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Powerball At $550 Million, Thoughts?  
User currently offlinefxramper From United States of America, joined Dec 2005, 7317 posts, RR: 85
Posted (1 year 11 months 4 weeks 15 hours ago) and read 2363 times:
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I'd donate a lot of it, set up a scholarship at my high school in my brother's name, buy a small 4 seater plane and quit my job.

Would you do anything crazy with half a billion?   

  

53 replies: All unread, showing first 25:
 
User currently offlinejetblueguy22 From United States of America, joined Nov 2007, 2818 posts, RR: 4
Reply 1, posted (1 year 11 months 4 weeks 14 hours ago) and read 2355 times:
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HEAD MODERATOR

I've been dreaming about this all morning. I would instantly take half of it and invest it. Set myself up even more for life. I would then take 20 million and give it to my university to cover student's flight costs for how ever long it lasts. I would then fill up my flight account and keep going to school and training. I would still want to fly for an airline. I go crazy sitting around for a day never mind the rest of my life. Probably would get my dad a nice house in Florida like he's always wanted. That and build my stepdad his dream house on Lake Vermilion in MN. Mostly so I could get away and go fishing every weekend . Set up some college funds for my little brother and sister. Nothing too crazy. I'm not the type to drive a flashy car or anything. I live a pretty simple life and want to keep it that way!
Blue



All of the opinions stated above are mine and do not represent Airliners.net or my employer unless otherwise stated.
User currently offlineD L X From United States of America, joined May 1999, 11486 posts, RR: 52
Reply 2, posted (1 year 11 months 4 weeks 14 hours ago) and read 2350 times:

I'd buy all the Lexus seats at Nationals Park, and give them out to enlisted servicemen in uniform for all 81 games.

With the other 549 Million, I'd buy the team.



Send me a PM at http://www.airliners.net/aviation-forums/sendmessage.main?from_username=NULL
User currently offlinerfields5421 From United States of America, joined Jul 2007, 7607 posts, RR: 32
Reply 3, posted (1 year 11 months 4 weeks 14 hours ago) and read 2322 times:

The only guaranteed winner is the federal income tax IRS.

With 550 million - I'd have to pay about 192 million in taxes - IF tax rates do not go up in the next 35 years. Which I am certain the will do.

For the cash option - 360.2 million - the tax bill would be about 125.07 million - leaving about 235 million. You would have to work fast to get the trust fund setup and get the prize claimed before the end of 2012. Otherwise you'd probably have to pay an extra 3 to 5 % in taxes.

Note - these are federal income taxes only. I live in a state with no state income tax. If I lived in California - I'd have to pay another 10.3% in state income tax in addition to the federal tax.

If I had 235 million after taxes - that would go into a trust fund with my family as beneficiaries. I'd try to shelter as much of it as possible from future taxes and estate taxes.

Say 5 million for some gifts and toys - make sure I had a nice house, boat, rv paid off and not owe anyone any money. Same for my kids.

That would leave 230 million which could safely provide 2.5% per year after taxes and management expenses for our family - $5,750,000 per year for 18 primary recipients today - have to plan on splitting it 40 ways in the future.

So about 30 years from now - each primary would receive about $145,000 per year.


User currently offlineSTT757 From United States of America, joined Mar 2000, 16892 posts, RR: 51
Reply 4, posted (1 year 11 months 4 weeks 13 hours ago) and read 2319 times:

Donate, invest, real estate, real estate and more real estate.


Eastern Air lines flt # 701, EWR-MCO Boeing 757
User currently offlineD L X From United States of America, joined May 1999, 11486 posts, RR: 52
Reply 5, posted (1 year 11 months 4 weeks 13 hours ago) and read 2319 times:

Quoting rfields5421 (Reply 3):
With 550 million - I'd have to pay about 192 million in taxes - IF tax rates do not go up in the next 35 years. Which I am certain the will do.

For the cash option - 360.2 million - the tax bill would be about 125.07 million - leaving about 235 million. You would have to work fast to get the trust fund setup and get the prize claimed before the end of 2012. Otherwise you'd probably have to pay an extra 3 to 5 % in taxes.

You say that like you'd turn it down.  

The tax consequences are really of very little concern, if you ask me.



Send me a PM at http://www.airliners.net/aviation-forums/sendmessage.main?from_username=NULL
User currently offlineMaverick623 From United States of America, joined Nov 2006, 5703 posts, RR: 6
Reply 6, posted (1 year 11 months 4 weeks 13 hours ago) and read 2311 times:

Quoting STT757 (Reply 4):
real estate, real estate and more real estate.

Real estate is probably the third worst area to invest in (after airlines and .com companies).



"PHX is Phoenix, PDX is the other city" -777Way
User currently offlinerfields5421 From United States of America, joined Jul 2007, 7607 posts, RR: 32
Reply 7, posted (1 year 11 months 4 weeks 13 hours ago) and read 2311 times:

I would LOVE to write the IRS a check for $125 million next April 14th. I'd make a copy and frame it.

However, the point is that no one is going to get half a billion dollars.

And that even with the $235 million - unless you want to become a full-time money manager - you are not going to be able to 'live like a millionaire'.

