PSA: Megamillions won by some lucky people in MD, Kansas, Illiinois

[Blieb]

I would still file my taxes with TaxCut (H&R Block At Home).
I wonder if you have to spring for Premium to get space for all the extra 0's ...

 

[Atomic Playboy]

Still better than giving up over $100,000,000 due to impatience.

If you invest it with just a 2% return on investment, you'll make significantly more money by taking the lump sum than by taking annual installments. The extra $100,000,000 from the long-term payouts is easily overcome by compound interest on the lump sum. And that argument is academic anyway; are you really going to split hairs over $270 million vs $370 million? Either way, you'll have more money than you can spend, and as long as you aren't a complete fool when it comes to spending or investing, you'll have enough for multiple generations of your family to live comfortably.

 

[Anonemous]

Updated with half a B.

 

[Schfifty Five]

Still better than giving up over $100,000,000 due to impatience.

Again, you aren't truly "giving up" anything if you take the cash option.

It's all about the time value of money.

 

[terry107]

We need to use a formula for present value of 'annuity due' for 26 payments of $19,230,769 (which is $500,000,000). The rate seems to be about 2.86% which is probably close to the rate of inflation which would make some sense.

Bah, you're right - I was doing an ordinary annuity. It has been too long since I took my finance classes.

 

[rcpratt]

Oh, nevermind.

 

[lozina]

So at this point if I win can I try to corner the gold market? At least the silver market?

 

[JujuFish]

Although the lump sum isn't quite as good as some people here believe (who's really going to not spend any of that money in order to let it grow for 26 years?), it's still unquestionably better to take the lump sum if you have any plans at all on investing.

 

[Bird222]

Bah, you're right - I was doing an ordinary annuity. It has been too long since I took my finance classes.

No offense but it looks like you were just calculating the lump sum of $359M to the future value of $500M not the payments. Do you (or anybody) have a manual formula to calculate the discount rate used here? I backed into it by using a website plugging in different rates. Surely there is a formula for this but I am having a heck of a time finding one.

 

[SAWYER]

I have never played, can you have the computer pick your numbers or do you have to pick them?

 

[dmcowen674]

For those wondering about the payout here is a good chart showing much money one would get sorted by state

9. If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability.

Consider donating a substantial amount to the owner of this Web site, because he gave you such great advice when you needed it most.
===================================================
LOL

 

[mnewsham]

I have never played, can you have the computer pick your numbers or do you have to pick them?

you just pick quickpick (QP5) for the first 5 and quick pick (QP1) for the megaball if you want it all to be random numbers generated via computer. Take about 2 mins to look over the ticket and you will see what I am talking about.

 

[ponyo]

I need minimum billion dollars before I can talk smack to people around me. So about 2 more drawings?

 

[cirrrocco]

I have never played as well. But when I am heading home I am gonna pick random numbers for 10 bucks.

 

[mnewsham]

I need minimum billion dollars before I can talk smack to people around me. So about 2 more drawings?

Yeah honestly at 1/2 $B what's the point?

Really tho anything over 5 million and you are set for life if you invest and spend wisely.

 

[FallenHero]

stupid tax has been paid. CMON BABY! If I win, everyone in this thread will get laid!

Except for Dave. Just to keep him angry all the time he won't be.

 

[mnewsham]

stupid tax has been paid. CMON BABY! If I win, everyone in this thread will get laid!

Except for Dave. Just to keep him angry all the time he won't be.

:wub:

 

[JMapleton]

Still better than giving up over $100,000,000 due to impatience.

Anyone who can invest the money even modestly is going to come out far ahead of someone who took the annuity. 30 years from now, inflation is going to make our modern $1 look like a few pennies.

Anyone would be a fool to take the annuity.

Why tie up your future in a failing currency that is losing value when you can preserve your wealth by investing it in equities, real estate, hard commodities, etc. Even investing it in art or classic cars would be a better idea that cash, which is a losing investment.

 

[mnewsham]

Anyone who can invest the money even modestly is going to come out far ahead of someone who took the annuity. 30 years from now, inflation is going to make our modern $1 look like a few pennies.

Anyone would be a fool to take the annuity.

Why tie up your future in a failing currency that is losing value when you can preserve your wealth by investing it in equities, real estate, hard commodities, etc. Even investing it in art or classic cars would be a better idea that cash, which is a losing investment.

yup I for one would buy a large amount of fine scotch and keep it in casks for the next 30-50 years and re-sell it later at a premium. scotch will never go out of style

 

[gothamhunter]

I feel bad for those poor people who all are now $500,000,000 poorer.

 

[TallBill]

Why the fuck would a $500 million jackpot encourage you to buy a ticket more than a $100 million jackpot?

Either one is going to completely fucking change your life.

 

[FallenHero]

Why the fuck would a $500 million jackpot encourage you to buy a ticket more than a $100 million jackpot?

Either one is going to completely fucking change your life.

100 million is piss money.

 

[ponyo]

I'm buying $2. If I win, it will be my mission to turn it into billion.

 

[ponyo]

Why the fuck would a $500 million jackpot encourage you to buy a ticket more than a $100 million jackpot?

Either one is going to completely fucking change your life.

It's easier to turn $500 mil to $1 billion than starting with $100 million.

 

[Svnla]

Why the fuck would a $500 million jackpot encourage you to buy a ticket more than a $100 million jackpot?

Either one is going to completely fucking change your life.

One is 5 times larger than the other?

I won $3 from yesterday drawing (1 white and 1 red), will redeem it for 3 more tickets.

stupid tax has been paid. CMON BABY! If I win, everyone in this thread will get laid!

Except for Dave. Just to keep him angry all the time he won't be.

Gonna get a charter jet to fly us all to Quebec?