All things lottery

[Wally Fairway 5550]

So what do you do if you win?

For reference Mega-Millions drawing tomorrow is estimated at $458 million, cash payout $275 million - take home lump sum around $165 million (depending on state taxes)

 

[Trey3216 15346]

https://www.landsoftexas.com/property/7268.68-acres-in-Maverick-County-Texas/2977426

[Cleo McDowell 20]

Probably buy all the Eskimo Huts. 

[uoftorange 1386]

You mean besides two chicks at the same time?

[Wally Fairway 5550]

I'm reposting this story, because IMO it is a fascinating tale

It is a tale of figuring out how to win at the lottery (sadly, the games involved are no longer played)

http://highline.huffingtonpost.com/articles/en/lotto-winners/

But for some reason I thought about this story again last week and what truly strikes me is that according to the story they purchased over $19 million in lottery tickets, and while they netted a profit of $7.75 million, they did not win a jackpot.

So just think about that, and I do, when I buy my occasional mega-millions/powerball

Oh yeah and Mega jackpot is over $500 million, cash option is over $300 million .... maybe enough for 3 chicks at the same time {shrug}

[Trey3216 15346]

43 minutes ago, Wally Fairway said:

I'm reposting this story, because IMO it is a fascinating tale

It is a tale of figuring out how to win at the lottery (sadly, the games involved are no longer played)

http://highline.huffingtonpost.com/articles/en/lotto-winners/

 

  Reveal hidden contents

But for some reason I thought about this story again last week and what truly strikes me is that according to the story they purchased over $19 million in lottery tickets, and while they netted a profit of $7.75 million, they did not win a jackpot.

So just think about that, and I do, when I buy my occasional mega-millions/powerball

 

Oh yeah and Mega jackpot is over $500 million, cash option is over $300 million .... maybe enough for 3 chicks at the same time {shrug}

That's 3 different chicks at the same time every day for 273.97 years (assuming you can get 'em for $1k each)  

[El Diablo 4232]

He didn't run out of willing chicks, he just ran out of time. [aggy]

[Ldogg53 514]

4 hours ago, Trey3216 said:

That's 3 different chicks at the same time every day for 273.97 years (assuming you can get 'em for $1k each)  

Pulling a Wilt.

[LonghornSean 3998]

Up to one billion dollars!

 

 

 

[NeverMarryAStripper 21907]

That's very deceiving.  If you take the cash option it's only like $600,000,000.  Even if you take the annuity option, the annuity won't cost the state any where near $1 billion.  They should be sued for false advertising.

[hornian 5219]

On 3/26/2018 at 11:43 AM, Trey3216 said:

https://www.landsoftexas.com/property/7268.68-acres-in-Maverick-County-Texas/2977426

Property has sold. Is there something you’d like to share with us?

[Trey3216 15346]

3 minutes ago, hornian said:

Property has sold. Is there something you’d like to share with us?

Still practicing hard.  They say you have to practice hard in order to win.  I'm practicing extra hard today.  

[hornbri 1399]

And no one won...1.6B on Tuesday. 

[Guest]

21 hours ago, NeverMarryAStripper said:

That's very deceiving.  If you take the cash option it's only like $600,000,000.  Even if you take the annuity option, the annuity won't cost the state any where near $1 billion.  They should be sued for false advertising.

So if you chose the annuity and didn’t receive  $1MMM, you might have a complaint.  Otherwise, it’s just your own inferences that it would cost the lottery entity the same amount to pay you.  On pretty much every lottery kiosk out there it says the cash option is significantly less than the annuity.

 

Just a heads up, you’re gonna get taxed like a mofo on your winnings.  That’ll be a disappointment for sure on your $2 investment.

 

I’m neutral on lottery.  It’s a tax on dumb people, or those who just want a bit of entertainment for their buck.  Regardless, your concerns seem a bit unfounded.

[Pato del Muerto 52506]

It’s at the point where it might be worth it to have a large lottery pool. Like 100 people each giving $20.  If it hits, you still make several million per person. 

[po elvis 2072]

decided to pick my own numbers this time instead of doing the quick pick. last week i quick picked 5 tickets and did not have a single number on any of the tickets. this time i got a number with the powerball for $4 winner. kind of excited.

[Macanudo 12979]

1 hour ago, Pato del Muerto said:

It’s at the point where it might be worth it to have a large lottery pool. Like 100 people each giving $20.  If it hits, you still make several million per person. 

Office pool where I work has around 20 people in it as of last week.   I suspect we'll have some new recruits on Monday.

[Pato del Muerto 52506]

100 people putting up $100 gets you lots of chances. Not sure how you process that many tickets though. 

