I have always said that the best time to play the lottery is the day after somebody hits the big one. I don't play, but the minimum amount at the start has got to be a lot of money. I would think the odds of winning the day after would increase dramatically, though for a lot less money, but still a nice tidy sum.
One billion dollar lottery ?
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Originally Posted By: gman2304
I have always said that the best time to play the lottery is the day after somebody hits the big one. I don't play, but the minimum amount at the start has got to be a lot of money. I would think the odds of winning the day after would increase dramatically, though for a lot less money, but still a nice tidy sum.
The odds are the same. The odss of not having to share are better, but the same low odds otherwise.
I have always said that the best time to play the lottery is the day after somebody hits the big one. I don't play, but the minimum amount at the start has got to be a lot of money. I would think the odds of winning the day after would increase dramatically, though for a lot less money, but still a nice tidy sum.
The odds are the same. The odss of not having to share are better, but the same low odds otherwise.
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
Originally Posted By: Wolf359
Originally Posted By: supton
Ah, I see. Can you understand my dilemma then? I "have the financial means for" but I won't "spare or give up". I'm between those two definitions.
Yes, my original point, you can't afford to spend $2 on a lottery ticket, but you could afford $1. I suggest paying mega millions instead. Only $165 million so it's not getting much press.
Eh, I think I'd rather keep my dollar.
Originally Posted By: supton
Ah, I see. Can you understand my dilemma then? I "have the financial means for" but I won't "spare or give up". I'm between those two definitions.
Yes, my original point, you can't afford to spend $2 on a lottery ticket, but you could afford $1. I suggest paying mega millions instead. Only $165 million so it's not getting much press.
Eh, I think I'd rather keep my dollar.
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
4% withdrawal rate is $60k/yr - could easily be done for me and my fiancé. We'd move to a state with no income tax and a much lower cost of living than here, but still spend most of our time traveling anyways.
Cut down the amount taken during the first few years with strict budgeting, let it grow, then could increase our spending. Or worst case, work a couple more years before pulling the cord.
I'm definitely willing to give it a shot! Any donors for my experiment?
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
4% withdrawal rate is $60k/yr - could easily be done for me and my fiancé. We'd move to a state with no income tax and a much lower cost of living than here, but still spend most of our time traveling anyways.
Cut down the amount taken during the first few years with strict budgeting, let it grow, then could increase our spending. Or worst case, work a couple more years before pulling the cord.
I'm definitely willing to give it a shot! Any donors for my experiment?
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
This is my point a few million used wisely would be sufficient.
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
This is my point a few million used wisely would be sufficient.
Originally Posted By: cjcride
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
This is my point a few million used wisely would be sufficient.
Don't worry, after taxes, $800 million just isn't what it used to be. I believe lump sum is supposed to be $496 million, after federal taxes of 39.6%, you end up with $304.5 million. Then add in state and local taxes which could range from 0-9%, it could be even less. So it's funny how an $800 million jackpot could end up around $275 million or less. Of course that's only if there's one winner, with multiple winners, a much smaller jackpot per person.
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
Quote:
800M? That's crazy money and most likely will destroy the life of anyone who is not ready for it, as in nearly all lotto winners.
)
Probably quite true.
This is my point a few million used wisely would be sufficient.
Don't worry, after taxes, $800 million just isn't what it used to be. I believe lump sum is supposed to be $496 million, after federal taxes of 39.6%, you end up with $304.5 million. Then add in state and local taxes which could range from 0-9%, it could be even less. So it's funny how an $800 million jackpot could end up around $275 million or less. Of course that's only if there's one winner, with multiple winners, a much smaller jackpot per person.
Wow...Canadian lottery winnings are not taxed. If you win 3 Million you get 3 Million.
Originally Posted By: surfstar
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
4% withdrawal rate is $60k/yr - could easily be done for me and my fiancé. We'd move to a state with no income tax and a much lower cost of living than here, but still spend most of our time traveling anyways.
Cut down the amount taken during the first few years with strict budgeting, let it grow, then could increase our spending. Or worst case, work a couple more years before pulling the cord.
I'm definitely willing to give it a shot! Any donors for my experiment?
I see two problems, maybe you can explain:
First, I always thought the 4% withdraw rate assumed zero growth and a 25 years of withdrawing. If I were to retire today, at age 39, I have like 50 years of retirement. So I would need to limit to 2%. ?
Second: thirty years from now I expect every thing to cost twice as much as it does today. Ergo, I need to draw more as the years go by. Likely when medical expenses start to hit, no less.
Are you planning on your lump having some small growth that will nearly offset your withdrawal? $60k/yr, 15% capital gains, I come up with needing a 4.7% yearly growth in order to maintain 1.5M indefinitely.
