Powerball: 365 million

[stevew]

Originally Posted by Raiders Army

I'd take the annuity option as opposed to the cash value. I wouldn't be able to trust myself and it's a good excuse not to give to your great-cousin's best friend.

It was about a 40 minute drive to PA to get tickets...maybe I should've done the next drawing option on my quick picks as well. Oh well.

Annuity option would be idiotic. With that amount of money, you could easily hire someone to save you from yourself, and make sure you make way more than 360 million off of your cash within 30 years.

[Lorena]

Originally Posted by Rockstar

Cruel prank. Even for your pals. Possibly the best prank ever.
http://www.youtube.com/watch.php?v=pFMXfGvDRts

Oh man, that is so FUCKED!!

[Lorena]

dola,

that wouldn't work on me, I check the numbers online

[sterlingice]

Originally Posted by Rockstar

Cruel prank. Even for your pals. Possibly the best prank ever.
http://www.youtube.com/watch.php?v=pFMXfGvDRts

Oh, c'mon, that's been done in half the long running sitcoms known to man.

SI

[Galaxy]

Originally Posted by stevew

Annuity option would be idiotic. With that amount of money, you could easily hire someone to save you from yourself, and make sure you make way more than 360 million off of your cash within 30 years.

$360 million before taxes and fees to brokers? Are you basing it on the S&P 500 rate of return, plus compound interest? Problem is, people don't think that way here. If they did, we wouldn't have the retirement savings situation we have.

[duckman]

Originally Posted by stevew

Annuity option would be idiotic. With that amount of money, you could easily hire someone to save you from yourself, and make sure you make way more than 360 million off of your cash within 30 years.

Agreed.

Another thing to look at is that if you pass away before the 30 years are up, the payments stop and your family is stuck with whatever is paid out.

[Raiders Army]

Originally Posted by stevew

Annuity option would be idiotic. With that amount of money, you could easily hire someone to save you from yourself, and make sure you make way more than 360 million off of your cash within 30 years.

Ummmm...yeah.

Call me an idiot then. I don't know how it would happen, but I have heard those stories of the lottery winners going broke a few years later. I imagine a lot of their money went to someone they hired to save them from themselves, friends, stupid shit like $2000 dinners, etc. The other thing is that I doubt you could spend $365 million over 30 years, but I strongly believe you could spend $100 million in 10 years. Why? Think about this:

You know every time you get a raise, you seem to spend it all and a few months later it seems as if you didn't get a raise at all. Even though it would be more difficult, I imagine you could do it with this money as well. Music stars are a good example. Anyone remember M.C. Hammer?

[Rockstar]

Originally Posted by Raiders Army

Ummmm...yeah.

Call me an idiot then. I don't know how it would happen, but I have heard those stories of the lottery winners going broke a few years later. I imagine a lot of their money went to someone they hired to save them from themselves, friends, stupid shit like $2000 dinners, etc. The other thing is that I doubt you could spend $365 million over 30 years, but I strongly believe you could spend $100 million in 10 years. Why? Think about this:

You know every time you get a raise, you seem to spend it all and a few months later it seems as if you didn't get a raise at all. Even though it would be more difficult, I imagine you could do it with this money as well. Music stars are a good example. Anyone remember M.C. Hammer?

If you decided to take the annuity, then more power to you. I would go the cash route myself.
I know what you mean about the raise.
Anybody can go broke. People can spend any amount of money. I cant remember exactly where I read this but it was that about 1/3 of all lottery winners are broke within THREE years. I believe I would set up a trust fund and only allow myself so much per month. Or I might just take all of the cash in a plane full of breifcases and dump two or three briefcases full of cash over every major city in America.

[Airhog]

I seriously doubt that I could spend 10 million in 10 years, more or less 100 million in 10 years.

That being said, If I won the lottery, i doubt that much would change in my life. Sure I would splurge a bit. But I have full confidence in my ability to manage money.

