Powerball

[MattPie]

 I was thinking like 150,000 a year, holy shietzer 

 

But 11-15 to buy? thats still just pocket change of my 900+ Million

 

That's a lot of stuff to take care of, even if you pay people to do it for you.

[ubkev]

I'm buying a house, back home, with a ton of land and maybe some horses. I'll be golfing when I'm not skiing or fishing. My parents and my two brothers would be retired. I'll set up my wife's mother, and pay for my niece's and nephew's colleges.

 

After that I'm going to see the homeland. Venice, Florence, Rome, the Vatican. Then it's off to Wales, then maybe London and Paris. I'll learn a new language or two. Buy Yankees season tickets. Put a lift in my garage and build a 66 Chevelle with my brother. Then I'd buy a stoooopid expensive Rolls Royce.

[clintwestwood]

Dropped $20 on ten tickets yesterday. I've spent $20 on dumber things in my life.

[Wyldnwoody44]

I'd be a generous guy, I'd invest enough so I know there's always something coming back, I'd prolly offer to take all my SS brethren on a trip overseas for a giant European party and some spending cash, because who needs that's much Damn money, I wouldn't work anymore.

 

I want the fastest car made. Aston Martin I think, just because why not.

 

I probably would still have a place in buffalo and this is where my roots would be, I would just have other places,in warmer climates.

 

I'm buying 15 tickets, odds are 1 in about 232 million of actually winning jackpot. I wonder how many people will win and split tonight with the jackpot this big. Someone has to Win, hope it's one of us!!!

[nfreeman]

Porsche Panamera for me and Audi TT for my wife.

[TrueBlueGED]

I don't believe in playing the lottery, I fully consider it a tax on people who can't do math. I see how much people spend on lotteries only to win nothing, while considering how many more tangible things they could have if they spent the money on say, new windows. It's insane.

 

I bought 5 lines for the last drawing, and another 5 for this one. Somewhere approaching a billion is where I stop caring how unlikely it is and just want a shot.

 

Edit: anyone else prefer the payments over the cash value, assuming there's not something crazy like 50 winners? I pride myself on being pretty financially responsible, but I like the idea of needing to be an idiot for 30 straight years to be bankrupt.

Edited January 13, 2016 by TrueBlueGED

[shrader]

I don't believe in playing the lottery, I fully consider it a tax on people who can't do math. I see how much people spend on lotteries only to win nothing, while considering how many more tangible things they could have if they spent the money on say, new windows. It's insane.

 

I bought 5 lines for the last drawing, and another 5 for this one. Somewhere approaching a billion is where I stop caring how unlikely it is and just want a shot.

 

Edit: anyone else prefer the payments over the cash value, assuming there's not something crazy like 50 winners? I pride myself on being pretty financially responsible, but I like the idea of needing to be an idiot for 30 straight years to be bankrupt.

 

 

I buy a single ticket when the bigger prizes start to show up.  I figure that I actually buy tickets if I want to entertain myself with all of the what if scenarios.  All other times I don't touch the lottery or any gambling (which is funny given that I'm going to Vegas in a month).

[MattPie]

I buy a single ticket when the bigger prizes start to show up.  I figure that I actually buy tickets if I want to entertain myself with all of the what if scenarios.  All other times I don't touch the lottery or any gambling (which is funny given that I'm going to Vegas in a month).

 

Same, it's entertainment.

[Weave]

I don't believe in playing the lottery, I fully consider it a tax on people who can't do math. I see how much people spend on lotteries only to win nothing, while considering how many more tangible things they could have if they spent the money on say, new windows. It's insane.

 

I bought 5 lines for the last drawing, and another 5 for this one. Somewhere approaching a billion is where I stop caring how unlikely it is and just want a shot.

 

Edit: anyone else prefer the payments over the cash value, assuming there's not something crazy like 50 winners? I pride myself on being pretty financially responsible, but I like the idea of needing to be an idiot for 30 straight years to be bankrupt.

