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Powerball Lottery Discussion Thread

 
Old 01-08-2016, 11:31 AM
  #241  
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800 million????!




This needs to hit a billion!!
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Old 01-08-2016, 11:44 AM
  #242  
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Just checked the website...its now updated at 800million:






I really think it will get over 900 million by tomorrow evening...and its only mid day friday.....
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Old 01-08-2016, 11:47 AM
  #243  
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Originally Posted by Mizouse View Post
Those lotto fail stories that you read about, what was their background before hand?

I figure someone's education, wealth, how they were brought up etc etc would play a big role on wether one lasts as a lotto winner versus blowing it all on Hookers and blow
Alot are from poor families. As John Oliver have already been posted above...more poor people spend money on lotto than the better off...so they likely have not as good money management skills...

But again you don't hear about the good lotto winners that have it set and are smart. I just read about a family that won 30mil in a Illinois lotto and they claimed it as LLC and have basically lived very modest lives still and have not even told their kids yet....

So there's a bias because all we hear in the news are the horror stories...I'm sure there are some that have made it big and have done very well for themselves.

Originally Posted by pebe View Post
My mom loves the block she lives on, knows all her neighbors, even went to elementary school as a kid with some of her neighbors. She said if she won lotto, she would stay in her house on that block. I said you absolutely cannot, you'd have to move. People would be ringing your bell and waiting for you outside all day everyday asking for money. She changed her mind and said she'd rather not win.

Those stories are sad, I don't think its as easy as people think. Do you have a lawyer and accountant right now that you could trust? If not, where do you go? Google lawyers in your area? I don't know about some of you, but I don't have an attorney on retainer or even know an attorney, never needed one. To entrust someone to guide me on what to do with potential millions of dollars is super scary to me.
Yeah depending on the neighborhood you have to win...you will need high security...becuase thugs may just come in and hold you for ransom and crap like that.

No need to buy 10million mansions in Beverly Hills....but at least need to move to a much nicer part of town where you get space and if possible in a security-staffed gate community....
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Old 01-08-2016, 12:02 PM
  #244  
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May not be the best choice, but after you find out you won, maybe start up a non-profit organization.

Then on live TV say you're donating 90-95% of the winnings to that non-profit?
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Old 01-08-2016, 12:10 PM
  #245  
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^not quite that easy to get 501(c)(3) status...
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Old 01-08-2016, 12:26 PM
  #246  
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Yeah easier to just donate to reputable charities/organizations than start your own.

Trust me....you'll probably have NO SHORTAGE of people asking for handouts from every corner of the country....lol
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Old 01-08-2016, 01:07 PM
  #247  
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Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes
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Old 01-08-2016, 01:08 PM
  #248  
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The thought that I have been spinning in my head is if I was a jackpot winner, I would have to go to my boss at work and say, "I have to resign" and I couldn't give any reason. It would be great to keep working, but you couldn't. Your co-workers would haunt you, the media would be disrupting your workplace and your home, your friends would be pestered by the media as well.

I've been wondering how that old woman from Zephyrhills is doing with her record-breaking powerball win. Looks like she moved to a gated community in Jacksonville.
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Old 01-08-2016, 01:10 PM
  #249  
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Originally Posted by Joneill44 View Post
Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes

I'm not sure my current lifestyle allows me to survive on a little more than a mil per month
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Old 01-08-2016, 01:11 PM
  #250  
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Originally Posted by Anachostic View Post
The thought that I have been spinning in my head is if I was a jackpot winner, I would have to go to my boss at work and say, "I have to resign" and I couldn't give any reason. It would be great to keep working, but you couldn't. Your co-workers would haunt you, the media would be disrupting your workplace and your home, your friends would be pestered by the media as well.