Sorry, finances is not something I understand.
Ah, had to reread--yes, I'd want it to grow a bit more too. I see your point, and agree, I'd work it out a bit longer. Me, I'd wait until I had six figures for a withdrawal rate.
Originally Posted By: supton
Originally Posted By: surfstar
Personally, I could retire forever on 1.5M (after tax).
Really? Seems too low to me--have to pull money for many years.
4% withdrawal rate is $60k/yr - could easily be done for me and my fiancé. We'd move to a state with no income tax and a much lower cost of living than here, but still spend most of our time traveling anyways.
Cut down the amount taken during the first few years with strict budgeting, let it grow, then could increase our spending. Or worst case, work a couple more years before pulling the cord.
I'm definitely willing to give it a shot! Any donors for my experiment?
I see two problems, maybe you can explain:
First, I always thought the 4% withdraw rate assumed zero growth and a 25 years of withdrawing. If I were to retire today, at age 39, I have like 50 years of retirement. So I would need to limit to 2%. ?
Second: thirty years from now I expect every thing to cost twice as much as it does today. Ergo, I need to draw more as the years go by. Likely when medical expenses start to hit, no less.
Are you planning on your lump having some small growth that will nearly offset your withdrawal? $60k/yr, 15% capital gains, I come up with needing a 4.7% yearly growth in order to maintain 1.5M indefinitely.
Sorry, finances is not something I understand.
Ah, had to reread--yes, I'd want it to grow a bit more too. I see your point, and agree, I'd work it out a bit longer. Me, I'd wait until I had six figures for a withdrawal rate.
Originally Posted By: cjcride
Wow...Canadian lottery winnings are not taxed. If you win 3 Million you get 3 Million.
And, if a Canadian wins an American prize subject to the American lottery tax, provided they're eligible to win the prize in the first place, they can apply to get the tax back upon returning to Canada. That made news some years back thanks to a Canadian Jeopardy! winner.
Wow...Canadian lottery winnings are not taxed. If you win 3 Million you get 3 Million.
And, if a Canadian wins an American prize subject to the American lottery tax, provided they're eligible to win the prize in the first place, they can apply to get the tax back upon returning to Canada. That made news some years back thanks to a Canadian Jeopardy! winner.
Oz is similar...winnings in games of chance aren't taxed.
But (and I don't know why you would), you can declare yourself a professional gambler, and pay tax...but you also get to claim cost (bets), and software, a room in your house to run your business etc. as a tax deduction.
So when I win the 20 grand a month for 20 years, instead of $240K per annum, or 4.8 MIL, it's worth nearly $400K per annum or 8 MIL in wages.
But (and I don't know why you would), you can declare yourself a professional gambler, and pay tax...but you also get to claim cost (bets), and software, a room in your house to run your business etc. as a tax deduction.
So when I win the 20 grand a month for 20 years, instead of $240K per annum, or 4.8 MIL, it's worth nearly $400K per annum or 8 MIL in wages.
Yep, a few years ago, one guy was saying that he made more money than the $50,000 or so per year lottery that was going on. I asked him, do you make $50,000 a year after all your taxes are paid?
In today's Newsday they said a Long Island winner would net after taxes and withholding's, 328.3 million. That's a far cry from $800 mil. I had a good laugh, I'd happily pay that vig to win.
I'll pick up a few tickets. If I won I'd seriously consider taking the annuity over the lump sum in a jackpot this large. It would be difficult to find places for $300ish million all at once.
Originally Posted By: Shannow
Oz is similar...winnings in games of chance aren't taxed.
But (and I don't know why you would), you can declare yourself a professional gambler, and pay tax...but you also get to claim cost (bets), and software, a room in your house to run your business etc. as a tax deduction.
So when I win the 20 grand a month for 20 years, instead of $240K per annum, or 4.8 MIL, it's worth nearly $400K per annum or 8 MIL in wages.
My mom used to save her losing lottery tickets for the tax write-off. We finally got through to her that it was a source of clutter.
She's not a hoarder, I swear.
Oz is similar...winnings in games of chance aren't taxed.
But (and I don't know why you would), you can declare yourself a professional gambler, and pay tax...but you also get to claim cost (bets), and software, a room in your house to run your business etc. as a tax deduction.
So when I win the 20 grand a month for 20 years, instead of $240K per annum, or 4.8 MIL, it's worth nearly $400K per annum or 8 MIL in wages.
My mom used to save her losing lottery tickets for the tax write-off. We finally got through to her that it was a source of clutter.
She's not a hoarder, I swear.
17% chance it rolls over again.
