So, You Hit Megamillions for $1.6B

[JMick]

Agree with second paragraph. Disagree with the first. It comes with the territory.

the territory of what? being greedy?

 

[CL82]

the territory of what? being greedy?

Being human.
Think about your current standard of living. You probably envision is as comfortable. You are astonishing wealthy compared to most of the world. Almost unimaginably wealthy. Ever feel unhappy about your tax burden at you chugging checks for income or real estate tax?

Not a shot at you so much as statement of human nature. I know from the CP that you are a charitable guy.

 

[JMick]

Being human.
Think about your current standard of living. You probably envision is as comfortable. You are astonishing wealthy compared to most of the world. Almost unimaginably wealthy. Ever feel unhappy about your tax burden at you chugging checks for income or real estate tax?

Not a shot at you so much as statement of human nature. I know from the CP that you are a charitable guy.

idk man. If we were talking about a jackpot of $10mm then I might agree. but this is over a billion dollars if you take the annuity. i don't know how you could possibly complain about taxes

 

[Robertelamin]

lol no I wouldn't. They could tax the gains at 70% and it's still comes out to $1mm annually for doing literally nothing

the most frustrating part of the taxes would be hiring someone to make sure they don't mess it up. Personally, since I'm still in my 20's I'd probably just take the annuity. No, it wouldn't let you maximize your profits but at $1.1b do you really need to maximize profit down to the last dollar?

Never take the annuity. If you do you won’t get a picture with a huge check.

 

[jayteeman]

I would give KO whatever it takes to make him happy

 

[DarthGrumpy]

After taking care of my my in-laws and my parents, ensuring my wife and and do not have to work again, and that my kids can work their way through a PhD if they wan to and then buy a house I would spend some on UConn, maybe $20 mill for athletics and anotehr $20 for adamdics over a few years with the help of a tax advisor.

 

[Scrutineer]

History lesson young man.

Good one. Not much context for many things today because history is not taught the way it once was.

 

[Scrutineer]

Definitely not complaining about the taxes. Just wanted to set the amount as people where kind of guessing. If you can't live on 500m something is very wrong.

I am complaining that I can't buy a ticket.... that's a lot of entertainment for 2bucks. Three or four days of spending a half billion in your mind.

Someone always has to criticize Johnny Depp..............

 

[The Viking]

I would move to New Jersey and stay there as long as it took to double my lotto winnings by gambling on sports. I'd ship the 500 mil profit to the athletic dept to do what they will with it.
While UConn is hopefully allocating the money wisely, I'll build the greatest bar in the world.
If UConn wastes the money, I'll move back to NJ and double up my earnings again on more terrific sports gambling and do it all over again.

 

[FlakeyFoont]

Bought my ticket. I figure I have a 50-50 shot at winning. Either I'm gonna win it or somebody else is.

 

[I Bleed Blue]

I’d put up multiple billboards around the Cuse campus that say...

“Mid-Major” 4 > Cuse 1

....With a picture of Tyler Olander.

 

[DarthGrumpy]

I would move to New Jersey and stay there as long as it took to double my lotto winnings by gambling on sports. I'd ship the 500 mil profit to the athletic dept to do what they will with it.
While UConn is hopefully allocating the money wisely, I'll build the greatest bar in the world.
If UConn wastes the money, I'll move back to NJ and double up my earnings again on more terrific sports gambling and do it all over again.

As a resident of the Garen State, this idea woudl be great as an extra $200 Million or so taxes and some extra casino revenue will help fix something here (roads, mass transit, property taxes, pendion funding, etc.). That said, knowing the poltical leadership of both parties in the state, not a chance on earth anything improves...

 

[Waquoit]

Does anyone here really think they could manage 1B? I'm thinking the annuity would relieve most of the stress. If you blow your cash, you'd get a new batch every year.

 

[crazyUCfan23]

Does anyone here really think they could manage 1B? I'm thinking the annuity would relieve most of the stress. If you blow your cash, you'd get a new batch every year.

You hire people to help manage your money. I think somebody said it earlier, but there's some kind of benefit of taking it as a lump sum oppossed to annuity. something to do with taxes maybe?

 

[Waquoit]

You hire people to help manage your money.

But who manages the managers?

 

[businesslawyer]

You are aware that youd be sued right? lol Ive read stories of people winning the lottery and having to deal with lawsuits from just about everyone theyve ever come across. They end up paying sometimes because far cheaper than the legal fees of a back and forth between lawyers.
Im not sure what id do with the money. Maybe get a set of really expensive golf clubs. I dont play its just what most rich people do.

