DesertJets From United States of America, joined Feb 2000, 7880 posts, RR: 14
Reply 6, posted (10 years 3 months 1 day 3 hours ago) and read 1768 times:
I'd probably keep it pretty quiet too. Even with the lump sum award and what you have after taxes you'd have a considerable sum of money. Probably end up needing the services of a good lawyer, accountant, and financial planner to cover your ass.
This is what I would do. Set aside $10-15mil in a variety of savings accounts, stocks, bonds, etc.... The interest from this should provide me with an income that would allow me to not have to work. I'd most certainly go and pay off my debts (student loans, car, credit cards). Then go and buy some toys for myself. A couple of cars, a house or two, but nothing all that extravagant. Next I'd go and gift money to my immediate family. Set up something so my parents could comfortably retire in the next 5-15 years. Set up college funds for my niece and nephew. And for the rest, I would most likely find some very good causes to donate my money to, or set up a foundation.
Which reminds me... I need to pick up my ticket. Gotta play to win.
[Edited 2005-11-15 20:30:35]
Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
XJRamper From United States of America, joined Dec 2003, 2505 posts, RR: 46
Reply 7, posted (10 years 3 months 1 day 2 hours ago) and read 1761 times:
For those planning on spending money on lotto tickets, please send me the money instead of wasting it on a ticket. I unfortunately don't have the lotto odds on hand. However, iirc, it was like 1 in 365,000,000. Based on that, either set your money on fire or please send it to me.
S12PPL From , joined Dec 1969, posts, RR:
Reply 8, posted (10 years 3 months 1 day 1 hour ago) and read 1736 times:
Ugh, you wouldn't ever seen anywhere CLOSE to 310 mil. Here on Oregon a coupple was fortunate enough to win the Powerball 340 mil. jackpot. After taxes, and other people's cuts of they're matching numbers close to the big one, they walked away with 110 mil.
Srbmod From , joined Dec 1969, posts, RR:
Reply 12, posted (10 years 3 months 23 hours ago) and read 1693 times:
Correction, the jackpot is now up to $315 Million.
After a few calculations, if one person won tonight's jackpot and chose the cash option, they'd end up with around $155-165 million before taxes (I don't know the exact percentage difference it is if you take the lump sum, but it is somewhere in the 50% range). After taxes (which is between 30-40% depending on the state), they'd end up with around $100 million. If they were to take it in the form of a 30 year annuity, their annual payout before taxes would be $10.5 million; after taxes, around $6 million (rough gestimate). By taking it in the form of an annuity, you would over the course of the 30 years end up with around $180 million or so. Myself, I'd probably go ahead and take the lump sum, as $100 million or so is plenty enough.