Notethey have bumped the lottery estimate up to 1.5 billion, now. Local TV station showed the breakdown. When you get the single payoff, and they reduce the winnings, and then you get the federal snd state taxes, not to mention local taxes, the take is down to around $500 million. Just to show you how greedy the government gets. Not that half a billion wouldn't keep me busy for a few weeks, but let's have a little truth in advertising.
- Thread starter RayP(MI)
- Start date
DENNIS MIN
Member
Ray,
They say those that win are miserable. Well, I know what it's like to be poor.
I'd rather the chance of feeling miserable with that much money.
Chances are I'd live a lotlike I am currently doing.
D.
They say those that win are miserable. Well, I know what it's like to be poor.
I'd rather the chance of feeling miserable with that much money.
Chances are I'd live a lotlike I am currently doing.
D.
Goose
Well-known Member
I'd guess one of the first concerns you would have would be kidnappings of children or anyone else close enough to be held for ransom. If I sound like a cynic it's because I am one.
I think it would be prudent to keep your identity a secret, to the point of having everyone involved with the transaction sign a legally binding document not to disclose your identity.
I think it would be prudent to keep your identity a secret, to the point of having everyone involved with the transaction sign a legally binding document not to disclose your identity.
Russ from MN
Well-known Member
- Location
- Bemidji MN
It's not the government that's greedy, it's the people buying the tickets, and if they win it will probably ruin there lives!
old
Well-known Member
- Location
- Camdenton Missouri
Ya I do not know what I would do if I won that much money is to much to even think about but I sure as heck would not mind winning and making sure I owned a lot more land. Plus move up to a bit higher ground
Yeah, it's so difficult to get by on only $500,000,000 now-a-days. The winner(s)will have to decide if it's worth bothering to collect it or not, LOL.
Does anyone know what percentage of the lottery ticket revenue is actually paid out as winnings?
Pooling lottery tickets could be a good idea.
Does anyone know what percentage of the lottery ticket revenue is actually paid out as winnings?
Pooling lottery tickets could be a good idea.
Patrick Klise
Member
Saw an article today in the NY Times entitled "Take the annuity" The author said it probably is a better deal to take the 1.5billion on an annual basis rather than taking the cash. He said that way you really do get 1.5 billion..The lottery pays that amount in a 30 year annuity....but...it is called an annuity certain meaning that if you pass away..the lottery continues to pay the entire amount to your heirs. Said you also avoid the one time taxes to federal and state this way..You still pay taxes of course but only on the annual payment which is about 23million if I remember correctly....and....the money in the annuity earns about2.3% which is more than banks or most other long term investments are making right now. Was an interesting read!
All I can say you all can be as critical as you want but for 2 dollars ill take a chance to win. If I do I will be grateful, happy, elated and all of the above for what ever I get. Only thing I don't like about it is you cant keep it from the press. That's the problem. Would not be a bad problem though.
Went into the Credit Union today and told the girls I'd be in later in the week to deposit my power ball check. We started swapping ideas about what we'd do with the money, just fantasizing. One young lady, a cheerful, happy sort, surprised me with a comment I'd never before considered: "I just like to think about all the people I'll never have to speak to again for the rest of my life." Works for me.
ObsoElitist
Member
Lotteries are a tax on people who are not good at math.
The advertised winnings vs cash value is a little deceiving but the the cash value is the actual amount of the winnings either way ( 1.5 bill advertised = 930 mil actual) If you take the annuity they simply "invest" the 930 mil for you and pay you annually for 29 years, its 30 payments but you get the 1st one now.
The annuity is your money or just like any other asset you own, nobody can take it from you and it can not disappear , even when you die. The money is unconditionally yours and guaranteed to you in every way. If you die it would go to your estate, trust or whoever is in your will etc.
The figures below are approximate based on the estimated "1.5 billion" and taxes. Different states have different tax rates, so actual money you pay in taxes will vary.
Lump sum payment = $930 million ( cash value )
lump sum after taxes = 650 million (depending on state tax rates, I think NY is the highest, might be around 600 million or a little less)
30 year payout value = 1.5 billion
30 year payout value after taxes = 1 billion
So, as you can see if you take the lump sum (cash value) you will net around 650 million, If you take the payout you net around 1 billion.
The annuity is your money or just like any other asset you own, nobody can take it from you and it can not disappear , even when you die. The money is unconditionally yours and guaranteed to you in every way. If you die it would go to your estate, trust or whoever is in your will etc.
The figures below are approximate based on the estimated "1.5 billion" and taxes. Different states have different tax rates, so actual money you pay in taxes will vary.
Lump sum payment = $930 million ( cash value )
lump sum after taxes = 650 million (depending on state tax rates, I think NY is the highest, might be around 600 million or a little less)
30 year payout value = 1.5 billion
30 year payout value after taxes = 1 billion
So, as you can see if you take the lump sum (cash value) you will net around 650 million, If you take the payout you net around 1 billion.
The annuity is your money or just like any other asset you own, nobody can take it from you and it can not disappear
------------------------
Yeah right......
