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Mega Millions $000M :loser:

 
Old 03-28-2012, 12:28 PM
  #121  
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Originally Posted by Flipster23 View Post
True. But think if you were told by your doctor you have 2 weeks to live, you will be pissed that you didn't take that lump sum.

Nah, Id be pissed I would be dying in 2 weeks.
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Old 03-28-2012, 12:33 PM
  #122  
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I'd do annual payments
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Old 03-28-2012, 12:37 PM
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Originally Posted by Mizouse View Post
Which option would you guys pick?

Lump sum or 26 annual payments?
Always do lump sum or inflation will fuck you over. They account for a present value of like 1.1% or something (yea - I actually calculated that out one time).

If inflation increases by more than that per year - you're losing money.
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Old 03-28-2012, 12:48 PM
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Old 03-28-2012, 12:50 PM
  #125  
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Originally Posted by Pete2010 View Post
Always do lump sum or inflation will fuck you over. They account for a present value of like 1.1% or something (yea - I actually calculated that out one time).

If inflation increases by more than that per year - you're losing money.
Hmm, didn't think of that. Lump sum it is!!!
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Old 03-28-2012, 12:54 PM
  #126  
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If you haven't noticed I've spend more time than I'd like to admit planning for the event if I were to win - It's more interesting to me more about how I would setup the trust and company to hold the money than actually spending it.

Although a Bugatti Veyron SS would be a fun daily driver.

Long story short - before doing anything - get a lawyer, accountant and financial planner - make sure they are people you trust.
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Old 03-28-2012, 01:03 PM
  #127  
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yeah title needs to go to Mega Millions: 1/2 $Billion

How about let's doing a $5 per person Acurazine pool?

Rules: 1) You have to buy a five line ticket ($5) for 3/30/2012 drawing and post a pic.
2) Everyone that does so is in the pool.
3) If you buy more tickets and win, but it's not a posted ticket, then you win and no sharing.
4) A winning jackpot ticket is the only money in the pool to be shared.
5) Picture of 5 line ticket must be posted before 8PM EDT, Friday, 3/30/2012.
6) 50% of the total jackpot winnings will go to the actual holder of the winning ticket; the other 50% will be divided evenly amount the pool of players.
7) The winning ticket holder has sole right to determine a jackpot of a lump sum or annuity.
8) Also in your posted picture, besides the number, be sure it shows the drawing date and the unique lottery identification numbers for Mega Millions; that will be your claim to the 50% pool.

Last edited by Professor; 03-28-2012 at 01:08 PM. Reason: clarification
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Old 03-28-2012, 01:04 PM
  #128  
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I'd get a lawyer just to claim on my behalf so I wouldn't get any attention, or at least try to limit the amount of exposure
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Old 03-28-2012, 01:07 PM
  #129  
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Originally Posted by Whiskers View Post
You probably wouldnt care...


Originally Posted by Flipster23 View Post
Well 200 Million would go towards pornstars and hookers.
Tax write-off

Originally Posted by subinf View Post
I'd do annual payments
If you have a strong addiction to buying shit you don't need and giving away money..

Originally Posted by Professor View Post
yeah title needs to go to Mega Millions: 1/2 $Billion

How about let's doing a $5 per person Acurazine pool?

Rules: 1) You have to buy a five line ticket ($5) for 3/30/2012 drawing and post a pic.
2) Everyone that does so is in the pool.
3) If you buy more tickets and win, but it's not a posted ticket, then you win and no sharing.
4) A winning jackpot ticket is the only money in the pool to be shared.
5) Picture of 5 line ticket must be posted before 8PM EDT, Friday, 3/30/2012.
6) 50% of the total jackpot winnings will go to the actual holder of the winning ticket; the other 50% will be divided evenly amount the pool of players.
7) The winning ticket holder has sole right to determine a jackpot of a lump sum or annuity.
in.
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Old 03-28-2012, 01:10 PM
  #130  
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Professor, you think to much.
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Old 03-28-2012, 01:16 PM
  #131  
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I like buying shit...
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Old 03-28-2012, 01:21 PM
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X2.
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Old 03-28-2012, 01:25 PM
  #133  
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Originally Posted by subinf View Post
I like buying shit...
I'm sure many of you have seen that lotto doc.. I forgot the name, but one of the stories was a homeless man who was befriended by a business owner I believe. The friend was really selfless and a true friend to the guy. He knew he had issues, so he suggested he do annual payments so he would always have income coming in to take care of himself. It wasn't a great deal of money annually but enough to buy a home and put food on the table. If only all these morans that win the big one, did the same.
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Old 03-28-2012, 01:29 PM
  #134  
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Honestly.. if I won the big one, I wouldn't change anything in my life immediately. I'd probably buy a car.

I probably wouldn't tell my family but make sure they didn't need for anything.

I know if Miz wins, he'll probably end up like that British winner who blew his $15M on partying, drugs and 4 hookers a day.
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Old 03-28-2012, 01:29 PM
  #135  
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I honestly haven't put any thought into it. I've had a BK client who won and did the annual payments. So dumb asses either way.
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Old 03-28-2012, 01:31 PM
  #136  
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Somebody must have given him a black card.
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Old 03-28-2012, 01:32 PM
  #137  
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Mods,

It would be nice to make a new thread of Mega Millions Azine JackPot Pool with the rules as the first post.