[Armybrat 40850]

Cash option (presently $905,000,000) would be my choice, as I don’t buy green bananas.

[Bert Orange 1120]

7 minutes ago, Armybrat said:

Cash option (presently $905,000,000) would be my choice, as I don’t buy green bananas.

You’d never be able to spend all that money in 2 years. But your great great grandchildren can hug you and thank you before you go. 

[Armybrat 40850]

I wouldn’t waste any time before putting most of it in family trusts and create a charitable foundation.

At least I’d get some pleasure seeing it do some good before shuffling off.

Edited October 20, 2018 by Armybrat

[Nice Guy Eddie 13515]

If it rolls over again, it might approach an amount to buy a nfl, nba or mlb team.

[The University 851]

i'd be tempted to just take the annuity. would be fun to blow $40 million and not give a damn b/c you're getting that every year. seems like a lump sum of $680 million would only end up being a headache and perhaps lead to an early death.

get it out of your system and then go the philanthropic route the rest of the way. perhaps that would be the only way to be truly satisfied with that kind of bankroll. 

 

Edited October 21, 2018 by The University

[tx 3 putt 76980]

2 hours ago, Nice Guy Eddie said:

If it rolls over again, it might approach an amount to buy a nfl, nba or mlb team.

 

wnba team 

[Armybrat 40850]

7 hours ago, The University said:

i'd be tempted to just take the annuity. would be fun to blow $40 million and not give a damn b/c you're getting that every year. seems like a lump sum of $680 million would only end up being a headache and perhaps lead to an early death.

get it out of your system and then go the philanthropic route the rest of the way. perhaps that would be the only way to be truly satisfied with that kind of bankroll. 

 

I wouldn’t depend on the lottery existing 10 years from now.

[Macanudo 12979]

1 hour ago, Armybrat said:

I wouldn’t depend on the lottery existing 10 years from now.

Listen to this man.   He remembers when tulips were as good as gold in Holland.

[WhatTheBuck 28783]

22 hours ago, Pato del Muerto said:

It’s at the point where it might be worth it to have a large lottery pool. Like 100 people each giving $20.  If it hits, you still make several million per person. 

I volunteer to be in charge of handling the money and buying the tickets. 

[Cosimo de' Medici 121]

I'd buy new rims for my Prius

[Stella Link 534]

One Billion Dollars......

 

[hornian 5219]

5 hours ago, Armybrat said:

I wouldn’t depend on the lottery existing 10 years from now.

While that’s a valid thought, I’m fairly certain they purchase an annuity from a third party company and the lottery itself doesn’t actually pay you for 20 years. 

[AUS-97HORN 11780]

single ticket worth $1.5Bil was finally cashed in yesterday by a single anonymous person.   meaning its the largest single person lottery win in history

They went cash option. Even after taxes that is roughly $500Mil in cizzash.

https://www.cnbc.com/2019/03/05/1point5-billion-mega-millions-jackpot-claimed-in-south-carolina.html

 

[Armybrat 40850]

Obviously smart to take their time to set up trusts & new bank accounts, plus developing investment strategies.

Not to mention the possibility of ditching a crazy wife or husband and taking off to Tahiti.

[F250 28777]

1 hour ago, AUS-97HORN said:

single ticket worth $1.5Bil was finally cashed in yesterday by a single anonymous person.   meaning its the largest single person lottery win in history

They went cash option. Even after taxes that is roughly $500Mil in cizzash.

https://www.cnbc.com/2019/03/05/1point5-billion-mega-millions-jackpot-claimed-in-south-carolina.html

 

[Continental Op 3934]

I would love to know what this person did since finding out they won.  Did they act natural and keep going to work so they didn't tip anyone off?  If I had a $1.5 billion lottery ticket handy and tried to go to work and play it cool there's a pretty high chance I'd break a chair on someones head before lunch on the first day.  

[El Diablo 4232]

One winning ticket but how many investors in the lottery pool?

[Nivek 16934]

Obviously smart to take their time to set up trusts & new bank accounts, plus developing investment strategies.
Not to mention the possibility of ditching a crazy wife or husband and taking off to Tahiti.

Too obvious. Running off to Haiti now....

[Armybrat 40850]

To buy the country?

[Nueces River Rat 5539]

I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust.   But what’s to keep a sneaky conveince store clerk or even a manager from looking at surveillance camera footage to try to ID the winner and let the cat  out of the bag?  With cameras inside and outside many conveince stores, they could capture the winner getting into his car and trace his license plate to his address.    

Maybe this guy is  now living out near Lajitas.   That’s where I’d go if I were from South Carolina and just took home $900 million.  