The lottery is funded from the proceeds from 36 state governments - all of which have budget problems. "Your" annuity is subject to forfeiture or seizure whenever the state and federal legislators are in session.
------------------------
Yeah right......
The lottery is funded from the proceeds from 36 state governments - all of which have budget problems. "Your" annuity is subject to forfeiture or seizure whenever the state and federal legislators are in session.
The lotto was to be the savior of the school funding problem. LOL
On the local Ohio news they were saying Ohio takes in 990 million , I think it was million ? (don't think it was billion) from just the lotto. That should be plenty enough ,but my property tax school portion has went up a lot over the years and now they hit us with an earned income tax too of 1.5% in our school district and many others.
On the local Ohio news they were saying Ohio takes in 990 million , I think it was million ? (don't think it was billion) from just the lotto. That should be plenty enough ,but my property tax school portion has went up a lot over the years and now they hit us with an earned income tax too of 1.5% in our school district and many others.
It is not forfeited but you are relying on a government run agency to not run out of money to ensure your annuity.
If you took the 35 million a year for 30 years and never spent a dime and invested it at 6% you would have 2.767 BILLION after 30 years. If you took the 650 million up front and invested it at 6% for 30 years you would have 3.521 BILLION after 30 years. Who are these experts that think that taking the annuity is better? Bet they were employees of the lottery.
If you took the 35 million a year for 30 years and never spent a dime and invested it at 6% you would have 2.767 BILLION after 30 years. If you took the 650 million up front and invested it at 6% for 30 years you would have 3.521 BILLION after 30 years. Who are these experts that think that taking the annuity is better? Bet they were employees of the lottery.
The Lotto in NYS was supposed to stop all our school funding issues. It was a lie then and it still is today. If all the idiots that stand in line to blow $5, 10, 20, 50.00 a day on Lotto tickets took that money and put it towards their mortgage, car payment or heating bill they'd be far, far ahead of the game. Instead, they spend $100.00 and say they made money when they finally win $15.00! It's idiotic. But, hey, if they want to throw their money away, it's none of my business.
The hysteria over things like the Powerball is truly mind boggling. The odds of winning are tiny in the first place. When the money gets up there and 7 or 8x as many people buy tickets the odds become smaller and smaller of being the sole winner. Personally, I hope 1.5 billion winning tickets are found and then that the tax is paid on those "huge" winnings. It would serve people right.
Cold weather makes me grumpy I guess.
jimg.allentown
Well-known Member
So, you figure that it is a better deal to take the annuity???
Consider: a 70 year old person that takes the annuity would have to live to be 99 in order to collect the entire amount. How many do you think will live that long??? Only a person under the age of 50 should take the annuity in my opinion.
Has anybody figured out the math on taking the lump sum and investing it themselves?? I suggest that this method could have similar results to the annuity. Given that one would probably spend only part of the interest earned. With compounding over the years, this could equal the annuity.
Consider: a 70 year old person that takes the annuity would have to live to be 99 in order to collect the entire amount. How many do you think will live that long??? Only a person under the age of 50 should take the annuity in my opinion.
Has anybody figured out the math on taking the lump sum and investing it themselves?? I suggest that this method could have similar results to the annuity. Given that one would probably spend only part of the interest earned. With compounding over the years, this could equal the annuity.
dr sportster
Well-known Member
The odds of one being impaled on a sharp object are greater than winning powerball.
I just like to think about all those people I'll never have to speak to again for the rest of my life."
A local man hit the lotto for a million dollars some years ago. He immediately had his farm surveyed, constructed a high fence, installed a locked gate, never came to the local c store to swap jokes & lies with other farmers. Essentially cut himself off from society. I haven't heard from him lately, but I hope he is happy and has found fulfillment staying behind his fence, counting his money.
A local man hit the lotto for a million dollars some years ago. He immediately had his farm surveyed, constructed a high fence, installed a locked gate, never came to the local c store to swap jokes & lies with other farmers. Essentially cut himself off from society. I haven't heard from him lately, but I hope he is happy and has found fulfillment staying behind his fence, counting his money.
Jim in New Mexico
Member
Old, If you won the lottery you could probably the whole state you live in !! And you worry about buying more land, and get up on higher dryer land....Com on now ???? Jim in N.M.
My wife, BIL (disabled) and his wife all work at the same C store. Was visiting my BIL last evening and he was laughing about the number of lotto tickets he was selling. He stopped smiling and laughing when I ask him just how many he had sold to people he knows are on at lest fuel assistance. That's what bothers me about the lotto. If you are making and paying your own way I have absolutely no problem with you buying Lotto tickets. If you are buying them while collecting assistance I'm angry. Take that money and pay your own darned way! Don't be gambling with money that the only reason you have it is that we, the tax payers, made it so you have those few extra dollars by paying your gas or food or medical insurance.
Sorry, rant over!
Rick
Sorry, rant over!
Rick
Super-H-Mike
Member
If I win , I am gonna farm til its all gone ....
Bob Collins
Well-known Member
My thought is, why doesn't the Government buy a winning ticket? Then they get to keep all of it!
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