The mega millions jackpot for this coming Tuesday is so high, the CASH OPTION is ONE BILLION DOLLARS. Start the daydreaming folks...
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1.6 billion dollars
- Thread starter Mac'nCheese
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Don’t waste your time. I already bought the winning ticket. Sorry.
I forgot who so I can't google it but some rapper or athlete bought a crap load of tickets for Friday's drawing. I wonder how long it would take for him to see if he won other prizes or if he was like eff it, I didn't win the big pot so I don't care.Second prize is a million dollars, possible more if you spend the extra buck.
I bought in on Friday's drawing and will go in on the next, too. May not win, but I'm going to take a shot. ALso got a ticket for tonight's Powerball. That one's a paltry half billion.
I only do lottery pools at work when they hit at least 500-600 million. Cause you know anything less isn’t worth it.
We pooled at work and bought a ton of tickets. I would get $32 million (minus whatever taxes and fees). I cannot even conceive of what I would do with that much money. $1.6 billion? That's just wrong. I don't even WANT that much money.
I just love being a Canadian...
Only problem I'd have is finding a matteress big enough to stuff my winnings in so as to avoid the taxes on the interest.
According to the Canada Revenue Agency's windfall rules, if you win money from a lottery, you do not have to report the winnings nor pay tax on those funds. The CRA has not instituted a cap or limit on these winnings. However, if your winnings earn interest, the interest amounts will be subject to taxation.
But if you put it all into a mattress you won’t get any interest.I just love being a Canadian...
Only problem I'd have is finding a matteress big enough to stuff my winnings in so as to avoid the taxes on the interest.
According to the Canada Revenue Agency's windfall rules, if you win money from a lottery, you do not have to report the winnings nor pay tax on those funds. The CRA has not instituted a cap or limit on these winnings. However, if your winnings earn interest, the interest amounts will be subject to taxation.
I would use more then half that money to troll my older brothers
Here is a Tesla but it’s fusiah pink
Here is a Tesla but it’s fusiah pink
The lotteries have two different payment structures, a yearly payment for 30 years (I believe that's the larger games duration, and it scales up each year by like 5%) which is very close to the total amount you see, or a single payment which is a smaller percentage of the total pot (I want to say it's like 58%).
So for this one at $1.6B, single payment, taxes, close to $600M.
Most people who win go broke. Take it in 30 and it’s a billion dollars!!
Even 1 million. It’s 50k a year. I had a ton of clients that won 1-5 million and 30 years is still nice but won’t change your life so much.
If you get it at once you will try to make an iron man suit or get 10 cars you don’t need.
Even 1 million. It’s 50k a year. I had a ton of clients that won 1-5 million and 30 years is still nice but won’t change your life so much.
If you get it at once you will try to make an iron man suit or get 10 cars you don’t need.
And I won't have to pay any taxes, you got my point exactly.
The smaller-ish lottery winners, definitely have some history of blowing it all - people who have no sense of that kind of cash flow, don't realize that $1M-2M really isn't that much money, especially when they switch into "anything goes" mode.
Happily play both Mega and Powerball. I won $8 on the Powerball at a local store so that is going right back in.
Plenty for several people to share, including me.
I decided I will continue to work for awhile until health and financials get sorted.
Plenty for several people to share, including me.
I decided I will continue to work for awhile until health and financials get sorted.
And if they were smart, they would take the yearly payout and live completely within the money they get every year with some left over since you can easily live longer than 30 years. Rip up all credit cards and the loan you have is for your completely affordable, even when paid off (taxes and utilities), primary residence.
That's what kills me. I know that a million dollars isn't going to support you for life, but you can do some nice things with it. I'd use it to buy a nicer house, fund my kid's education, maybe a little vacation fund, then the rest would be saved for future. And I'd just keep working for daily costs. I'd have to hide the full amount from my wife, who lives under the philosophy of "any money that you receive from an unexpected source should only go towards fun things". So, if we won a million dollars in a lottery, she would go find something crazy to spend a million dollars on.
First thing I would do is get a lawyer and a good accountant. Set up a trust to handle the money. Don’t go public right away. Make sure everything is in order before announcing you have the wining ticket. After that I would make sure my family is set, then treat myself to some nice things and then set aside the rest and setup a charitable fund.
Absolutely, when you have this sort of money, there's a significant amount of exposure, that needs to have the right resources setup to handle it.