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$1bil or more. After taxes, it's only like $300 million with a lump sum or $582 million on annuity.
If you won the Lottery how much would satisfy you
- Thread starter walterjay
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$1bil or more. After taxes, it's only like $300 million with a lump sum or $582 million on annuity.
I've never played the lottery so it would come as a surprise to me, but honestly, I would like just enough to build a nice home shop and that's it. So, less than 100k should do it.
For me it's just a fun little thing. I might just spend $1 on a California SuperLotto or $2 on a MegaMillions of PowerBall ticket if the jackpot amount is reasonably high (i.e. not near the starting amount). I remember going into a store, and the seller/owner agreed with me when I said it was just a fun little thing to do. But it does rather shock me when I see someone spending $50-100.
Another thing in my calculation is that California's prizes are pari-mutuel (where they roll over if there's no winner), so I'll look at the 5 of 5 prize money for the national games, which typically rolls over to the next draw. I've seen it where there's a national jackpot won, but nobody won 5 of 5 and it's still at $3-4 million. In most states those amounts are fixed and the pari-mutuel effects go to the jackpot. Some states have had higher than average payout on the fixed prizes, and they can adjust how much goes to the jackpot as a result.
I've gotten a lottery ticket by mail as a gift from my insurance agent. I suppose it's a tax write-off. Sometimes it was a scratch-off, but also California Super Lotto tickets which were $1.
I suppose that sort of thing could get interesting if it came time to claim a big prize. They lottery always goes to the retailer to request video showing the purchase. All retailers are required to keep video of purchases for several days. They'll probably be required to provide the video immediately when a large jackpot is won, which would be known immediately for any kind of draw game. With a scratch-off game I'm not sure there's any means to know other than maybe some accounting is done for which tickets are sold, where each lottery knows which ones have won big prizes.
I did the math way back when PowerBall first got to around $80M… if you took the $40M, spent $5M on a whim, and put the remaining $35M into something paying 5% interest, you’d make about $6,000 per day in interest. Excluding large purchases like a mansion or fantastic vehicles, you could only maybe spend all that daily for 2-3 months and then you’d be burned out.
I’d happily take that challenge.
I’d happily take that challenge.
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Lump sum would be $41mil on $80mil jackpot. After tax, you're looking at about $24mil married filing jointly.
[QUOTE="I Lump sum would be $41mil on $80mil jackpot. After tax, you're looking at about $24mil married filing jointly.
[/QUOTE]
Yeah, it’s been awhile. It may have been $100M, then ~ half, minus taxes to end up at $35M. That’s all funny money anyways…
[/QUOTE]
Yeah, it’s been awhile. It may have been $100M, then ~ half, minus taxes to end up at $35M. That’s all funny money anyways…
Yeah, it’s been awhile. It may have been $100M, then ~ half, minus taxes to end up at $35M. That’s all funny money anyways…
The amount used for publicity is always going to be total payments from a graduated annuity. Most of the big ones are over 30 years these days. And the amount of the annuity relative to the lump sum can vary depending on what they feel they can make to invest the funds. But lotteries are still on the hook if their investments underperform.
I remember when interest/investment rates were fairly low, the lump sum was more than 50% of the annuity amount.
I've always loved these responses. It's like the interview of the couple who just won $400M, the idiot reporter asks them "whatchoo gonna do with the money?"
"Welllll, we need a new roof on our house and I need the brakes fixed on muh ol' truck. We might get a new TV."
A modern $1.8B win would be about $42M/year for 30 years. If you could guarantee that you'd live 15+ years, it's better to take the annuity. You'd be to the good after 12 years or so.
Shel_B
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If what you're suggesting is to pay off debts and eliminate bills, I'd certainly agree. I don't bring in much money these days, but I have no debts and little to no need to buy things such as household items, clothing, and so on. I have pretty much everything that I need and a good portion of what I want. No, I don't have an Aston Martin DB4 GT Zagato or a Ferrari Type 166 MM, but the ol' Camry gets me where I want to go reliably and inexpensively, and there's something very comforting about owning a paid-for vehicle.
As for what I'd like in the way of lottery winnings, a net of 5M would make me very happy, but so would $25,000, or even $10,000 or $5,000.
Hermann
Site Donor 2023
1/2 million or more net would be sufficient.