[sooner333]

I could spend $10 million in a year, but I also think I could be disciplined as well, setting up a low-risk stock, bond, and other interest and divided paying accounts. I would set up a "disposable" amount and then have the rest of the money being used for interest, and compounding until I run out of the other money. I would also hire a financial advisor and def. get a attorney to claim on behalf of my trust so I could live with less hassle.

[Ben E Lou]

Originally Posted by Airhog

I think its all relative. If you take 5 dollars, that is disposable income, and instead of renting a movie, you play the lottery. Now if you take your 200 dollars earmarked for your rent, then its a problem

Bingo.

The first time that the Georgia Lottery went above $10M, a few friends of mine put 10 bucks each up. 5 bucks of everyone's money went for tickets, the other 5 went for drinks and pizza for the evening. We watched a Hawks game ('Nique was still playing, so it was watchable), played cards, and watched as they drew the balls. It was a lot of fun, and we got back a grand total of 6 bucks from our tickets. We all agreed that it was a much more entertaining evening than having gone out to the movies, for example, and it cost us less.

But yes, I agree that it is a natural tax on the stupid. There are plenty of people who spend *needed* money, rather than *extra* money, on the lottery.

[Galaxy]

Originally Posted by Airhog

I seriously doubt that I could spend 10 million in 10 years, more or less 100 million in 10 years.

That being said, If I won the lottery, i doubt that much would change in my life. Sure I would splurge a bit. But I have full confidence in my ability to manage money.

$10 million in 10 years? It's much easier then you think. Everyone says they would not spend it on, blah, blah, blah....But once you win it, it's a reality. They will go for the big houses (which in most areas, they would cost at least a million-then add on the yearly property taxes and upkeep), the "luxury" shopping of cars and all those goods, ect.

[Galaxy]

Don't forget about this guy:

http://www.operationsports.com/fofc/...ight=Brad+Duke

While increasing your net worth greatly, it takes more then money. It takes business smarts, hard work, patience, a bit of risk.

[Airhog]

Originally Posted by Galaxy

$10 million in 10 years? It's much easier then you think. Everyone says they would not spend it on, blah, blah, blah....But once you win it, it's a reality. They will go for the big houses (which in most areas, they would cost at least a million-then add on the yearly property taxes and upkeep), the "luxury" shopping of cars and all those goods, ect.

Ive pretty much planned out what I would spend the money on. And yes, I probably would spend a few million on that stuff. But after that, I just don't see where the money goes

[sterlingice]

Originally Posted by Galaxy

$10 million in 10 years? It's much easier then you think. Everyone says they would not spend it on, blah, blah, blah....But once you win it, it's a reality. They will go for the big houses (which in most areas, they would cost at least a million-then add on the yearly property taxes and upkeep), the "luxury" shopping of cars and all those goods, ect.

Outside of a house, how can you possibly spend $10M, tho, on "small things". Even if you got a Lamborghini for every day of the week, there's "only" 2 million bucks. Even if you got an insane $500 a day meal habit or something, that'd eventually chew through your cash but even that's less than $200K per year. Even if you spend $2M on cars and a house, you'd then have to spend $2800 a day, every day, for the 10 years to spend $10M.

I would think that unless you went out and spent it on something big (like the baseball team idea) or lost it to a crooked investment person, it'd be hard to actually lose that.

SI

[Wolfpack]

It sounds a little crazy, but with this kind of money, I'd be looking to donate a lot of it to things I consider worthy enough. Of course, I'd still keep enough to live comfortably on based on interest and the like, but frankly, I don't want to have that much money to worry about. I don't need million-dollar mansions or expensive cars or anything like that (well, maybe a Ferrari, but that's been a boyhood dream). I just want to be able to live comfortably and be able to perhaps turn hobbies and interests into something I could do with my life instead of just being hobbies and interests.

[CraigSca]

I'd go on eBay and get me that Virgin Mary grilled cheese sandwich I've had my eye on.

