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Wally Fairway

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So what do you do if you win?

For reference Mega-Millions drawing tomorrow is estimated at $458 million, cash payout $275 million - take home lump sum around $165 million (depending on state taxes)

 

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I'm reposting this story, because IMO it is a fascinating tale

It is a tale of figuring out how to win at the lottery (sadly, the games involved are no longer played)

http://highline.huffingtonpost.com/articles/en/lotto-winners/

But for some reason I thought about this story again last week and what truly strikes me is that according to the story they purchased over $19 million in lottery tickets, and while they netted a profit of $7.75 million, they did not win a jackpot.


So just think about that, and I do, when I buy my occasional mega-millions/powerball

Oh yeah and Mega jackpot is over $500 million, cash option is over $300 million .... maybe enough for 3 chicks at the same time {shrug}

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43 minutes ago, Wally Fairway said:

I'm reposting this story, because IMO it is a fascinating tale

It is a tale of figuring out how to win at the lottery (sadly, the games involved are no longer played)

http://highline.huffingtonpost.com/articles/en/lotto-winners/

 

  Reveal hidden contents

But for some reason I thought about this story again last week and what truly strikes me is that according to the story they purchased over $19 million in lottery tickets, and while they netted a profit of $7.75 million, they did not win a jackpot.


So just think about that, and I do, when I buy my occasional mega-millions/powerball

 

Oh yeah and Mega jackpot is over $500 million, cash option is over $300 million .... maybe enough for 3 chicks at the same time {shrug}

That's 3 different chicks at the same time every day for 273.97 years (assuming you can get 'em for $1k each)  

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4 hours ago, Trey3216 said:

That's 3 different chicks at the same time every day for 273.97 years (assuming you can get 'em for $1k each)  

Pulling a Wilt.

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That's very deceiving.  If you take the cash option it's only like $600,000,000.  Even if you take the annuity option, the annuity won't cost the state any where near $1 billion.  They should be sued for false advertising.

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3 minutes ago, hornian said:

Property has sold. Is there something you’d like to share with us?

Still practicing hard.  They say you have to practice hard in order to win.  I'm practicing extra hard today.  

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21 hours ago, NeverMarryAStripper said:

That's very deceiving.  If you take the cash option it's only like $600,000,000.  Even if you take the annuity option, the annuity won't cost the state any where near $1 billion.  They should be sued for false advertising.

So if you chose the annuity and didn’t receive  $1MMM, you might have a complaint.  Otherwise, it’s just your own inferences that it would cost the lottery entity the same amount to pay you.  On pretty much every lottery kiosk out there it says the cash option is significantly less than the annuity.

 

Just a heads up, you’re gonna get taxed like a mofo on your winnings.  That’ll be a disappointment for sure on your $2 investment.

 

I’m neutral on lottery.  It’s a tax on dumb people, or those who just want a bit of entertainment for their buck.  Regardless, your concerns seem a bit unfounded.

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decided to pick my own numbers this time instead of doing the quick pick. last week i quick picked 5 tickets and did not have a single number on any of the tickets. this time i got a number with the powerball for $4 winner. kind of excited.

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1 hour ago, Pato del Muerto said:

It’s at the point where it might be worth it to have a large lottery pool. Like 100 people each giving $20.  If it hits, you still make several million per person. 

Office pool where I work has around 20 people in it as of last week.   I suspect we'll have some new recruits on Monday.

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7 minutes ago, Armybrat said:

Cash option (presently $905,000,000) would be my choice, as I don’t buy green bananas.

You’d never be able to spend all that money in 2 years. But your great great grandchildren can hug you and thank you before you go. 

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I wouldn’t waste any time before putting most of it in family trusts and create a charitable foundation.

At least I’d get some pleasure seeing it do some good before shuffling off.

Edited by Armybrat

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i'd be tempted to just take the annuity. would be fun to blow $40 million and not give a damn b/c you're getting that every year. seems like a lump sum of $680 million would only end up being a headache and perhaps lead to an early death.

get it out of your system and then go the philanthropic route the rest of the way. perhaps that would be the only way to be truly satisfied with that kind of bankroll. 

 

Edited by The University

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2 hours ago, Nice Guy Eddie said:

If it rolls over again, it might approach an amount to buy a nfl, nba or mlb team.

 

wnba team 

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7 hours ago, The University said:

i'd be tempted to just take the annuity. would be fun to blow $40 million and not give a damn b/c you're getting that every year. seems like a lump sum of $680 million would only end up being a headache and perhaps lead to an early death.

get it out of your system and then go the philanthropic route the rest of the way. perhaps that would be the only way to be truly satisfied with that kind of bankroll. 

 

I wouldn’t depend on the lottery existing 10 years from now.

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1 hour ago, Armybrat said:

I wouldn’t depend on the lottery existing 10 years from now.

Listen to this man.   He remembers when tulips were as good as gold in Holland.

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22 hours ago, Pato del Muerto said:

It’s at the point where it might be worth it to have a large lottery pool. Like 100 people each giving $20.  If it hits, you still make several million per person. 

I volunteer to be in charge of handling the money and buying the tickets. 

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5 hours ago, Armybrat said:

I wouldn’t depend on the lottery existing 10 years from now.

While that’s a valid thought, I’m fairly certain they purchase an annuity from a third party company and the lottery itself doesn’t actually pay you for 20 years. 

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Obviously smart to take their time to set up trusts & new bank accounts, plus developing investment strategies.

Not to mention the possibility of ditching a crazy wife or husband and taking off to Tahiti.