When you say "really expensive golf clubs," presumably you're talking about buying Stanwich, Country Club of Fairfield, etc?

 

[UConn Esq]

Firstly, you always take the lump sum in this scenario. Im not leaving literally over a billion dollars to the lottery to hold for me. I take that money and I find a good investment home for it and I yield the crap out of that money. Hire people that know what they are doing and never look back. Also, what if I die before its paid out, I would like to be able to specifically allocate my money instead of just having my estate rip eachother to shreds over my leftover billion. Plus, what if the lottery seizes to exist 10 years in the future (not likely but not IMPOSSIBLE).

I think I would donate to UConn but not blindly. I would never just make a huge donation. I would want to know what UConn's craziest potential project is and lets see what we can do about that.

My biggest contribution to the school would be buying the naming rights to the once-called Carrier Dome for a mere few million dollars. Now all Syracuse basketball games are played at the CuckFuse Center or the Husky Dome/Jim Calhoun Center if that is rejected.

 

[HuskyHawk]

Does anyone here really think they could manage 1B? I'm thinking the annuity would relieve most of the stress. If you blow your cash, you'd get a new batch every year.

Yes, but it reminds me of an interesting hypothetical I had in Finance 101 (at UConn of course). Back then ordinary interest rates were over 5%. So it was about spending $1B (assuming you had it net of tax, in a savings account).

In order to burn through the $1B in our lifetimes (as 20 year olds) we needed to spend something close to $150,000 every single day from 20 to 75. It really is a lot of money. Of course it was a lot more money back in 1986 than it is now.

The annuity is idiot proof and most middle class people should probably opt for it when the Jackpot gets into the hundreds of millions. Winning the lottery has ruined some people.

 

[Minicoop69]

Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.

 

[CL82]

Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.

Don't know but I'd guess that the lump sum is the present value of the annuity.

 

[Chin Diesel]

But who manages the managers?

Amongst other things you split it amongst managers and have outside accountants audit the managers.

At a certain point it becomes a circle jerk where they could all be fleecing you.

That's why when you sit down and sign the contracts you do the Goodfellas thing and take a picture of the manager's family from the office letting the manager you know that the manager knows you know who their family and where to find them.

 

[ctchamps]

You can set up a trust for privacy.

Lottery privacy.

Of course all of you will know I won when you see Emmert in orange. Fitting color for the dude who chose to go back ten years from the end of the investigation rather than when it started. If he had my sig would be 4>0 or 2>0.

 

[businesslawyer]

I believe that winning the money would make your life a living hell, avoiding everyone who would be in your face constantly to get a piece if it. Gonna spend a lot of money for security. After that trying to figure out how to spend or donate it and that in itself is a full time job, one that is not fun because many who you reject will be worthy and ultimately disappointed in you. Being normal is essentially over, you need a gated fence or community at minimum to keep beggars out. But as what to do with it I think I would buy a vineyard in a distant place to go to in cold weather.

Was having this discussion with family last night. Having an undeserved $5 to $10 large in the bank would be great. $500 large? That would honestly be a huge burden. It would take over your life. You have to find some ways to do good with it, because it's too much to spend. Maybe it helps you have a great life but all the decisions you have to make on how to use it -- and whether giving people large sums is helping them in life or keeping them from developing -- I could easily see it making your life less fulfilled than not having it.

Doesn't mean I wouldn't rather have the choice.

 

[UConn Esq]

Correct me if I'm wrong, but if you take the lump sum you dont get the full amount. You get a percentage of the real amount and then taxed on that. For the annuity you get the full amount just then taxed each month or year that you received payments. So with the annuity you will receive more long term, but the taxes in the future might be higher so it's really up to chance if you go that route.

If you pick lump sum you get just over 900M instead of 1.6 billion. So long term you receive more money from the actual lottery. But if you take the lump sum on day 1 the interest is accruing more greatly. In that same 30 years you would accrue 550 million dollars on the 600 million dollar post-tax amount just by having a 3% annual interest. If you can get to 6% interest you make over a billion in that same time span that you’re waiting for the lottery to finish paying out.

 

[temery]

Bought my ticket. I figure I have a 50-50 shot at winning. Either I'm gonna win it or somebody else is.

With my luck, I'd win and find out the next day that 1.6 people played the same number.