Would you rather have a million dollars now or a penny doubled every day for thirty days?

KatyaSenina

14 years ago

What about NOW? :p

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top124

Banned 14 years ago

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Killer Joe 14 years ago

Originally Posted by top124

I was going to sell that as a WSO!!

Well, that explains a lot of your posts so far.

On your way to 50, no doubt...

KJ
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erinwrites

14 years ago

I'm so glad that you posted the math because it's too early on Saturday for that. BUT, if it were a choice between having a million dollars NOW (is it tax free?) and waiting a month I would be sorely tempted to say "screw it" and take the million now simply because I need to get my rent and bills paid.

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Michael Oksa

14 years ago

This is an old riddle and the "right" answer may not be as right as it seems at first glance.

Sure, most people would take $5,368,709.12 over $1,000,000 but there is a logical reason to choose the latter. If someone were to put the $1,000,000 in my hands and then give me the option of doubling a penny every day for 30 days, I would be more likely to take the sure thing.

It's not about fast cash.

However, there is something to be said about money you earn vs. money you don't. And in the case of the doubling model, it would certainly feel more like it was earned.

There are other aspects of this riddle, that when applied to real life, would change what people would do.

If you were faced with being homeless tomorrow unless you could come up with $10,000 then waiting until Day 21 won't do you any good.

To sum up, there really isn't a right answer, though one of them could eventually give you more money.

All the best,
Michael

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Don Schenk

14 years ago

Let's see,

There are 31 days in some months, and 5,368,709.12 is 536 million pennies. So take it out to 31 days and you get 1073741824 pennies or 1.07 Billion pennies.

Now instead of pennies, make those good-deeds, little acts of kindness. If you do a good-deed for someone, when they thank you just ask them to do 2 good-deeds and have them ask those 2 people to each do a good-deed for 2 more....... and so on.

In 31 days, you would have caused 1.07 good-deeds.

We really can change the world with this!

:-Don

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Daniel Brock 14 years ago

Welcome to the first grade....
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- Killer Joe 14 years ago
  
  Are we talking pre 1982 pennies here? They are worth more as metal than as coins. After 1982 not so much.
  
  I want the pre 1982 pennies and a 31 day month.
  
  My take?
  
  A long prison sentence if I get caught melting them down.
  
  If I don't get caught?
  
  About $22,988,000.00
  
  Oh yea, baby...
  
  KJ
  
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  Martin Avis 14 years ago
  
  I'll take the million today. There is no way I can be bothered to bag up all those pennies to take them to the bank. And just imagine the teller's attitude! And the line behind you.
  
  Martin
  
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sbucciarel

Banned 14 years ago

Originally Posted by Don Schenk

Let's see,

There are 31 days in some months, and 5,368,709.12 is 536 million pennies. So take it out to 31 days and you get 1073741824 pennies or 1.07 Billion pennies.

Now instead of pennies, make those good-deeds, little acts of kindness. If you do a good-deed for someone, when they thank you just ask them to do 2 good-deeds and have them ask those 2 people to each do a good-deed for 2 more....... and so on.

In 31 days, you would have caused 1.07 good-deeds.

We really can change the world with this!

:-Don

lol ... wasn't that a movie?

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Michael Oksa

14 years ago

Another thought...

Why not actually try it as an experiment.

1. You have to start with a penny that isn't yours. Find it, ask for it, whatever.

2. Any extra money has to be discarded, or set aside. So, if on Day 2 you get $0.05 you have to get rid of $0.03 of it. In other words, you can't get ahead, bank, or use extra money to skip days.

3. You must double it each day. Just as you can't get ahead, you can't sit back for a few days and then catch up.

4. You don't have to use the full amount to get the doubling done. The first few days you could probably just ask people to give you the money.

5. You can get the money in any way you like, as long as it's legal, ethical and moral.

6. It doesn't have to stay in the form of pennies. Day 4 could be a nickel and three pennies if that works better for you.

