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Thread: Big lottery winnings

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    Senior Member ProfessionalLocator's Avatar
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    Default Big lottery winnings

    The chance of lightning hitting me better if I did win the Powerball I am somewhat prepared.

    I have what some call a wish list that I call contingency plan.

    usamega.com is a website that offers a breakdown of yearly payments if you take the annuity option rather than cash. Regards annuity it is not as simple as many believe. Many say they want the cash as they are not going to let "them" keep their money. The reality is you are not keeping the money under your bed and you are going to give it to some "them" as an investment firm or a bank to hold.

    So lets look at what annuity offers. The current annuity is $535,000,000 and the cash is $324,200,000. There is only the $324 million in the prize pool.
    The annuity offer is they hold it for 30 years with payment to you each year. They guarantee a profit of $210,810,000. The income tax you pay is only what is paid to you each year and the tax on the full $324 million is differed. There is no question of varying interest rates, dividends or of numerous other problems. About as safe an investment you can make. A coworker of mine lost $400,000 retirement savings in a company called Enron.

    So the first year you get a gross payment of $8,052,000. Law requires they pay withholding taxes to the Feds and and State, 25% to Feds and the States vary so lets say for example 4% for a total of 29%. But in reality the tax due is easily 50% so you owe about 21% more. If you divide the 21% by three and give twice that to charity then as a tax deduction you get to keep about 7% more or $564,000 more.

    The above example would net you after tax $4,590,000 the first year or budget for a net weekly paycheck amount of about $88,000,000.


    Each year the annuity payment goes up 5% so for the second year multiparty across the board by 1.05.
    Then the third year multiply the second year's numbers again by 1.05 and so on for the remainder of the annuity.


    Now at my age I would have to live to almost 100 for the annuity to end and for what I wish to do cash option makes since.

    The cash otion would net $193,857,000 after giving $47,600,000 to charity.

    First no large amounts money directly to family. I figure 15 close family of siblings, aunts and unles. So fully paid up life insurance policy of eight million each, total of 120 million dollars, would put the money outside of the estate. So when I died the money would not be tied up by squabbling relatives fighting over the inheritance. Plus there are little to no taxes on the insurance payouts.


    A smaller set amount also in insurance to friends.


    It would take some 10 million plus dollars to fund vitamin C cancer clinical trials.

    Maybe $10 million for me to live my life out with, supplement to my Social Security.

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    Senior Member superman's Avatar
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    Default Re: Big lottery winnings

    One of our guys was hit by lightning back in 2012 while retrieving his ground rod. He's not in very good shape now. The chances are probably better than you think bud.

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    Senior Member ProfessionalLocator's Avatar
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    Default Re: Big lottery winnings

    Updating the numbers.

    Wednesday the 23rd the cash value is $411,700,000 and the anuity is $650,000,000.

    The cash payout should net after taxes about $206,000,000 or about $235,0000,000 if you give $58,000,000 to charity.

    The first year of annuity would be about $9,700,000 and after tax about $4,900,000. A net about $5,500,000 if you gave $1,370,000 to charity.

    I think I will buy a ticket.

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    Default Re: Big lottery winnings

    PL ....someone has to win . I hope it will be you. I believe you have a better chance of GOD showing up to you in a burning bush that never burns up. invest your hard earned dollar instead to a person/charity that could never pay you back .....it may change your life .
    wise men talk because they have something to say and fools because they have to say something....plato

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    Default Big lottery winnings

    Quote Originally Posted by ProfessionalLocator View Post
    Updating the numbers.

    Wednesday the 23rd the cash value is $411,700,000 and the anuity is $650,000,000.

    The cash payout should net after taxes about $206,000,000 or about $235,0000,000 if you give $58,000,000 to charity.

    The first year of annuity would be about $9,700,000 and after tax about $4,900,000. A net about $5,500,000 if you gave $1,370,000 to charity.

    I think I will buy a ticket.
    Greetings ProfessionalLocator! Come on, Man! WTF have you been drinking? (or smokin'?) You sound like a pimple faced teenager telling me how you just copped your first ever feel................ GEEZUS! Snap out of this delusional state of stupidity!

    I hate being the Danny Downer on this but, ProfessionalLocator, the lottery is just another tax. Trust me, you ain't getting shit back when you buy your tickets; no matter how many tickets you buy.............. just sayin.'


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    Senior Member ProfessionalLocator's Avatar
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    Default Re: Big lottery winnings

    Wing some poor dumb bastard is going to win and I am as dumb and as much a bastard as anyone.

    I do not bet big, just a ticket.

