JakeOrion
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Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 6:58 pm

Quote:
Friday Mega Millions jackpot rewrites the record books as the largest lottery prize the world has ever seen

UPDATED 11:50 am: Jackpot revised to $500 million ($359.4 million cash)
http://www.lotterypost.com/news/244183

Oh man oh man oh man. Would be nice to win that. Half a billion in winnings...

EDITED: thread title clarity

[Edited 2012-03-28 11:59:29]
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desertjets
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 7:23 pm

I'll need to stop and pick up a ticket before the drawing, just need to remember to get some cash out beforehand.



I think if I won I might take the next day of work off.
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mbmbos
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 7:43 pm

Quoting DesertJets (Reply 1):
I think if I won I might take the next day of work off.

Wo, dude! Don't you think that's a little extreme?

 

You could buy an A-380 with your winnings.
 
desertjets
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 8:03 pm

Quoting mbmbos (Reply 2):
Wo, dude! Don't you think that's a little extreme?

I know right.

Quoting mbmbos (Reply 2):
You could buy an A-380 with your winnings.

And then not have enough money to afford to operate it. I think my MegaMillions winnings would be better spent on a fractional jet ownership.
Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
 
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casinterest
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 8:28 pm

This is a case where the odds say play the lottery, of course time doesn't really factor into the odds.
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flymia
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 8:34 pm

Quoting DesertJets (Reply 3):
And then not have enough money to afford to operate it. I think my MegaMillions winnings would be better spent on a fractional jet ownership.

Fractional makes sense for a GV but I would probably slowly work up a fleet with the more flying experience I get finishing off at a 10-12 passenger biz jet.

No Mega Millions in FL but wow what I would do with that money. 350 million in cash pay out.

Certainly buy a penthouse condo, a few cars come to mind, a first class trip around the world, some donations here and there and plenty of savings and investment. Government bonds, high quality stocks. And hey I would take 5 million and play around with the market for fun too. And of course buy myself a brand new 172 start flight training and make my way up to buying a TBM-850
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desertjets
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 8:40 pm

Quoting flymia (Reply 5):
Fractional makes sense for a GV but I would probably slowly work up a fleet with the more flying experience I get finishing off at a 10-12 passenger biz jet.

Now learning to fly would be on the plate should I win the Mega Millions. Seeing as I'd have the time and money to do it. But for some of the longer stuff I'd rather somebody else fly --- but I'd be more than willing to putt around in a little plane looking for $100 hamburgers.

Quoting flymia (Reply 5):
Certainly buy a penthouse condo, a few cars come to mind, a first class trip around the world, some donations here and there and plenty of savings and investment. Government bonds, high quality stocks. And hey I would take 5 million and play around with the market for fun too.

I think for a large chunk of it, $300+ million is a metric shit ton of money, I'd set up a foundation to spread the money out to causes and organizations I believe in. Otherwise leave a decent chunk of it around to generate a good annual salary for myself and blow a good chunk of it on toys for myself.
Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
 
fr8mech
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 8:45 pm

I need new brakes for the truck.....

Quoting DesertJets (Reply 3):
I think my MegaMillions winnings would be better spent on a fractional jet ownership.

I still wouldn't buy an airplane, or part of one. A frigging hole in the air that you throw money into.

After the cash option (I use 65%, should be close) and taxes (40%), the check should be just south of $200M. Provide 10% (pre-tax) to endow the Fr8Mech Philanthropic Fund, so the check is reduced to about $165M.

Take care of the immediate family, and yes, that will include the in-laws. Set aside some 'blow off steam' money and there is still a sizable chunk for 'living off the interest'.

One thing, I would do my absolute best to disappear, and I mean drop off the face of the earth, before I (or more correctly, my attorney) submits the claim.

Ah.....to dream.
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flymia
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 9:51 pm

Quoting DesertJets (Reply 6):
I think for a large chunk of it, $300+ million is a metric shit ton of money, I'd set up a foundation to spread the money out to causes and organizations I believe in. Otherwise leave a decent chunk of it around to generate a good annual salary for myself and blow a good chunk of it on toys for myself.


