the lottery

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heyzeus
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Re: the lottery

Post by heyzeus »

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."
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IMADreamer
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Re: the lottery

Post by IMADreamer »

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.

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GeddyWrox
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Re: the lottery

Post by GeddyWrox »

- 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

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GeddyWrox
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Re: the lottery

Post by GeddyWrox »

Another question:

Do you take the lump sum or the lifetime payments?

I think I'd take the lump sum.

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go birds
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Re: the lottery

Post by go birds »

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?

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go birds
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Re: the lottery

Post by go birds »

GeddyWrox wrote:Another question:

Do you take the lump sum or the lifetime payments?

I think I'd take the lump sum.
lump sum--definitely

Arthur Dent
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Re: the lottery

Post by Arthur Dent »

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.
You joke, but it's pretty typical for things to go quite badly for lottery winners.

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IMADreamer
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Re: the lottery

Post by IMADreamer »

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.

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GeddyWrox
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Re: the lottery

Post by GeddyWrox »

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.

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Swirls
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Re: the lottery

Post by Swirls »

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.
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.

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.

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