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Mac'nCheese

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


evil.jpg
 

Mac'nCheese

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Original poster
Feb 9, 2010
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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.
 
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RootBeerMan

macrumors 65816
Jan 3, 2016
1,472
5,259
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.
 
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Mac'nCheese

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Feb 9, 2010
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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.
 
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samiwas

macrumors 68000
Aug 26, 2006
1,598
3,579
Atlanta, GA
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.
 
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ucfgrad93

macrumors Core
Aug 17, 2007
19,522
10,810
Colorado
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.
 

jbarley

macrumors 601
Jul 1, 2006
4,023
1,893
Vancouver Island
So how much does somebody actually receive after tax and whatever else has to come off?
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.
 

Mac'nCheese

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Feb 9, 2010
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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.
But if you put it all into a mattress you won’t get any interest.
 

D.T.

macrumors G4
Sep 15, 2011
11,050
12,460
Vilano Beach, FL
So how much does somebody actually receive after tax and whatever else has to come off?

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.
 

crzdcolombian

macrumors 6502a
Nov 16, 2010
806
160
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.
 

Krayzkat

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Apr 22, 2011
754
1,353
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
 

D.T.

macrumors G4
Sep 15, 2011
11,050
12,460
Vilano Beach, FL
Most people who win go broke.

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.
 

Mac'nCheese

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Feb 9, 2010
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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.
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.
 
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samiwas

macrumors 68000
Aug 26, 2006
1,598
3,579
Atlanta, GA
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.

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.
 
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MacNut

macrumors Core
Jan 4, 2002
22,995
9,971
CT
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.
 

D.T.

macrumors G4
Sep 15, 2011
11,050
12,460
Vilano Beach, FL
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.
 
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