Thats a good idea with the fund.

Quoting fr8mech (Reply 7):
$165M.


Crazy how much money the government takes.

Anyway, lets say 165m I am easily spending at least 10mil in a few months. But after that first urge to buy things I would make sure to put a good 40% of the money into secure investments which I would be able to live off of just the interest or pay outs very nicely.
"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
 
fr8mech
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 10:52 pm

Quoting flymia (Reply 8):
Crazy how much money the government takes.

Remember, that's off the cash option. The taxable amount would be about $325 (assuming a 65% payout on the full amount). Then 40% for Ceasar from the $325.
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Gingersnap
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:07 pm

Strange how you guys get taxed on lottery winnings.

The largest lottery win you'll see over here however will touch just over £100million, but it's completely tax free.
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Mir
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:11 pm

Be careful what you wish for....



-Mir
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vin2basketball
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:15 pm

Quoting fr8mech (Reply 7):
QUOTE SELECTED TEXT
_
fr8mech From United States of America, joined Sep 2005, 2915 posts, RR: 7
Reply 7, posted Wed Mar 28 2012 16:45:52 your local time (2 hours 22 minutes ago) and read 79 times:

I need new brakes for the truck.....

Quoting DesertJets (Reply 3):
I think my MegaMillions winnings would be better spent on a fractional jet ownership.

I still wouldn't buy an airplane, or part of one. A frigging hole in the air that you throw money into.

After the cash option (I use 65%, should be close) and taxes (40%), the check should be just south of $200M. Provide 10% (pre-tax) to endow the Fr8Mech Philanthropic Fund, so the check is reduced to about $165M.

Take care of the immediate family, and yes, that will include the in-laws. Set aside some 'blow off steam' money and there is still a sizable chunk for 'living off the interest'.

Quoting Gingersnap (Reply 10):
Strange how you guys get taxed on lottery winnings.

The largest lottery win you'll see over here however will touch just over £100million, but it's completely tax free.

How perverse. Somebody who makes 100 million pounds by working hard, building up a company, employing others, improving the economy of the country gets taxed through the roof. Somebody who wins 100 million pounds out of sheer dumb luck without a merit component gets it tax free.

     

Also 100 million pounds = ~220 million dollars, so that's actually larger than the net post-tax winnings from a $500 million lotto here in the US.

With 250 mil, I'd buy a 51% stake in IT from Mallya and run it the way it should be (IMHO)
 
Gingersnap
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:19 pm

Quoting vin2basketball (Reply 12):
How perverse. Somebody who makes 100 million pounds by working hard, building up a company, employing others, improving the economy of the country gets taxed through the roof. Somebody who wins 100 million pounds out of sheer dumb luck without a merit component gets it tax free.

     

Also 100 million pounds = ~220 million dollars, so that's actually larger than the net post-tax winnings from a $500 million lotto here in the US.

I get what you're saying, but it's part of the Europe wide Euromillions lottery. So it's across a number of European countries, and the majority of wins are within the £30-70million range.

Also not to be pedantic but at current rates I found £100million = $158.9million
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srbmod
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:37 pm

No matter how you decide to take it if you won (In some states, if you chose the cash option and won the jackpot, you can opt for the annuity and vice-versa. Other states don't, so if you chose the cash option and won, you cannot change your mind and go for the annuity.), it's a lot of cash for one person to have to deal with. If I were to win it, I would actually opt for the annuity, which based on the current $500 million jackpot to a single winner would be paid out in 26 installments of $19.23 million before taxes. Even if I had to split it with a few other winners, I would still opt for the annuity.

If I were to win it, of course the job would be history immediately. I think in this situation, they would understand completely if I quit without notice. I would definitely buy myself a nice place, but nothing too over the top, as that's a trap too many fall into, as they don't realize that a large house or penthouse apartment requires a lot of routine maintenance that gets expensive fast. As for a new car, nothing too flashy there either, something that wouldn't get me noticed. I would pay off the bills for members of my family and also put some money back in a trust for my cousin's two daughters, as they are the closest I'll probably have to ever having kids. I would definitely travel quite a bit, and no I wouldn't buy a private plane, as the ownership costs for one do get a bit expensive. I'd buy a Delta Private Jets card, which gives you automatic Diamond Medallion status and would use them for many domestic trips.

