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Powerball Lottery Discussion Thread

 
Old 01-10-2016, 05:34 PM
  #321  
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Cash option is $806 million
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Old 01-10-2016, 05:54 PM
  #322  
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Originally Posted by TacoBello View Post
You guys are doing it all wrong. Like, seriously.

there's a chance of 1 in 292,200,000, right?

And buying 1 chance costs $2, right?

so buy all 292,200,000 chances, which ends up costing you $584,400,000. Pocket the rest.

You're instantly 806M (estimated payout)-584.4M = 221.6M richer. Voila!


Like, seriously. There is literally not enough time for one person, or even thousands of people working together to do it.
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Old 01-10-2016, 06:14 PM
  #323  
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Old 01-10-2016, 06:20 PM
  #324  
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Originally Posted by nist7 View Post
Gonna need to improvise!



The powerball billboard by local highway only has 3 spaces for digits too so.....its just 999.....
I'm going to make signs for my local liquor stores. Something like this?

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Old 01-10-2016, 07:58 PM
  #325  
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Originally Posted by TheChamp531 View Post
So, did you win brah?
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Old 01-10-2016, 08:07 PM
  #326  
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Originally Posted by TacoBello View Post
I thought you pay 40% of the total 1.3 Billion, to be left with 806M... no?
So the big jackpot number (1.3 billion) that powerball advertises (now at 1300 million) is an estimate of what you WOULD get if you took the 30 year annuity compounded at a conservative rate from their cash on hand amount. It's semi-false advertisign because they do NOT have 1.3billion on hand to give out...it's an estimate of the overall 30 yr payout.

The lotto takes what cash they have on hand (which is now at 806M) and they invest it in what appears to be mostly conservative US govt bonds to at least keep up with inflation (PB advertises an increasing annual payments of 4% a year every year)

So the smaller amount is what the lotto actually has on hand to give out right now (which for now they estimate at 806 million). Basically total of all the ticket sales they have accrued.

So if you took the lump sum NOW..you will get their cash on hand...which is about 800M...and then you take out all the taxes from that amount..so 40% fed taxes + local...so a very very rough estimate is 50% of the cash amount...so about 400M net amount for a 1.3billion advertised jackpot.

If you take the annuity, it'll be given out each year (you'll still pay in the highest income bracket of course) but over 30yrs it's supposed to gross about a total of 1.3billion minus taxes of course.

Originally Posted by AZuser View Post
I'm going to make signs for my local liquor stores. Something like this?

Perfect!!

Last edited by nist7; 01-10-2016 at 08:10 PM.
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Old 01-10-2016, 08:12 PM
  #327  
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Thanks for the clarification!!
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Old 01-10-2016, 08:32 PM
  #328  
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Originally Posted by TacoBello View Post
Thanks for the clarification!!
Yeah np. I was bit confused in the past and finally took some time to read up on lotto FAQs and whatnot and now I finally understand. I see there's a fair amount of people on the diff forums I frequent that have questions on how the tax and take home winnings are calculated from the big jackpot number so try my best to edumacate my fellow internetizens.

On the other hand I just realized that I live in FRIGGIN KC MO. Which means it is a 5min DRIVE over state line so I can buy my tickets in KANSAS aka a state that allows you to remain anonymous when claiming jackpots!!!

Will definitely do that for wed's drawing.

Billionaire class here I come!!!!!!!!!!!
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Old 01-11-2016, 02:48 AM
  #329  
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Originally Posted by nist7 View Post
Except you'll have to pay 40%+ in taxes out of that 806M....so you'll be left with about 483M.......unless you can work some magic IRS voodoo to get 0% taxes. Maybe immediately elect Ron Paul before winnings on Wed and abolish the IRS!!!
there's also the chance that someone else will win it. Then you be fucked.
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Old 01-11-2016, 05:17 AM
  #330  
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Originally Posted by nist7 View Post
Yeah np. I was bit confused in the past and finally took some time to read up on lotto FAQs and whatnot and now I finally understand. I see there's a fair amount of people on the diff forums I frequent that have questions on how the tax and take home winnings are calculated from the big jackpot number so try my best to edumacate my fellow internetizens.

On the other hand I just realized that I live in FRIGGIN KC MO. Which means it is a 5min DRIVE over state line so I can buy my tickets in KANSAS aka a state that allows you to remain anonymous when claiming jackpots!!!

Will definitely do that for wed's drawing.