It isn't enough money to buy and maintain a Gulfstream 650. It isn't enough money to buy a 150 foot long yacht.

Yes, Mitt Romney is probably worth a bit less than $235 million - but face reality. He has worked in that area with those levels of money almost all his adult life. Management and dealing with that level of money is something he understands.

I don't, and I suspect almost all the people who buy lottery tickets don't. That is why most lottery winners are out of money within five years.

Otherwise, we'd have money at a level where we wouldn't see winning the lottery as life changing.


User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 8, posted (1 year 11 months 4 weeks 13 hours ago) and read 2306 times:

So, after the cash option and taxes (I use 60% payout for the cash and 40% tax rate, or 36% of the total) you come up with about $200 million.

I guess with hat kind of jackpot, I might consider taking the annual payout, but, I'm a firm believer that money today is worth a lot more (more than the interest rate, if you're smart) than money tomorrow.

After securing our family's future, my wife and I would operate the Fr8mech Philanthropic Trust. We would spend our time and energy deciding what charities and/or organizations we'll support.

Of course, we would have spent a few bucks to elevate our lifestyle a bit, but would have to be very careful. I don't want my daughter growing into a Paris Hilton or my son growing into the male equivalent.



When seconds count...the police are minutes away.
User currently offlineStarbuk7 From United States of America, joined Apr 2008, 599 posts, RR: 5
Reply 9, posted (1 year 11 months 4 weeks 13 hours ago) and read 2286 times:

Quoting rfields5421 (Reply 3):
Note - these are federal income taxes only. I live in a state with no state income tax. If I lived in California - I'd have to pay another 10.3% in state income tax in addition to the federal tax.


If you win the California State lottery it is not taxed California tax, just Federal tax.

So, after taxes, I would take 20-30 million and invest for retirement. Next would be to pay off all my dept and give some to family, charities and my church.

From there I would like to travel, probably buy and RV and drive the country stopping whenever and wherever I wanted.


User currently offlinefxramper From United States of America, joined Dec 2005, 7317 posts, RR: 85
Reply 10, posted (1 year 11 months 4 weeks 13 hours ago) and read 2282 times:
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I estimated after getting the cash option and Uncle Sam sticking it to me, I'd walk with $175 mil. That's still a hell of a lot of cash.   

Quoting rfields5421 (Reply 3):

Your post is classic bro! Thanks for crunching the numbers for us all.   

Quoting STT757 (Reply 4):

My grandad always told me the best investment is land.


User currently offlineDesertJets From United States of America, joined Feb 2000, 7801 posts, RR: 16
Reply 11, posted (1 year 11 months 4 weeks 13 hours ago) and read 2278 times:

If I win I plan on calling in sick tomorrow.


Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
User currently offlinerfields5421 From United States of America, joined Jul 2007, 7607 posts, RR: 32
Reply 12, posted (1 year 11 months 4 weeks 12 hours ago) and read 2267 times:

Quoting Starbuk7 (Reply 9):
If you win the California State lottery it is not taxed California tax, just Federal tax.

California was just an example. Most states do charge state income tax on lottery winnings.

Also, I forgot to check something - California does not participate in Powerball. Only Mega-Millions.

Here is something I found after doing some more research

State Income Tax withholding (note this is the amount withheld from the winning payout for state taxes - above the federal withholding, not the amount actual tax owed)

Arizona 5% state withholding (Arizona residents), 6% state withholding (non-Arizona residents)
Arkansas 7% state withholding
California No state tax on lottery prizes
Colorado 4% state withholding
Connecticut 6.7% state withholding
Delaware No state tax on lottery prizes
Georgia 6% state withholding
Idaho 7.8% state withholding
Illinois 5% state withholding
Indiana 3.4% state withholding
Iowa 5% state withholding
Kansas 5% state withholding
Kentucky 6% state withholding
Louisiana 5% state withholding
Maine 5% state withholding
Maryland 8.75% state withholding (Maryland residents), 7% state withholding (non-Maryland residents)
Massachusetts 5% state withholding
Michigan 4.35% state withholding
Minnesota 7.25% state withholding
Missouri 4% state withholding
Montana 6.9% state withholding
Nebraska 5% state withholding
New Hampshire No state tax on lottery prizes
New Jersey 10.8% state withholding
New Mexico 6% state withholding
New York 8.82% state withholding, plus: 3.648% (NYC residents), 0.897% (Yonkers residents)
North Carolina 7% state withholding
North Dakota 3.99% state withholding
Ohio 6% state withholding
Oklahoma 4% state withholding
Oregon 8% state withholding
Pennsylvania No state tax on lottery prizes
Rhode Island 7% state withholding
South Carolina 7% state withholding
South Dakota No state tax on lottery prizes
Tennessee No state tax on lottery prizes
Texas No state tax on lottery prizes
U.S. Virgin Islands † Unknown State Tax Rate
Vermont 6% state withholding
Virginia 4% state withholding
Washington No state tax on lottery prizes
Washington, D.C. 8.5% state withholding
West Virginia 6.5% state withholding
Wisconsin 7.75% state withholding

http://www.usamega.com/mega-millions-faq.htm


User currently offlineflymia From United States of America, joined Jun 2001, 7240 posts, RR: 6
Reply 13, posted (1 year 11 months 4 weeks 12 hours ago) and read 2262 times:

I would finish law school but I wouldn't worry so much about my grades. The summer would be solely about traveling to places I always wanted to go to. I would buy two cars for myself and a few for family members. Help family pay off all debts, buy some investments in many different things. Real estate, stocks, bonds, etc... I would probably take 2-3 million just for my own risky investments and hire someone to help with the rest. I would also set aside a at least 2 million to donat,e to charities one million right away another 1 million in the bank and donate the interest gained.