Considering how huge of a jump the jackpot made after last night's drawing (initially going from $363 Million to $476 Million), and the fact that it went up another $24 million within several hours, I would not be surprised if before this drawing is held, this jackpot could be $600 Million+. I think that theycould potentially talk about a $700 million jackpot if early sales are any indicator.

I doubt that this jackpot rolls over again, but if it does, it will definitely be over a billion dollars. The $476 Million jackpot was already a record, and as it grows, it makes the $390 million record it surpassed look like chump change.
 
ikramerica
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RE: Mega Millions Lottery Up To $500 Million

Wed Mar 28, 2012 11:52 pm

I threw away $3 today on three sets of numbers. Yay. Haven't thrown money away on a lottery in 5 years, since the last $300M+ jackpot I heard about.

Quoting mbmbos (Reply 2):
You could buy an A-380 with your winnings.

Not after taxes on the lump sum amount. More like a 787.
Of all the things to worry about... the Wookie has no pants.
 
einsteinboricua
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:20 am

Shame Puerto Rico doesn't participate in it, but if the jackpot does go up again I might just hop aboard an ATR or a Cessna402 to purchase some tickets next door. I made a program that gives me random numbers and I can ask for it to give me a "lucky number".

Even with just $2 million I'd be satisfied for some time, enough to get me the essentials for a career, like a house and a car.
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ikramerica
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:25 am

Quoting srbmod (Reply 14):
If I were to win it, of course the job would be history immediately. I think in this situation, they would understand completely if I quit without notice. I would definitely buy myself a nice place, but nothing too over the top, as that's a trap too many fall into, as they don't realize that a large house or penthouse apartment requires a lot of routine maintenance that gets expensive fast.

You would have after taxes $10 million a year. How expensive a house are we talking about? Where I live, a 2 mil house isn't so big it requires a staff.
Of all the things to worry about... the Wookie has no pants.
 
smittyone
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:29 am

If I hit the mega millions the first thing I would do is reduce the price on an empty house that I have been trying to sell for the better part of a year...

to ONE DOLLAR.


Other than that nothing immediately comes to mind...I guess I need to work on my dreams?
 
fr8mech
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:33 am

Quoting srbmod (Reply 14):
it's a lot of cash for one person to have to deal with. If I were to win it, I would actually opt for the annuity, which based on the current $500 million jackpot to a single winner would be paid out in 26 installments of $19.23 million before taxes. Even if I had to split it with a few other winners, I would still opt for the annuity.

The business person/economics minor person in me can't choose the annuity.

It all comes down to the time value of money. $19.23 million today is worth more than $19.23 million next year or in 20 years. I'm pretty sure, that with conservative investing, I can come away with more than $500 million (before taxes) in 26 years.

There is also a bit of uncertainty (though, I'll grant you, not much). Will the lottery be solvent in 10, 15, 20 years. Yes, the money is kept in trust (I think), but what about the trustee? What if you die? Can the future payments be willed?

I do understand the concern about blowing through the cash, but I just can't bring myself to take the annuity.
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ltbewr
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:56 am

The odds of a single set of numbers being the winning numbers for the superprize is 1 : 187,000,000.
Those are probably the same odds of ever becoming a multi-billionaire.

I am of the thinking that maybe these mega-jackpots are not really good. If the cash before taxes payout was 300 Million, wouldn't be better to create 300 Millionaires vs. 1 super-millionaire? I also think these mega-jackpots encourage a lot of low income people to spend way too much money on lottery tickets instead of things they really need. The States that offer lotteries are addicted to the relatively small revenues from them, often only 2% or less of general state revenues.
 
