1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

Like/Dislike ? = One Lottery Winner

Discussion in 'Non-Vegas Chat' started by Joe Strummer, Feb 20, 2014.

Thread Status:
Not open for further replies.
  1. Joe Strummer

    Joe Strummer VIP Whale

    Joined:
    Apr 4, 2006
    Messages:
    3,148
    Somebody in Cal. won 425 million Powerball.
    *
    Do like or dislike this ?
    *
    I kinda like it cos it's so hard for me, to fathom winning
    THAT MUCH money.
    How long would it take for you to believe you are
    holding that ticket ?.....besides passing out to the floor !
    If I hear about 10 to 20 million winners ---
    it just doesn't have that same ridiculous inpact on me.
    "Oh, 23 office workers are splitting the 200 million."
    .......just not a big deal to me.........
     
  2. Breeze147

    Breeze147 Button Man

    Joined:
    Aug 15, 2013
    Messages:
    2,901
    Location:
    Southern Maryland by way of Philadelphia
    Trips to Las Vegas:
    15
    My first thought would be: "Thank God I can pay off my fucking mortgage."
     
  3. Bossplayer21

    Bossplayer21 Low-Roller

    Joined:
    Nov 24, 2009
    Messages:
    440
    Location:
    Michigan
    Trips to Las Vegas:
    7
    imagine the Vegas trip you could have with that money!!!!
     
  4. bdautch

    bdautch High-Roller

    Joined:
    Jul 13, 2013
    Messages:
    510
    Trips to Las Vegas:
    24
    Hey imagine if the requirement were that you had to blow ALL of it in 72 hours in Vegas. Like Brewster's Vegas Millions.
     
  5. DeMoN2318

    DeMoN2318 The DERS

    Joined:
    Aug 6, 2012
    Messages:
    2,072
    Location:
    Arizona
    Trips to Las Vegas:
    25
    people just cant phathom how much money that really is...
     
  6. dfalk

    dfalk VIP Whale

    Joined:
    Mar 7, 2011
    Messages:
    2,349
    Trips to Las Vegas:
    10
    I play the lottery when jackpots get this big, but I think its just stupid how big they get for one winner. I would much rather see a bunch of small jackpots and more winner. For Example take that $425million and make it into 17 $25million jackpots. Also take some numbers out so your odd are much better than 1:175million or whatever it is.

    I know I would play alot more. Like here in my state there's a lottery held every year, drawing on Jan 1. They sell 120,000 tickets only for $20 a piece and one winner get $1million. They also have a couple $100,000 winners, some $10,000 winners and a bunch of $500 winners. I wish I could play that more than once a year. A few years ago one of my good friends won the $100,000 drawing.
     
  7. AndyAkeko

    AndyAkeko Time magazine's 2006 Person of the Year

    Joined:
    Jan 10, 2003
    Messages:
    439
    Location:
    Ottawa
    Trips to Las Vegas:
    20
    Canada has a weekly lottery called Lotto Max with a minimum jackpot of $10 million (tax-free and lump sum, by the way). But the cool thing is that the jackpot maxes out at $50 million. Anything extra amount that would go to the main prize is instead paid out as extra $1 million draws. For instance, tomorrow's draw isn't for a $60 million prize, there's 1 $50 million prize and then 10 separate drawings for $1 million each. The record got up to 50 bonus draws when the top prize hadn't been won in eight weeks.
     
  8. LV_Bound

    LV_Bound VIP Whale

    Joined:
    Nov 17, 2010
    Messages:
    4,896
    Location:
    Florida
    Trips to Las Vegas:
    18
    It would be impossible to spend all that money.
    Now waste it all would be easy.

    A Vegas trip would definitely be in order but not sure how exciting it would be to win $10,000 on a slot machine after winning $425 million.
     
  9. dfalk

    dfalk VIP Whale

    Joined:
    Mar 7, 2011
    Messages:
    2,349
    Trips to Las Vegas:
    10
    That sounds like my kind of lotto. Wish we had that here.
     
  10. wpete

    wpete High-Roller

    Joined:
    Apr 29, 2013
    Messages:
    727
    Location:
    California
    Trips to Las Vegas:
    37
    Like most Lottery winners, I'm guessing that the winner will take a Lump sum payment of $242 million. (I would opt for the full amount over 30 years). The $242 will be taxed by Uncle and Cali. When all is said and done he'll have enough left over to buy a couple buffet of buffet passes. /sarc

    The winner will end up with only about 25% of the actual amount though. Still enough to live crazy on for the rest of your life, but not enough to buy your own country.
     
  11. Beefcake

    Beefcake Tourist

    Joined:
    Nov 10, 2013
    Messages:
    54
    Location:
    Lo$$Vegas
    Trips to Las Vegas:
    0
    I'm not too greedy. As long as I net $100 mil after taxes I'm happy. :wink2:

    $100 mil and up is truly FTW money. You could pretty much buy your way out of anything with that much $$$.
     