Of course plenty would go right into savings and protected from taxes whether that means the Cayman Islands or Bermuda.
Oh and I would pay someone to make me a full scale 737NG flight simulator. Not a level D or anything but something that cost around 20-30k dollars.



"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
User currently offlineSTT757 From United States of America, joined Mar 2000, 16892 posts, RR: 51
Reply 14, posted (1 year 11 months 4 weeks 11 hours ago) and read 2228 times:

Quoting fxramper (Reply 10):
My grandad always told me the best investment is land.



My Wife and I went to Kauai over the Summer and visited the property owned by AOL's Steve Case. He purchased the land when he cashed out and sold AOL to Time Warner during the height of the DOT.com boom. Amazing piece of land, I would want to acquire such land around the Country;

Florida home
New York City apartment
New Jersey home
Western State Ranch (Colorado, Montana, Idaho etc..).



Eastern Air lines flt # 701, EWR-MCO Boeing 757
User currently offlinefxramper From United States of America, joined Dec 2005, 7317 posts, RR: 85
Reply 15, posted (1 year 11 months 4 weeks 11 hours ago) and read 2222 times:
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Quoting DesertJets (Reply 11):
If I win I plan on calling in sick tomorrow.
Quoting STT757 (Reply 14):

Larry Ellison bought Lanai, you could still own a piece of Kauai!


User currently offlineWestJet747 From Canada, joined Aug 2011, 1903 posts, RR: 10
Reply 16, posted (1 year 11 months 4 weeks 11 hours ago) and read 2219 times:

Quoting rfields5421 (Reply 3):
The only guaranteed winner is the federal income tax IRS.

With 550 million - I'd have to pay about 192 million in taxes

This is crazy in my opinion. I don't understand why the IRS has to reach in and claim part of your prize. It's like winning a 2-4 of beer at a stag and doe and the government swings by your house the next day and demands 7 beers from the case. But then again I live in a country where you keep every penny you win, so I guess that's just the system I'm used to.

Anywho, if I won:

- my parents get $20 mil before I even make my first purchase
- I buy a new car (nothing too luxurious) to replace the crappy van I have now
- I would pay off all my school debts
- I wouldn't drop out of school, because I'm only one semester away from finishing my degree, but I would certainly stress less on projects, deadlines, and exams
- I would buy a nice condo somewhere on the water in Toronto
- Needless to say, I'm sinking a fair amount into a RTW trip, F all the way!
- I have a few friends that have small businesses that they are just starting up, I would likely by into their businesses with a hands-off approach
- Lastly, a buddy and I DJ for fun, but once I'm done school I would likely buy us all new top-of-the-line mixers, CDJs, etc. and start to take it more seriously and make a job out of it for a while

The rest would be invested.



Flying refined.
User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 17, posted (1 year 11 months 4 weeks 10 hours ago) and read 2199 times:

Quoting fr8mech (Reply 8):
we would have spent a few bucks to elevate our lifestyle a bit,

You know, I've been thinking about that statement and I'm not really sure what I would do to effect that 'elevation'. We just bought our house (that I freaking plan to die in), the kids are healthy and get what they need (and a bunch of the stuff they want). The wife and I are healthy.

Pay-off the house. Do the things we want done to it, that would have taken 5 - 10 years. New cars? I have a 3 year old car and the wife's is 2 years old. Maybe a project car for me?

New house? What the heck would I do with a massive house. I'm in 2700 sq ft on 1/2 acre now and sometimes think that's too big. Maybe a vacation home somewhere? Yeah, we'll do that.

But really? Other than having to worry about money ever again, what real lifestyle changes would you make that would make you or keep you happy? I don't mean the give away to the family and friends or even the charitable donations. What would you do for you?



When seconds count...the police are minutes away.
User currently offlineDeltaMD90 From United States of America, joined Apr 2008, 7965 posts, RR: 51
Reply 18, posted (1 year 11 months 4 weeks 10 hours ago) and read 2193 times:

If I win I'll wonder how I did so without buying a ticket.

But if I still won, I'd pay off my friends' and family members' debt and quickly donate the rest before I let them money get a hold of me and corrupt me. Money is not corrupt, the love of money is, and I have a feeling it would get the better of me. Plus, what does anyone need with all that money? I could feed starving children or something instead



Ironically I have never flown a Delta MD-90 :)
User currently offlineBoeEngr From United States of America, joined Feb 2010, 321 posts, RR: 35
Reply 19, posted (1 year 11 months 4 weeks 10 hours ago) and read 2184 times:

The list is long, but I'd buy us a new house, and most likely a vacation home as well. The wife and I would get new cars. I'd pay off her parents' mortgage and my parents' as well, and probably those of our siblings. I'd set aside college funds for my daughter and our nieces and nephews, and probably give all family members some money. I'd make sure both my parents and my wife's parents could retire. I'd pay off our school loans.

