Go  |
New |
Find |
Notify |
|
Reply |
|
Admin |
New PM! |
Member
|
Dave Tong: If you want the cash now you get roughly half, you are correct. But, then, you pay taxes on it. Lots of taxes. Probably 38% fed'l, and then you pay state tax if you live somewhere that has state income tax. Here in Maryland, it would be about 7.5% for me. So, now I've taken the lump sum so I am down to $138 million, and paid about $62 million in taxes, and I am down to a mere $76 million. I am probably better off looking under the cushions of the sofa for all the loose change that has fallen under there over the years.
Irwin
99% of lawyers give the rest of us a bad name.
|
| |
| Posts: 4222 | Location: Baltimore, MD | Registered: Feb 04, 2003 | |
|
Member
|
quote: Originally posted by Dave Tong: quote: Originally posted by VT2IT:
Isn't the lottery just a tax on the foolish?
A tax on people who are bad at maths. Darlene: This is the "Mega-Millions" lottery. There are 56 numbers from which you pick five. Then there's a "mega ball" that goes from 1-46. So by my calculations the odds of winning are 175,711,536 to 1. And if you want the cash now you get roughly half. So until the jackpot reaches $350 million it's not worth playing.
Dave, you are no fun. |
| |
|
Member
|
quote: Originally posted by irwin:
Dave Tong: If you want the cash now you get roughly half, you are correct.
But, then, you pay taxes on it. Lots of taxes. Probably 38% fed'l, and then you pay state tax if you live somewhere that has state income tax. Here in Maryland, it would be about 7.5% for me. So, now I've taken the lump sum so I am down to $138 million, and paid about $62 million in taxes, and I am down to a mere $76 million.
I am probably better off looking under the cushions of the sofa for all the loose change that has fallen under there over the years.
You guys must be very wealthy. Even if I just won a million and recieved $400,000 I would be happy. If I won a large sum of money I would take payments spread out over 20 years. That way it be like having a nice paycheck every year. |
| |
|
Member
|
quote: Originally posted by spo:
If I won a large sum of money I would take payments spread out over 20 years. That way it be like having a nice paycheck every year.
Most people take the lump sum, but I have yet to hear exactly how or why that is advantageous over the 20-year annuity.
***********
"I was thinking how nothing lasts. And what a shame that is." --Benjamin Button
|
| |
| Posts: 3707 | Location: Everett, WA | Registered: Mar 08, 2002 | |
|
Member
|
quote: Most people take the lump sum, but I have yet to hear exactly how or why that is advantageous over the 20-year annuity.
I believe your heirs don't get the rest of the annuity if you die, for one. Of course, you might go broke faster too, as many big winners do  |
| |
| Posts: 1176 | Location: Atlanta | Registered: Sep 02, 2006 | |
|
Member
|
quote: Originally posted by mneeley490: quote: Originally posted by spo:
If I won a large sum of money I would take payments spread out over 20 years. That way it be like having a nice paycheck every year.
Most people take the lump sum, but I have yet to hear exactly how or why that is advantageous over the 20-year annuity.
When the 20 years are up you're in for a major downturn. If you take the lump sum and invest it sensibly you'll probably do much better in the long term. Spend $20 million on property and live off the rental income in perpetuity. Or buy a winery and live the dream until you go broke.
http://scmwine.info
|
| |
| Posts: 6579 | Location: Santa Clara Valley AVA | Registered: Jul 02, 2004 | |
|
Member
|
quote: Originally posted by Markiemark:
I believe your heirs don't get the rest of the annuity if you die, for one.
Sounds to me like a good incentive to my heirs for keeping me alive, whereas a lump sum would just seem to invite an "accident". 
***********
"I was thinking how nothing lasts. And what a shame that is." --Benjamin Button
|
| |
| Posts: 3707 | Location: Everett, WA | Registered: Mar 08, 2002 | |
|
Member
|
quote: Originally posted by Dave Tong: quote: Originally posted by mneeley490: quote: Originally posted by spo:
If I won a large sum of money I would take payments spread out over 20 years. That way it be like having a nice paycheck every year.
Most people take the lump sum, but I have yet to hear exactly how or why that is advantageous over the 20-year annuity.
When the 20 years are up you're in for a major downturn. If you take the lump sum and invest it sensibly you'll probably do much better in the long term. Spend $20 million on property and live off the rental income in perpetuity. Or buy a winery and live the dream until you go broke.
 If you could not set aside a decent retirement fund in 20 years of millions of dollars, you are a total fuk-up. |
| |
|
Member
|
I bought $20 for last night's drawing. I won $0. I'll get 'em next time!