Cadet985
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 1:24 am

I'd call every casino on the Vegas Strip, and arrange two weeks in each hotel's ultimate suite if I somehow win. That is of course after I pay off every one of my credit cards and student loans. Then, I'd get my parents' house fixed up, and move out and into a condo in NYC.

I'd also go visit my best friend in Israel.

Marc
 
PC12Fan
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 1:45 am

Quoting ltbewr (Reply 20):
I am of the thinking that maybe these mega-jackpots are not really good.

I know when they get this big I at big part of me would be scared of winning. Suddenly your life gets turned upside down. I know what I'd do short term and mid term if I hit this one. Absolutely nothing. Outside if financial and legal advice. Oh, and change my phone number to an unlisted number. OK, so maybe not quite nothing.   Point being, I'd sit on it for a long time. Soak in what's happened. Be smart about it. Then start to enjoy it the way I want, not the way others think I should.

Oh, I would have to get a custom C-210T at some point.   I have to say, it is kinda fun dreaming about this stuff though.
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DocLightning
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 7:02 am

Quoting DesertJets (Reply 3):
And then not have enough money to afford to operate it. I think my MegaMillions winnings would be better spent on a fractional jet ownership.

Netjets.

And I'd fly F-class on SQ to NRT and back just for fun.

Quoting srbmod (Reply 14):
If I were to win it, of course the job would be history immediately. I think in this situation, they would understand completely if I quit without notice. I would definitely buy myself a nice place, but nothing too over the top, as that's a trap too many fall into, as they don't realize that a large house or penthouse apartment requires a lot of routine maintenance that gets expensive fast. As for a new car, nothing too flashy there either, something that wouldn't get me noticed. I would pay off the bills for members of my family and also put some money back in a trust for my cousin's two daughters, as they are the closest I'll probably have to ever having kids. I would definitely travel quite a bit, and no I wouldn't buy a private plane, as the ownership costs for one do get a bit expensive. I'd buy a Delta Private Jets card, which gives you automatic Diamond Medallion status and would use them for many domestic trips.

I'd have to keep working for a bit. I can't just dump my patients. But I don't think it would be possible for me to continue to practice medicine in the USA because the malpractice lawyers would be all over me like white on rice since they'd know that I was loaded. I'd probably start doing charity clinics in third-world countries so that I didn't lose my skills.

I'd:
*Buy a really phat house in San Francisco
*Buy an even phatter house on a huge plot of land around Tomales Bay with sailboats and kayaks galore.
*Buy a ginormous plot of land in Hawaii and build a nice house there, too. Maybe Maui?
*Open up a huge dog rescue ranch.
*Donate generously to Stanford, my old house there, the co-ops at University of Michigan, and my residency program.
*Donate generously to the SF-SPCA.
*Work very hard to provide services to runaway and at-risk youth with a focus on sexual minority youth.
*Buy a car for each of my houses.
*NetJets. Never fly commercial again.
*Get the nicest Prius I could buy, put faux wood paneling on the side, and give it to Superfly with a big, pink bow on top.  
-Doc Lightning-

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einsteinboricua
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:19 pm

Quoting DocLightning (Reply 23):
And I'd fly F-class on SQ to NRT and back just for fun.

I'd fly all of Emirates's network that sees an A380...in F-class as well.
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MadameConcorde
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 12:31 pm

Is this Mega Millions lottery available to US residents/citizens only or can any foreigner living outside of the US participate as well?

 
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luv2fly
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 1:39 pm

I believe anyone of legal age can buy tickets in one of the states that sells them.
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Kiwirob
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 2:02 pm

Golly what would I do with whatever I'd get after taxes.

Buy a yacht, around 70-80ft
I'd move back to NZ, the money is going to go a lot further in NZ than in Norway
I'd pay off the mortgages of my immediate family
I'd buy a hobby business to keep me entertained
I'd build my dream house, plus buy/build some holiday homes, beach, mountain, Queensland, Hawaii, Norway

After I've spent some money and had some fun, I'd find a competent money manager and start investing the annual interest, as the old saying goes never touch the principle.
 
desertjets
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 2:33 pm

Since nobody has done it yet.....


What would you do with $500 million?

