sleeper
Posts: 27,879
Jan 13, 2016 10:31am
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!"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.
ernest_t_bass
Posts: 24,984
Jan 13, 2016 10:49am
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.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!"
You can troll spin this however you want, but winning a $1mm jackpot would be pretty nice for me.
Spock
Posts: 2,853
Jan 13, 2016 11:04am
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.
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.
OSH
Posts: 4,145
Jan 13, 2016 11:04am
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.
vdubb96
Posts: 2,210
Jan 13, 2016 11:08am
Just bought 9 tickets. I'm now broke and can't afford my mortgage or vehicle payments. I feel sorry for my children!!!
sleeper
Posts: 27,879
Jan 13, 2016 11:10am
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.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.
FatHobbit
Posts: 8,651
Jan 13, 2016 11:11am
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.ernest_t_bass;1775303 wrote: You can troll spin this however you want, but winning a $1mm jackpot would be pretty nice for me.
sleeper
Posts: 27,879
Jan 13, 2016 11:12am
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.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.
sleeper
Posts: 27,879
Jan 13, 2016 11:12am
You are now $18 poorer. Nice investment!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!!!
sleeper
Posts: 27,879
Jan 13, 2016 11:13am
I'm surprised your 2 masters degrees didn't have one in statistics.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.
ernest_t_bass
Posts: 24,984
Jan 13, 2016 2:54pm
Apple
Posts: 2,620
Jan 13, 2016 3:13pm
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?
Mulva
Posts: 13,650
Jan 13, 2016 3:23pm
I think you only get 60-90 days to claim, and no way in hell your former state lets you get away with that.
Spock
Posts: 2,853
Jan 13, 2016 4:02pm
it amazes me that we allow the state and federal government to do this to us. THey have no reason to take a billion dollarsernest_t_bass;1775372 wrote:http://www.bloomberg.com/graphics/2016-powerball-jackpot-payoff/
sleeper
Posts: 27,879
Jan 13, 2016 4:31pm
My guess is no. It would probably be where you were established when the drawing took place.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?
Although there probably is some leeway if you say bought it in another state and you had some form of residency there.
Lovejoy1984
Posts: 5,277
Jan 13, 2016 4:32pm
Most states require you to claim winnings in the state issued.
A
Al Bundy
Posts: 4,180
Jan 13, 2016 4:49pm
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.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.
Spock
Posts: 2,853
Jan 13, 2016 4:53pm
whats nice is after you pay all those taxes up front, you will never have to pay taxes again
sleeper
Posts: 27,879
Jan 13, 2016 4:59pm
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.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.
Mulva
Posts: 13,650
Jan 13, 2016 5:09pm
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?
Spock
Posts: 2,853
Jan 13, 2016 5:18pm
only of you withdraw earnings, besides who sais you are investing it?Mulva;1775415 wrote:Unfamiliar with capital gains?
sleeper
Posts: 27,879
Jan 13, 2016 5:22pm
????????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.
SportsAndLady
Posts: 35,632
Jan 13, 2016 5:36pm
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
CC gonna CC
Ironman92
Posts: 49,363
Jan 13, 2016 5:56pm
Cuban says to put it in the bank and not worry about it.
A
Al Bundy
Posts: 4,180
Jan 13, 2016 6:01pm
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.Ironman92;1775438 wrote:Cuban says to put it in the bank and not worry about it.