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Wally Fairway

By Wally Fairway
in Daily Texan

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AUS-97HORN

AUS-97HORN 11781

Posted
Posted
9 minutes ago, slorch said:

In Texas it's 20 years IIRC, and that would be $50k per year BEFORE taxes.

Might be a good idea for someone who completely sucks at handling money, I guess.

except almost no one takes the annuity.  dont know the exact percentages, but I remember seeing reports that a very large majority of winners that had both options took the lump sum.

 

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Posted
Posted (edited)

If we're talking $1B or $1M, I'm saying that is a big differentiating factor in making that decision. $1M could help someone immediately with buying their house and paying off all debt.  I'm not gonna spread that out over 20 years.  $1B is life changing/ generational money.  I could see annuitizing it out of safety or protecting yourself.  Personally, I'm probably still taking the lump sum on the big tally and paying someone to manage it for me( not my drunk uncle.)

 

I am LOLing as we seriously discuss considerations for something that will probably never happen to us.

Edited by slorch
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fattyflattie

fattyflattie 4639

Posted
Posted
53 minutes ago, slorch said:

If we're talking $1B or $1M, I'm saying that is a big differentiating factor in making that decision. $1M could help someone immediately with buying their house and paying off all debt.  I'm not gonna spread that out over 20 years.  $1B is life changing/ generational money.  I could see annuitizing it out of safety or protecting yourself.  Personally, I'm probably still taking the lump sum on the big tally and paying someone to manage it for me( not my drunk uncle.)

 

I am LOLing as we seriously discuss considerations for something that will probably never happen to us.

Take the money and let someone waaaaaay smarter grow it.  Every time. 

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fattyflattie

fattyflattie 4639

Posted
Posted
Just now, Nice Guy Eddie said:

I would be tempted to put a large amount of the winnings into a high dividend ETF for a 5% return. Live off the dividends. They will most likely grow with inflation.

With that type of money, you are open to an entire new world of investments.    Obviously want to keep a big chunk of it safe, but you’d have some great ops to significantly grow it. 

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Nice Guy Eddie

Nice Guy Eddie 13515

Posted
Posted
5 minutes ago, fattyflattie said:

With that type of money, you are open to an entire new world of investments.    Obviously want to keep a big chunk of it safe, but you’d have some great ops to significantly grow it. 

I would be extremely satisfied with half billion dollars. I wouldn't see any need to grow it significantly and take on that risk. After all I didn't get the money for any talent other than handing a convenience store clerk $2. 

While those great opportunities could perhaps double your money, they could also take a fair amount of it away. And honesty I would have zero ability to recreate that wealth if I started to lose it. I can be honest with myself with that.

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HOOKEM4

HOOKEM4 5037

Posted
Posted

Am I doing the math wrong here or what?

Annuity would be $85m a year 

Lump sum $756m.

I would bet 99% of folks would be smarter to take the annuity. If you managed it perfectly (didnt spend like a drunken sailor) and the economy stayed rock solid, it is believable you could turn it into 1.7b in 20 years, but why take that risk?

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AUS-97HORN

AUS-97HORN 11781

Posted
Posted
10 minutes ago, HOOKEM4 said:

I would bet 99% of folks would be smarter to take the annuity. If you managed it perfectly (didnt spend like a drunken sailor) and the economy stayed rock solid, it is believable you could turn it into 1.7b in 20 years, but why take that risk?

age or health can be a huge factor. 

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Fico

Fico 1778

Posted
Posted

That’s also not how the annuity works. It starts out less and increases, annually, over time.

You also have to account for taxes, annually, and future taxes (ann unknown) and time value of money.

In Texas I believe your take home if you chose the lump sum would be just under $500mm, including the 24% federal tax on lottery winnings, which would then be subject to 37% income tax the following year.

So you would have north of $300mm (if you received 0% return in the interim) after paying taxes.

Take the lump sum. If you manage to go broke at least you were L.I.V.I.N.