[Galaxy]

Originally Posted by sterlingice

Outside of a house, how can you possibly spend $10M, tho, on "small things". Even if you got a Lamborghini for every day of the week, there's "only" 2 million bucks. Even if you got an insane $500 a day meal habit or something, that'd eventually chew through your cash but even that's less than $200K per year. Even if you spend $2M on cars and a house, you'd then have to spend $2800 a day, every day, for the 10 years to spend $10M.

I would think that unless you went out and spent it on something big (like the baseball team idea) or lost it to a crooked investment person, it'd be hard to actually lose that.

SI

Sorry, I actually mis-read his statement. I though he meant $10 million over a lifetime. While it's still more then enough to live on if your smart, people have a tendency to buy, buy, buy, and yearly living expenses (property and income taxes, insurance, upkeep).

[Cuckoo]

Well, in case anyone was curious... I lost.

[duckman]

Originally Posted by Cuckoo

Well, in case anyone was curious... I lost.

No winners for me. It was fun dreaming though.

[Airhog]

I won 4 bucks, had one number and the powerball

[JonInMiddleGA]

Originally Posted by sterlingice

Outside of a house, how can you possibly spend $10M, tho, on "small things".

First, you're underestimating the number of "big things" that'll eat into $10m.

Take my "if I ever hit the bigtimesillymonopolymoneysized lottery" list just for example:

1)Homes in Atlanta area + Florida + Vegas + North Carolina mountains.
There's a quick $4 mil or so right there.

2) Annual staff expenditures include: Financial advisor/planner/consultant, personal security, transportation staff, legal services retainer, plus the odd maintenance staff requirements of the homes. Easily a half million annually I'd think, give or take the associated costs beyond salary.

3) Boxes/Suites at various & sundry arenas in the area(s) with my homes. Well into six figures on those alone.

So there's roughly $5 million in the first year, with between $500k & $1m in recurring/annual expenses. And I haven't even broken a sweat trying to spend it yet.

Spending $10m isn't even a challenge to me frankly. $100m maybe, but not $10m.

[Senator]

I would take the money, go to Vegas, and put it all on black on the roulette table.

[Raiders Army]

Somebody won, but it wasn't I.

[Rockstar]

Lincoln Nebraska.

Probably some college student. Hopefully a hot female one.

[Rockstar]

Dola. I won $6. A grand total profit of $2.

[Craptacular]

I matched a grand total of zero numbers on $5 worth.

[JeeberD]

Has the winner come forward yet? It would suck to have won but have forgotten to check the ticket...

[Galaxy]

http://www.msnbc.msn.com/id/10892645/

[Qwikshot]

Good for them...tho I wish I had won.

[Bee]

when you split it 8 ways it kind of takes the air out of it for me.

[JeeberD]

Originally Posted by Bee

when you split it 8 ways it kind of takes the air out of it for me.

Yeah, they only get 22 mil each. How boring...

[Bee]

Originally Posted by JeeberD

Yeah, they only get 22 mil each. How boring...

and that's before taxes.

[Galaxy]

Originally Posted by Bee

and that's before taxes.

I though taxes were already taken out. Cash payment of $177-some million.

[stevew]

Originally Posted by Galaxy

I though taxes were already taken out. Cash payment of $177-some million.

No, the 177 is the amount that is invested by the lottery in an annuity to pay a total of 360 million over 30 years. They are looking at about 11-13 million each, free and clear. Which at a 5%-10% annual rate of return for the bulk of their money should be enough for any of them to have a comfortable mid 6 figures lifestyle forever.

[JeeberD]

Originally Posted by Bee

and that's before taxes.

No kidding, why even bother? If I were them I would just donate the cash to charity...

[Bee]

Originally Posted by stevew

No, the 177 is the amount that is invested by the lottery in an annuity to pay a total of 360 million over 30 years. They are looking at about 11-13 million each, free and clear. Which at a 5%-10% annual rate of return for the bulk of their money should be enough for any of them to have a comfortable mid 6 figures lifestyle forever.

