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Powerball Lottery Discussion Thread

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Powerball Lottery Discussion Thread

 
Old 11-28-2012, 07:54 PM
  #41  
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You have to factor in inflation too, with annuity you'll lose out every year where with lump sum you can work your money to compensate for it.

Also IF you invest right you'll keep getting the annuity payment (or maybe close to it) every year for the rest of your life and your kids life and grand kids life etc etc instead of stopping after 20 year ballon payments.

Trust me I took an accounting class in college
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Old 11-28-2012, 07:55 PM
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With lump sum if a good and wise investment comes along, you'll have to capital to cover for it too.
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Old 11-28-2012, 07:56 PM
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Old 11-28-2012, 08:20 PM
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Originally Posted by knight rider View Post
...actually I was using the calculator for Mega Millions. Here are the Powerball numbers

Lump Sum (after taxes): $280,128,750.00
Annuity (total payout / after taxes): $412,500,000.00
1st Payment: $7,354,916.25
10th Payment: $10,468,338.38
20th Payment: $15,495,698.63
30th Payment: $22,937,417.25

*all after tax dollars

It appears that the annuity payments increase every year.
From the Powerball FAQ page:

The Powerball annuity is paid out in graduated amounts (rising by 4% per year to keep up with inflation) over 29 years (30 payments). The annual payments grow larger to keep pace with the winner’s expected cost of living.
I think I'd take the annuity. I think I could manage to get by on $100k/month, and invest the rest. Done right, you'd probably be able to come out way ahead. As long as you manage to stay alive long enough to see all the payments.
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Old 11-28-2012, 09:39 PM
  #45  
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Originally Posted by arrogantbastard View Post
From the Powerball FAQ page:



I think I'd take the annuity. I think I could manage to get by on $100k/month, and invest the rest. Done right, you'd probably be able to come out way ahead. As long as you manage to stay alive long enough to see all the payments.
yeah I think I could manage that too
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Old 11-28-2012, 10:09 PM
  #46  
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Originally Posted by arrogantbastard View Post
From the Powerball FAQ page:



I think I'd take the annuity. I think I could manage to get by on $100k/month, and invest the rest. Done right, you'd probably be able to come out way ahead. As long as you manage to stay alive long enough to see all the payments.
The reason not to do it!
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Old 11-28-2012, 10:13 PM
  #47  
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well, who else didn't win?
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Old 11-28-2012, 10:13 PM
  #48  
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Originally Posted by TommySalami View Post
yeah I think I could manage that too
i cant, id need at least 250k a week!
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Old 11-28-2012, 10:16 PM
  #49  
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The Powerball annuity is paid out in graduated amounts (rising by 4% per year to keep up with inflation) over 29 years (30 payments). The annual payments grow larger to keep pace with the winner’s expected cost of living.
wtf, i still think you're losing out to inflation even with this.
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Old 11-28-2012, 11:57 PM
  #50  
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Originally Posted by TommySalami View Post
well, who else didn't win?
my numbers were
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Old 11-29-2012, 01:44 AM
  #51  
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Someone in Arizona and Missouri shared the $580 million jackpot
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Old 11-29-2012, 01:45 AM
  #52  
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Heard on the news that the powerball is coming to Kalifornia April of next year...
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Old 11-29-2012, 01:46 AM
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Did Stogie win?
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Old 11-29-2012, 02:00 AM
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I ran a rough calculation. Looks like after 29 years, as long as you can earn roughly 7% annually, the lump sum is the way to go. Again, rough calculation that accounts for annual fed and state taxes.

https://dl.dropbox.com/u/47644676/powerball.xlsx

You can adjust tax, apr, lump sum payout amount, and annuity payout amount accordingly.

Last edited by nfnsquared; 11-29-2012 at 02:10 AM.
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Old 11-29-2012, 02:20 AM
  #55  
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how about we deal with whether or not we go with annuity or lump sum when we actually win it?
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Old 11-29-2012, 06:38 AM
  #56  
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Not mine.
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Old 11-29-2012, 07:18 AM
  #57  
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Matched three numbers + powerball.
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Old 11-29-2012, 08:08 AM
  #58  
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grrr...only one number! I guess I'll be going to work
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Old 11-29-2012, 08:23 AM
  #59  
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Originally Posted by nfnsquared View Post
^^^^ ahhh, you already took out taxes.. still, IIRC the lump sum needs to earn about 12% annually to equal the annuity payments at the end of 29 years. It's a risky proposition to take the lump sum but very tempting to have that wad of cash in your account all at once
That's just it. Taking the lump sum is indicative of the mentality of someone that is not used to "having money". In fact, that is the first step to blowing the money if you don't manage money well in the first place. Also, even the millions of dollars in annuities is more money than most of us know what to do with.
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Old 11-29-2012, 08:25 AM
  #60  
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Here is another question. How many are glad they didn't play now that it's over? Do you still think you could have won?
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Old 11-29-2012, 08:26 AM
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Originally Posted by nfnsquared View Post
I ran a rough calculation. Looks like after 29 years, as long as you can earn roughly 7% annually, the lump sum is the way to go. Again, rough calculation that accounts for annual fed and state taxes.

https://dl.dropbox.com/u/47644676/powerball.xlsx

You can adjust tax, apr, lump sum payout amount, and annuity payout amount accordingly.
Cool spreadsheet, but what kind of annual living allowance does that give you? Is it assuming you invest the entire lump sum for 29 years and not touch it until then?

It's not like I won anything on this one ; I just need to know for the next one
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Old 11-29-2012, 08:43 AM
  #62  
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My friend did a pool at work....$170 worth. They won $19.

Now he has to split $19 amongst his coworkers... 55c a piece....