 

 

 

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Trey3216

Trey3216 15346

Posted
Posted
12 hours ago, Fico said:

That’s also not how the annuity works. It starts out less and increases, annually, over time.

You also have to account for taxes, annually, and future taxes (ann unknown) and time value of money.

In Texas I believe your take home if you chose the lump sum would be just under $500mm, including the 24% federal tax on lottery winnings, which would then be subject to 37% income tax the following year.

So you would have north of $300mm (if you received 0% return in the interim) after paying taxes.

Take the lump sum. If you manage to go broke at least you were L.I.V.I.N.

 

 

 

Not to mention that I’m almost certain the annuity is only payable to the purchaser (may have a spousal exemption) but payments are not transferable to the estate or decedents upon death.  

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Wally Fairway

Wally Fairway 5550

Posted
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Posted

Fuck California and the Midway Market & Liquor store

Quote

A single ticket sold in California scored the second-largest jackpot in Powerball and US lottery history during Wednesday night’s drawing, according to Powerball.

The winning numbers are 22, 24, 40, 52, 64 and the Powerball 10. The ticket to snag the estimated jackpot of more than $1.7 billion was sold at Midway Market & Liquor in Frazier Park, California, roughly 70 miles north of Los Angeles, according to the California Lottery.

 

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Trey3216

Trey3216 15346

Posted
Posted
51 minutes ago, Wally Fairway said:

Fuck California and the Midway Market & Liquor store

 

Every.  Fucking.  Time.

 

I still don't think there's ever been a PowerBall or MegaMillions ticket more than $2mm sold in TX.  

 

Guess I'll have to go spend my $12 on Texas Two Step tonight

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Wally Fairway

Wally Fairway 5550

Posted
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46 minutes ago, Trey3216 said:

I still don't think there's ever been a PowerBall or MegaMillions ticket more than $2mm sold in TX.  

Guess I'll have to go spend my $12 on Texas Two Step tonight

I don't think anyone cared, because Powerball was well over a billy; but the Mega $360 millly winner on Monday (yes this Monday 10/9/2023) was in San Angelo. And the attached article states this is the 14th Powerball winner in Texas.
https://www.expressnews.com/news/article/san-angelo-mega-millions-jackpot-18415287

Looking the google machine tells me 2 Powerball winners in Texas, since 2010 (when it joined) 

FWIW - I didn't know it either because who cares about $360 milly, when we are talking about billions

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Trey3216

Trey3216 15346

Posted
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1 minute ago, Wally Fairway said:

I don't think anyone cared, because Powerball was well over a billy; but the Mega $360 millly winner on Monday (yes this Monday 10/9/2023) was in San Angelo. And the attached article states this is the 14th Powerball winner in Texas.
https://www.expressnews.com/news/article/san-angelo-mega-millions-jackpot-18415287

Looking the google machine tells me 2 Powerball winners in Texas, since 2010 (when it joined) 

FWIW - I didn't know it either because who cares about $360 milly, when we are talking about billions

walter-lebowski-i-did-not-know-that.gif

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Fudbelty

Fudbelty 2788

Posted
Posted
I don't think anyone cared, because Powerball was well over a billy; but the Mega $360 millly winner on Monday (yes this Monday 10/9/2023) was in San Angelo. And the attached article states this is the 14th Powerball winner in Texas.
https://www.expressnews.com/news/article/san-angelo-mega-millions-jackpot-18415287
Looking the google machine tells me 2 Powerball winners in Texas, since 2010 (when it joined) 
FWIW - I didn't know it either because who cares about $360 milly, when we are talking about billions

giphy.gif
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Biff Tannen

Biff Tannen 45691

Posted
Posted
38 minutes ago, otisdog said:

Frazier Park is up in the mountains off of I5, aka 'the grapevine'. Many pine trees, often snows. No desert.

Well I just saw it's across the highway from Neenach, which is the middle of nothing desert, so I assumed.  Folks out there in my experience are...interesting.

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