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    Senior Member ProfessionalLocator's Avatar
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    Default Re: Big lottery winnings

    People are pouring money into tickets and annuity pool is now estimated at $700,000.000.

    I ain't buy extra tickets as the odds are too small. Though the last ticket I had that paid $20 so I put that back in, gotta give the government it's money back.

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    Default Re: Big lottery winnings

    It would be nice to win and not worry about marking lines anymore. 700 mil? Im not sure what to do first with that kind of cash.
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    Default Re: Big lottery winnings

    Well one ticket in Massachusetts won $758,700,000.

    I got $18 so my next 6 tickets are paid for.

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    Default Big lottery winnings

    Quote Originally Posted by ProfessionalLocator View Post
    Quote Originally Posted by ProfessionalLocator View Post
    Quote Originally Posted by Wingfoot View Post
    Greetings ProfessionalLocator! I hate being the Danny Downer on this but, ProfessionalLocator, the lottery is just another tax. Trust me, you ain't getting shit back when you buy your ticket(s); no matter how many tickets you buy.............. just sayin.'
    Wing some poor dumb bastard is going to win and I am as dumb and as much a bastard as anyone.
    Well one ticket in Massachusetts won $758,700,000.


    On Aug. 24, 2017, Massachusetts resident Mavis Wanczyk, 53, claimed the second largest prize in Powerball history, winning a whopping $758.7 million. According to the Powerball website, that is the "largest jackpot prize won on a single ticket in U.S. lottery history." Wanczyk chose the lump sum payment of $480,500,936, which will come out to $336,350,655 after taxes.




    Wanczyk bought three Powerball tickets in the afternoon on Aug. 23, 2017 at the Pride Station & Store near her workplace in Chicopee, Mass. She said two of the tickets were quick picks, meaning the numbers were chosen at random by a computer, while the third—and winning ticket—had numbers that she picked. Some of them were birthdays, others were "basically random," and the Powerball number was her "lucky number" four. "There's a thing between me and my mom and my stepfather, and a friend. We all go out to dinner on a Friday night, and we all play Keno, and our number is four, so I just happened to choose and it worked to my advantage," Wanczyk said.



    Wanczyk reportedly has two kids, a 31-year-old daughter and a 26-year-old son. According to the Facebook page of a Chicopee, Mass. woman named Marlee Wanczyk, she is Mavis' daughter. At least, that's the indication, considering people have already begun congratulating her on her mom's big windfall. Marlee's Facebook page also indicates she is a cashier at Dunkin Donuts, graduated from Chicopee High School, and attended Springfield Technical Community College.

    On a Facebook post dated Aug. 24, 2017, Marlee apparently wrote, "My mom and I don't even talk to each other. So I am the same poor old me."

    A commenter to Marlee's post replied, "It's $750 million… You're [sic] her daughter… She has to help you… She could literally help every person in this state and still have $ for life! lol…"


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    Senior Member yahoo's Avatar
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    Default Re: Big lottery winnings

    would be curious to know what their lives are like in about 10 years ??????
    wise men talk because they have something to say and fools because they have to say something....plato

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    Default Re: Big lottery winnings

    Quote Originally Posted by Tikiman View Post
    It would be nice to win and not worry about marking lines anymore.
    Five years experience? I don't think so Tikiman. There's no quitting. You're one of us now.
    Mke and yahoo like this.

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    Mke
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    Default Re: Big lottery winnings

    Quote Originally Posted by yahoo View Post
    would be curious to know what their lives are like in about 10 years ??????
    Three words... Hookers And Blow

    mke
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    Senior Member yahoo's Avatar
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    Default Re: Big lottery winnings

    I KNOW MKE RIGHT !!!! LOL ...that is why I say it is not worth it in the end unless you are really smart with your money....
    wise men talk because they have something to say and fools because they have to say something....plato

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    Senior Member ProfessionalLocator's Avatar
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    Default Re: Big lottery winnings

    Quote Originally Posted by yahoo View Post
    would be curious to know what their lives are like in about 10 years ??????
    Most or many large lottery winners are bankrupt in 4 to 5 years.
    A lottery win is the same as a job, establish a budget based on income and do not live beyond your means.
    Just like a regular income you have to say no to all the people with their hands out. In the income we all have people want money for a down payment on a car or your old car, pay off some overdue bill, etc. But if you have a large lottery winning people, including complete strangers, are going to want $50,000 or a million dollars from you.

    I remember one interview with a lottery winner who said $50K was the most common request he got for handouts from strangers who learned his name and address. He later went broke living beyond his income spending his money on toys, big house and drugs.
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