I bought a ticket with $5 bill wet I found in snow at gas station!
I bought a ticket with $5 bill wet I found in snow at gas station!
this guy is honest
Last edited:
Originally Posted By: Wolf359
Originally Posted By: cjcride
Not at all. Not saying change the rules mid game. In subsequent draws 100 very wealthy lottery winners would help the sales. Why? for there would be thousands more people that would say 'I knew that lucky winner! he lived/worked in the neighborhood!'
It's all about more winners and more sales.
False. It's been mentioned before. There are many smaller lotteries with smaller jackpots. People don't play them. When it's 800 million, you get people spending $10 on tickets when they haven't spent any in 5 years. Bigger jackpots leads to more sales. Smaller jackpots lead to smaller sales. Just look at the sales as the jackpot has climbed.
619 01/06/2016 02-11-47-62-63 17 $528.5 Million 3
618 01/02/2016 05-06-15-29-42 10 $355.8 Million 2
617 12/30/2015 12-36-38-54-61 22 $301.8 Million 3
616 12/26/2015 27-40-44-59-65 20 $261.7 Million 2
615 12/23/2015 16-38-55-63-67 25 $232.6 Million 4
614 12/19/2015 28-30-41-59-68 10 $204.6 Million 2
613 12/16/2015 09-10-32-42-55 06 $180 Million 2
612 12/12/2015 02-14-19-30-62 22 $161 Million 2
611 12/09/2015 07-10-16-46-56 01 $145.9 Million 2
610 12/05/2015 13-27-33-47-68 13 $128.7 Million 2
609 12/02/2015 14-18-19-32-64 09 $110 Million 2
608 11/28/2015 02-06-47-66-67 02 $100 Million 3
607 11/25/2015 16-29-53-58-69 21 $90 Million 2
606 11/21/2015 37-47-50-52-57 21 $80 Million 3
605 11/18/2015 17-40-41-46-69 06 $70 Million 2
604 11/14/2015 14-22-37-45-66 05 $60 Million 3
603 11/11/2015 04-26-32-55-64 18 $50 Million 3
602 11/07/2015 07-16-25-50-53 15 $40 Million 2
Run an El Gordo type lottery, and those numbers are going to look a lot different. I just wonder how many billions would accumulate here in the US? USA population is approximately six times more than Spain, so is 10 to 15 billion possible?
Originally Posted By: cjcride
Not at all. Not saying change the rules mid game. In subsequent draws 100 very wealthy lottery winners would help the sales. Why? for there would be thousands more people that would say 'I knew that lucky winner! he lived/worked in the neighborhood!'
It's all about more winners and more sales.
False. It's been mentioned before. There are many smaller lotteries with smaller jackpots. People don't play them. When it's 800 million, you get people spending $10 on tickets when they haven't spent any in 5 years. Bigger jackpots leads to more sales. Smaller jackpots lead to smaller sales. Just look at the sales as the jackpot has climbed.
619 01/06/2016 02-11-47-62-63 17 $528.5 Million 3
618 01/02/2016 05-06-15-29-42 10 $355.8 Million 2
617 12/30/2015 12-36-38-54-61 22 $301.8 Million 3
616 12/26/2015 27-40-44-59-65 20 $261.7 Million 2
615 12/23/2015 16-38-55-63-67 25 $232.6 Million 4
614 12/19/2015 28-30-41-59-68 10 $204.6 Million 2
613 12/16/2015 09-10-32-42-55 06 $180 Million 2
612 12/12/2015 02-14-19-30-62 22 $161 Million 2
611 12/09/2015 07-10-16-46-56 01 $145.9 Million 2
610 12/05/2015 13-27-33-47-68 13 $128.7 Million 2
609 12/02/2015 14-18-19-32-64 09 $110 Million 2
608 11/28/2015 02-06-47-66-67 02 $100 Million 3
607 11/25/2015 16-29-53-58-69 21 $90 Million 2
606 11/21/2015 37-47-50-52-57 21 $80 Million 3
605 11/18/2015 17-40-41-46-69 06 $70 Million 2
604 11/14/2015 14-22-37-45-66 05 $60 Million 3
603 11/11/2015 04-26-32-55-64 18 $50 Million 3
602 11/07/2015 07-16-25-50-53 15 $40 Million 2
Run an El Gordo type lottery, and those numbers are going to look a lot different. I just wonder how many billions would accumulate here in the US? USA population is approximately six times more than Spain, so is 10 to 15 billion possible?
Originally Posted By: Al
this guy is honest
***** that is [censored] perfect! Honestly is so rare these days!
this guy is honest
***** that is [censored] perfect! Honestly is so rare these days!
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