Powerball is now at 1.5 billion dollars

Home ▸ Archive ▸ Serious Business ▸ Powerball is now at 1.5 billion dollars
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 10:31 AM
ernest_t_bass;1775266 wrote:Not a chance in hell. $1mm would allow me to be out of debt and live life the way I want. That's all I really need.
Eh. To be honest it wouldn't. Lifestyle inflation is a real thing and once you have $1M you will be dreaming about $10M. "If only I had $10M I could live the life I want!"
Jan 13, 2016 10:31am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Jan 13, 2016 10:49 AM
sleeper;1775299 wrote:Eh. To be honest it wouldn't. Lifestyle inflation is a real thing and once you have $1M you will be dreaming about $10M. "If only I had $10M I could live the life I want!"
If I won a million, it would allow me to pay off 100% of my debt, put enough money away for my children to go to college, take a really nice vacation, then put whatever is left away. That would leave me with my current normal life minus the debt. That would mean I would have to continue to work for the insurance benefits and teh paycheck, but I would no longer have to worry about my current debt. Yes, I could accrue more debt on various things, but it would take away all current debt, and that would be a nice thing.

You can troll spin this however you want, but winning a $1mm jackpot would be pretty nice for me.
Jan 13, 2016 10:49am
Spock's avatar

Spock

Senior Member

2,853 posts
Jan 13, 2016 11:04 AM
most people would blow through a million and be broke in a few years.

you take that million and turn it into $10 million by starting businesses and finding the right people to run them.

you could buy CNC machines and find a few good workers that want to be invested into a company (pay them profits monthy) and turn a few hundreds thousand into millions in a year.
Jan 13, 2016 11:04am
OSH's avatar

OSH

Kosh B'Gosh

4,145 posts
Jan 13, 2016 11:04 AM
Bought my tickets. Typically just spend $10 on this out of control lottery stuff. Had $2 leftover from my money for milk and donuts...got 6 Powerball tickets! Watch out.
Jan 13, 2016 11:04am
vdubb96's avatar

vdubb96

Urbans Meyers Stache

2,210 posts
Jan 13, 2016 11:08 AM
Just bought 9 tickets. I'm now broke and can't afford my mortgage or vehicle payments. I feel sorry for my children!!!
Jan 13, 2016 11:08am
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 11:10 AM
ernest_t_bass;1775303 wrote:If I won a million, it would allow me to pay off 100% of my debt, put enough money away for my children to go to college, take a really nice vacation, then put whatever is left away. That would leave me with my current normal life minus the debt. That would mean I would have to continue to work for the insurance benefits and teh paycheck, but I would no longer have to worry about my current debt. Yes, I could accrue more debt on various things, but it would take away all current debt, and that would be a nice thing.

You can troll spin this however you want, but winning a $1mm jackpot would be pretty nice for me.
Sure it would be nice to win any sum of money. The reality is you will think different once you obtain that kind of money. I know from experience.
Jan 13, 2016 11:10am
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Jan 13, 2016 11:11 AM
ernest_t_bass;1775303 wrote: You can troll spin this however you want, but winning a $1mm jackpot would be pretty nice for me.
I wouldn't turn down $1 million, but I think that would be about $375k after taxes if you took the lump sum. I would be able to pay off debt and put money away for kids college, but I would still have to work.
Jan 13, 2016 11:11am
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 11:12 AM
Spock;1775304 wrote:most people would blow through a million and be broke in a few years.

you take that million and turn it into $10 million by starting businesses and finding the right people to run them.

you could buy CNC machines and find a few good workers that want to be invested into a company (pay them profits monthy) and turn a few hundreds thousand into millions in a year.
That is actually the easiest way to blow $1M is to start a business as far as risk works. In fact, that's one of the primary reasons lottery winners lose it all; they invest in many businesses.
Jan 13, 2016 11:12am
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 11:12 AM
vdubb96;1775307 wrote:Just bought 9 tickets. I'm now broke and can't afford my mortgage or vehicle payments. I feel sorry for my children!!!
You are now $18 poorer. Nice investment!
Jan 13, 2016 11:12am
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 11:13 AM
OSH;1775305 wrote:Bought my tickets. Typically just spend $10 on this out of control lottery stuff. Had $2 leftover from my money for milk and donuts...got 6 Powerball tickets! Watch out.
I'm surprised your 2 masters degrees didn't have one in statistics.
Jan 13, 2016 11:13am
Apple's avatar

Apple

Prost!