I'd make a donation to our church, my college, and the Leukemia and Lymphoma Society, as well as, most likely, a few other charities.

My wife has always wanted to run a bakery, so perhaps we'd do that. I would consider running a small business of my own as well, though I don't know exactly what that would be. I would want to work in some capacity so our daughter learns the value of hard work.

I'd set aside and/or invest the bulk of the money, have a financial planner help figure out a budget, and live off a fixed monthly amount similar to what we make now, though we would have more disposable income because we wouldn't be paying a monthly mortgage and student loans.


User currently offlineANITIX87 From United States of America, joined Mar 2005, 3308 posts, RR: 13
Reply 20, posted (1 year 11 months 4 weeks 10 hours ago) and read 2175 times:
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Some great ideas for generosity here. For people who do win and decide donation is their expenditure of choice, I can send you a Private Message with my Bank Account and Routing Numbers. Just let me know!

TIS



www.stellaryear.com: Canon EOS 50D, Canon EOS 5DMkII, Sigma 50mm 1.4, Canon 24-70 2.8L II, Canon 100mm 2.8L, Canon 100-4
User currently offlineBraniff747SP From United States of America, joined Oct 2008, 3003 posts, RR: 1
Reply 21, posted (1 year 11 months 4 weeks 9 hours ago) and read 2155 times:

I'd pay for my education, first and foremost. After that? More... I'd probably dedicate myself to learning and academia. A PPL too. I'd live well, but not extravagantly.


The 747 will always be the TRUE queen of the skies!
User currently offlineDarksnowynight From United States of America, joined Jan 2012, 1390 posts, RR: 3
Reply 22, posted (1 year 11 months 4 weeks 9 hours ago) and read 2147 times:

Quoting rfields5421 (Reply 7):

It isn't enough money to buy and maintain a Gulfstream 650. It isn't enough money to buy a 150 foot long yacht

You planning on putting 6,000 hrs/yr on that 650 at MTOW or something? Even so, that is waaaaaaaaaaaaaaay more than enough to own, operate, tie down in a hangar, fuel, damage a lot, repair, and repeat cycle on a 650. For life.

But no matter. I'd buy a Scud. Nothing like having you're own privatized copy of the world's largest trijet. They're cheap to buy now, and there is an STC for re-working the interior. Sounds like a lot, but if you're looking at something stupid like a 650 anyway, might as well get a lot more for a lot less.



Blah blah blah to investing. Not saying I absolutely wouldn't, but let's get real here a moment, folks. At 100+mio, (about what's leftover by now) you really don't need to unless you have an actual purpose in mind. And if you're playing the lotto, odds are you don't.

The closest I come to that one would be to find some major city mayor I don't like, and take their job. Not for life, but long enough to say I did it. But I'm sure building a political machine on that scale would still leave quite a lot bucks over. The alternative plan would be to buy myself a seat in Congress and lighting some real fire under causes folks are normally afraid of losing elections over.

But for actual lifestyle, I'd probably keep that to the standard of someone making about $250 a year. There's no way I'd retire, whatever I do, and if I did stay where I'm employed, I demand a raise in a hurry.

Quoting DeltaMD90 (Reply 18):

But if I still won, I'd pay off my friends' and family members' debt and quickly donate the rest before I let them money get a hold of me and corrupt me. Money is not corrupt, the love of money is, and I have a feeling it would get the better of me... ...I could feed starving children or something instead

So.......... Why in the hell would you win the first place? Sounds like you're saying you'd do your best to "un-win". Not seeing any sense there.

Quoting DeltaMD90, reply=18:
Plus, what does anyone need with all that money?



What do you need your wife for? Chances are you'd say you love her or can't live without her, or something along those lines. But I'll bet you were getting along just fine before you met.

Money is not a person, but the principle remains. I did great at $45,000/anu. But that was three raises ago; what do you think the odds are I'd give them back without the threat of layoff?



Posting without Knowledge is simply Tolerated Vandalism... We are the Vandals.
User currently offlinebrilondon From Canada, joined Aug 2005, 4370 posts, RR: 2
Reply 23, posted (1 year 11 months 4 weeks 9 hours ago) and read 2135 times:

I plan to buy me and my partner a coke and a hamburger...in Paris, then decide what we will do with the rest of the money. Did I mention going to Paris?


Rush for ever; Yankees all the way!!
User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 24, posted (1 year 11 months 4 weeks 9 hours ago) and read 2134 times:

Quoting Darksnowynight (Reply 22):
Blah blah blah to investing. Not saying I absolutely wouldn't, but let's get real here a moment, folks. At 100+mio, (about what's leftover by now) you really don't need to unless you have an actual purpose in mind. And if you're playing the lotto, odds are you don't.

Investing (well) ensures that the money survives perpetually. Your descendants are set for their lives, assuming they spend and invest well.

