Life I question about powerball - Page 4

Hog's Gone Fishin · 01-13-2016, 06:02 AM

If the odds are 1 in 292,000,000 to win, does that mean there are 292,000,000 different number combinations ? If so, I'm thinking about getting a loan. Just a short term loan.

Thoughts ?

Valiant · 01-13-2016, 01:31 PM

Quote:

Originally Posted by Fairplay

On the news they just said that 70 percent of powerball winners go broke within 5 years because they mishandled their money.

Couldn't imagine being so bad where a person can blow through this kind of money though. I'd hirer Rain Man to handle my money, he'd get paid good I can assure you.

I read that article. But i did not see anyone who won 100mil plus on the list. Most were 1 to 10 mil winners.

**mikeyis4dcats.** · 01-13-2016, 01:33 PM

Quote:

Originally Posted by Rausch

The easiest way to get around this is take the 30 year pay out.

And just curious, if a person wins today what percentage of the Chiefs would they be able to buy?

I'm not saying Clark would sell anything, but just how much (%) of the Chiefs would you be able to own?...

the downside to the annuity it most are not survivable, so if you die, the money stops

Hog's Gone Fishin · 01-13-2016, 01:39 PM

Quote:

Originally Posted by mikeyis4dcats.

the downside to the annuity it most are not survivable, so if you die, the money stops

What happens if you take the cash option and you die ? Do you get to keep spending it ?

Abba-Dabba · 01-13-2016, 01:42 PM

Quote:

Originally Posted by mikeyis4dcats.

the downside to the annuity it most are not survivable, so if you die, the money stops

no

Lono · 01-13-2016, 02:03 PM

Pretty sure all annuity payments go to your estate and your family would continue to get them.

**Rain Man** · 01-13-2016, 02:03 PM

I was thinking about this on my walk to work today, and realized that you have to throw out all assumptions with a dollar figure this big. Any plans you have for a $20 million jackpot are irrelevant when we're talking about a take-home of $500 million or more.

At this point, there are a few things you might need - security and tax advising come to mind, but you'll also need a personal assistant to keep everyone off your back. Probably two. There are other services you'll inevitably want - a maid, a personal trainer, and that kind of stuff.

In short, you're going to have a household staff. It's inevitable.

So the first thing you'll do is set up a company. You just won $500 million? Now you're an entrepreneur because you'll need people to help you. You're going to set up an LLC and you're going to hire half a dozen trusted people or more to help you out.

And who are those half-dozen people going to be? Probably very trusted friends of yours. I'll pay these people very well and I'll make them my inner circle to protect me from the dirty hordes trying to throw themselves atop me. And there'll be enough of them that I'll then hire another trusted friend to run that company and be the manager of everyone else.

Now, you may think that a staff is expensive, but step back and think about it. You'll likely be making a return of $10 million to $20 million a year even if you're conservative. If you have a ten-person staff and pay them each a very nice salary of $150,000 a year, that's not going to do anything to affect your standard of living financially. But it'll immensely help your quality of life.

So the more I think about it, I'm not going to give money to my friends and family. I'm going to hire my friends and family, and they're going to help me manage my affairs and they're going to shield me from trouble. They're going to all become regular employees of Rain Man, Inc.

Winning $500 million is completely different than winning $10 million or $20 million.

Hydrae · 01-13-2016, 02:05 PM

Quote:

Originally Posted by Lono

Pretty sure all annuity payments go to your estate and your family would continue to get them.

This is correct according to the FAQ for the lottery: https://www.usamega.com/powerball-faq.asp

What happens if I win an annuity and die before all the installments have been paid?
Your designated beneficiaries will receive the remaining payments.

Frosty · 01-13-2016, 02:08 PM

Quote:

Originally Posted by Hydrae

This is correct according to the FAQ for the lottery: https://www.usamega.com/powerball-faq.asp

What happens if I win an annuity and die before all the installments have been paid?
Your designated beneficiaries will receive the remaining payments.

After a healthy inheritance tax

Abba-Dabba · 01-13-2016, 02:42 PM

Quote:

Originally Posted by Frosty

After a healthy inheritance tax

aw the struggle of free money

bobbymitch · 01-13-2016, 03:11 PM

If you plan on giving money to relatives, charities, whatever, do that at the lottery office. They get to worry about the tax stuff, and it doesn't come out of your take. Kinda like an office pool winning the big one, splitting the pot.

kccrow · 01-13-2016, 03:17 PM

Quote:

Originally Posted by Rain Man

However, I think one key thing is missing. If I remember right, you're allowed to write off gambling losses as long as they're less than your winnings. So you won't pay taxes on all of the losing tickets, which will massively decrease your taxes owed. That would be a game changer.