What do you think? How many days do you think you could you do it?

All the best,
Michael

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dave147 14 years ago

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- Michael Oksa 14 years ago
  
  Originally Posted by dave147
  
  This is where Offline Marketing come in
  
  Different amounts would require different strategies.
  
  You could use begging for the first several days (just as an example), but it probably wouldn't be the best technique for larger amounts. Doubling $2.56 is not the same as doubling $1310.72
  
  A lot of the steps could be done online, many offline.
  
  But, yes, offline would be a possibility.
  
  ~Michael
  
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CDarklock

14 years ago

Originally Posted by Sandeep Shah

Big difference between $1 million and $5.3 million, huh?

$10,737,418.23.

You have to add them all up, too...

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Lou Diamond

14 years ago

Hello,
I once made the mistake of not taking the money in hand,
I thought more was going to come and it did not,I even lost the money that I
could of grabbed on the spot,believe me it was more than a million.
I have learned so much now that I laugh off that loss as a learning experience,still crying a little bit.
Lou

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Mr. Enthusiastic

14 years ago

I like Erin's approach. I would take the immediate million and spend $999,999.99 of it on immediate needs & wants. Then I'd reinvest the last penny into the doubling system for the additional $5.3m next month.

Fun topic, Sandeep, thanks.

Martin, I think the solution is to find a few good workers overseas who can deposit a single penny for you. If they do that successfully, then you send them one bag at a time to take to the bank.

Caliban, you don't get to take home all the intermediate subtotals because they're entirely reinvested. By the way if you have an update on your news & plans, I'd like to learn how things are going and see if we can gather round to cheer you up some more.

Michael, what if someone gives me $5 million worth of pennies without my earning a sense of accomplishment? I'd take the money and be happy.

Lou, whatever the situation was it sounds like a painful lesson.

Ah, zigzag I, ah, will need you, ah, to come in on Saturday to, ah, work on that one.

Chris

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Michael Oksa

14 years ago

Originally Posted by Mr. Enthusiastic

Michael, what if someone gives me $5 million worth of pennies without my earning a sense of accomplishment? I'd take the money and be happy.

Chris

I didn't say I wouldn't be happy. I would take it.

Just trying to cover another aspect of something that many people promote as an either/or question.

However, $5,000,000 NOT earned would probably be gone faster than $1,000,000 earned.

~Michael

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Mr. Enthusiastic

14 years ago

Originally Posted by Michael Oksa

However, $5,000,000 NOT earned would probably be gone faster than $1,000,000 earned.

I agree about that! I've seen too many stories of people who had lottery winnings, a big inheritance or some other kind of windfall. But they also had a poverty mindset, no patience, no financial planning skills. Didn't take them long to turn the money into broken toys and get back to poverty, where they felt at home.

Joe, when Michael has his WSO ready to test, why don't I test the leftmost digits to make sure the 6 octillion as accurate, and you can test the right hand part to make sure the 88 cents are all there. :p

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Michael Oksa

14 years ago

Originally Posted by Mr. Enthusiastic

I agree about that! I've seen too many stories of people who had lottery winnings, a big inheritance or some other kind of windfall. But they also had a poverty mindset, no patience, no financial planning skills. Didn't take them long to turn the money into broken toys and get back to poverty, where they felt at home.

Joe, when Michael has his WSO ready to test, why don't I test the leftmost digits to make sure the 6 octillion as accurate, and you can test the right hand part to make sure the 88 cents are all there. :p

Because KJ seems more skeptical, I will make sure he gets the 88 cents first. Then you will have all of the proof you need.

It will be at a bargain price, too!

~M~

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jfortune0620 14 years ago

Would you rather have a million dollars or a penny doubled every day for thirty days?

A penny doubled everyday would = $.02 a day.