Then we'd only see pics of tickets; no comments allowed.

Mull it over.

Thanks
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Old 03-28-2012, 01:39 PM
  #138  
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Originally Posted by Majofo View Post


Somebody must have given him a black card.
Most of it was sunk into a business that ultimately failed. Sort of sucks. Family took advantage of it too. Fuckers.
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Old 03-28-2012, 01:47 PM
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Back to last post.. I definitely wouldn't tell family.
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Old 03-28-2012, 01:50 PM
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No comments, do you know where you are?
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Old 03-28-2012, 01:51 PM
  #141  
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I would hope my office pools wins and another office pools wins so it gets divided.

half a billion is a lot of $ I wouldn't know what to even do with that, or let alone need that much for anything in my life.
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Old 03-28-2012, 01:54 PM
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We aren't allowed to have office pools. Damn working for the damn state.
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Old 03-28-2012, 02:01 PM
  #143  
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I have a question: We do an office pool. Now, let's say we win and take the lumpsum, pay the taxes. We each then get our share. Do I then pay taxes on that money? Does that money EVER get taxed? Do I keep it under my mattress? Just curious about how that works.
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Old 03-28-2012, 02:03 PM
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Old 03-28-2012, 02:03 PM
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Yes.. send double taxation to Majofo's Paypal account.
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Old 03-28-2012, 02:09 PM
  #146  
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Originally Posted by pebe View Post
I have a question: We do an office pool. Now, let's say we win and take the lumpsum, pay the taxes. We each then get our share. Do I then pay taxes on that money? Does that money EVER get taxed? Do I keep it under my mattress? Just curious about how that works.
You won't get the money until taxes are held out for both Federal and State, so once you have it. It's yours!
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Old 03-28-2012, 02:10 PM
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And Majofo's.
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Old 03-28-2012, 02:10 PM
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You forgot to a small detail.
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Old 03-28-2012, 02:20 PM
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Originally Posted by Majofo View Post
And Majofo's.
He soooo fucked you over dude
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Old 03-28-2012, 02:23 PM
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Originally Posted by Flipster23 View Post
We aren't allowed to have office pools. Damn working for the damn state.
can't you keep it on the DL? that's bull
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Old 03-28-2012, 02:34 PM
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Originally Posted by phile View Post
can't you keep it on the DL? that's bull

I know, they didn't like the idea of us doing a super bowl pool either. If you work for the CA lottery, you or your family are not allowed to play, good thing my MIL retired from there already.
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Old 03-28-2012, 02:35 PM
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An office pool is usually 20-100 people. Problem solved, buy 100 tickets. Profit.
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Old 03-28-2012, 02:42 PM
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From what I learned in my accounting classes it doesn't make sense to take the annual payments.

The 26 annual payments is about 3.8% of the jackpot for 26 years. After 26 years. The money is gone.

In this case of you take the cash option of 359 mil, then to get the same annual payment, you just need an annual return of 5.4% on that 359 mil to get that same payment for life (ie more than 26 years) in addiction to the 359 million.

Also I thought inflation is about 3%/year, anywyas with the annual payments, yes you are
Losing out to inflation.

Of course thou with 500 million, you're pretty much set for life inflation or not and annual payments or cash.

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Old 03-28-2012, 02:42 PM
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Originally Posted by pebe View Post
I have a question: We do an office pool. Now, let's say we win and take the lumpsum, pay the taxes. We each then get our share. Do I then pay taxes on that money? Does that money EVER get taxed? Do I keep it under my mattress? Just curious about how that works.
Yea - they'll withhold taxes before paying you your money (25% federal I think). And your state will take their share if you have state income tax.

After that - it's all yours - You would only pay taxes on the gains from that money (if it's invested or something).
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Old 03-28-2012, 02:44 PM
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Originally Posted by Majofo View Post
Honestly.. if I won the big one, I wouldn't change anything in my life immediately. I'd probably buy a car.

I probably wouldn't tell my family but make sure they didn't need for anything.

I know if Miz wins, he'll probably end up like that British winner who blew his $15M on partying, drugs and 4 hookers a day.
Yes, but it would've been one crazy party!
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Old 03-28-2012, 02:48 PM
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Originally Posted by Pete2010 View Post
Yea - they'll withhold taxes before paying you your money (25% federal I think). And your state will take their share if you have state income tax.

After that - it's all yours - You would only pay taxes on the gains from that money (if it's invested or something).
I just saw on the MM site that Kalifornia doesn't tax on lottery winnings... So I only gotta deal with 25% fed tax and any income tax I earn from interest!
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Old 03-28-2012, 02:58 PM
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Originally Posted by Mizouse View Post
I just saw on the MM site that Kalifornia doesn't tax on lottery winnings... So I only gotta deal with 25% fed tax and any income tax I earn from interest!
So that's $269,250,000 that you'll have in hand if you win. Damn....

Let's say you invest super conservatively - aim for a 1% yearly return - you can make $2.6 million a year (minus taxes)- without ever touching the principal.
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Old 03-28-2012, 03:03 PM
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Old 03-28-2012, 03:13 PM
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BTW I had $40 in tickets the last drawing. I got back $12 to which I put out to more tickets!
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Old 03-28-2012, 03:44 PM
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I haven't turned mine in yet. I got 3 numbers.
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