One thing I overlooked, but yes it is correct from an IRS standpoint. You can write off all losses up to, but not to exceed your winnings if you can itemize deductions.

So, given that situation, he could hypothetically come out ahead if he's the only winner.

$930,000,000 lump sum winnings. Not taxed on $584,402,676. Taxed on $345,597,324. Total tax burden in Missouri is approximately $157,592,379 (IIRC Missouri has some ****ed up tier on the first $9k which will lower this by a few hundred bucks). Winnings net of tax is then $772,407,620. Less debt yields $188,004,944 profit. A split ticket is automatically a loss on the lump sum (~$119.4 million).

So, Hog has hope after all.

eDave · 01-13-2016, 04:05 PM

I'm the kind of guy who buys a ticket but gets struck by lightening.

A Salt Weapon · 01-13-2016, 05:19 PM

Quote:

Originally Posted by scho63

Someone did this once I believe on Mega Millions-think it was a hedge fund. There is no rule to ban how many tickets you buy.

I was more thinking a lawsuit against the lottery for not supplying adequate means to purchase the tickets.

displacedinMN · 01-13-2016, 08:25 PM

Quote:

Originally Posted by Frosty

After a healthy inheritance tax

off shore account and a trust.

But a trust only protects so much

displacedinMN · 01-13-2016, 08:26 PM

Read an article that sometime today, 85.8% of all combinations have been purchased.

01-13-2016, 06:02 AM
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $1460477	I question about powerball If the odds are 1 in 292,000,000 to win, does that mean there are 292,000,000 different number combinations ? If so, I'm thinking about getting a loan. Just a short term loan. Thoughts ?
Posts: 40,388

01-13-2016, 02:03 PM	#50
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9933836	Pretty sure all annuity payments go to your estate and your family would continue to get them.
Posts: 811

01-13-2016, 02:03 PM	#51
Rain Man NFL's #1 Ermines Fan Join Date: Jul 2001 Location: My house Casino cash: $3058491 VARSITY	I was thinking about this on my walk to work today, and realized that you have to throw out all assumptions with a dollar figure this big. Any plans you have for a $20 million jackpot are irrelevant when we're talking about a take-home of $500 million or more. At this point, there are a few things you might need - security and tax advising come to mind, but you'll also need a personal assistant to keep everyone off your back. Probably two. There are other services you'll inevitably want - a maid, a personal trainer, and that kind of stuff. In short, you're going to have a household staff. It's inevitable. So the first thing you'll do is set up a company. You just won $500 million? Now you're an entrepreneur because you'll need people to help you. You're going to set up an LLC and you're going to hire half a dozen trusted people or more to help you out. And who are those half-dozen people going to be? Probably very trusted friends of yours. I'll pay these people very well and I'll make them my inner circle to protect me from the dirty hordes trying to throw themselves atop me. And there'll be enough of them that I'll then hire another trusted friend to run that company and be the manager of everyone else. Now, you may think that a staff is expensive, but step back and think about it. You'll likely be making a return of $10 million to $20 million a year even if you're conservative. If you have a ten-person staff and pay them each a very nice salary of $150,000 a year, that's not going to do anything to affect your standard of living financially. But it'll immensely help your quality of life. So the more I think about it, I'm not going to give money to my friends and family. I'm going to hire my friends and family, and they're going to help me manage my affairs and they're going to shield me from trouble. They're going to all become regular employees of Rain Man, Inc. Winning $500 million is completely different than winning $10 million or $20 million. __________________ I'm putting random letters here as a celebration of free speech: xigrakgrah misorojeq rkemeseit.
Posts: 141,660

01-13-2016, 03:11 PM	#55
bobbymitch Starter Join Date: Feb 2002 Location: Midwest coast Casino cash: $9893512	If you plan on giving money to relatives, charities, whatever, do that at the lottery office. They get to worry about the tax stuff, and it doesn't come out of your take. Kinda like an office pool winning the big one, splitting the pot. __________________ This is the place where brilliant minds assemble to willfully pool ignorance with questionable logic in order to reach absurd conclusions.
Posts: 655

01-13-2016, 04:05 PM	#57
eDave Banned Join Date: Jan 2013 Casino cash: $9998560	I'm the kind of guy who buys a ticket but gets struck by lightening.
Posts: 53,803

01-13-2016, 08:26 PM	#60
displacedinMN It was not a fair catch Join Date: Aug 2012 Location: Correcting papers Casino cash: $2682630	Read an article that sometime today, 85.8% of all combinations have been purchased. __________________ #investigatecarlcheffers
Posts: 36,511

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