Gonna need a lot of quarters and nickels! Lol
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Old 11-29-2012, 09:07 AM
  #63  
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Originally Posted by arrogantbastard View Post
Cool spreadsheet, but what kind of annual living allowance does that give you? Is it assuming you invest the entire lump sum for 29 years and not touch it until then?

It's not like I won anything on this one ; I just need to know for the next one
None, that's just straight numbers investing the full amounts from each option.
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Old 11-29-2012, 09:46 AM
  #64  
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The report is that someone here in KC won half the jackpot. Hopefully its someone that likes me Then another won a mil at a store down the road.
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Old 11-29-2012, 10:05 AM
  #65  
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If you win, dibs on the first million
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Old 11-29-2012, 10:09 AM
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Originally Posted by Maharajamd View Post
My friend did a pool at work....$170 worth. They won $19.

Now he has to split $19 amongst his coworkers... 55c a piece....

Gonna need a lot of quarters and nickels! Lol
They're all pennyiares
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Old 11-29-2012, 10:26 AM
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KC won? Going back to that 7-11 and ask them to return my $6
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Old 11-29-2012, 01:18 PM
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Well, I couldn't have won since I'm in CA and can't play Powerball.

Originally Posted by Maharajamd View Post
My friend did a pool at work....$170 worth. They won $19.

Now he has to split $19 amongst his coworkers... 55c a piece....
I encountered that with a film cast I was on and at lottery pools in my offices-- everyone agreed to just reinvest the winnings in the next lottery to make sure we lost it all!
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Old 11-29-2012, 01:34 PM
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Arizona and Missouri - guess which finger?

:evilgrin:
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Old 12-01-2012, 08:25 PM
  #70  
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Originally Posted by AZuser View Post
Not played in CA Anyone wanna buy me a ticket (or two, or three)?
Originally Posted by Will Y. View Post
Well, I couldn't have won since I'm in CA and can't play Powerball.
About 4.5 months too late.

Press release | November 29, 2012

California Lottery Commission Approves Popular POWERBALL® Game

SACRAMENTO - The 5-member California Lottery Commission today unanimously voted to formally adopt the multi-state mega-jackpot lottery game, POWERBALL. The Lottery conducted extensive research regarding the viability of offering a second multi-state game and concluded that POWERBALL would enhance the organization’s current portfolio of games. POWERBALL sales will begin in California on April 8, 2013, the first draw will take place on April 10, 2013.

“We have to continually offer our loyal players a variety of entertaining Lottery games, and we firmly believe that POWERBALL is a right fit for the California Lottery,” Lottery Director Robert T. O’Neill said. “I expect POWERBALL to add anywhere between $50 to $100 million additional dollars to supplement public education funding, which is our one and only mission. Plus, our customers were pretty clear that they wanted us to bring POWERBALL to California.”

The $2 POWERBALL game is played much like the popular MEGA Millions® game. Players would choose five numbers from 1 to 59 and one red POWERBALL number from 1 to 35. Players can choose their own numbers or opt for a Quick Pick. Draws are held every Wednesday and Saturday at 7:59 p.m. PST. Unlike MEGA Millions and SuperLotto Plus®, POWERBALL’s pool closure occurs promptly at 7 p.m. PST each draw day. Besides the jackpot, there are eight additional ways to win prizes. The amounts will vary due to the State’s pari-mutuel rules.

A major difference between California’s existing draw games is that the POWERBALL jackpot begins at $40 million and increases by at least $10 million every roll.

The POWERBALL draws take place in Tallahassee, Florida.
Interesting. Didn't know Powerball was $2
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Old 12-01-2012, 09:22 PM
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Originally Posted by AZuser View Post



Interesting. Didn't know Powerball was $2
used to be just $1, then when you add the Power play it'd cost $2. Now it's $2 for the ticket and $4 for the ticket + power play
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Old 12-01-2012, 09:25 PM
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Originally Posted by phile View Post
used to be just $1, then when you add the Power play it'd cost $2. Now it's $2 for the ticket and $4 for the ticket + power play
Huh? $2 for the ticket, $3 if you add PP.
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Old 12-01-2012, 09:31 PM
  #73  
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Originally Posted by nfnsquared View Post
Huh? $2 for the ticket, $3 if you add PP.
you're right, i thought it doubled like it used to when tickets were only $1
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Old 12-01-2012, 11:20 PM
  #74  
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So power play you what just win more money?

Kind of like playing more lines on slot machines?
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Old 12-02-2012, 02:21 AM
  #75  
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yeah. if you hit all 5 numbers without hitting the powerball, and you bought powerplay with your ticket, you win 2 million dollars. Otherwise, if you bought just the ticket without the powerplay, you only get 1 million. And on the lower end, if you hit just the powerball, you win $4, but if you had powerplay, you win $12. it's like a multiplier.
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Old 12-03-2012, 03:25 PM
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Turns out we won...$7*

*that pays for our ticket and gave me enough left over to get a McCheeseburger.
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Old 12-03-2012, 03:38 PM
  #77  
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Originally Posted by phile View Post
you're right, i thought it doubled like it used to when tickets were only $1
our tickets are $1 each until the pot gets high.
i bought 5 for $5 only a few months ago.

and our state lottery is the same way.
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Old 12-03-2012, 03:40 PM
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Originally Posted by Mr Marco View Post
Turns out we won...$7*

*that pays for our ticket and gave me enough left over to get a McCheeseburger.
Sounds like a win.
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Old 12-10-2012, 06:15 PM
  #79  
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Wow. Just found out that the winner of the Powerball from Arizona is an industry rep (trainer actually) that I have dealt with through another web forum and over the phone. I am INSANELY jealous, but it couldn't have happened to a nicer guy. Congrats Matt.
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Old 12-10-2012, 08:11 PM
  #80  
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What? My name is Matt
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