If you won the lottery, what would be the first thing you would buy?

Pay off my House, and the most customized mac pro that apple can supply with dual 30 inch displays oh and several cartons of beer.
 
a fully detached house with a large garden and a dog.

Then kit one room out as a studio, full Pro Tools TDM, Mac Pro with 32Gb, dual 30" screens etc...
 
A waterfront apartment close to the city as an investment property, so that I make more money. And to live in when I get older. :D
 
It depends on how much the lottery was for, but I will assume it's for a crazy amount like 100 million dollars.

I would quit my job, buy a six pack of beer and go home and relax. I don't have any debt except for my house, so I would pay my house off with cash.
 
I'd go to the bar and buy myself a beer. Then hope my wife does something interesting with the money. ;)
 
1. Mac Pro 2.93 Quad, 8GB, with 2x GT120's
2. 3x 30" Apple Cinemas
3. Wacom Cintiq 21UX
4. Razer Mako 2.1 Speakers
5. Apple Wireless Keyboard
6. Razer Pro|Click v1.6
7. Razer Pro|Pad
8. Mini Fridge...

about $11,500
 
chrmjenkins said:
As an aside, I've seen that estimates peg a third of lottery jackpot winners as going bankrupt :D
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Many lotteries have changed from the lump sum type payment to payments over time.

I read a study a while back. If I can find it, I will post it. The basic point of te study was that if you took all the wealth in the world and divided it equally among everyone in the world that within 10 years the wealth would be distributed pretty much as it is today. It's easy to spend money. It's much harder to build up assets.

dmr727 said:
I'd go to the bar and buy myself a beer. Then hope my wife does something interesting with the money. ;)
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Sounds like a good idea. :)
 
A big (not enormous, but enough space for lots of stuff) house by the beach, with a private beach if I could find such a place.
A private jet, which I would learn to fly, and a runway which connects to the house (something like mr travolta's house maybe).
The fastest Mac Pro available at the time with dual 30" displays, in a sleek clean study.
A family holiday around the world. Highlights would be: African safari, European skiing, relaxing in the French countryside (ahh the memories), visiting ancient monuments around the world...
 
If it was for some crazy amount I think I would take care of some things first. My credit card (which isnt bad at all) my college tuition and put money away for grad school. Pay my parents house off and cars and probably my sisters house n cars...then invest...
 
I would invent a brain washing machine and have my fiancee's family like me and not nitpick everything I do/did. :eek:
 
Isn't it like if you win $100 mill. You only actually get like $12-20 mill? Because of all the taxes and crap that you have to pay on it.
 
My college fees then a maxed out mac pro,even though I wouldn't know what to do with so much power.
 
fireshot91 said:
Isn't it like if you win $100 mill. You only actually get like $12-20 mill? Because of all the taxes and crap that you have to pay on it.
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Here's a quick search on google on taxes n lottery winnings


Are lottery prizes taxable?

Lottery winnings of $600.01 and over are subject to Federal Withholding tax. For winnings of $600.01, up to and including $5,000, you will be issued a W-2G form to report your winnings on your federal income tax form. For winnings of $5,000.01 and over, your state's Department of Revenue removes the 25 percent federal withholding before you receive your winnings check (or, if it is an annuity, from each winnings check). You then receive a W-2G form with each check to submit with your 1040 form to show that the 25 percent federal withholding already has been paid. In addition to federal tax, your state will make additional withholdings for taxes, and most states will deduct other money that you may owe to the state, such as back taxes, child support, loan payments, etc. The state tax withholdings are as follows:


California No state tax on lottery prizes
Georgia 6% state income tax
Illinois 3% state income tax
Maryland 8.5% state tax (Maryland residents), 6.75% state tax (non-Maryland residents)
Massachusetts 5% state income tax
Michigan 4.35% state income tax
New Jersey No state tax on lottery prizes
New York 6.85% state income tax, plus: 3.648% (NYC residents), 0.685% (Yonkers residents)
Ohio 6% state income tax
Texas No state tax on lottery prizes
Virginia 4% state income tax
Washington No state tax on lottery prizes

If I live in a state that taxes prizes, but bought my ticket in a state with no tax on prizes, do I still need to pay state tax?

Yes, you do. Think of lottery prizes as regular earned income from a job. Just because you may work in a different state, that doesn't permit you to get away with not paying state income tax in your state of residence. The lottery works the same way.

Whether it's income from a job or income from gambling, the state where the money is won will tax the prize first at their out-of-state tax rate (assuming the state taxes lottery winnings). If your state of residence has the same or lower tax rate, then you won't owe anything else. But if your state has a higher rate, you will get a credit for what you paid in the other state, and pay the difference to your state.

If the other state has no tax, you just pay the entire tax bill to your state.

The net result is that you end up paying whichever tax rate is higher between your state of residence and the state where you purchased the ticket. Of course, the tax law is quite complex and it's possible that some condition or arrangement exists between the two states and a good tax attorney and/or accountant could discover a tax-saving loophole. That's why we always recommend that major prize winners do not make any major decisions before first hiring a good legal and financial team.

One other option to consider, depending on how much in taxes you're looking to save: the residency requirements as they relate to prize claims, state taxes, and income reporting. Since you aren't responsible for paying taxes until you claim the prize, perhaps there is time to establish residency in the state where you purchased the ticket before the prize claim period expires. However, that is something you would definitely need to explore with an attorney before taking any action to assess the feasibility. You would also need to decide if it would be worth the risk of that important little piece of paper not getting lost, damaged, or destroyed in the time you spend arranging everything.


Taxes on Lotto winnings



edit:
So in short that $100 million would be 68 -75 million after taxes and other fees...
 
I would buy a car, if it was for enough i would quit school. Other than that i would just let it sit around and spend it on small things when i wanted them
 
iPhil said:
You then receive a W-2G form with each check to submit with your 1040 form to show that the 25 percent federal withholding already has been paid. In addition to federal tax, your state will make additional withholdings for taxes, and most states will deduct other money that you may owe to the state, such as back taxes, child support, loan payments, etc. The state tax withholdings are as follows:
Click to expand...

Also fed/state tax liens and some of the other listed stuff will be withheld, and just because they withhold the 25/28% (they can get you for either, depending on something) you will still be nailed later at your current rate -- look at the Survivor idiot as example.

I think they really want you to hire a lawyer and an accountant to beat it into your head that your end of year tax bill might be really high for those winning over $250k.

Edit: and I can see where the other poster said 12-20 million on $100 million, it'll be more likely between 27-32 of the original pot after factoring in the 50% lump sum whack and the state extortion.
 
1.)
macpro.JPG
x2 (one for me, one for my dad) :D

2.)
macbook-pro-17-inch.jpg


3.)
iphone-3g-white-top.jpg


4.)
slkblack08.jpg


And save the rest for other cool stuff that has yet to be invented. :D
 
iPhil said:
Here's a quick search on google on taxes n lottery winnings
Are lottery prizes taxable?
Blah Blah Blah Numbers Numbers
Click to expand...

fireshot91 said:
Don't forget State taxes also. It says it on the sentence after your bolded one.
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Sun Baked said:
Also fed/state tax liens and some of the other listed stuff will be withheld...
Click to expand...

You guys are totally dulling the original purpose of this thread :rolleyes:

It's about dreaming, not being realistic! :p
 
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