 

We only buy them when the payout gets really big, so maybe twice per year.  And we only buy a couple of tickets.  It's what the hell money I guess.  We call buying lottery tickets, paying the stupid tax.  We're willing to be stupid for really big payouts.  I figure it's like putting $10 down on a Superbowl longshot at the beginning of the season.

 

As for payments vs lump sum...... at this level?  I don't really care.  I wanted to post what I would do if I win, and I can't.  It is stupid money that I can't wrap my head around.  You want to give it to me in 20 or 30 yr increments?  Whatevs.... I still don't know what I'd do with all of it.

 

I tell my wife, I'll going out in a blaze of hookers and blow.  Lady, stand back after that first check arrives.  Me and Charlie Sheen are gonna have a party and I probably won't come out the other side.

[Claude_Verret]

 

Edit: anyone else prefer the payments over the cash value, assuming there's not something crazy like 50 winners? I pride myself on being pretty financially responsible, but I like the idea of needing to be an idiot for 30 straight years to be bankrupt.

 

 

Take the cash.

 

I'd take 500 MM and put it in a conservative municipal bond fund.  500 MM returning even a paltry 0.4% would pay you 2 MM per year tax free and you'd never touch the principal.

[MattPie]

Take the cash.

 

I'd take 500 MM and put it in a conservative municipal bond fund.  500 MM returning even a paltry 0.4% would pay you 2 MM per year tax free and you'd never touch the principal.

Hire a good accountant before making financial decisions. :) In all seriousness, I think there are pros and cons for both methods. You don't receive as much money taking the lump sum, but you control it. I think there are issues with annuity if you die or the lottery goes bankrupt.

[Sabres Fan in NS]

Does any one know if a Canadian can win, or can it only be a US resident / citizen?

 

Not that I'd ever consider going against one of Allah's pronouncements, but ...

[Claude_Verret]

Hire a good accountant before making financial decisions. :) In all seriousness, I think there are pros and cons for both methods. You don't receive as much money taking the lump sum, but you control it. I think there are issues with annuity if you die or the lottery goes bankrupt.

 

I've got one in the family, my brother is a CPA.  I'd pay him oh say maybe 25 MM for the advice.  :thumbsup:

[shrader]

We only buy them when the payout gets really big, so maybe twice per year.  And we only buy a couple of tickets.  It's what the hell money I guess.  We call buying lottery tickets, paying the stupid tax.  We're willing to be stupid for really big payouts.  I figure it's like putting $10 down on a Superbowl longshot at the beginning of the season.

 

 

You've been reading my posts, haven't you?

[TrueBlueGED]

Take the cash.

 

I'd take 500 MM and put it in a conservative municipal bond fund. 500 MM returning even a paltry 0.4% would pay you 2 MM per year tax free and you'd never touch the principal.

You're objectively right, of course. For me it's purely psychological--taking payments I know I literally cannot blow through my money for 30 years. Not that I would blow through $700 million, but the odds of doing it can't be worse than what it took to win it :lol:

Hire a good accountant before making financial decisions. :) In all seriousness, I think there are pros and cons for both methods. You don't receive as much money taking the lump sum, but you control it. I think there are issues with annuity if you die or the lottery goes bankrupt.

If states default on the lottery I think we'll have bigger problems to worry about :)

[elcrusho]

I got my ticket....

 

I would fly up from Orlando to the nearest Wegmans in Alexandria, VA just because I could...and open a Tim Hortons down here

[FLYNNSanity]

Does anyone else know a group putting in money to buy a lot of tickets? 

A buddy of mines work had employees chip in, and together they bought over 100 ticks.

If they win they will divide the money between the workers. 

Edited January 13, 2016 by FLYNNSanity

[respk]

We have 2 groups at work that I contribute $2 to.  One has ~250 people in it.  The other has about 20 in it.  I don't want to be the only one left behind.  And of course I buy my own ticket.  I only do this for the bigger jackpots.  It's worth the $6 to have the fun of the discussion of "what would you do if..." conversation with the family.  Kids have especially interesting ideas.

