1.6 billion dollars

Discussion in 'Community Discussion' started by Mac'nCheese, Oct 20, 2018.

  1. Mac'nCheese Suspended

    Mac'nCheese

    Joined:
    Feb 9, 2010
    #1
    The mega millions jackpot for this coming Tuesday is so high, the CASH OPTION is ONE BILLION DOLLARS. Start the daydreaming folks...


    evil.jpg
     
  2. ucfgrad93 macrumors P6

    ucfgrad93

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  3. Gutwrench Contributor

    Gutwrench

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    Jan 2, 2011
    #3
    Don’t waste your time. I already bought the winning ticket. Sorry.
     
  4. jav6454 macrumors P6

    jav6454

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    #4
    Last time it got so big there were three winners.
     
  5. Gutwrench Contributor

    Gutwrench

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    Jan 2, 2011
    #5
    I bought all three tickets.
     
  6. Mac'nCheese thread starter Suspended

    Mac'nCheese

    Joined:
    Feb 9, 2010
    #6
    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.
     
  7. RootBeerMan macrumors 65816

    RootBeerMan

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    Jan 3, 2016
    #7
    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.
     
  8. Mac'nCheese thread starter Suspended

    Mac'nCheese

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    #8
    I only do lottery pools at work when they hit at least 500-600 million. Cause you know anything less isn’t worth it.
     
  9. samiwas macrumors 68000

    Joined:
    Aug 26, 2006
    Location:
    Atlanta, GA
    #10
    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.
     
  10. ucfgrad93 macrumors P6

    ucfgrad93

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    #11
    I’d keep $1 million for every member of my family and the rest would go into a charitable foundation that my wife and I would run.
     
  11. Krayzkat Suspended

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    Apr 22, 2011
    #12
    So how much does somebody actually receive after tax and whatever else has to come off?
     
  12. jbarley macrumors 68040

    jbarley

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    Location:
    Vancouver Island
    #13
    I just love being a Canadian...:D
    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. :mad:

    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.
     
  13. Mac'nCheese thread starter Suspended

    Mac'nCheese

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    #14
    But if you put it all into a mattress you won’t get any interest.
     
  14. crzdcolombian macrumors 6502a

    crzdcolombian

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    Nov 16, 2010
    #15
    I would use more then half that money to troll my older brothers :)

    Here is a Tesla but it’s fusiah pink :)
     
  15. D.T. macrumors G3

    D.T.

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    #16
    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.
     
  16. crzdcolombian macrumors 6502a

    crzdcolombian

    Joined:
    Nov 16, 2010
    #17
    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.
     
  17. jbarley macrumors 68040

    jbarley

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    #18
    And I won't have to pay any taxes, you got my point exactly.
     
  18. Krayzkat Suspended

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    Apr 22, 2011
    #19
    better off taking lump sum and putting into a tracker fund, cos that's probably what the lottery company is doing (and creaming off any profit).

    but advertising what you could get after 30 years is misleading, but then again it is america
     
  19. D.T. macrumors G3

    D.T.

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    #20
    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.
     
  20. kazmac macrumors 604

    kazmac

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    #21
    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.
     
  21. Mac'nCheese thread starter Suspended

    Mac'nCheese

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    Feb 9, 2010
    #22
    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.
     
  22. samiwas macrumors 68000

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    Atlanta, GA
    #23
    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.
     
  23. MacNut macrumors Core

    MacNut

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    Location:
    CT
    #24
    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.
     
  24. D.T. macrumors G3

    D.T.

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    Vilano Beach, FL
    #25
    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.
     

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35 October 20, 2018