POWERBALL!!!

brianlux

hedonist said:

I'm pretty sure $700M ensures financial security for more than several lifetimes, Brian

It'd be a blast to indulge and give, neither in moderation.

Oh for sure, hundreds of lifetimes!  My needs are few. Most of the money would go to everything else on my list.

tempo_n_groove

She ended up with almost 300,000,000.00 after taxes and all said and done.  I'm pretty sure I can try and live off of that!

HesCalledDyer

tempo_n_groove said:

She ended up with almost 300,000,000.00 after taxes and all said and done.  I'm pretty sure I can try and live off of that!

That's a lot of freakin' money!!  You could spend 95% of it right off the bat and still have $15 million left.

rgambs

Imagine how sweet it would be to host a run of 10club only PJ shows, from an acoustic backyard gig on up to a small stadium show.

And imagine being in charge of seating
 

HesCalledDyer

Forest Hills

chadwick

so it went from 700m to nearly 300m

that's fucked up

i'd be moving in w/ ozzy osbourne

purchase a couple signature randy rhoads marshall stacks & a couple polka dot flying Vs to match

help out family, friends & random folks

purchase land for farming: livestock, gardens & living (lots of trees)

open a butcher shop

open a bbq pit/smoke pit restaurant at the same location as the farm & butcher shop

start a trucking company

purchase heavy equipment & dig out a lake... just drive around a track hoe to check the mail... you know be a dick    

live music... often & badass

work at trout hatcheries

Jason P

I can't believe I can't bet on NFL games because of the government when they allow the dumbest form of gambling cause they keep nearly everything and tax the few shillings they hand out.  

Only way to tax the poor is the lotto

chadwick

& they say the taxes goes to schools. oohh ookk   

pjhawks

spend 50% on wine, woman and song...and just waste the other 50%

with as big as the amount was I think taking the yearly payments for 30 years might have been a better option on this one.  it was something like $16 million after taxes each year.  would pretty much ensure you won't blow through it all if you take that option.

brianlux

I can't believe how many people win these big lotteries and end up blowing it all.  70% end up bankrupt?  Insane!

http://www.cleveland.com/business/index.ssf/2016/01/why_do_70_percent_of_lottery_w.html

rgambs

I don't understand how a person spends half a billion dollars.

mace1229

chadwick said:

so it went from 700m to nearly 300m

that's fucked up

i'd be moving in w/ ozzy osbourne

purchase a couple signature randy rhoads marshall stacks & a couple polka dot flying Vs to match

help out family, friends & random folks

purchase land for farming: livestock, gardens & living (lots of trees)

open a butcher shop

open a bbq pit/smoke pit restaurant at the same location as the farm & butcher shop

start a trucking company

purchase heavy equipment & dig out a lake... just drive around a track hoe to check the mail... you know be a dick    

live music... often & badass

work at trout hatcheries

Whats messed up with that?
Most lotteries are paid over about 20 years, or you can take the lump some that's about 50-60% of the winnings. I think Powerball is the same.
SO take a lump sum of however many hundreds of millions, there's going to be some taxes on that. 
300 million after taxes is actually more than I expected.

You were that kid in school that when the teacher gave out free pepperoni pizza at the end of the year party, you just complained that the pizza wasn't ham and pineapple, weren't you?

MayDay10

rgambs said:

I don't understand how a person spends half a billion dollars.

Without looking it up... i would say a ton of wasteful spending and giveaways, terrible investments, and a catastrophic disregard for tax ramifications.

If i were to ever win.  I wouldnt tell anyone and quietly find the perfect financial/legal guy.  

As far as spending, i probably wouldnt go too crazy.  I wouldnt work or start a business.  If anything, maybe run a charitable organization for dogs or nature or something.  Probably build a house in a rural area.  Best schooling money can buy for 2 kids... an rv bus to travel...  nicer cars but i have no desire for anything too fancy.  Mainly, just live comfortably for my years, and have plenty to pass on

HesCalledDyer

brianlux said:

I can't believe how many people win these big lotteries and end up blowing it all.  70% end up bankrupt?  Insane!

http://www.cleveland.com/business/index.ssf/2016/01/why_do_70_percent_of_lottery_w.html

70% is crazy!!
Don't get me wrong, I'd splurge on myself and help some people out.  But I'd make sure I had at least an attorney, financial adviser, and an accountant, if not more than one of each.  That's a really good tip on the life coach, too.  I'm sure a sudden drop of cash in one's lap would change a person's attitude, whether or not they'd care to admit it.