Of course, if you only care for yourself and 'the now', there is always bankruptcy to fall back on, as many pro sports figures have learned.



When seconds count...the police are minutes away.
User currently offlinebjorn14 From Norway, joined Feb 2010, 3611 posts, RR: 2
Reply 25, posted (1 year 11 months 4 weeks 9 hours ago) and read 2184 times:

Change my phone number and wait 3 months before claiming the prize to figure out what I was going to do. I'd try not to tell/let anyone know. Try to give as anonymously as possible.


"I want to know the voice of God the rest is just details" --A. Einstein
User currently offlineDeltaMD90 From United States of America, joined Apr 2008, 7965 posts, RR: 51
Reply 26, posted (1 year 11 months 4 weeks 8 hours ago) and read 2172 times:

Quoting Darksnowynight (Reply 22):
So.......... Why in the hell would you win the first place?

That's the joke

Quoting Darksnowynight (Reply 22):
What do you need your wife for? Chances are you'd say you love her or can't live without her, or something along those lines. But I'll bet you were getting along just fine before you met.

I'm not blasting anyone for wanting to spend money on themselves. I just, personally, don't see why anyone needs that much money. Surely you can respect my opinion as I respect yours



Ironically I have never flown a Delta MD-90 :)
User currently offlineDarksnowynight From United States of America, joined Jan 2012, 1390 posts, RR: 3
Reply 27, posted (1 year 11 months 4 weeks 8 hours ago) and read 2177 times:

Quoting fr8mech (Reply 24):

Investing (well) ensures that the money survives perpetually.

So does having 100mio, which none of us are ever going to see. My point is, with a pot that big, if you need to "invest" to stay safe, at that level, what hope do you have where you are now? Couple that with the fact that people who play the lotto generally aren't known for their financial savvy, and I tend to have a hard time believing people when they say that.

Not saying it's a terrible idea, just that if the lotto is part of your future, investing likely isn't.

Quoting fr8mech (Reply 24):
Your descendants are set for their lives, assuming they spend and invest well.

They already are anyway. Why would I need the lotto for that one?



Back on the subject, I think I'd add following a few bands I like on tour. From my MD-11, of course,  



Posting without Knowledge is simply Tolerated Vandalism... We are the Vandals.
User currently offlineflymia From United States of America, joined Jun 2001, 7240 posts, RR: 6
Reply 28, posted (1 year 11 months 4 weeks 7 hours ago) and read 2155 times:

Quoting rfields5421 (Reply 12):
Connecticut 6.7% state withholding
Delaware No state tax on lottery prizes
Georgia 6% state withholding
Idaho 7.8% state withholding
Illinois 5% state withholding
Indiana 3.4% state withholding
Iowa 5% state withholding

So nice not to see Florida on that list. Great state.

Quoting WestJet747 (Reply 16):
Needless to say, I'm sinking a fair amount into a RTW trip, F all the way!

Oh yea! No doubt I would do a trip like that over the summer problem is finding someone to go with me as they will still have to work for a living.
MIA-MCO-STL-MCI-LAS-BOI-SEA-PDX-SFO-LAX-AKL-SYD-MEL-HKG-NRT-DEL-BOM-DXB-DME-TXL-LHR-JNB-ATL-MIA.

I put in some random U.S. stops because those are airports I want to see, and having that much money in LAS sure would be fun. I would take out $20k just to gamble.

If I wont the 5 year plan would be take a year off after law school and work on some of my own investments and start ups. If things don't get going there I would look for a job I really enjoy doing that is not too stressful. Or maybe just do a bunch of different jobs. Airline Pilot would be up there but maybe not an RJ pilot. Try to find a job flying B1900s or King Airs around the Carib or something like that.



"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
User currently offlineeinsteinboricua From Puerto Rico, joined Apr 2010, 3289 posts, RR: 8
Reply 29, posted (1 year 11 months 4 weeks 7 hours ago) and read 2135 times:

All I know is that if I were to win the lottery (which I can't since there's no Powerball in PR) I'd fly all of EK's network...first class XD


"You haven't seen a tree until you've seen its shadow from the sky."
User currently offlineKen777 From United States of America, joined Mar 2004, 8415 posts, RR: 9
Reply 30, posted (1 year 11 months 4 weeks 7 hours ago) and read 2132 times:

On the spending side I'd go with replacing my 10 year old car. A change in house would be on the cards - but that is the situation in 2013 regardless of how we do tonight.

My G5 iMac needs to be replaced, but I'd wait until the new one is out. Would probably have a fun trip to the Apple Store to upgrade everyone's "stuff".

Quoting rfields5421 (Reply 7):
And that even with the $235 million - unless you want to become a full-time money manager - you are not going to be able to 'live like a millionaire'.

It isn't enough money to buy and maintain a Gulfstream 650. It isn't enough money to buy a 150 foot long yacht.

Since I'm 68 I probably will be able to live like a millionaire. Especially since the ones I know aren't stupid with their spending.

My preference would be flying First Class over worrying about a private plane. Same with yachts - we'll just get a suite on the cruses that look interesting.