Just one more sip.
|
| |
|
Member
|
I bought three rows. What the hell. I had 3 goes on the CA lottery too, and got a total of 3 numbers between them. That's better than I usually do.
http://scmwine.info
|
| |
| Posts: 6579 | Location: Santa Clara Valley AVA | Registered: Jul 02, 2004 | |
|
Member
|
I doubt anyone on these boards is hurting for money. You folks should leave the lottery to the poor and desperate, to whom it is targeted.
**********************************************
"Asking government to fix this crisis is like asking the arsonist to put out the fire." -Thomas Sowell
|
| |
| Posts: 4510 | Location: Dubai | Registered: Dec 20, 2002 | |
|
Member
|
quote: Originally posted by cdr:
I doubt anyone on these boards is hurting for money. You folks should leave the lottery to the poor and desperate, to whom it is targeted.
A few bucks a week, for a chance at a lifetime of financial freedom, total freedom. Someone has to win once in a while. Lets all prey that it will be spo. |
| |
|
Member
|
quote: Originally posted by Dave Tong:
E]
A tax on people who are bad at maths.
DT, what's with you Brits? First David Beckham, now you. As an American, I feel a little silly saying this to an Englishman, but it's math right? Not maths? Is that some strictly British colloquialism? And, since I'm in Calif. for a few days, I did in fact buy a ticket last night. Green Hungarian for all if I win!!!
-IB
"Wine only turns into alcohol if you let it sit."---Lindsay Bluth
|
| |
| Posts: 6196 | Location: Naptown | Registered: Nov 24, 2006 | |
|
Member
|
Spo, You just summed up the desperate hope of the poor, retired guy who didn't save for his retirement standing in line at 7-11 to buy his lottery tickets. History has shown that many of these winners of "freedom" crash and burn and end up worse off. I see these huge sums of money going into this sad little game and keep waiting for the great schools this was supposed to pay for. . . Just be thankful for what you've got and work harder for what you want.
**********************************************
"Asking government to fix this crisis is like asking the arsonist to put out the fire." -Thomas Sowell
|
| |
| Posts: 4510 | Location: Dubai | Registered: Dec 20, 2002 | |
|
Member
|
quote: Originally posted by indybob: quote: Originally posted by Dave Tong:
E]
A tax on people who are bad at maths.
DT, what's with you Brits? First David Beckham, now you. As an American, I feel a little silly saying this to an Englishman, but it's math right? Not maths? Is that some strictly British colloquialism?
First Beckham? Technically, I'm older than him. In Britain we say Maths. Always have. Reminds me of an old joke. Brit pulls into a full-service fuel station. Says to the attendant "Could you fill the car with petrol please. And could you clean the windscreen? I've got some rags in the boot if you need them". Attendant says "Hey Limey, it's gasoline not petrol. It ain't a windscreen, it's a windshield. And it ain't a boot, it's a trunk. We invented the automobile." Brit says "Quite so. You chaps invented the car. But we invented the language."
http://scmwine.info
|
| |
| Posts: 6579 | Location: Santa Clara Valley AVA | Registered: Jul 02, 2004 | |
|
Member
|
Final total was 370 million dollars. Someone in New Jersey and someone in Georgia called in sick today. Sadly, I AM at work today, where I will remain for at least 20 more years. Unless, next time.... |
| |
| Posts: 781 | Location: Chicago Western Burb | Registered: Oct 05, 2006 | |
|
Member
|
I got back $2. 
Just one more sip.
|
| |
|
Member
|
Board-O: You can use the $2 to buy you know what, Chuck.
Irwin
99% of lawyers give the rest of us a bad name.
|
| |
| Posts: 4222 | Location: Baltimore, MD | Registered: Feb 04, 2003 | |
|
Member
|
Not the most current of the lottery threads, but I just saw this news article on Mega Millions: $333 millionMoo
Your share of the national debt has increased by $6,180 from 10/1 - 9/30/09. Have you told your kids and grand kids they will be paying back your share in addition to their own?
Limit all politicians to two terms. One in office, one in prison. Follow the lead of Illinois...
|
| |
| Posts: 931 | Location: East BF, Egypt | Registered: May 15, 2002 | |
|
Member
|
I think it's bs that I can't run a private lotto like this.
|
| |
|
Member
|
Guess I'll have to pick up a couple today.
|
| |
|
 | Please Wait. Your request is being processed... |
© Wine Spectator Online 2009
|
