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Winning the Lottery

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Winning the Lottery…Boy, wouldn’t that be great!  Do you ever lie around and dream of all the things you would do if you won millions of dollars?  I know, I do, especially when the billboards shout it in your face that the winnings are over over $200 million.  Even the kids have started making “plans” with their fortunes.

So as a fun school activity this week we gambled!  I went and bought a couple scratch off tickets for each child and we played the game.  But even more important then the fun “dream” discussions we had, and hopeful anxiousness as they would scratch off their ticket, were the discussions on chance, and percentages, odds and valuation.

It was so good to hear the thought out discussion as the kids discussed what else could have been with the $10 we spent on the tickets rather than “flushing it down the drain.”  It didn’t quite work out since we ended up $20 ahead in winnings when one $3 scratch off won $30.  But I was proud that the kids all decided to share the earnings and get a treat rather than reinvest and take a chance of losing it.

We finished off the excursion with verbal math problems throughout the day on chance and odds.  They had a blast and what a fun way to do “school” this week as we review all our computation rules as we get ready to dive into Geometry for the year!

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7 Comments

  • Reply Anonymous |

    Hi Hope, fun lesson! Can’t wait to see your updated debt payoff/budget this week to reflect all the recent changes

  • Reply Teri |

    I read a great book awhile back about people who won the lottery…..and how most of them end up bankrupt within 10 years because they never learned how to manage their finances and so continue to make the same mistakes but on a much grander scale. Dave Ramsey calls the lottery a tax on the poor and people who can’t do math. 🙂 As you homeschool, do you ever work on financial literacy with your kids? Dave Ramsey, Suze Ormon, Jean Chaztky, etc?

    • Reply Hope |

      Hey Teri,
      I’ve read that too, not the book but the results of lottery winners. Yes, we do alot with money. History Buff actually completed Dave Ramsey’s teen financial course last year as part of his schooling. And all the kids have savings accounts with the twins having their checking. They all working on budgeting and savings goals.
      I am determined that they will be very money conscious and aware of “adult” things, way more than me.

  • Reply Mrs. Crackin' the whip |

    I purchase scratch off tickets for the office at Christmas. It’s so much fun as a group to do the scratch offs and laugh and joke about them. That being said, I’m fully on board with Dave Ramsey’s theory and I have never purchased a ticket outside of that occasion nor do we gamble in Vegas =)

    • Reply Hope |

      First off, Crackin’, I love your name. I’ve only purchased the scratch offs on learning occasions as well. And while I did “gamble” when I was in Vegas years ago. I put $20 cash in my pocket and said when that was gone, that was all. I stuck to it and enjoyed learning about the different games. But am definitely not a gambler.

  • Reply Den |

    The best was when my just-turned-18-year-old son went to the casino and lost his hard earned $20 in about 5 minutes….that was the end of gambling for him!

So, what do you think ?