Recession?????

[Gromit]

I know that in recession/depression times, certain industries flourish like cigarettes, alcohol and gambling.
On Friday night, Farside & I went to dinner at hotel/casino complex in Jhb, "Monte Casino". It's almost mid-month so in theory, there generally isn't much money around until the next paycheck. Mostly in SA, paychecks are a monthly thing.
We could not believe how jam packed the casino was!!! The parking facilities at this hotel are excellent and very very abundant but we had to park on Level 6 of one of parking garages. By the looks of the folks in the casino, they didn't exactly have the appearance of wealth or cash to spare but there they were..........putting their ZA Rands into the machines waiting for that 1 big pay out! The worst was seeing the tiny kids, toddlers upwards, dumped at the child care facilities provided by the casino and left there until whenever. We left at around 2am and although the restaurants were deserted, the casino was humming. Worst thing is, if they do win big, it's rare to never that the winnings are actually spent on their debts etc.................
I just don't get this mentality but it happens the world over.

 

[CarlS]

It is like that here and especially the lottery.

 

[DaveM]

The last desperate attempt to try and get money to sort out the ever increasing debt. You only win when you don't need the cash really.

 

[CarlS]

I win with the lottery every week, at least $2.00 - I don't buy tickets. The lottery is a tax on wishful thinking.

 

[DaveM]

I must admit I do ok on our lottery :y114:, Play 56.00 ZAR = 6.85 USD every Saturday :y114:

 

[Lonzo]

When the lottery came to Georgia (USA), I didn't buy a ticket for several years, calling it "the stupidity tax". Went to visit my folks, got swept up in their lotto fever, bought a ticket, won $1600!
My uncle won $20 million about 20 years ago, mis-managed it and is now dependent on local county for medical help.
Most winners end up worse off. If they could manage the money, they would be well off to start with.

 

[CarlS]

Most winners end up worse off. If they could manage the money, they would be well off to start with.

Your are so right.

 

[Rocky]

Ditto to both messages Carl. We have a casino here that is thriving and lottery sales are at an all time high.
Of course someone has to win the lottery I suppose, but at those impossible odds of it being me, I save my money and put it in the gas tank of my T100.
Yes, the sad thing about lottery winners is that they usually end up broke or worse.

 

[Gromit]

Well if I'd won $20million, I'd have no mortgage, absolutely no debt, my family would be taken of and I'd be outa here! The balance would be sitting in a little off-shore account, drawing interest and available for when I needed it. I can't even conceive of having that much money!!! But as you've all said, 99% of 'winners' end up squandering it and at the end of the day have absolutely nothing to show for it.
When I was with a large accounting firm, we used to advise the big casino winners (the casino group was one of our clients) on how to look after the money and the tax implications. 99% ended up in trouble with the tax man because they never declared the interest on the winnings and never took our free advice AND free asset management service. :cash:

 

[Geoff587]

Winning 20 million would not change me one bit, I would still carry on being obnoxious :y18: :y18:

 

[Doug]

There are basically two kinds of gamblers,the needy and the greedy.
Most lottery winners end up worse off because they've never learned/needed to handle and manage money.They also tend to get preyed on by snake-oil salesmen,and discover lots of previously unknown relatives!

 

[devo]

[quote author=Geoff587 link=topic=5933.msg32871#msg32871 date=1244472898]
Winning 20 million would not change me one bit, I would still carry on being obnoxious :y18: :y18:
[/quote]

and i would say wot i think :ya2:

seriously tho. for 5 or 10 bucks a week, its a cheap dream.
we all have ways of wasting a lot more than that every week, its just a matter of keeping things under control.
:y18:

 

[DaveM]

Harry I agree with you just keep it under control and don't expect to win. I actually find it quite fun when I do win a few bucks now and then. I mean I don't sit in pubs so what I spend a week is basically what most would spend on one round in the pub :y18:

 

[Doug]

Only one certainty about lotteries............
If you don't have a ticket,you aren't going to win!
For a couple of bucks,can you afford NOT to have one?

 

[Gromit]

In hindsight, if I did win the lottery, I'd open a liqour/cigarette store and pay someone to run it while I went off in search of my island hideaway!

Doug's right - if you're not in it, you can't win it.

 

[Dilligaf]

I expect to be hit by lightening before I win the lottery.

 

[Roadrunner]

Getting back to the recession, it is pretty bad here in the U.S.A. Our media has the nasty habit of telling and or writing "feel good" stories so we only get the statistics and not the reality. When I say bad I mean by U.S. standards, there are places on this planet that are REALLY bad.

Lottery? I have played here and there over the years, usually when the jack pot is eye popping. I'll lay down a buck tops 2 (U.S. dollars) but that is it.

I've always thought the big guy will only give me what I can handle and no more. I guess he thinks I'm lousy with money because I've never won a penny :ya2:

 

[CarlS]

[quote author=Roadrunner link=topic=5933.msg33129#msg33129 date=1244893386]
Getting back to the recession, it is pretty bad here in the U.S.A. Our media has the nasty habit of telling and or writing "feel good" stories so we only get the statistics and not the reality. When I say bad I mean by U.S. standards, there are places on this planet that are REALLY bad.[/quote]

I agree. On top of losing my job to the recession; I have lost about $150,000 of my retirement investments.

Lottery? I have played here and there over the years, usually when the jack pot is eye popping. I'll lay down a buck tops 2 (U.S. dollars) but that is it.

I've always thought the big guy will only give me what I can handle and no more. I guess he thinks I'm lousy with money because I've never won a penny :ya2:

I can definitely relate!!! :y114:

 

[stevethelondoner]

Don't know about you Carl, but restaurants seem busy here....

Ride Safe

 

[CarlS]

I have noticed a slowdown in some restaurants. Where they used to be packed, now they are just busy. And I see some have closed. Bennigans and Steak and Ale have all closed.