Two chicks at the same time.

/officespace


Problem is that the winnings, even after taxings, is an ungodly sum of money. A person would need to be pretty smart and seek out the advice and service of highly trustworthy professionals to secure and manage that money. Problem is most lottery winners don't have that. I've seen enough shows about lottery winners to see how badly it can go. People that lived otherwise modest lives go through millions of dollars in a few years. And it is all for the same reasons -- giving money, constantly, to family and hangers on.
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MadameConcorde
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 3:30 pm

I would place the most part of the money (after taxes) at Compagnie Monegasque de Banque which would probably get me immediate lifetime tax free residency. I would be in the same place as now only on the other side of the barrier being Ms. Anonymous mega-millionaire.

I would rent property in Monte Carlo year round - nothing big. A 40 sq. meters one bedroom apt. with a balcony and a 180 degrees view on the Italian side and the sea in one of my favourite buildings - probably the Mirabeau or the Monte Carlo Sun.

I would buy a small apartment in the Ile Saint Louis, my 27years long neighborhood in Paris. I would choose a place with a view on the Seine and Notre-Dame. My places would be equipped with good kitchen and bathroom and top of the line sound equipment. A choir would sound like a choir and an orchestra would sound like an orchestra.

My top concern would be to stay anonymous. I would not live outrageously or do anything to attract attention. Whatever I get from the invested money I would spend on travelling to the world's nicest places without limitation, could be skiing in Davos, Zermatt or Klosters, staying in the best hotels and resorts around the world and dining/lunching at the world's most reputed chefs restaurants. Cruising on the Queen Mary 2 would be a possibility.

I would not buy a Ferrari. I would just hire them and race them on racing tracks. In the cities I would just take taxis.

I would get a yearly subscription to my favourite symphony, ballet company or/and opera houses. The tickets I don't use I would gift to a student. I would go to all Formula 1 races around the world every year getting paddock club for me and a friend.

I would take flying lessons. I would learn to fly not only airplanes but also helicopters. I would go to Italy to study Airt, places like Roma, Napoli, Firenze and Venezia and go places to learn the different cuisines of the world. French cuisine would come first, followed by Italian and Indian. Also I would go to fashion shows in Paris, Milano, London and New York and buy clothing from my favourite designers.

I would still be using airlines to fly places, only the top best airlines and only in F.

I would just spend the rest of my life going to all my favourite places around the world always with somewhere familiar to return to and be happy when I am not travelling.

Nothing flashy. I would keep life simple. The mega-millions would afford me a high level of comfort and sophistication I can't afford now.

     

[Edited 2012-03-29 08:33:22]
There was a better way to fly it was called Concorde
 
Kiwirob
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 3:43 pm

Quoting DesertJets (Reply 28):
Two chicks at the same time.

It's an interesting proposition, if I didn't have a wife I'd probably do it, many, many times, with hot young 20 somethings.

Quoting MadameConcorde (Reply 29):
I would rent property in Monte Carlo year round

Why rent, you've just won a lot of money?
 
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DocLightning
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 3:53 pm

Quoting KiwiRob (Reply 30):

It's an interesting proposition, if I didn't have a wife I'd probably do it, many, many times, with hot young 20 somethings.

Been there, done that. Several times. Well, they weren't chicks, but they were hot 20-somethings. And there were more than two...

(Beginning to wish you were gay yet?)  
-Doc Lightning-

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Braniff747SP
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 5:15 pm

I'm under 18, so I can't buy lottery tickets... But my parents sure can. Frankly, being able to pay for my education would be the upmost important thing to me... Not have to worry about high school or college; no student loans... After that, it would be all of the nicer things in life that I can't do now. The best clothes, a lot of traveling, (Always in J... Goodbye Y.), maybe some new cars, etc. I'd live very well, but I'd never be flashy. I deal with those types every day, and frankly, I don't like that- you're a zillionare, great! I've got not problem with that -specially if you take me to dinner once in a while- but I see no reason to tell everyone; it won't get you anywhere.
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srbmod
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 6:35 pm

Quoting ikramerica (Reply 17):
You would have after taxes $10 million a year. How expensive a house are we talking about? Where I live, a 2 mil house isn't so big it requires a staff.

