Powerball jackpot at $400 million - Oops! $1.5 billion - $40 mil

[zinfamous]

Bought my two numbers.

So, which one of you peons is going to take the $100k/year job of washing my feet?

(I don't pay healthcare)

 

[Svnla]

Let not forget the lottery curse on these fools that won = http://www.businessinsider.com/lottery-winners-who-lost-everything-2016-1

I remember Jack Whittaker Jr., all smiling and all when he picked that oversize check and within 4 years, 114 million USD (after taxes and all) is long gone, his marriage fell apart, and his granddaughter ended up dead by drugs overdose.

Dear Lottery Goddess, please curse me and let me win the jackpot by myself. I am willing to suffer the curse so others could live their ordinary lives and not suffer.

 

[zinfamous]

Let not forget the lottery curse on these fools that won = http://www.businessinsider.com/lottery-winners-who-lost-everything-2016-1

I remember Jack Whittaker Jr., all smiling and all when he picked that oversize check and within 4 years, 114 million USD (after taxes and all) is long gone and his granddaughter ended up dead by overdose.

Dear Lottery Goddess, please curse me and let me win the jackpot by myself. I am willing to suffer the curse so others could live their ordinary lives and not suffer.

Now this is cold:

When Joseph Roncailoli, a gynecologist, found out Ibi gave $2 million of her fortune to a secret child she'd had with another man, he poisoned her with painkillers, the Toronto Star reports.

He was found guilty of manslaughter and reportedly asked Ibi's family to help foot the bill for her funeral.

wow.

Thing about those captions, though, they just say that people had all this money, then lost it. It doesn't really mention if they care or not. At least the hilarious lady up top with that ridiculous truck started trusts for her kids before going back to being a normal schlub. I bet she's rather content with things after all is done.

 

[highland145]

Abraham Shakespeare under the concrete.

 

[SearchMaster]

She didn't win the lottery, but a friend of my mother's won a medical lawsuit for about $6M (minus the lawyer's third). She wasn't *overly* extravagant with the money but it was gone in less than a decade. New cars for the kids and (ex-)husband, jetskis to be towed with them, upgraded house, vacations, etc.

I will say the attorney probably earned his share. She had seen dozens of lawyers who refused to take the case because she was a rather...eccentric lady. She even asked my mother to testify that she went crazy after the malpractice - my mother refused saying she was crazy well before then. She finally asked my mother to control the money and not let ANYONE have any of it (other than my mother's friend's living expenses) but by then there was less than $100K remaining.

 

[highland145]

Redneck rich, I'd like to give it a shot with $500M.

 

[jlee]

11k a day is not how i'm going to get my garage full of ferraris, now is it!

Excluding the track/special edition models (not easily finding prices, if they are even available for public sale - 458 Speciale A and F12tdf):

F12berlinetta $319,995
FF $295,000
488GTB $242,737
488 Spider $275,000
458 Speciale $291,744
LaFerrari $1.416mil (if you can even get one).

Less than $3mil (259 days). About half of that if you can't get the LaFerrari. Older ones are generally far cheaper..you could get a 430 for 100-120k or a 355 for ~60k. Wait a week, buy a 355, and by the time you're bored with it (hopefully you're entertained by a Ferrari for more than two weeks) you could go buy another one with cash.

 

[eng2d2]

Let not forget the lottery curse on these fools that won = http://www.businessinsider.com/lottery-winners-who-lost-everything-2016-1

I remember Jack Whittaker Jr., all smiling and all when he picked that oversize check and within 4 years, 114 million USD (after taxes and all) is long gone, his marriage fell apart, and his granddaughter ended up dead by drugs overdose.

Dear Lottery Goddess, please curse me and let me win the jackpot by myself. I am willing to suffer the curse so others could live their ordinary lives and not suffer.

I dont believe its gone and yes I read most of the stories about him. The only thing that is difficult to recover is the death of his grand daughter. I beleive the money is still there not a lot but enough.

 

[AznAnarchy99]

Let not forget the lottery curse on these fools that won = http://www.businessinsider.com/lottery-winners-who-lost-everything-2016-1

I remember Jack Whittaker Jr., all smiling and all when he picked that oversize check and within 4 years, 114 million USD (after taxes and all) is long gone, his marriage fell apart, and his granddaughter ended up dead by drugs overdose.

Dear Lottery Goddess, please curse me and let me win the jackpot by myself. I am willing to suffer the curse so others could live their ordinary lives and not suffer.

So basically gotta shut out all the people who want hand outs. Fuck my family is prone to this...

 

[highland145]

So let's say you win enough that you'll get $500M with the annuity, guaranteed money, over 20 years. $64K/day. Why would you not take the annuity? Where else could you put/invest the cash and have it guaranteed? You'd have to have 2K bank accounts for the FDIC coverage.

 

[zinfamous]

So let's say you win enough that you'll get $500M with the annuity, guaranteed money, over 20 years. $64K/day. Why would you not take the annuity? Where else could you put/invest the cash and have it guaranteed? You'd have to have 2K bank accounts for the FDIC coverage.

problem with that is your $64k/day 20 years from now doesn't have the same value it does today. And then the taxes on that value are even worse than if you get the entire value taxed at one time, today.

something something invest in funds with returns that beat inflation and you technically end up with more if you opt for the lump sum.

well, so say the smart people.

honestly, I imagine that 64k/day is still going to be pretty sweet 20 years from now. I think for anyone that is lazy enough and isn't bothered by such pauper's pay, the annuity is an OK option.