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1 hour ago, AUS-97HORN said:

single ticket worth $1.5Bil was finally cashed in yesterday by a single anonymous person.   meaning its the largest single person lottery win in history

They went cash option. Even after taxes that is roughly $500Mil in cizzash.

https://www.cnbc.com/2019/03/05/1point5-billion-mega-millions-jackpot-claimed-in-south-carolina.html

 

75697270.jpg

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I would love to know what this person did since finding out they won.  Did they act natural and keep going to work so they didn't tip anyone off?  If I had a $1.5 billion lottery ticket handy and tried to go to work and play it cool there's a pretty high chance I'd break a chair on someones head before lunch on the first day.  

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10 hours ago, Armybrat said:

Obviously smart to take their time to set up trusts & new bank accounts, plus developing investment strategies.

Not to mention the possibility of ditching a crazy wife or husband and taking off to Tahiti.

I'm not married and don't play lotto.

But if I was and did, Gone Baby Gone 

And no I wouldn't fake my death, but I would change my name and move far far away, before anyone knew about it.

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Obviously smart to take their time to set up trusts & new bank accounts, plus developing investment strategies.
Not to mention the possibility of ditching a crazy wife or husband and taking off to Tahiti.

Too obvious. Running off to Haiti now....

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I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust.   But what’s to keep a sneaky conveince store clerk or even a manager from looking at surveillance camera footage to try to ID the winner and let the cat  out of the bag?  With cameras inside and outside many conveince stores, they could capture the winner getting into his car and trace his license plate to his address.    

Maybe this guy is  now living out near Lajitas.   That’s where I’d go if I were from South Carolina and just took home $900 million.  

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13 minutes ago, Nueces River Rat said:

I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust.   But what’s to keep a sneaky conveince store clerk or even a manager from looking at surveillance camera footage to try to ID the winner and let the cat  out of the bag?  With cameras inside and outside many conveince stores, they could capture the winner getting into his car and trace his license plate to his address.    

Maybe this guy is  now living out near Lajitas.   That’s where I’d go if I were from South Carolina and just took home $900 million.  

I had the same thought.  I figured some crooked investor or scam artist would try and slip the convenient store clerk/manager/owner a few hundred bucks for the surveillance tapes on the day of the ticket purchase.  I even read an article that said the winner let someone go ahead of them in line so that would be even easier to narrow down in the footage.

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The store owner just got paid 50 Large for selling the winning ticket,  so he (Patel) and his family members who work at the place have no incentive to pursue that course.

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Lottery commission also has them sign a non disclosure agreement.  Lotto commission also takes film from the winning store to review the authenticity of the buyer of said ticket.  Probably has some hey we pay you an additional 10k to keep all your tapes and here is an NDA you have to sign. 

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So let’s say this guy won 500 mil after taxes. If he parks that somewhere and pulls 4% out per year that would be 20 mil/yr. After taxes that would be roughly 12 mil.

Thats a million a month or $33,000 a day for the rest of his life. And he never touches the 500 million. I would love to try to spend 33k a day....

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1 hour ago, Nueces River Rat said:

I know this winner was able to hide his identity via the same law we have here in Texas  by remaining anonymous on top of what looks like setting up an additional layer anonymity via a trust. 

I think in Texas the ability to remain anonymous only applies to individuals and not other entities.

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Forming an entity to remain anonymous is easy.  It just costs money.  That's why people were setting up trusts to hide their identity to collect.  Now individual can just go to lotto commission and say "keep my name out yo mouf" 

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single ticket worth $1.5Bil was finally cashed in yesterday by a single anonymous person.   meaning its the largest single person lottery win in history
They went cash option. Even after taxes that is roughly $500Mil in cizzash.
https://www.cnbc.com/2019/03/05/1point5-billion-mega-millions-jackpot-claimed-in-south-carolina.html
 
So let’s say this guy won 500 mil after taxes. If he parks that somewhere and pulls 4% out per year that would be 20 mil/yr. After taxes that would be roughly 12 mil.
Thats a million a month or $33,000 a day for the rest of his life. And he never touches the 500 million. I would love to try to spend 33k a day....
So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

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7 hours ago, woohorn said:

So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

I'm thinking he can afford a few bad financial decisions, and it would be totally worth it in order to get everything in order (like assembling a team of advisors - trust and estate attorney, insurance agent, tax consultant, financial advisor - at least that would be the core of my team).
Make a mistake with taxes or estate planning and it can cost you tens if not hundreds of millions; of course I have my plan all lined out - 1/3 on 40 year old scotch, 1/3 on 20 year old sluts, then I'm going gun shopping with ArmyBrat and the rest I'm just going to waste

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8 hours ago, woohorn said:

So dude blew 4-5 months of interest jackin around with an unclaimed winning ticket. Bad financial decision #1...

another thing to consider is that by cashing it in 2019, they avoided paying all the taxes immediately by April 15th.  I believe 30% of the amount is automatically deducted from the payout to cover the first chunk of taxes. and then you have to file a quarterly report where another percent would still need to be paid out, but that still leaves something like  $90M that you get to keep for a year before you have to pay tax on that.   I would also not be shocked if it turned out that by claiming it after March 1st, that extra minimum quarterly tax payout from June was delayed to be paid out until September as well.

So no, that additional potential interest savings along with the items Wally mentioned above, and I am pretty sure it was a sound decision to wait and get all the ducks in a row, which is almost assuredly what this person's financial advisor told them to do.  

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I'm not married and don't play lotto.
But if I was and did, Gone Baby Gone 
And no I wouldn't fake my death, but I would change my name and move far far away, before anyone knew about it.


A florida(i think) woman won a 4 or 5 hundred million dollar lottery and did not take measures to hide her identity. The next morning there were several media groups predictably laying siege to the woman’s house. A neighbor comes out and says the the woman’s son showed up a few days earlier and that they left with a few suitcases and hasn’t been seen since. I’m pretty sure the son was peeing himself with joy as he motored on over.



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