 

Was just wondering and maybe someone will know.  If you were to actually win $500 million dollars, what do you do with it?  Not what do you buy with it, but where do you actually put that much money until you could spend it or something else?  In a bank?  some other financial institution?

[SwampD]

We have 2 groups at work that I contribute $2 to.  One has ~250 people in it.  The other has about 20 in it.  I don't want to be the only one left behind.  And of course I buy my own ticket.  I only do this for the bigger jackpots.  It's worth the $6 to have the fun of the discussion of "what would you do if..." conversation with the family.  Kids have especially interesting ideas.

 

Was just wondering and maybe someone will know.  If you were to actually win $500 million dollars, what do you do with it?  Not what do you buy with it, but where do you actually put that much money until you could spend it or something else?  In a bank?  some other financial institution?

Watch CNBC at 7 pm toinight. They are doing a special about this very topic.

[pastajoe]

We have 2 groups at work that I contribute $2 to. One has ~250 people in it. The other has about 20 in it. I don't want to be the only one left behind. And of course I buy my own ticket. I only do this for the bigger jackpots. It's worth the $6 to have the fun of the discussion of "what would you do if..." conversation with the family. Kids have especially interesting ideas.

 

Was just wondering and maybe someone will know. If you were to actually win $500 million dollars, what do you do with it? Not what do you buy with it, but where do you actually put that much money until you could spend it or something else? In a bank? some other financial institution?

You'd hire a financial advisor and put most of it in a combination of stocks and live off the dividends. I would invest in a business opportunity I received from a Nigerian prince.

[inkman]

Soooo just to pee on the parade a bit. Does everyone understand what you take home if you pick "cash value" (btw whoever came up with this teem needs a dictionary) Before uncle Sam even looks at your winnings, it's 750 million. Then after the gov't gets their portion, you get about 300-400 million. A nice payday no doubt but it amazes me how many people don't know this.

[Weave]

Soooo just to pee on the parade a bit. Does everyone understand what you take home if you pick "cash value" (btw whoever came up with this teem needs a ###### dictionary) Before uncle Sam even looks at your winnings, it's 750 million. Then after the gov't gets their portion, you get about 300-400 million. A nice payday no doubt but it amazes me how many people don't know this.

 

I assume everyone on this site would get that. 

[inkman]

I assume everyone on this site would get that.

Probably most but almost none of my coworkers get it

[FLYNNSanity]

I don't believe in playing the lottery, I fully consider it a tax on people who can't do math. I see how much people spend on lotteries only to win nothing, while considering how many more tangible things they could have if they spent the money on say, new windows. It's insane.

 

I bought 5 lines for the last drawing, and another 5 for this one. Somewhere approaching a billion is where I stop caring how unlikely it is and just want a shot.

 

Edit: anyone else prefer the payments over the cash value, assuming there's not something crazy like 50 winners? I pride myself on being pretty financially responsible, but I like the idea of needing to be an idiot for 30 straight years to be bankrupt.

It's stupid to not take the lump sum. Kevin O'Leary was on the news and he was explaining why you always go lump sum.

I dont remember everything he said but basically theres to many loop holes and ways to get screwed over.

Soooo just to pee on the parade a bit. Does everyone understand what you take home if you pick "cash value" (btw whoever came up with this teem needs a ###### dictionary) Before uncle Sam even looks at your winnings, it's 750 million. Then after the gov't gets their portion, you get about 300-400 million. A nice payday no doubt but it amazes me how many people don't know this.

Actually the current projections are 697.5 Million, but if no one gets all the numbers tonight I think it will get way higher. I think even more people will start buying the tickets if this happens.

[SwampD]

It's stupid to not take the lump sum. Kevin O'Leary was on the news and he was explaining why you always go lump sum.

I dont remember everything he said but basically theres to many loop holes and ways to get screwed over.

Plus, you only need to make something like 2.5% a year over the thirty years to get the same amount as the annuity.