Mega Millions - $102 million

aNiMaL
aNiMaL Posts: 7,117
edited February 2008 in All Encompassing Trip
Drawing is tomorrow, 2/5/08. I've got $5 that says it's all mine!!!!

Wow, what I could do with all that scratch...
Post edited by Unknown User on

Comments

  • Allie
    Allie Posts: 2,908
    Oh thanks, I'll get my ticket later! That would be some super Tuesday! Sweet!
    "...like a word misplaced, nothing said, what a waste.."
    "Sometimes life should be consumed in measured doses"
    6-01-06
    6/25/08
    Free Speedy
    and Metsy!
  • roar
    roar Posts: 1,116
    even though the odds are against you...

    it's worth the buck to have all of the dreams up until the inevitable letdown.
  • rival.
    rival. Chicago Posts: 7,775
    that's a nice sack of change.

    man, i would love a $102 million dollar bank account.
  • sweet adeline
    sweet adeline Posts: 2,191
    singularity wrote:
    that's a nice sack of change.

    man, i would love a $102 million dollar bank account.

    if you took the lump sum amount up front and paid the taxes you would only end up with about $38M. ;)
  • aNiMaL
    aNiMaL Posts: 7,117
    sweet adeline wrote:
    if you took the lump sum amount up front and paid the taxes you would only end up with about $38M. ;)
    I'd say about $43.4M with the cash option after taxes. And still - a damn fine chunk of change. :D
  • sweet adeline
    sweet adeline Posts: 2,191
    aNiMaL wrote:
    I'd say about $43.4M with the cash option after taxes. And still - a damn fine chunk of change. :D

    don't you get $63M for the lump sum up front? i think you have to pay 40% on any gambling winnings. thats how i came up w/$38M.

    at that point, its all chump change i suppose.
  • blackredyellow
    blackredyellow Posts: 5,889
    I just invested $5 into my future millions... the clerk at the newstand said my numbers would win, so I got that going for me.
    My whole life
    was like a picture
    of a sunny day
    “We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
    ― Abraham Lincoln
  • aNiMaL
    aNiMaL Posts: 7,117
    sweet adeline wrote:
    don't you get $63M for the lump sum up front? i think you have to pay 40% on any gambling winnings. thats how i came up w/$38M.

    at that point, its all chump change i suppose.
    I think we can safely say it would be somewhere between our 2 figures. :)

    Oh please let it be me!!!
  • roar
    roar Posts: 1,116
    *bump*

    remember to buy your ticket!
  • Medicated-Genius
    Medicated-Genius Posts: 359
    sweet adeline wrote:
    don't you get $63M for the lump sum up front? i think you have to pay 40% on any gambling winnings. thats how i came up w/$38M.

    at that point, its all chump change i suppose.


    You pay 40% of gambling winnings? I've never figured out how american lotteries work........... basically, if the prize is $102 million here, thats exactly what ya get when ya win.
  • sweet adeline
    sweet adeline Posts: 2,191
    Medicated-Genius wrote:
    You pay 40% of gambling winnings? I've never figured out how american lotteries work........... basically, if the prize is $102 million here, thats exactly what ya get when ya win.

    if you win, you either take a lump sum or get payments over a 20 year period. if you take the payments, you are essentially receiving the interest payments from the bonds the lotto system has purchased. if you take the lump sum up front (which usually works out to about 1/2 of the lotto jackpot), you are cashing out the bonds now and getting the payment up front. mathematically, if you can invest the money elsewhere and get ~8% rate of return or higher, you are better off taking the tax hit up front and investing the money. you'll end up w/more in the long run than you would had you taken the payments over 20 years.

    in either case, you have to pay taxes on the distribution, JOEJOEJOE can probably verify, but i think its ~40% on gambling winnings.
  • Medicated-Genius
    Medicated-Genius Posts: 359
    sweet adeline wrote:
    if you win, you either take a lump sum or get payments over a 20 year period. if you take the payments, you are essentially receiving the interest payments from the bonds the lotto system has purchased. if you take the lump sum up front (which usually works out to about 1/2 of the lotto jackpot), you are cashing out the bonds now and getting the payment up front. mathematically, if you can invest the money elsewhere and get ~8% rate of return or higher, you are better off taking the tax hit up front and investing the money. you'll end up w/more in the long run than you would had you taken the payments over 20 years.

    in either case, you have to pay taxes on the distribution, JOEJOEJOE can probably verify, but i think its ~40% on gambling winnings.


    Thanks for explaining that to me. The way it works over here, all winnings are tax free. You only pay tax on any interest you earn once you've banked or invested yer winnings.
  • sweet adeline
    sweet adeline Posts: 2,191
    Medicated-Genius wrote:
    Thanks for explaining that to me. The way it works over here, all winnings are tax free. You only pay tax on any interest you earn once you've banked or invested yer winnings.

    which is how it should be. you took the risk and won and now you have to forfeit some of those winnings? its pretty lame, but i wouldn't complain too much if i had $40m in the bank.

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