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Powerball is now at 1.5 billion dollars

  • sleeper
    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!"
  • ernest_t_bass
    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.
  • Spock
    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.
  • OSH
    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
    Just bought 9 tickets. I'm now broke and can't afford my mortgage or vehicle payments. I feel sorry for my children!!!
  • sleeper
    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.
  • FatHobbit
    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.
  • sleeper
    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.
  • sleeper
    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!
  • sleeper
    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.
  • ernest_t_bass
    http://www.bloomberg.com/graphics/2016-powerball-jackpot-payoff/
  • Apple
    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
    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
    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
  • sleeper
    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.
  • Lovejoy1984
    Most states require you to claim winnings in the state issued.
  • Al Bundy
    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.
  • Spock
    whats nice is after you pay all those taxes up front, you will never have to pay taxes again
  • sleeper
    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.
  • Mulva
    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
    Mulva;1775415 wrote:Unfamiliar with capital gains?
    only of you withdraw earnings, besides who sais you are investing it?
  • sleeper
    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
    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
  • Ironman92
    Cuban says to put it in the bank and not worry about it.
  • Al Bundy
    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.