I've been wondering how that old woman from Zephyrhills is doing with her record-breaking powerball win. Looks like she moved to a gated community in Jacksonville.
Not me. I'd go out like Scarface in Half Baked for sure
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Old 01-08-2016, 01:11 PM
  #251  
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Originally Posted by Joneill44 View Post
Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes
pocket change.
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Old 01-08-2016, 01:16 PM
  #252  
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Luckily for me I'm a dual citizen, so imma leave this country until the heat cools off.
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Old 01-08-2016, 01:22 PM
  #253  
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Originally Posted by Joneill44 View Post
Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes
Annual option for Lotto is a ballon payment, they get bigger with time.

It's always a better idea to get a lump sum. With the right investment you can make as much or more per year as the ballon payments. And you'll make that for life instead of ending after 30 or so odd years. Also with lump sum you're taxed at the current tax rate. With annual payments you're taxed every year, so the rate 10 years from now most likely will be higher.

You can also take that lump sum and some into municipal bonds. In most cases They are tax-exempt on their gains.
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Old 01-08-2016, 01:35 PM
  #254  
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Originally Posted by Flipster23 View Post
I would deny camera time.

You know how the news usually shows the person on TV. Fug that, I don't want no pictures any of that.
Originally Posted by stogie1020 View Post
If I win, I plan on wearing a Kevin Bacon mask in all press conferences.
Me going to claim prize -->
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Old 01-08-2016, 01:41 PM
  #255  
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I'll max out my credit card and get some plastic surgery.
Legally change my name.
Change my look for TV.
Claim money.
Cut cashiers check for the entire balance paid to my real name.
Change my name back to my real one.
Then return my look back to normal after getting all me monies.
Profit?
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Old 01-08-2016, 01:41 PM
  #256  
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Originally Posted by Joneill44 View Post
Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes
Shiiiiiet... I can't live off 15 million per year. I'd starve to death before the first year was even over.
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Old 01-08-2016, 01:43 PM
  #257  
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Yeah Lump Sum now. As a finance grad you always want the money now because you always believe you can outearn them holding it.
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Old 01-08-2016, 02:02 PM
  #258  
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Originally Posted by TacoBello View Post
Shiiiiiet... I can't live off 15 million per year. I'd starve to death before the first year was even over.
So you're telling me if you go to Vegas for a weekend and only have one meal in 3 days thats normal? Who would ever do such a thing
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Old 01-08-2016, 02:19 PM
  #259  
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Originally Posted by Joneill44 View Post
Im a firm believer in taking the cash option, but with the jackpot being this high do you think about annual payments

With quick math they would be around $15mil per year for 29 years after taxes
Always surprised me how a vast majority take lump sum.

I think I'll seriously consider an annuity due to my young age and also safer bet. If you blow it one year...you get to restart.

But also with annuity you can still invest each year. This way you have less risk of getting sucked into some shitty investment by some high dollar advisor/investment banker and lose more money down the line.

Originally Posted by Mizouse View Post
Annual option for Lotto is a ballon payment, they get bigger with time.

It's always a better idea to get a lump sum. With the right investment you can make as much or more per year as the ballon payments. And you'll make that for life instead of ending after 30 or so odd years. Also with lump sum you're taxed at the current tax rate. With annual payments you're taxed every year, so the rate 10 years from now most likely will be higher.

You can also take that lump sum and some into municipal bonds. In most cases They are tax-exempt on their gains.
The most reasonable argument to take the lump sum, as you said, is the unpredictable tax rate in the future. That would be the biggest factor to make me hesitant to take the annuity option.

I don't buy the "you can earn more by investing all of it now" argument. One most people are not used to handling that much money at once and when they pay high fee advisors they probably don't know if its gonna be better than the annuity payment. I doubt people actually set up a reference bench mark to try to beat the annuity. Jack Bogle, of the Vanguard fame, has described the investment industry as more of a sales industry than investment...everyone wants to show you their flashy new fund or new strategy to make you more money...while they wine and dine their way to the bank.

But also you can still invest the annuity payments each year....so there's that too...not like you are prohibited from investing if you "only" get 15mil a year....