2,620 posts
Jan 13, 2016 3:13 PM
So if you have the winning ticket, would you be able to move to a non-tax state, establish residency (6-months?), then turn in the ticket? Or is it taxed by where you live when you buy the ticket?
Jan 13, 2016 3:13pm
Mulva's avatar

Mulva

Senior Member

13,650 posts
Jan 13, 2016 3:23 PM
I think you only get 60-90 days to claim, and no way in hell your former state lets you get away with that.
Jan 13, 2016 3:23pm
Spock's avatar

Spock

Senior Member

2,853 posts
Jan 13, 2016 4:02 PM
it amazes me that we allow the state and federal government to do this to us. THey have no reason to take a billion dollars
Jan 13, 2016 4:02pm
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 4:31 PM
Apple;1775377 wrote:So if you have the winning ticket, would you be able to move to a non-tax state, establish residency (6-months?), then turn in the ticket? Or is it taxed by where you live when you buy the ticket?
My guess is no. It would probably be where you were established when the drawing took place.

Although there probably is some leeway if you say bought it in another state and you had some form of residency there.
Jan 13, 2016 4:31pm
Lovejoy1984's avatar

Lovejoy1984

Senior Member

5,277 posts
Jan 13, 2016 4:32 PM
Most states require you to claim winnings in the state issued.
Jan 13, 2016 4:32pm
A

Al Bundy

Senior Member

4,180 posts
Jan 13, 2016 4:49 PM
sleeper;1775395 wrote:My guess is no. It would probably be where you were established when the drawing took place.

Although there probably is some leeway if you say bought it in another state and you had some form of residency there.
What if you took the annuity payments and moved (or at least established legal residence in a state without state income tax) after the first year? It seems like you should only pay the state income tax for year 1.
Jan 13, 2016 4:49pm
Spock's avatar

Spock

Senior Member

2,853 posts
Jan 13, 2016 4:53 PM
whats nice is after you pay all those taxes up front, you will never have to pay taxes again
Jan 13, 2016 4:53pm
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 4:59 PM
Al Bundy;1775408 wrote:What if you took the annuity payments and moved (or at least established legal residence in a state without state income tax) after the first year? It seems like you should only pay the state income tax for year 1.
I don't know much about the lottery because I don't play. However, the one thing I do know is that its likely the lottery has thought of these things and will have it set up to make sure they get their money.
Jan 13, 2016 4:59pm
Mulva's avatar

Mulva

Senior Member

13,650 posts
Jan 13, 2016 5:09 PM
Spock;1775411 wrote:whats nice is after you pay all those taxes up front, you will never have to pay taxes again


Unfamiliar with capital gains?
Jan 13, 2016 5:09pm
Spock's avatar

Spock

Senior Member

2,853 posts
Jan 13, 2016 5:18 PM
Mulva;1775415 wrote:Unfamiliar with capital gains?
only of you withdraw earnings, besides who sais you are investing it?
Jan 13, 2016 5:18pm
sleeper's avatar

sleeper

Legend

27,879 posts
Jan 13, 2016 5:22 PM
Spock;1775418 wrote:only of you withdraw earnings, besides who sais you are investing it?
????????

I'm not sure how else you plan on handling ~$500M after taxes/cash option then. Keep it under your mattress?

Only an idiot would forgo some level of capital gains just to avoid paying taxes.
Jan 13, 2016 5:22pm
SportsAndLady's avatar

SportsAndLady

Senior Member

35,632 posts
Jan 13, 2016 5:36 PM
Lol even if you're retarded and deposit $500M in a money market account, you're still going to pay taxes on the interest accrued.

CC gonna CC
Jan 13, 2016 5:36pm
Ironman92's avatar

Ironman92

Administrator

49,363 posts
Jan 13, 2016 5:56 PM
Cuban says to put it in the bank and not worry about it.
Jan 13, 2016 5:56pm
A

Al Bundy

Senior Member

4,180 posts
Jan 13, 2016 6:01 PM
Ironman92;1775438 wrote:Cuban says to put it in the bank and not worry about it.
Even if you did that, you would need a lot of banks. Each account is only insured up to $250,000 if it is an individual account.
Jan 13, 2016 6:01pm