chadwick

mace1229 said:

chadwick said:

so it went from 700m to nearly 300m

that's fucked up

i'd be moving in w/ ozzy osbourne

purchase a couple signature randy rhoads marshall stacks & a couple polka dot flying Vs to match

help out family, friends & random folks

purchase land for farming: livestock, gardens & living (lots of trees)

open a butcher shop

open a bbq pit/smoke pit restaurant at the same location as the farm & butcher shop

start a trucking company

purchase heavy equipment & dig out a lake... just drive around a track hoe to check the mail... you know be a dick    

live music... often & badass

work at trout hatcheries

Whats messed up with that?
Most lotteries are paid over about 20 years, or you can take the lump some that's about 50-60% of the winnings. I think Powerball is the same.
SO take a lump sum of however many hundreds of millions, there's going to be some taxes on that. 
300 million after taxes is actually more than I expected.

You were that kid in school that when the teacher gave out free pepperoni pizza at the end of the year party, you just complained that the pizza wasn't ham and pineapple, weren't you?

nice try

HesCalledDyer

The lump sum payout was $480.5 million.
Federal tax withholding: $120.1 million
MA state tax withholding: $24 million

Initial Net Payout: $336.4 million

And she's probably not done paying taxes.  Those withholdings are what the federal (25%) & state (5%) governments take up front.  She'll likely pay about another 15% when she files her 2016 income taxes next year, or $72.1 million (of the gross $480.5).

Final net income: $264.3 million

So she'll net 55% of the gross lump sum payout, or 33% of the overall jackpot.

She would've been smarter to take the annuity.  And that is what most people should do with lottery jackpots.  I don't know what the figures are on those who take the lump sum vs those who take annuity, but if 70% of lottery winners end up bankrupt, I'd say it's safe to assume most take the lump sum and have no idea how to manage their money.

By taking the lump sum, not only do you get a smaller payout, you get taxed twice.  You have the initial withholdings plus you pay taxes annually on any investment earnings.  By taking annuity, not only can you better manage your money (you're guaranteed to get it for the next 29 years) but you also won't be taxed on investment income (since Powerball is actually investing the money in government holdings, which aren't taxed).  Powerball also operates on an "annuity certain" meaning the annual payment does not stop when you die, but rather continues being paid to your estate.  (The disadvantage to this being the IRS would take estate tax).

chadwick

thank you for that info

hedonist

chadwick knows his food (and how to best enjoy it).

MayDay, I like your post, its intent.

mace1229

chadwick said:

mace1229 said:

chadwick said:

so it went from 700m to nearly 300m

that's fucked up

i'd be moving in w/ ozzy osbourne

purchase a couple signature randy rhoads marshall stacks & a couple polka dot flying Vs to match

help out family, friends & random folks

purchase land for farming: livestock, gardens & living (lots of trees)

open a butcher shop

open a bbq pit/smoke pit restaurant at the same location as the farm & butcher shop

start a trucking company

purchase heavy equipment & dig out a lake... just drive around a track hoe to check the mail... you know be a dick    

live music... often & badass

work at trout hatcheries

Whats messed up with that?
Most lotteries are paid over about 20 years, or you can take the lump some that's about 50-60% of the winnings. I think Powerball is the same.
SO take a lump sum of however many hundreds of millions, there's going to be some taxes on that. 
300 million after taxes is actually more than I expected.

You were that kid in school that when the teacher gave out free pepperoni pizza at the end of the year party, you just complained that the pizza wasn't ham and pineapple, weren't you?

nice try

Was just making a joke, wasn't trying to fire you up if that's what you thought.
Still, 300 mil still seems reasonable.

brianlux

HesCalledDyer said:

brianlux said:

I can't believe how many people win these big lotteries and end up blowing it all.  70% end up bankrupt?  Insane!

http://www.cleveland.com/business/index.ssf/2016/01/why_do_70_percent_of_lottery_w.html

70% is crazy!!
Don't get me wrong, I'd splurge on myself and help some people out.  But I'd make sure I had at least an attorney, financial adviser, and an accountant, if not more than one of each.  That's a really good tip on the life coach, too.  I'm sure a sudden drop of cash in one's lap would change a person's attitude, whether or not they'd care to admit it.

Smart thinking, Dyer!

As a couple, my wife and I  make  less than the average for couples in our state and yet even we have a lawyer, a financial advisor and an accountant.  It just makes sense to do so.