Originally Posted by Doom878 View Post
Yeah Lump Sum now. As a finance grad you always want the money now because you always believe you can outearn them holding it.
Vast majority of jackpot winners do lump sum and I'm sure it's on advice from high priced lawyers/investment bankers....I do think the unknown future tax rate DOES point to a more prudent method of taking lump sum now....as the future tax rate may go up.

But I wouldn't be so confident in really knowing you can beat the annuity rates. Sure you can hire a team of guys but they're gonna cost money...and lot of wealth management teams/tools will have some fees as some % of the asset total being managed....so you really need to keep track of your returns.

I wonder if anyone has actually done studies of jackpot winners who decided to take lump sum vs annuity.

But for me personally...I'm a huge beliver in the Boglehead philosophy and DIY investment with low cost index funds and not a fan of other ways...so I'm probably gonna get lump sum as well and of course hire pros to look at tax and at least discuss alternative investment options...but don't see any reason to not just dump it in index funds and hold out for the long haul.

As a finance expert/studying to be one....would there be any significant problem in investing the "mom and pop way" with index funds...say if you are a massive multi millionaire vs a regular joe? Obviously with millions you can get access to tools regular joes do not (Hedge funds, private equity, other exotic investment instruments) but do those fare better than say SP500 index?

I remember reading a recent article that said if Trump had put his money into a SP500 index he would be like worth twice what he is now.....lol

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Old 01-08-2016, 02:19 PM
  #260  
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Originally Posted by pebe View Post
Those stories are sad, I don't think its as easy as people think. Do you have a lawyer and accountant right now that you could trust? If not, where do you go? Google lawyers in your area? I don't know about some of you, but I don't have an attorney on retainer or even know an attorney, never needed one. To entrust someone to guide me on what to do with potential millions of dollars is super scary to me.
I believe ttribe is an accountant. And there are a few lawyers on here. Problem solved.
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Old 01-08-2016, 02:27 PM
  #261  
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Originally Posted by AZuser View Post
I believe ttribe is an accountant. And there are a few lawyers on here. Problem solved.
He does bring good point though...and I feel same way. I never needed lawyers for this purpose...and hard to just pick one that you "trust."

Thankfully I do have some friends that may be of help (friend of friend situation) so best is to ask family and if have friends then its best.

Azine may be trustworthy too but you still gotta be careful....
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Old 01-08-2016, 02:44 PM
  #262  
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:ibyummycomesinhereandbringsupthatdeadhorseboosted jack:

Seriously, how many years has it been since that shit
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Old 01-08-2016, 03:56 PM
  #263  
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Paid in to the office pool. 150 entries between 30 people. If we win, the IT department is going to be in a real bind. CIO is in the pool, too.
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Old 01-08-2016, 03:58 PM
  #264  
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Originally Posted by AZuser View Post
Me going to claim prize -->
You just won, why the long face?
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Old 01-08-2016, 04:01 PM
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Originally Posted by AZuser View Post
I believe ttribe is an accountant. And there are a few lawyers on here. Problem solved.
I have had lunch several times with ttribe. Watching him try to split a lunch check was a 25 minute affair with multiple advanced algorithms and two calls to out of state consultants.

No thanks. Stick that cash under the mattress.
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Old 01-08-2016, 04:33 PM
  #266  
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Damn!
I skipped eating lunch & spent my $10 on 5 tickets.
Even if you came home with 300mil, at 2% interest, that's 6mil/year just on interest!
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Old 01-08-2016, 05:24 PM
  #267  
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Looks better in Canadian dollars....