Since it would just be me in the place, an apartment/condo/loft with 2 maybe 3 bedrooms (one bedroom as a guest bedroom, the other as an "office" if the place has three), Here, the price range on that really depends on what part of town and the building in question. It's definitely a buyer's market here, as there are 2 and 3 bedroom condos selling for half of what they originally went for or are owned by a lender. The part of town I would want to live in, we're talking $500K-$600K tops.

Quoting fr8mech (Reply 19):
There is also a bit of uncertainty (though, I'll grant you, not much). Will the lottery be solvent in 10, 15, 20 years. Yes, the money is kept in trust (I think), but what about the trustee? What if you die? Can the future payments be willed?

I know that here in Georgia, in the event that the jackpot winner that opts for annuity dies before the prize has been fully disbursed, their named beneficiaries would receive the remaining payments.

Quoting DesertJets (Reply 28):
Problem is that the winnings, even after taxings, is an ungodly sum of money. A person would need to be pretty smart and seek out the advice and service of highly trustworthy professionals to secure and manage that money. Problem is most lottery winners don't have that. I've seen enough shows about lottery winners to see how badly it can go. People that lived otherwise modest lives go through millions of dollars in a few years. And it is all for the same reasons -- giving money, constantly, to family and hangers on.

Like the guy up in West Virginia that won the Powerball jackpot in 2002. He got something like $110 million or so after taxes on the lump sum payout and within five years claimed he was broke as someone had cashed 12 checks on his bank account at 12 different branches on the same day (that's a bit far-fetched, as some red flags would have definitely been raised at the bank). On two separate occasions, he had money stolen from his car, and I don't mean pocket change either. This guy was known to have hundreds of thousands of dollars in his car, and one occasion, well over $500K was stolen from it and later $200K was stolen. This guy started bouncing checks meant to cover gambling losses in Atlantic City, and I wonder if he didn't gamble it all away and concocted the story about thieves cleaning out his bank account. It 's very similar to what has happened to a number of pro athletes as well as entertainers, they go from having little to no money to a huge amount of money and there's no book out there to guide you along when you suddenly come into a huge financial windfall.

Quoting MadameConcorde (Reply 29):
My top concern would be to stay anonymous. I would not live outrageously or do anything to attract attention.

Precisely. All of my assets would be under the name of the company I would create in order to maintain some level of privacy and anonymity as well as to shield myself legally. Whoever wins this jackpot (Which is now up to $540 million as of early this afternoon) will definitely find it hard to start anonymous, at least early on since there will be all sorts of media coverage regarding the winner (or winners)) of the world record lottery jackpot.
 
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casinterest
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 7:04 pm

Apparently the jackpot has hit 540 million

540 million after about 35%
in taxes is
350 million or so.

Invest that at a cool 3%

is about 10.5 million a year.

that would be about
$28,700 a day in just interest.

I would be fine with trying to figure that one out.
Older than I just was ,and younger than I will soo be.
 
fr8mech
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 7:38 pm

Quoting casinterest (Reply 34):

540 million after about 35%
in taxes is
350 million or so.



Actually, you'd need to take the cash option in order to fully invest. Figure 65% and and 35% in taxes and you'll have about $230M, give or take. Say you about $30 to do with what you want. That leaves you $200M to invest.

At 3% (and you should be able to do better with that kind of money to invest, but conservative is ok) simple interest and pulling the interest every year and not touching the $200M, you would see:

$6 million a year, so long as you don't touch the principal.
That works out to just over $16,400 a day.

Sorry to be pedagogical, but, unfortunately, it's my nature.
When seconds count...the police are minutes away.
 
Kiwirob
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 7:43 pm

Quoting DocLightning (Reply 31):
(Beginning to wish you were gay yet?)

Nope, I'd like my bottom to remain virginal.
 
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casinterest
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 8:36 pm

Quoting fr8mech (Reply 35):
$6 million a year, so long as you don't touch the principal.
That works out to just over $16,400 a day.

