Vidor wrote:"Bobby Martin had already stuffed his pockets full of stones, and the other boys soon followed his
example, selecting the smoothest and roundest stones; Bobby and Harry Jones and Dickie Delacroix-- the villagers pronounced this name "Dellacroy"--eventually made a great pile of stones in one corner of the square and guarded it against the raids of the other boys."
the lottery
- heyzeus
- Everday Unicorn
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Re: the lottery
- IMADreamer
- Has an anecdote about a townie he overheard.
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- Location: Illinois
Re: the lottery
I don't play. I guess it would be fun to dream about what you would do with that amount of money. I think I'd be more afraid of how it would negative change things in my life. Relationships with friends, random strangers and so on. Money changes things.
- GeddyWrox
- Caught you a delicious bass
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Re: the lottery
- Quit my job
- Hire a lawyer
- Change my cell phone #
- Buy a new car -- not sure what yet
- Rent a penthouse somewhere short term
- Decide how much to give my brother and other loved ones
- Change my name
- Set up trust funds for my kids with stipulations on how much they can draw on it, what they can do with it, etc.
-- contingent on them finishing college and doing something productive with their lives
- Hire someone to run the non profit I'm trying to get going
- Buy a really nice house or loft downtown
- Hire a lawyer
- Change my cell phone #
- Buy a new car -- not sure what yet
- Rent a penthouse somewhere short term
- Decide how much to give my brother and other loved ones
- Change my name
- Set up trust funds for my kids with stipulations on how much they can draw on it, what they can do with it, etc.
-- contingent on them finishing college and doing something productive with their lives
- Hire someone to run the non profit I'm trying to get going
- Buy a really nice house or loft downtown
- GeddyWrox
- Caught you a delicious bass
- Posts: 12944
- Joined: April 20 06, 8:43 pm
- Location: Please use blue font for the sarcasm impaired.
Re: the lottery
Another question:
Do you take the lump sum or the lifetime payments?
I think I'd take the lump sum.
Do you take the lump sum or the lifetime payments?
I think I'd take the lump sum.
- go birds
- -go birds
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Re: the lottery
yea i would def buy houses/condos in various parts of the country.
my parents are looking to retire soon so i would see to it that would happen.
How much of that $700 would you see after taxes? about $350 mil?
my parents are looking to retire soon so i would see to it that would happen.
How much of that $700 would you see after taxes? about $350 mil?
- go birds
- -go birds
- Posts: 31896
- Joined: February 5 10, 9:54 am
Re: the lottery
lump sum--definitelyGeddyWrox wrote:Another question:
Do you take the lump sum or the lifetime payments?
I think I'd take the lump sum.
-
- Hall Of Famer
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- Location: Austin
Re: the lottery
You joke, but it's pretty typical for things to go quite badly for lottery winners.Freed Roger wrote:My wife will pu a few ticket and we'll start to have a silly tiff about how we'd use it-and then laugh it off.
- IMADreamer
- Has an anecdote about a townie he overheard.
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- Location: Illinois
Re: the lottery
go birds wrote:yea i would def buy houses/condos in various parts of the country.
my parents are looking to retire soon so i would see to it that would happen.
How much of that $700 would you see after taxes? about $350 mil?
Don't you get less by taking the lump sum because the $700 million is the annuitized amount? So lump some is more like $400 million, then taxes take another half so now you are at $200 million? I may be off there.
BTW lump sum so you aren't waiting on the govt to give you your money because you never know when they are going to stop paying out.
- GeddyWrox
- Caught you a delicious bass
- Posts: 12944
- Joined: April 20 06, 8:43 pm
- Location: Please use blue font for the sarcasm impaired.
Re: the lottery
I'm guessing on the taxes here, but I think if you take lump sum, you're looking at about 350-400 pre-tax. Then you probably lose 1/3 of that or more to taxes. So you'd probably net about 233 - 266 million.
- Swirls
- gone fission
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- Location: South Korea
Re: the lottery
It would be more than $400 for the lump sum - it's usually like 75-80%. So call it $550MM lump sum or $700MM over 20 years. You will lose at least half in taxes, at that price point probably more than that. So probably $250MM after taxes as a lump sum, and around $300MM after taxes if paid out over 20 years.IMADreamer wrote:go birds wrote:yea i would def buy houses/condos in various parts of the country.
my parents are looking to retire soon so i would see to it that would happen.
How much of that $700 would you see after taxes? about $350 mil?
Don't you get less by taking the lump sum because the $700 million is the annuitized amount? So lump some is more like $400 million, then taxes take another half so now you are at $200 million? I may be off there.
BTW lump sum so you aren't waiting on the govt to give you your money because you never know when they are going to stop paying out.
I'd do the lump sum, mostly so that I only had to pay taxes on it once and never deal with it again on a tax return. If I took payments over 20 years, every April I would be pissed at how much money I was paying in taxes on the winnings coming in as income.