  12. Auggie

    Auggie Dovahkiin

    Joined:
    Jan 8, 2009
    Messages:
    5,749
    Location:
    Burnaby, BC
    Trips to Las Vegas:
    14
    $400M is a lot of money. Its more money than most people could deal with, its more money than what anybody really needs... however, its jackpots getting this big that get people excited enough to buy tickets.
     
  13. mikenhe

    mikenhe VIP Whale

    Joined:
    Oct 28, 2006
    Messages:
    2,580
    Location:
    anglo american in Tampa
    Trips to Las Vegas:
    9
    spend loads on women, wine and fast cars.


    the rest would be wasted...
     
  14. DeMoN2318

    DeMoN2318 The DERS

    Joined:
    Aug 6, 2012
    Messages:
    2,072
    Location:
    Arizona
    Trips to Las Vegas:
    25
    I think you are confused about the way it works...the $425M is the present value of all the payments over the 30 years...assuming some annual rate. Even if you take the 30 payments, you still end up with the same amount of "purchasing power". Also, the 30 payments are still going to be taxed, in the same bracket as it would be if you took the lump sum.

    Most people take the lump sum because they can get a better annual rate than the assumed rate they use to get to the $425M figure.


    So yes you end up netting ~25% of the $425M figure by taking the lump sum...but taking the 30 payments will not net you anymore
     
  15. Kickin

    Kickin Flea

    Joined:
    Aug 10, 2012
    Messages:
    3,414
    Its discounted along the zero coupon curve. If you take the annuity option all they are doing is taking the lump sum amount and buying 30 zeros, one maturing each year. Of course you can do the exact same thing yourself by taking the lump sum, but you'd be paying the taxes now. With rates still low right now you are getting a fairly high present value. It works out a lot better to take the tax hit now and invest the money yourself.

    But you need to decide on how disciplined you are and things like that. Taking the lump sump is a better financial choice, but taking the annual payments might be safer from some people. Especially if you think you might get swindled by money managers or your family.

    The worst thing you can do if you win the lotto is go and claim your prize right away. Take several weeks if not months to put a plan in place with your tax advisors, bankers, and money managers. I work in investment management and I would take several weeks to make sure everything was in order, and that's after already having a lot of the knowledge and contacts to take care of things.
     
  16. merlin

    merlin VIP Whale

    Joined:
    Aug 1, 2009
    Messages:
    2,399
    Location:
    mn
    Trips to Las Vegas:
    40
    I honestly dont think there is anything to get in order, unless if you didn't have a will to begin with. I know there are alot of people who have never handled money and then they should see someone, for me I can spread it around to several different brokerages/accounts and say no to people I barely know quite easily.

    If I ever win that dream of the lottery the last thing I'm gonna do is hire an overpriced lawyer to tell me things I already know. Some would say "what about those taxes" well, I'll pay that 40+ %(federal and state) right off the bat and then worry about next year int/div and capital gains later.
     
  17. ken2v

    ken2v This Space For Rent

    Joined:
    Sep 18, 2003
    Messages:
    15,183
    Location:
    Central California Coast
    We'd buy a place in Haena or Hanalei, Kauai.

    We'd buy a place in Bend.

    We'd buy a place in Wellington, NZ.

    Terri would become my editorial assistant and photographer.

    I'd not have to quit a wine club to join a new one.
     
  18. JustNgo

    JustNgo Low-Roller

    Joined:
    Apr 26, 2013
    Messages:
    324
    Trips to Las Vegas:
    0
    Believe it or not, California doesn't tax lottery winnings. The reason I'd go with the annual payments vs lump sump is because even if I screwed up really bad the first and second years, I get 28 more chances to make smart choices with a huge wad of cash :p
     
  19. merlin

    merlin VIP Whale

    Joined:
    Aug 1, 2009
    Messages:
    2,399
    Location:
    mn
    Trips to Las Vegas:
    40
    To get back on topic, the lottery people say they have tried to offer games with many smaller winners and say that people wont play them , apparently people want to have one guy win 300 mill instead of a 100 3 million winners. I would rather they didn't make winning harder to get larger jackpots, when the powerball first started I think it was 65 million to one, now its 175 million to win. At a 1 in 65 million chance I feel it's just a matter of time, when it's 1 in 175 million I start to get worried that I may never win.
     
  20. wpete

    wpete High-Roller

    Joined:
    Apr 29, 2013
    Messages:
    727
    Location:
    California
    Trips to Las Vegas:
    37
    I'm not a math major by any stretch, but it just seem to me that if I'm taxed 25% on either 425 mil spread out over 26 years, or 242 mil lump sum, I'm going to end up with more money if I start with the 425 mil.

    Over 26 years the winner would get 12.25 Mil annually after 25% tax. Times that by 26 years and it comes out to 318.75 mil.

    A lump sum payment of 242 mil taxed at 25% would give the winner a single check of 181.5 mil.
     
Thread Status:
Not open for further replies.