 

[zinfamous]

So basically gotta shut out all the people who want hand outs. Fuck my family is prone to this...

so...you're Azn?

:hmm:

 

[BeeBoop]

Bought my two numbers.

So, which one of you peons is going to take the $100k/year job of washing my feet?

(I don't pay healthcare)

I'd do it!!

 

[s0me0nesmind1]

I love people that says "You can't win if you don't play!". Oh boy oh boy!

You also can't lose if you don't play. Try using that statement for things like playing Russian Roulette

 

[s0me0nesmind1]

So let's say you win enough that you'll get $500M with the annuity, guaranteed money, over 20 years. $64K/day. Why would you not take the annuity? Where else could you put/invest the cash and have it guaranteed? You'd have to have 2K bank accounts for the FDIC coverage.

I think I would take the annuity simply for the tax implications.

Take it all at once and I pressume that is income you must report, hence, you will pay the top tax bracket of ~40% on the majority of it. Orrr you would take it in spurts over the years and pay much less in taxes on it. Whatever, that's just my logical way of thinking about things. No surprise people are butt fucking retarded and always want their greedy hands on it all at once.

 

[AznAnarchy99]

I love people that says "You can't win if you don't play!". Oh boy oh boy!

You also can't lose if you don't play. Try using that statement for things like playing Russian Roulette

Ya but playing the lotto won't kill me.

 

[highland145]

I think I would take the annuity simply for the tax implications.

Take it all at once and I pressume that is income you must report, hence, you will pay the top tax bracket of ~40% on the majority of it. Orrr you would take it in spurts over the years and pay much less in taxes on it. Whatever, that's just my logical way of thinking about things. No surprise people are butt fucking retarded and always want their greedy hands on it all at once.

And the redneck rich continue.

 

[highland145]

Ya but playing the lotto won't kill me.

See above, winning just might...

 

[AznAnarchy99]

God it must suck hitting the 5 numbers and not the power ball. 500k vs 500 million lol.

 

[Fanatical Meat]

I think I would take the annuity simply for the tax implications.

Take it all at once and I pressume that is income you must report, hence, you will pay the top tax bracket of ~40% on the majority of it. Orrr you would take it in spurts over the years and pay much less in taxes on it. Whatever, that's just my logical way of thinking about things. No surprise people are butt fucking retarded and always want their greedy hands on it all at once.

You are forgetting that paying all tax upfront puts you in the 15-20% investor tax bracket going forward.
Agreed its a crap ton of money and nearly impossible to screw up no matter which route you choose.

 

[zinfamous]

I think I would take the annuity simply for the tax implications.

Take it all at once and I pressume that is income you must report, hence, you will pay the top tax bracket of ~40% on the majority of it. Orrr you would take it in spurts over the years and pay much less in taxes on it. Whatever, that's just my logical way of thinking about things. No surprise people are butt fucking retarded and always want their greedy hands on it all at once.

or, those people are smarter than you and realize that the lump some is potentially worth quite a bit more.

 

[JM Aggie08]

lump for sure then hopefully seek professional ATOT advice regarding how to invest, etc.

Can you imagine if Trident won the big one and posted a thread on ATOT? I would have to call in sick for 2-3 weeks to bask in the epicness.

He'd probably go and buy another several $600 vacuums.

 

[s0me0nesmind1]

or, those people are smarter than you and realize that the lump some is potentially worth quite a bit more.

or... and here is a more probable answer... They aren't completely retarded like you are.

Unless you are about to die within the next 10 years there is zero point in taking a lump sum. Period.

Again, I know people like you are obviously too inept to do CRAZY things like calculate taxes. What with all that multiplication, interest rates, income brackets. Crazy right? But for those of us that are fortunate enough to not be stupid, there is zero reason to take the lump sum.

http://finance.zacks.com/lottery-annuity-vs-lump-sum-2136.html

State lottery agencies say the lump-sum option is fair because you can get the advertised jackpot value if you wisely invest your proceeds. However, the state lottery can invest the entire present cash value of the jackpot while you will only be able to invest the after-tax amount. Therefore, to match the state lottery's payment installments, you would have to earn a significantly higher investment return on your lump sum than the state would need to get.

If you take your winnings in a lump sum, you will owe income taxes on the entire amount in the year paid. That financial windfall probably will push you into an upper tax bracket. Spreading out the payments over a couple of decades means you will owe taxes only on the amount paid to you each year. This may result in more after-tax dollars than if you take the lump sum.

But keep talking, it's fun making you look more stupid by the day.

 

[zinfamous]

or... and here is a more probable answer... They aren't completely retarded like you are.

Unless you are about to die within the next 10 years there is zero point in taking a lump sum. Period.

Again, I know people like you are obviously too inept to do CRAZY things like calculate taxes. What with all that multiplication, interest rates, income brackets. Crazy right? But for those of us that are fortunate enough to not be stupid, there is zero reason to take the lump sum.

http://finance.zacks.com/lottery-annuity-vs-lump-sum-2136.html


But keep talking, it's fun making you look more stupid by the day.

"this may result in more after-tax dollars" ...it won't.

all the while that cash is losing value over those years when it could have been invested all that time.

so yeah, you can keep paying more and more taxes on increasingly less-valuable money over those years--giving the gubbermint more money, I thought you hated that--or not.

Yes, the problem with the lump sum is that for most lottery types it's enough money to make them do crazy things.

the thing you quoted didn't mention the value of your payment 20 years from now vs today.

 

[highland145]

So what do you do with the lump sum? Who do you trust? American Greed says no one. I can't imagine that I would outlive $69K/day in 20 year money.