The devil's in the details.
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- Michael Oksa 14 years ago
  
  Originally Posted by jfortune0620
  
  A penny doubled everyday would = $.02 a day.
  
  The devil's in the details.
  
  By golly, you're right! Every day you would start with a penny, and double it to 2 cents. So, I WOULD take the $1,000,000
  
  It' similar to the question, "how many apples can you put into an empty barrel?"
  
  Who said semantics aren't worth anything?
  
  ~M~
  
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top124

Banned 14 years ago

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Michael Oksa

14 years ago

Originally Posted by top124

Why not make several billion?

After you've made $5,368,709.12 after 30 days, take that $5,368,709.12, wait another 30 days and make yourself the richest person on the planet.

You could own the world, and the value of ALL of its resources in less than a year.

After 100 days you would have $6,338,253,001,141,147,007,483,516,026.88

(That's 6 octillion, 338 septillion, 253 sextillion, 1 quintillion, 141 quadrillion, 147 trillion, 7 billion, 483 million, 516 thousand, 26 dollars and 88 cents)

~M~

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Killer Joe

14 years ago

Originally Posted by Michael Oksa

(That's 6 octillion, 338 septillion, 253 sextillion, 1 quintillion, 141 quadrillion, 147 trillion, 7 billion, 483 million, 516 thousand, 26 dollars and 88 cents)

I'm having a hard time believing the 88 cent part.

Are you sure your figures are that accurate.

I'm callin' the FTC...

KJ

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Michael Oksa

14 years ago

Originally Posted by Killer Joe

I'm having a hard time believing the 88 cent part.

Are you sure your figures are that accurate.

I'm callin' the FTC...

KJ

Hey KJ,

You should know I have ABSOLUTE proof of my numbers.

Could make a good WSO.

"How to go from flat broke to owning the ENTIRE Universe in as little as 100 days! Guaranteed!!!"

~M~

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Killer Joe

14 years ago

Originally Posted by Michael Oksa

"How to go from flat broke to owning the ENTIRE Universe in as little as 100 days! Guaranteed!!!"

Yea, but that won't fit in my house.

I want a refund...

KJ

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Mr. Enthusiastic

14 years ago

Originally Posted by Killer Joe

Yea, but that won't fit in my house.

I want a refund...

KJ

Just put it back in the box the Internet came in and you can ship it back right away. However, there's an 88 cent fee for return shipping.

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Killer Joe

14 years ago

Originally Posted by Mr. Enthusiastic

Just put it back in the box the Internet came in and you can ship it back right away.

Chris, that's a great line...

The only trouble with that is I'm one of those kids who throws the toy in a corner and plays with the box...:p

KJ

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JohnMcCabe

14 years ago

How about if I take the million bucks and double it every day for thirty days?

Even under jfortune's scenario, I could sock away the extra million everyday and still have the million I need to start the next day.

Final tally, ~$32 million. I could almost live on that...

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Sandeep Shah

14 years ago

Originally Posted by JohnMcCabe

How about if I take the million bucks and double it every day for thirty days?

Even under jfortune's scenario, I could sock away the extra million everyday and still have the million I need to start the next day.

Final tally, ~$32 million. I could almost live on that...

Thats really SMART! But there is no such option now :p

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entrepreneurjay

14 years ago

Good analogy I would definitely take the penny a day!

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PLRwithAlex

14 years ago

I agree here:

I like Erin's approach. I would take the immediate million and spend $999,999.99 of it on immediate needs & wants. Then I'd reinvest the last penny into the doubling system for the additional $5.3m next month.

Work it out to take both options!

It's kind of like if a jenny gives you 3 wishes what do you wish for?
1. money,
2. health,
3. 3 more wishes

:-)

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Robert Puddy

14 years ago

actualy a penny doubled every day is always just 2 pennys a day...

Need to rethink the scenario

It should be start with a penny and have the balance double every Day

PS: whoops should have read the whole thread before jumping in with both feet, somebody beat me to it