Billionaire class here I come!!!!!!!!!!!
I think it depends on your state of residence, not where you bought the ticket, doesn't it? I would think if you live in a state that doesn't have a lottery, then it would be on the state that you bought it/claimed it in.

I'm in SC which allows anonymous claim, but I'd still use an LLC/Trust to claim it. Glad you posted the info on the taxes - it's amazing how many people don't understand everything.

Another thing to consider - the highest tax rate is 39.6% - very low by historical standards. Much better to take the lump sum, get taxes out of the way and be done. Invest, live off the interest and schmooze with the Romneys, lol. With 400M after taxes, you'd be in a league above him. You'll still pay taxes on the investment earnings, but its amazing how many people think you'll pay taxes on what you have every year. All the sheeple...
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Old 01-11-2016, 08:38 AM
  #331  
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Is this a legit site to play PowerBall? I noticed there are no US sites, mostly UK sites that allows you to play PowerBall.

PlayHugeLottos.com
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Old 01-11-2016, 08:53 AM
  #332  
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Originally Posted by Black Tire View Post
Is this a legit site to play PowerBall? I noticed there are no US sites, mostly UK sites that allows you to play PowerBall.

PlayHugeLottos.com
That's a scam site. The legit site is PlayHugeBalls.com
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Old 01-11-2016, 09:18 AM
  #333  
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Originally Posted by Black Tire
Is this a legit site to play PowerBall? I noticed there are no US sites, mostly UK sites that allows you to play PowerBall.

PlayHugeLottos.com
Just send me money's via PayPal., I'll buy PB tickets for you and we'll split the winnings
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Old 01-11-2016, 09:23 AM
  #334  
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Originally Posted by AZuser View Post
That's a scam site. The legit site is PlayHugeBalls.com
I thought it was PlayWithWhiskersHairyBalls.com...
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Old 01-11-2016, 09:52 AM
  #335  
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Originally Posted by Mizouse View Post
there's also the chance that someone else will win it. Then you be fucked.
I know man seriously....if I had to split a 400 million lump sum payout then I'm out....I don't even want to win anymore!!!

Originally Posted by screaminz28 View Post
I think it depends on your state of residence, not where you bought the ticket, doesn't it? I would think if you live in a state that doesn't have a lottery, then it would be on the state that you bought it/claimed it in.

I'm in SC which allows anonymous claim, but I'd still use an LLC/Trust to claim it. Glad you posted the info on the taxes - it's amazing how many people don't understand everything.

Another thing to consider - the highest tax rate is 39.6% - very low by historical standards. Much better to take the lump sum, get taxes out of the way and be done. Invest, live off the interest and schmooze with the Romneys, lol. With 400M after taxes, you'd be in a league above him. You'll still pay taxes on the investment earnings, but its amazing how many people think you'll pay taxes on what you have every year. All the sheeple...
So from the KS Lottery state website FAQ it says that if you bought the ticket in KS you have to claim it in the KS lotto office. I think many states are the same where you have to claim in the state you bought it in...not the state you reside in as far as I know....

But yes you're very right on the low tax bracket...it is HISTORICALLY low so definitely good idea to take lump sum.
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Old 01-11-2016, 10:11 AM
  #336  
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Originally Posted by nfnsquared View Post
I thought it was PlayWithWhiskersHairyBalls.com...
It's linked directly to paypal

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Old 01-11-2016, 10:13 AM
  #337  
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$400 mill after taxes... put that into a 1% interest savings account and make $4 mill a year...
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Old 01-11-2016, 10:21 AM
  #338  
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Originally Posted by Rounder View Post
$400 mill after taxes... put that into a 1% interest savings account and make $4 mill a year...
Yeah lot of online banks like Ally have 1% high rate savings accounts....not sure if its smart to put 400 million dollars into a single bank account....at least spread it out.....though if you win this much money you'll need to get expert advice from fiduciary advisors and tax lawyers and CPA.

But 1% is still too low...you'll want to at least beat inflation so you're not throwing money away at the end of 30 years
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Old 01-11-2016, 11:22 AM
  #339  
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Old 01-11-2016, 11:22 AM
  #340  
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Originally Posted by nist7 View Post
Yeah lot of online banks like Ally have 1% high rate savings accounts....not sure if its smart to put 400 million dollars into a single bank account....at least spread it out.....though if you win this much money you'll need to get expert advice from fiduciary advisors and tax lawyers and CPA.