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Sure. But it's not as if the money would just go away after the death of a winner receiving an annuity. The annuity would still be owed and would go to the heirs. I heard that some lotteries require calculating a lump sum for the beneficiaries, but in California it remains an annuity payable to the heirs. Not sure how it works when there are multiple beneficiaries.
What Happens if I Die Before I Receive All the Payments?
In the event of a prize winner’s death, representatives of the estate will need to contact the Lottery’s Prize Payments Annuity Desk in order to begin the process of transitioning payments to the beneficiaries. All remaining installment payments will be paid to the appropriate heirs of the estate. The annuity payment option cannot be changed.
I'd be ok with a couple million. There are no taxes on lottery winnings up here so we don't need as much. If I could live the same life I do now, but do things I want to do instead of having to work 40 hours a week I'd be pretty happy. Then enough left over to go on 3-4 trips a year.
The average person only needs $2M
I’ve met a few millionaires and they don’t obsess over needing more than they already have.
Another $5M won’t make them any more happier.
_________ morals and values are more important than a diamond encrusted Rolex, AMG Benz, McLaren, Bugatti, Maybach, Gulfstream G700-300ER, mega yacht, mega mansion, etc….
I’ve met a few millionaires and they don’t obsess over needing more than they already have.
Another $5M won’t make them any more happier.
_________ morals and values are more important than a diamond encrusted Rolex, AMG Benz, McLaren, Bugatti, Maybach, Gulfstream G700-300ER, mega yacht, mega mansion, etc….
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Keeping $5M in the clear would be enough to live well to the end I think. Or if I want my youngest to become an F1 driver, $30M would give him a fair crack at it I think! Or if he's a pay driver $300M would be better...
I rarely buy MegaMillions or Powerball but instaed buy NY Lotto (2 games for $1). I usually don't buy tickets unless the jackpot is $5 million or above. I'd be very satisfied to win $5 million before taxes.
PS: I worked with 2 different guys who hit Lotto for $10 million (one of them was an only child whose parents hit it and split it with him....the other hit it outright by himself) and 1 guy whose father hit for $ 3 million.
PS: I worked with 2 different guys who hit Lotto for $10 million (one of them was an only child whose parents hit it and split it with him....the other hit it outright by himself) and 1 guy whose father hit for $ 3 million.
I've been buying California Lottery SuperLotto tickets for $1 when the jackpot gets high. What we have goes up $1 million like clockwork if nobody wins the big one. And then the pari-mutuel portion bumps up. It was going up for several months when I think someone won it at $82 million. But once I got $11 for matching 3, which is pretty high for a $1 cost because of the pari-mutuel payouts that go heavily into funding the smaller prizes.
Poor people will always be poor because,,, they are poor.
Ironically, I know of a couple of people who have won decent money with the lottery.
One is a woman who was (maybe is again?) a cashier at a convenience store. She won 2 or 3 million. Her son was doing some very beginner dirt track racing at the time. Soon, nearly everyone in the family had a dirt track car. They live in a double-wide trailer, did before the lottery winnings and still do. I think the win date was in 2014 or so.
The other is a local, small-time excavation contractor. I heard he won $12M (annuity amount) the day before his home was to be foreclosed on. I mean the day before auction on the courthouse steps. He had to take the winning ticket to the bank that morning. He saved his house. I think he was in dirt track racing and spent a fortune trying to be better over the next few years. I'm pretty sure all of the lottery winnings are gone, hopefully his house is paid for.
I'm sure these two stories are the norm. Heck, it's a widely known fact that something like 90% of all lottery winners live in a trailer in Florida....if they are lucky.
One is a woman who was (maybe is again?) a cashier at a convenience store. She won 2 or 3 million. Her son was doing some very beginner dirt track racing at the time. Soon, nearly everyone in the family had a dirt track car. They live in a double-wide trailer, did before the lottery winnings and still do. I think the win date was in 2014 or so.
The other is a local, small-time excavation contractor. I heard he won $12M (annuity amount) the day before his home was to be foreclosed on. I mean the day before auction on the courthouse steps. He had to take the winning ticket to the bank that morning. He saved his house. I think he was in dirt track racing and spent a fortune trying to be better over the next few years. I'm pretty sure all of the lottery winnings are gone, hopefully his house is paid for.
I'm sure these two stories are the norm. Heck, it's a widely known fact that something like 90% of all lottery winners live in a trailer in Florida....if they are lucky.
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