[Brock Sampson 289]

13 minutes ago, Nueces River Rat said:

I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust.   But what’s to keep a sneaky conveince store clerk or even a manager from looking at surveillance camera footage to try to ID the winner and let the cat  out of the bag?  With cameras inside and outside many conveince stores, they could capture the winner getting into his car and trace his license plate to his address.    

Maybe this guy is  now living out near Lajitas.   That’s where I’d go if I were from South Carolina and just took home $900 million.  

I had the same thought.  I figured some crooked investor or scam artist would try and slip the convenient store clerk/manager/owner a few hundred bucks for the surveillance tapes on the day of the ticket purchase.  I even read an article that said the winner let someone go ahead of them in line so that would be even easier to narrow down in the footage.

[Armybrat 40850]

The store owner just got paid 50 Large for selling the winning ticket,  so he (Patel) and his family members who work at the place have no incentive to pursue that course.

[FartingMonk 3608]

Lottery commission also has them sign a non disclosure agreement.  Lotto commission also takes film from the winning store to review the authenticity of the buyer of said ticket.  Probably has some hey we pay you an additional 10k to keep all your tapes and here is an NDA you have to sign. 

[Larry T. Spider 1746]

So let’s say this guy won 500 mil after taxes. If he parks that somewhere and pulls 4% out per year that would be 20 mil/yr. After taxes that would be roughly 12 mil.

Thats a million a month or $33,000 a day for the rest of his life. And he never touches the 500 million. I would love to try to spend 33k a day....

[HornsOverIthaca 2333]

I could finally buy that used mid-sized family sedan I've always wanted.

[NeverMarryAStripper 21907]

1 hour ago, Nueces River Rat said:

I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust. 

I think in Texas the ability to remain anonymous only applies to individuals and not other entities.

[FartingMonk 3608]

Forming an entity to remain anonymous is easy.  It just costs money.  That's why people were setting up trusts to hide their identity to collect.  Now individual can just go to lotto commission and say "keep my name out yo mouf" 

[woohorn 1131]

single ticket worth $1.5Bil was finally cashed in yesterday by a single anonymous person.   meaning its the largest single person lottery win in history
They went cash option. Even after taxes that is roughly $500Mil in cizzash.
https://www.cnbc.com/2019/03/05/1point5-billion-mega-millions-jackpot-claimed-in-south-carolina.html
 

So let’s say this guy won 500 mil after taxes. If he parks that somewhere and pulls 4% out per year that would be 20 mil/yr. After taxes that would be roughly 12 mil.
Thats a million a month or $33,000 a day for the rest of his life. And he never touches the 500 million. I would love to try to spend 33k a day....

So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

[Wally Fairway 5550]

7 hours ago, woohorn said:

So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

I'm thinking he can afford a few bad financial decisions, and it would be totally worth it in order to get everything in order (like assembling a team of advisors - trust and estate attorney, insurance agent, tax consultant, financial advisor - at least that would be the core of my team).
Make a mistake with taxes or estate planning and it can cost you tens if not hundreds of millions; of course I have my plan all lined out - 1/3 on 40 year old scotch, 1/3 on 20 year old sluts, then I'm going gun shopping with ArmyBrat and the rest I'm just going to waste

[AUS-97HORN 11780]

8 hours ago, woohorn said:

So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

another thing to consider is that by cashing it in 2019, they avoided paying all the taxes immediately by April 15th.  I believe 30% of the amount is automatically deducted from the payout to cover the first chunk of taxes. and then you have to file a quarterly report where another percent would still need to be paid out, but that still leaves something like  $90M that you get to keep for a year before you have to pay tax on that.   I would also not be shocked if it turned out that by claiming it after March 1st, that extra minimum quarterly tax payout from June was delayed to be paid out until September as well.

So no, that additional potential interest savings along with the items Wally mentioned above, and I am pretty sure it was a sound decision to wait and get all the ducks in a row, which is almost assuredly what this person's financial advisor told them to do.  

[Texas_Rocks 346]

I'm not married and don't play lotto.
But if I was and did, Gone Baby Gone 
And no I wouldn't fake my death, but I would change my name and move far far away, before anyone knew about it.

A florida(i think) woman won a 4 or 5 hundred million dollar lottery and did not take measures to hide her identity. The next morning there were several media groups predictably laying siege to the woman’s house. A neighbor comes out and says the the woman’s son showed up a few days earlier and that they left with a few suitcases and hasn’t been seen since. I’m pretty sure the son was peeing himself with joy as he motored on over.

[Cheeseweasel 26438]

12 hours ago, Armybrat said:

The store owner just got paid 50 Large for selling the winning ticket,  so he (Patel) and his family members who work at the place have no incentive to pursue that course.

I hope they upgrade the nacho and hotdog machine.