Sorry to be pedagogical, but, unfortunately, it's my nature.

I forgot to take the cash optiojn into consideration. that's still about 16,1xx more than I make a day.
Older than I just was ,and younger than I will soo be.
 
jetblueguy22
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 8:41 pm

Just grabbed a couple numbers for the drawing! Can't turn down the chance! I think I'd take it annually since I'm still young. Fund my college tuition and flight fees. Get a nice house, pay off the folks house and get my pops a nice house on the beach somewhere. Maybe even pick up a nice Cessna. I don't think I'd just write off a job. My whole life I just wanted to be a commercial pilot. I'd still fly and invest a bunch of it. Set myself up for a nice retirement down the line when I can enjoy it completely!
Blue
Look at sweatpants guy. This is a 90 million dollar aircraft, not a Tallahassee strip club
 
fr8mech
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 9:06 pm

You know, somehow my wife and I would have to figure out how to keep our daughter from becoming Paris Hilton and our son from becoming the male equivelant.

I guess trusts and adequate beatings would do for a start...
When seconds count...the police are minutes away.
 
sccutler
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 9:13 pm

Quoting fr8mech (Reply 39):
You know, somehow my wife and I would have to figure out how to keep our daughter from becoming Paris Hilton and our son from becoming the male equivelant.

Meh - don't tell her you won.

Were I to win such a thing (tough to do if one does not buy a ticket), I believe I would try very hard to maintain the fact of the win as a secret.
...three miles from BRONS, clear for the ILS one five approach...
 
Silver1SWA
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 9:24 pm

Quoting sccutler (Reply 40):
Quoting fr8mech (Reply 39):
You know, somehow my wife and I would have to figure out how to keep our daughter from becoming Paris Hilton and our son from becoming the male equivelant.

Meh - don't tell her you won.

Were I to win such a thing (tough to do if one does not buy a ticket), I believe I would try very hard to maintain the fact of the win as a secret.

Is that even possible though? The one thing that scares me most about the thought of winning is that I would have no control over the fact that it will become a huge media spectacle.
ALL views, opinions expressed are mine ONLY and are NOT representative of those shared by Southwest Airlines Co.
 
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 9:44 pm

I would have to review and see what "end amount" I would want/need to live on for the rest of my life. Ultimately I think I would want to be left with $100milion in trust in savings and investments and about $10million "in the bank". My job would become managing the money and working for/with charity's and volunteering my time etc. for worthy causes.

I would also provide trusts for each of my family members and their children (after discussing with them), probably ranging from $2million to $5million each. I would then establish a charitable foundation (as much for my needs tax-wise as for the benefit of others). I would have kids as part of the foundation trustees, helping make decisions as to who gets what and how much (based on the rules of the foundation criteria).

I would also give $100,000.00 (and I'd cover the taxes on it) to each of my immediate coworkers and many of my more removed fiends. That's about 40-50 people and still less than $10million.

I would hope to keep living where I currently do with a few upgrades additions but may opt to move to a new home in the same neighborhood/area instead. I would definitely invest in at least one other home in the region as my "getaway" home". I would replace at least one of my cars but still probably not a brand new one.

It's fun to dream about it at least.

Tugg
I don’t know that I am unafraid to be myself, but it is hard to be somebody else. -W. Shatner
 
DFWHeavy
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 9:45 pm

I just bought a few tickets and the ticket now says the jackpot is up to $540 Million.... not like an additional $40 mil is going to make or break you in this case, but just an observation.

Also, as I am only 26, I selected the 26 payments over 25 years.

Think I can get by on just short of $21 Million a year for 25 years.  
Christopher W Slovacek
 
canoecarrier
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RE: Mega Millions Lottery Up To $500 Million

Thu Mar 29, 2012 10:00 pm

I'll probably throw some money at this tonight. The Mrs. and I talk about this kind of thing all the time.