Overall I would be concerned with generational care and that means trusts to ensure the funds continue for a very long time.


User currently offlinezippyjet From United States of America, joined Sep 2001, 5501 posts, RR: 13
Reply 31, posted (1 year 11 months 4 weeks 5 hours ago) and read 2090 times:

Wouldn't it be nice if my ticket had all the winning numbers? And I also pre-signed it so when it happens...


I'm Zippyjet & I approve of this message!
User currently offlinemad99 From Spain, joined Mar 2012, 606 posts, RR: 0
Reply 32, posted (1 year 11 months 4 weeks 2 hours ago) and read 2031 times:

i listened to a interview about a massive loto winner from the usa a couple of years ago..

the 550m might not be 550m if you want it all today, in the above case it was 275m if you want it today.

then the taxes..i can't imagine you'd get more then 200m, still massive

then the family knock on the door, how big is your family? Bigger then you ever imagined!

so then you buy the 50m house (with the 0.5m a year upkeep) and your left with 100m

then the cars, drugs, travel "friends" etc and 10 years on you're destitute

google it folks "loto looser"


User currently onlinescbriml From United Kingdom, joined Jul 2003, 12780 posts, RR: 46
Reply 33, posted (1 year 11 months 3 weeks 6 days 21 hours ago) and read 1986 times:
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Do the lottery in the UK. No tax on winnings, and a £160million jackpot is £160million!   


Time flies like an arrow, but fruit flies like a banana!
User currently offlinerfields5421 From United States of America, joined Jul 2007, 7607 posts, RR: 32
Reply 34, posted (1 year 11 months 3 weeks 6 days 20 hours ago) and read 1982 times:

At least two tickets matched all the numbers correctly.

One sold in Missouri, and one in Arizona.

I guess I don't need to check my tickets bought in Texas.


User currently offlineKiwiRob From New Zealand, joined Jun 2005, 7651 posts, RR: 4
Reply 35, posted (1 year 11 months 3 weeks 6 days 19 hours ago) and read 1956 times:

Quoting mad99 (Reply 32):
then the family knock on the door, how big is your family? Bigger then you ever imagined!

Screw the family, I'd sort out the mortgages on all immediuate family members and that would be all they would get, a free house is a pretty god start in life.

Next up I'd move the hell out of Norway as quick as possible, I wouldn't want the govt wealth tax sucking me dry, I'd buy an apartment in Norway for the trips back to see the relatives, build my dream house in Auckland, buy a couple of nice cars, a holiday home near the mountains, a beach house, 60-70 ft yacht and learn how to sail, I'd also hire a chef and personal trainer, park the remaining 200m or so into trusts and live off the interest, 5-6 million NZD per year I'd be able to live like a king for the rest of my days. I'm not going top piss around handing out money to bloodsucking family members and organised religions wouldn't get a penny from me. I'd hand out some money to selected charities, I'd want this money to last for generations.


User currently offlinemad99 From Spain, joined Mar 2012, 606 posts, RR: 0
Reply 36, posted (1 year 11 months 3 weeks 6 days 19 hours ago) and read 1947 times:

But winning the Big One isn't a guaranteed ticket to the good life, as these previous winners can attest:

-Jack Whittaker: This West Virginia businessman won $315 million in the Powerball lottery in 2002, the largest jackpot ever from a single ticket in American history at the time. After being robbed of $545,000 in cash while at a strip club, Whittaker's granddaughter and daughter were later found dead, and Whittaker was sued by Caesars Atlantic City casino for bouncing $1.5 million worth of checks to cover gambling losses.

-Juan Rodriguez: This New York City parking attendant was earning less than $30,000 in 2004 when he won $149 million in a Mega Millions drawing. But soon after taking the lump sum option of $88 million, his wife filed for divorce and was awarded half of his winnings.

-Fred Topous, Jr.: Topous won $57 million, the seventh-largest jackpot in Michigan state history in June 2008, but eventually took a $33 million lump sum. The convicted sex offender, who was released from prison in 2006, needs to register as a sex offender until 2024.

-Billy Bob Harrell, Jr.: This preacher working as a stockboy at Home Depot struck it rich in 1997, winning $31 million in Texas' lottery. Some 20 months later, after divorcing his wife and buying a half-dozen homes for relatives, he committed suicide using a shotgun.


Read more: http://www.foxnews.com/us/2012/03/29...-equal-better-lives/#ixzz2Dcak5Ly0



and so it goes..


User currently offlineflymia From United States of America, joined Jun 2001, 7240 posts, RR: 6
Reply 37, posted (1 year 11 months 3 weeks 6 days 18 hours ago) and read 1927 times:

Quoting mad99 (Reply 36):
-Fred Topous, Jr.: Topous won $57 million, the seventh-largest jackpot in Michigan state history in June 2008, but eventually took a $33 million lump sum. The convicted sex offender, who was released from prison in 2006, needs to register as a sex offender until 2024.


He still gets the money.

Quoting mad99 (Reply 36):
-Juan Rodriguez: This New York City parking attendant was earning less than $30,000 in 2004 when he won $149 million in a Mega Millions drawing. But soon after taking the lump sum option of $88 million, his wife filed for divorce and was awarded half of his winnings.