800,000,000.00 USD = 1,133,800,000.00 CAD
US Dollar ↔ Canadian Dollar
1 USD = 1.41725 CAD 1 CAD = 0.705592 USD
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Old 01-08-2016, 06:20 PM
  #268  
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That is an unfathomable amount of money. Even if you split it with (say) ten other winners, after taxes! I'd probably die from an anxiety attack or couldn't sleep at night for at least a month. I'll be honest. The first thing I'd think about is which supercar am I going to buy. Then I'll get down to the business of trying to responsibly allocate my unearned riches. I'd give most of it away, probably, just to stay sane.
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Old 01-08-2016, 06:20 PM
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Originally Posted by fuzzy02CLS View Post
Damn!
I skipped eating lunch & spent my $10 on 5 tickets.
Even if you came home with 300mil, at 2% interest, that's 6mil/year just on interest!
People like to put it in terms of raw dollars....but I think it's smarter and more millionaire-like to think in terms of purchasing power..you want to at least keep up with inflation...so 2-3% is probably good for now...more if needed for later.

I mean for practical purposes...yeah you'll be set for many lifetimes...but still want to get a good return....not even need to take any risk. Just put it in US govt bonds and bam you're prettymuch good to go as far as safety goes or even in TIPS for inflation protection.

You won millions...now is not the time to gamble even more...protect all that and keep it real real conservative.

Maybe low cost index funds in equities if you're a bit adventurous!
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Old 01-08-2016, 08:25 PM
  #270  
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I would honestly avoid the market and shit like that. I would start looking into how people like the Sharks on Sharktank manage their money.

Edumacate myself with some schooling on business.
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Old 01-08-2016, 08:53 PM
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First thing I'd do


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Old 01-08-2016, 08:55 PM
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Originally Posted by Mizouse View Post
I would honestly avoid the market and shit like that. I would start looking into how people like the Sharks on Sharktank manage their money.

Edumacate myself with some schooling on business.
Yeah you'd be in the territory of the net worth (250 mil) of most sharks aside from Mark Cuban who owns the Mavericks and is worth about 2 billion....but essentially I think they do lot of business as you said and probably hedge fund/private equity things....which can be quite quite risky and they are highly leveraged as well. They do some exotic stuff with the stocks...honestly a regular old low cost index fund probably aint' that bad.....overall an equity-oriented portfolio has had good returns over the past decades.

Or honestly just stick it in some super safe US treasuries/TIPS and be done with it...avoid any equity/business together....
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Old 01-09-2016, 11:00 AM
  #273  
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$900M now. 12 hours to reach $1B
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Old 01-09-2016, 11:33 AM
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There's gonna be like 6 winners. Way too many tickets out there
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Old 01-09-2016, 11:54 AM
  #275  
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I usually never play but decided to buy one. If I win, I'm buying out IB and banning you all for a day. Productivity across America will increase tenfold
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Old 01-09-2016, 11:57 AM
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Originally Posted by Mizouse View Post
I would honestly avoid the market and shit like that. I would start looking into how people like the Sharks on Sharktank manage their money.

Edumacate myself with some schooling on business.
The Skittles futures market look promising...
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Old 01-09-2016, 01:23 PM
  #277  
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Im in! Since when did they go to $2
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Old 01-09-2016, 03:03 PM
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Originally Posted by thoiboi View Post
I usually never play but decided to buy one. If I win, I'm buying out IB and banning you all for a day. Productivity across America will increase tenfold
Just looked up for curiosity how much IB is worth....well apparently it was sold 2 years ago from one private equity group to another for....1.1 BILLION dollars...so yeah gonna need to win multiple PBs!

Private-equity firm KKR & Co. LP KKR -2.28% has agreed to buy Internet Brands, which has a slate of web properties including CarsDirect.com, Apartmentratings.com and other consumer-focused websites that court more than 100 million monthly visitors.

Under the terms of the deal, worth $1.1 billion according to The New York Times, KKR will buy Internet Brands from private-equity firms Hellman & Friedman and JMI Equity.
KKR to buy Internet Brands for reported $1.1 billion - Fortune
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Old 01-09-2016, 04:43 PM
  #279  
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My guess is gonna be $968 million.
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Old 01-09-2016, 05:55 PM
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Originally Posted by Mizouse View Post
My guess is gonna be $968 million.
999 million!
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