster.
I would make-come-true the Dream Vacation of Susie Zachik’s choice.
I would make sure that anyone I knew who needed money…. to support a
quest for Enlightened Happiness…… got it.
I would give meaningful presents to people who really meant it when
they hugged me.
I would pay for every person who goes to dinner or to a movie with me.
I would carry 100 dollar bills at all times…. and watch everyday for
random acts of kindness….. and surprise practioners by giving them
one.
I would pay for their gas everytime I saw a mother or father drive
into a station with children in the back seat of an old shabby looking
car.
I would pay someone to write down the rest of my Powerball dreams
because it is late now and I am tired and I want to go to bed.
Indeed, that much money will definitely change one’s life, but how to
use it is totally up to you. Buying a new Lamborghini? Donating some
money to a hospital? Or getting a mansion in Beverly Hills? However, if
you didn’t win the money, you better go back to work or go
study for your tests and quizzes after daydreaming. LOL. –Editor Gaven Li