So he has 44 million instead. Not bad.

Quoting mad99 (Reply 36):
$1.5 million worth of checks to cover gambling losses.
Quoting mad99 (Reply 36):
-Billy Bob Harrell, Jr.: This preacher working as a stockboy at Home Depot struck it rich in 1997, winning $31 million in Texas' lottery. Some 20 months later, after divorcing his wife and buying a half-dozen homes for relatives, he committed suicide using a shotgun.


These two just did not take care of their money. It happens. And that is how giving to family is a big mistake.

I obviously did not win as the tickets did not come from Florida but if I did there are very few family members I would help. My parents, sibling and well that might be it. Maybe if someone really needed help. Helping friends and family is also how you see professional athletes lose a lot of their money too.



"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
User currently offlineRevelation From United States of America, joined Feb 2005, 12839 posts, RR: 25
Reply 38, posted (1 year 11 months 3 weeks 6 days 16 hours ago) and read 1896 times:

Quoting rfields5421 (Reply 34):
At least two tickets matched all the numbers correctly.

One sold in Missouri, and one in Arizona.

I guess I don't need to check my tickets bought in Texas.

Ahh, poop!

No "Revelation Airport" and hangars full of airplanes going up in my (new) back yard, sigh...



Inspiration, move me brightly!
User currently offlineKen777 From United States of America, joined Mar 2004, 8415 posts, RR: 9
Reply 39, posted (1 year 11 months 3 weeks 6 days 15 hours ago) and read 1895 times:

There goes flying in First. Back to using the miles I have.  

Won't be buying any more tickets until the next big one. Then it'll be another $10 buy.  


User currently offlineMaverick623 From United States of America, joined Nov 2006, 5703 posts, RR: 6
Reply 40, posted (1 year 11 months 3 weeks 6 days 11 hours ago) and read 1849 times:

Quoting rfields5421 (Reply 34):
and one in Arizona.

Sold in Fountain Hills, no less. The rich keep on getting richer....  



"PHX is Phoenix, PDX is the other city" -777Way
User currently offlineltbewr From United States of America, joined Jan 2004, 13169 posts, RR: 15
Reply 41, posted (1 year 11 months 3 weeks 6 days 7 hours ago) and read 1814 times:

I have issues with the monster gross payouts. A few too many buy way more in tickets than they should for the elusive big prize when they get like Powerball did this week. The amounts of the 2 prize winners is beyond what most people can handle. Of course, the states are addicted to the income from big lotteries, although is it still a tiny part of their revenues, they they hype up even more mega-jackpots by setting them up so no winners for weeks. By the way, there were dozens of $1 million or mult-milions winners in this draw. What if Powerball if instead of 2 big winners, there were 50 at $10 Million each, that would 'stimulate' the national economy.

User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 42, posted (1 year 11 months 3 weeks 6 days 7 hours ago) and read 1808 times:

Quoting ltbewr (Reply 41):
they they hype up even more mega-jackpots by setting them up so no winners for weeks.

So, you're saying the Powerball, The Mega-Millions and the other state lotteries are fixed?



When seconds count...the police are minutes away.
User currently offlineltbewr From United States of America, joined Jan 2004, 13169 posts, RR: 15
Reply 43, posted (1 year 11 months 3 weeks 6 days 6 hours ago) and read 1802 times:

Quoting fr8mech (Reply 42):
Quoting ltbewr (Reply 41):they they hype up even more mega-jackpots by setting them up so no winners for weeks.
So, you're saying the Powerball, The Mega-Millions and the other state lotteries are fixed?

In effect they do so by raising the number of possible numbers that one can use like 54 instead of 48, the use of a separate pool of numbers used for the last number ('Powerball Number'), thus raising by exponential levels, the chances of someone having the drawn numbers.


User currently offlineMD-90 From United States of America, joined Jan 2000, 8508 posts, RR: 12
Reply 44, posted (1 year 11 months 3 weeks 6 days 6 hours ago) and read 1791 times:

Powerball jackpots are only going to get bigger from here on out since the cost of a ticket was doubled from $1 to $2.

Never played the lottery myself...frankly I wouldn't want to win that much money. A more reasonable amount like $10-$20 million would be plenty and bring far fewer headaches and risk.


User currently offlinejetblueguy22 From United States of America, joined Nov 2007, 2818 posts, RR: 4
Reply 45, posted (1 year 11 months 3 weeks 6 days 5 hours ago) and read 1787 times:
AIRLINERS.NET CREW
HEAD MODERATOR

Well folks, this is going to be a shocker to you all, but I didn't win.... . Looks like the luck of the irish wasn't on my side this time! Who would have thought it would be so hard to win! Congrats to the winners thought! Hopefully they don't blow it all too quick!
Blue



All of the opinions stated above are mine and do not represent Airliners.net or my employer unless otherwise stated.
User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 46, posted (1 year 11 months 3 weeks 6 days 5 hours ago) and read 1782 times:

Quoting ltbewr (Reply 43):
In effect they do so by raising the number of possible numbers that one can use like 54 instead of 48, the use of a separate pool of numbers used for the last number ('Powerball Number'), thus raising by exponential levels, the chances of someone having the drawn numbers.