I'd:
Pay off all our debt
Buy my mom a decent house (she lives in a small Alaskan town)
Probably buy another car, nothing flashy but nice

We would buy a couple houses, maybe even a ski condo as well. One house here in Seattle, probably a large Craftsman style home. Another in a warm location, Hawaii maybe.

Donate some to my favorite charities and put at least 200 million in a place I can't touch and have to live off the interest. The rest...I'd travel anywhere I ever thought I would want to go and do it in F class.

Good luck everyone.
The beatings will continue until morale improves
 
YYZflyer
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RE: Mega Millions Lottery Up To $500 Million

Fri Mar 30, 2012 12:03 am

Anyone know if this website is legit? I might have to purchase myself some tickets if it is.   
http://congalotto.com/index.php
Avoid hangovers, stay drunk.
 
ltbewr
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RE: Mega Millions Lottery Up To $500 Million

Fri Mar 30, 2012 12:13 am

Quoting YYZflyer (Reply 45):
Anyone know if this website is legit? I might have to purchase myself some tickets if it is.


Probably not. Certain State and Federal laws prohibit sale outside the state or to outside the USA of State lottery tickets through other than by licensed vendors. This would be a reseller so most likely illegal or a scam.

Get some friends or relatives in a state with the games to buy them for you. Better would be to enter the USA in a state that offers the game and buy them yourself.
 
YYZflyer
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RE: Mega Millions Lottery Up To $500 Million

Fri Mar 30, 2012 1:06 am

Quoting ltbewr (Reply 46):
Probably not. Certain State and Federal laws prohibit sale outside the state or to outside the USA of State lottery tickets through other than by licensed vendors. This would be a reseller so most likely illegal or a scam.

Damn. A huge red flag went up when I read that the agreement shall be governed by laws from Uruguay.   

Quoting ltbewr (Reply 46):
Get some friends or relatives in a state with the games to buy them for you. Better would be to enter the USA in a state that offers the game and buy them yourself.

If I lived in or near Niagara Falls I would have already gone across the border.  
Avoid hangovers, stay drunk.
 
MadameConcorde
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RE: Mega Millions Lottery Up To $500 Million

Fri Mar 30, 2012 9:03 am

Let's be realistic for a bit.
Are these lotteries rigged? I found something interesting here.

The giant multi-state and individual state lotteries are more fixed than pro wrestling. The jackpots go up and up, with no winners. People get lottery fever. Millions nationwide are willing to wait in a line just like the ones for bread in the former Soviet Union for the pipe dream of striking it rich. The rigging works like this: super computers keep track of each combination sold, and then the ping-pong balls are weighted to assure that a losing combination comes up. On rare occasions, all possible combinations are sold, and they must let someone win. Only then is the game honest.

read more:
http://www.uncoveror.com/lottery.htm

Don't want to disappoint anyone but life is what it is.

http://www.megamillions.com/howto/

"Mega Millions tickets cost $1.00 per play."

"Players may pick six numbers from two separate pools of numbers - five different numbers from 1 to 56 and one number from 1 to 46 - or select Easy Pick. You win the jackpot by matching all six winning numbers in a drawing."

The odds of winning the Mega Millions Jackpot with a single ticket is 56x55x54x53x52x46 = 21,085,384,320 ( 21 Billion to 1 )


   Wow!

[Edited 2012-03-30 02:06:05]
There was a better way to fly it was called Concorde
 
srbmod
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RE: Mega Millions Lottery Up To $500 Million

Fri Mar 30, 2012 10:24 am

Quoting MadameConcorde (Reply 48):

The giant multi-state and individual state lotteries are more fixed than pro wrestling. The jackpots go up and up, with no winners. People get lottery fever. Millions nationwide are willing to wait in a line just like the ones for bread in the former Soviet Union for the pipe dream of striking it rich. The rigging works like this: super computers keep track of each combination sold, and then the ping-pong balls are weighted to assure that a losing combination comes up. On rare occasions, all possible combinations are sold, and they must let someone win. Only then is the game honest.

read more:
http://www.uncoveror.com/lottery.htm

Do you have proof that isn't from some fringe website that looks like it was designed by an amateur?

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