But 1% is still too low...you'll want to at least beat inflation so you're not throwing money away at the end of 30 years
With THAT much money, honestly don't think inflation matters that much.

$1 1985 money is worth about $2.22 in 2015 money.

So whatever you have left in 30 years will be roughly worth only half.

Unless you spend frivolously you got plenty of money to out last you.

Although of course if would be best to beat inflation which annually was 2.71%
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Old 01-11-2016, 11:25 AM
  #341  
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Originally Posted by nist7 View Post
I know man seriously....if I had to split a 400 million lump sum payout then I'm out....I don't even want to win anymore!!!
Nah man, My response was to if someone were to buy out all the combinations. Just doesn't make sense to do it.

1. It'll cost more than you get in return
2. Impossible to do in time
3. There's the chance someone will split the winnings with you and even further reduce your return.
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Old 01-11-2016, 11:48 AM
  #342  
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Originally Posted by nist7 View Post
Yeah lot of online banks like Ally have 1% high rate savings accounts....not sure if its smart to put 400 million dollars into a single bank account....at least spread it out.....though if you win this much money you'll need to get expert advice from fiduciary advisors and tax lawyers and CPA.

But 1% is still too low...you'll want to at least beat inflation so you're not throwing money away at the end of 30 years


hell no... Bahamian banks, perhaps, but likely in oversees trusts that have international assets to avoid taxes.

(walks into Bank of America with 1.3B check) "I would like to open a savings account." "OK, will you be needing a debit card with that account?"
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Old 01-11-2016, 12:54 PM
  #343  
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Old 01-11-2016, 12:58 PM
  #344  
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FWIW, Saw on Jim Cramers Facebook that he's playing powerball. A quick google search shows he's worth between 50-100 million
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Old 01-11-2016, 01:04 PM
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Originally Posted by 97BlackAckCL View Post
So, did you win brah?
Drawing is Wednesday, but if I do win I'll buy you all high-quality hookers.
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Old 01-11-2016, 01:40 PM
  #346  
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Originally Posted by nfnsquared View Post
I thought it was PlayWithWhiskersHairyBalls.com...
$2 a ticket
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Old 01-11-2016, 03:17 PM
  #347  
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Originally Posted by Mizouse View Post
FWIW, Saw on Jim Cramers Facebook that he's playing powerball. A quick google search shows he's worth between 50-100 million
Eh yeah I mean at this point....might as well. Not much to lose on a $2 bet for a chance at 400 mil....especially when you're already worth 50-100mil....

I think billionaires may not be into this as much...though they may just get their assistants to do it for them....

Originally Posted by TheChamp531 View Post
Drawing is Wednesday, but if I do win I'll buy you all high-quality hookers.
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Old 01-11-2016, 03:44 PM
  #348  
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Up to $1.4 Billion now.
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Old 01-11-2016, 03:54 PM
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Originally Posted by Mizouse View Post
When i win this jackpot im buying the playboy mansion!

who cares if i gotta live with Hugh until he dies, at least he'll bring in all them fine honeys!
Now all you need to do is have the winning ticket.

https://www.yahoo.com/realestate/pla...193255721.html
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Old 01-11-2016, 04:02 PM
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Originally Posted by cM3go View Post
Up to $1.4 Billion now.
From $949 million on Sat to $1.4 billion today. Not sure when the $1.4 billion was updated, but if it was this morning, that means jackpot has been going up at an average of at least $10 million every hour.
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Old 01-11-2016, 04:19 PM
  #351  
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Someone change the thread title to 1.4 Billion....

If no one wins Wednesday.
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Old 01-11-2016, 04:44 PM
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Thread title updated.
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Old 01-11-2016, 04:47 PM
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:bling:
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Old 01-11-2016, 04:59 PM
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Old 01-11-2016, 05:04 PM
  #355  
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Hahaha Yum couldn't resist
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Old 01-11-2016, 05:13 PM
  #356  
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Omg wtf at people failing simple math...


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Old 01-11-2016, 05:25 PM
  #357  
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its a joke right?
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Old 01-11-2016, 05:29 PM
  #358  
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I figure it's a joke from the originator, but people are falling for it.

Society has me worried....
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Old 01-11-2016, 05:34 PM
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Facebook is covered with it
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Old 01-11-2016, 05:39 PM
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I saw that posted on my Facebook 3 times today.... However, if they do that I'll gladly take my $4.33
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