They are not fixed. The lottery managers are just using statistics (and emotions) to increase jackpots.

What boogles the mind is that some people don't play the lottery because a $40 million or $50 million jackpot isn't 'big enough'. They only jump in when the jackpot is $100 million or even $200 million. It's laughable. It's also what the lottery managers count on.

So, yeah, I can see your point...it just seemed like you were implying that there was something fraudulent happening.

I play the same amount of tickets (1) every draw, whether it's $40 million (which is now the minimum) or $500 million.



When seconds count...the police are minutes away.
User currently offlinerfields5421 From United States of America, joined Jul 2007, 7607 posts, RR: 32
Reply 47, posted (1 year 11 months 3 weeks 6 days 5 hours ago) and read 1780 times:

Quoting fr8mech (Reply 42):
So, you're saying the Powerball, The Mega-Millions and the other state lotteries are fixed?

The odds are that one in every 175+ million powerball tickets purchased will be a winner.

So for most drawings of less than 80 million - there are not 175 million tickets sold. The math says that there should be no winners until the jackpot reaches 80 million, and that no jackpot should reach over 80 million.

But we all know those are odds, not certainty. Usually a couple times a year, back to back lotterys will be won at the minimum payout level.

Lost in the Powerball hype was that someone in Georgia won the $49 million MegaMillions on Tuesday night.

Yes, the lottery if fixed, just like every gambling game. The only guaranteed winner is the house - in the lottery case - the various states.

But someone is going to walk away with the big money - and a lot more with smaller amounts - such as the four people in Texas who won one million dollars each in the drawing Wednesday. And four won $40,000 and 33 won $10,000.


User currently offlineDarksnowynight From United States of America, joined Jan 2012, 1390 posts, RR: 3
Reply 48, posted (1 year 11 months 3 weeks 6 days 4 hours ago) and read 1766 times:

Quoting DeltaMD90 (Reply 26):
I'm not blasting anyone for wanting to spend money on themselves. I just, personally, don't see why anyone needs that much money.

Right. You'll never need 100+mio. Which is why it never makes sense to me that someone would say "I'd only spend 10% and invest the rest." If they feel the need to invest that much of it, it makes me wonder just what they had in mind to do for not winning. And of course that circles back to the realization that there is no need for that type of windfall.

Quoting fr8mech (Reply 46):

What boogles the mind is that some people don't play the lottery because a $40 million or $50 million jackpot isn't 'big enough'. They only jump in when the jackpot is $100 million or even $200 million. It's laughable. It's also what the lottery managers count on.

And theoretically, your odds of winning should be at their absolute worst, given the influx of extra tickets sold.

I don't begrudge people for playing though. You already beat out 35,000,000 other sperm. How unlucky can you be?



Posting without Knowledge is simply Tolerated Vandalism... We are the Vandals.
User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 49, posted (1 year 11 months 3 weeks 6 days 4 hours ago) and read 1765 times:

Quoting Darksnowynight (Reply 48):
And theoretically, your odds of winning should be at their absolute worst, given the influx of extra tickets sold.

No, my odds of winning are exactly the same. The odds that someone else will win are higher.



When seconds count...the police are minutes away.
User currently offlineDarksnowynight From United States of America, joined Jan 2012, 1390 posts, RR: 3
Reply 50, posted (1 year 11 months 3 weeks 6 days 4 hours ago) and read 1762 times:

Quoting fr8mech (Reply 49):

As a practical matter, it's the same difference. I know it's based on a sequence of numbers that have the same number of places. But you're adding a greater probability that you will end up splitting the pot, as there are a finite number of combinations that can be won. To me, worst can entail that you're sharing a pot too. This is why I say it's not better to play now than at any other time.



Posting without Knowledge is simply Tolerated Vandalism... We are the Vandals.
User currently offlineRevelation From United States of America, joined Feb 2005, 12839 posts, RR: 25
Reply 51, posted (1 year 11 months 3 weeks 5 days 16 hours ago) and read 1709 times:

My way of looking at it is if I buy a ticket my odds are miniscule, but if I do not buy a ticket my odds are exactly zero.

So, when the amount becomes very life changing, I will hazard a few bucks for such miniscule odds.



Inspiration, move me brightly!
User currently onlinefr8mech From United States of America, joined Sep 2005, 5599 posts, RR: 15
Reply 52, posted (1 year 11 months 3 weeks 5 days 13 hours ago) and read 1699 times:

Quoting Revelation (Reply 51):
So, when the amount becomes very life changing

$40 million is not life changing?



When seconds count...the police are minutes away.
User currently offlineflymia From United States of America, joined Jun 2001, 7240 posts, RR: 6
Reply 53, posted (1 year 11 months 3 weeks 4 days 17 hours ago) and read 1634 times:

People saying that the jackpot is too high for them to not want to win is nonsense IMO. Sure winning 25 million would be easier but if someone gave you the choice between taking 25 million or 250 million you are going to say no? Give me less?? 

If its too much you can give away millions to charities or just hire someone for a few million to figure out what to do with it.



"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
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