FREE eBook- Get Richer Sleeping: Investing 101: minoritymindset.biz/getrichersleeping SUBSCRIBE for the latest videos *NEW VIDEOS EVERY WEDNESDAY* http://www.TheMinorityMindset.com I'm Jaspreet Singh & I created the Minority Mindset to motivate, teach, and inspire others to do what they want. While going to school and starting my businesses, I realized school is really good at teaching you to be an employee, but it doesn’t teach you to create value & it doesn’t teach you anything about financial literacy. That’s why we’re here. And, no, we are not trying to sell you one of those “bootcamps” or “masterclasses” on how to get rich. A community of hustlers and entrepreneurs; we are on a mission to motivate, teach, and inspire entrepreneurs and hustlers to be the best they can be, because average sucks. Only a minority of people will risk it all to make their dreams a reality - will you? #ThinkMinority Exposed - How the Powerball Lottery Business Works | Powerball 2016 | Jaspreet Singh A 1.5 billion dollar jackpot. America's largest Powerball. But even with a 1/292,201,338 million chance in winning, Americans are lining up & waiting hours in the cold for a chance to win. But have you ever wondered how the Powerball business works and where those $2 you spend on a ticket go? I’ma break it down for you right now. Powerball is run by a non-profit “government benefit association” the Multi-State Lottery Association MUSL. Meaning it is essentially a fundraiser for the government. It is” & it is played in 44 states, DC, US virgin islands and Puerto Rico. The Powerball jackpot starts at $40 million. If you get all the numbers right, you win the jackpot. If there is no winner, then the jackpot amount will go up by minimum of 10 million, the exact will vary based on the amount of ticket sales. More ticket sales mean more revenue which equals a bigger pot. So they doubled the ticket price from 1 to $2. Basic economics will tell you that when the price of something goes up, sales go down. You’re probably thinking, how would this help sales? The effect if this is that when there is no winner, the jackpot goes up, and with a higher jackpot, there is more publicity, and more people interested in playing the jackpot. After implementing these changes in 2012, the MUSL saw a 35% increase in revenue to just under 4 billion dollars. Since the Powerball started in 1992 until early 2016, have earned just under $56 billion dollars and paid out a total of about $28.3 billion in winnings. Leaving about half of the money. What happens to the rest? The MUSL says that” “All profits from the games are kept by the state that sells the ticket.” Which is just political talk for saying it will spend as much money paying expenses & people, advertising costs, accounting fees, vendor fees, lotto commission worker fees, the list goes on and on before the states can call it a “profit” to help the state. In 2012, Rhode Island reported that 11 cents of the ticket sales were added to the budget. Meaning that out of the roughly 1 dollar they received 90% was “expenses”, So maybe the real lottery winners don’t need a ticket. So if there is a 1/292 million chance in willing, can’t you buy all 292 million numbers for $584 million and guarantee that you will win? Yes. But there are a couple problems. You only get the full 1.5 billion if you accept the payout over 30 years. If you want it all at once, you get $868 million. Which still leaves a profit of 284 dollars. But the government won;’t let you get away that easily. Roughly 40% of your winnings will go to taxes leaving you with about $520 million, assuming you have no state tax. This puts you at a loss if you buy 584 million dolars of tickets but it doesn’t end there. The IRS has a special provision that requires you to withhold 25 or 28% of your lottery winnings, why? Probably so they can make sure they get every dollar of taxes they can, and to make sure that you weren’t a penny short on any taxes in the previous years. Plus, with more and more people buying lottery tickets, it is more likely that there will be more than 1 winner so you would have to share the pot. And if that isn’t enough to stop you from withdrawing 528 million to buy the tickets, you have to buy all the tickets in person. So even if you buy one lottery ticket a second, it would take you about 9 years to get all of your tickets. So if you are playing, good luck! If you liked the video, give me a thumbs up and share this with your friends. And be sure to subscribe so you don’t miss our new video For more business and entrepreneurship motivation: http://www.Facebook.com/MinorityMindset http://www.Instagram.com/MinorityMindset http://www.Twitter.com/MinorityMinds Business Consulting and Coaching: http://www.TheMinorityMindset.com blog.TheMinorityMindset.com This Video: https://youtu.be/Dl2650YfYlk Channel: https://www.youtube.com/channel/UCT3EznhW_CNFcfOlyDNTLLw Based in Detroit. #Punjab Jaspreet Singh
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The Working Class are unhappy, worried about poverty, perhaps even slipping into poverty, so in desperation they buy a lottery ticket. It's a little bit of hope.
The British lottery is labelled 'The Unhappiness Tax' by some because that's exactly what it is. People are miserable but buying a lottery ticket alleviates the misery for a short while. It offers a glimmer of hope.
So this false 'hope' (that is sold to you) keeps the downtrodden from rebelling. It makes people put up with more shit in their lives - because maybe, just maybe they'll win the lottery and everything will be ok.
Lotteries are another form of the Meritocracy lie, albeit a carrot rather than a stick, but nonetheless still a huge scale deception that exploits people's desperation.
I stopped playing the UK lottery when they increased the amount of numbers required to win.
A tiny bit of already delusional hope was crushed...
How can the Working Class feel any hope when the lottery they have played all their lives suddenly becomes 3 times harder to win?
So I redirected my hope, in a more realistic, political way. Now instead of spending money on useless lottery tickets I spend the same money on a union membership subscription instead. A union that cares about people and the plight of the Working Class.
This is my 'one finger' up at the establishment.