Yep, they'll be able to live a comfortable lifestyle if they don't blow their money like some have in the past, but that's not the same kind of lifestyle someone could have if they'd been the sole winner.

[Bee]

Originally Posted by JeeberD

No kidding, why even bother? If I were them I would just donate the cash to charity...

Don't get me wrong, I wouldn't mind winning it...but my wife and I have a household income in the mid 6 figures now. While 10-15 million would be very nice to have, I don't think it would dramatically change our lifestyle. We could probably quit work but then you spend a lot more money because of all the free time and our overall lifestyle probably wouldn't change that much. On the other hand, a $100 million could dramatically change our lifestyle. But yes... either way it's a lot of money and would be nice, but from my view point there's a difference in how I think it would affect me.

[JeeberD]

Speak for yourself, Richie Rich.

A mid 6 figure income would turn my world upside down...

[sterlingice]

Originally Posted by JeeberD

Speak for yourself, Richie Rich.

A mid 6 figure income would turn my world upside down...

I'm with Jeebs

SI

[NoMyths]

Originally Posted by sterlingice

I'm with Jeebs

SI

I'm with both of them.

I'm currently "enjoying" a very low five-figure yearly income.

[Huckleberry]

Originally Posted by NoMyths

I'm with both of them.

I'm currently "enjoying" a very low five-figure yearly income.

Has everyone forgotten the 8 winners were working in a meatpacking plant in Lincoln, Nebraska?

What are the odds any of them were making a comfortable mid-six figure annual salary?

[sterlingice]

Originally Posted by Huckleberry

Has everyone forgotten the 8 winners were working in a meatpacking plant in Lincoln, Nebraska?

What are the odds any of them were making a comfortable mid-six figure annual salary?

Hey, a bunch of us aren't complaining

SI

[Mustang]

I think the only meat packers making 6 figure salaries are possibly some porn stars or really high end prostitutes...

[Bee]

It's great for them and it would be great for a lot of people...my comment was for me finding out that it was split 8 ways let the air out of the whole thing. When I was thinking someone out there was going to get $100+ million, I was a lot more envious than when I found out there's 8 people getting $12 million (or whatever). I'd still love to have it, but it's not quite the same thing from my perspective.

Edit: It's kind of the equivalent of someone who makes $40K a year imagining they won the lottery and could make $500K a year on interest, then finding out it's split 8 ways, so it's actually more like $60K per year. That would still be great, but it's not the same thing that you first imagined.

[sooner333]

I'm a student, and am currently making in the low four-figure income, but I kind of agree with Bee. The lottery to me is something that is so remote of happening, that you might as well either buy in yourself or one other person if it is large enough. Yeah, I could use an extra 12.5 million right now and certainly wouldn't complain, but I might as well take my changes for 120 million, because the chances of it occuring are so incredibly low that I might as well dream the big dream. I can also see how it would be cooler to think of someone as really, really rich from nothing than just eight people who have become run-of-the mill rich.

[JeeberD]

Originally Posted by sooner333

Yeah, I could use an extra 12.5 million right now and certainly wouldn't complain, but I might as well take my changes for 120 million, because the chances of it occuring are so incredibly low that I might as well dream the big dream.

You wouldn't complain until your buddy who offered to go in with you for some tickets wins and you're left out in the cold...

[sooner333]

Originally Posted by JeeberD

You wouldn't complain until your buddy who offered to go in with you for some tickets wins and you're left out in the cold...

...good point. I mean, I guess I've gone in with people before for smaller sums of money, usually just one other though...like a high hand of the hour bonus at the poker room I went in with a buddy of mine for like $800, I hit it and gave him $400 (more like $350 or something because they took my social for IRS reporting), but then again, the chances were like 1/30 being lowered to 1/15 by including him.

I guess I'm saying it would probably be more worth it to me to go at it alone...but I guess I would be a little peeved at myself for not going in with the buddies who won, but I don't see that happening.