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Mega Millions Lotto

My co-workers are pitching in $10 each so I joined. Like someone said above I would hate to be sitting at my desk Monday morning, while all my co-workers are in a conference room with champagne flowing discussing how they are going to split the money. :p

Oh and I also played $6 on the side with my girlfriend...
 
I usually buy one ticket per drawing. Don't really see much point in getting more as the odds of winning are virtually non-existent. I had no idea Mega Millions was spread over such a large geographic area. I thought it was only in a couple eastern states.

Apple OC said:
I'm in Toronto Canada and even I have a few tix ... wow, a half billion dollars?
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Probably more like 1/4 or 1/5 billion dollars after the lump sum payment and taxes.

iamjose said:
These are the numbers I'm playing... 4 8 15 16 23 42, if you know them, you'll know why.:cool:
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If that number did actually win you'd probably end up with $500 after splitting with the 1,000,000 other winners.:p
 
velocityg4 said:
I usually buy one ticket per drawing. Don't really see much point in getting more as the odds of winning are virtually non-existent. I had no idea Mega Millions was spread over such a large geographic area. I thought it was only in a couple eastern states.



Probably more like 1/4 or 1/5 billion dollars after the lump sum payment and taxes.



If that number did actually win you'd probably end up with $500 after splitting with the 1,000,000 other winners.:p
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i think they forecast ~600MIL by tonight, of which 400 go in the cash prize (1/3 of that then goes into taxes, i think).
still, ~250 mil post taxes is a pretty large mound of green.
it actually makes it theoretically worth to buy EVERY combination, spend 176 MIL and make a nice profit. of course if more then one person wins, which is highly likely, then the profit becomes a loss.

i am expecting multiple winners tonight, there are just too many numbers played. didn't stop me to invest a little cash on it. picked the nubers with my kids and wifey.

I don't get who says that buying one or more doesn't really changes the odds.
one dollar -> 1:176 million chance
ten dollars-> 1:17 million chance. still slim, obviously, but quite a difference.
 
Don't panic said:
i think they forecast ~600MIL by tonight, of which 400 go in the cash prize (1/3 of that then goes into taxes, i think).
still, ~250 mil post taxes is a pretty large mound of green.
it actually makes it theoretically worth to buy EVERY combination, spend 176 MIL and make a nice profit. of course if more then one person wins, which is highly likely, then the profit becomes a loss.

i am expecting multiple winners tonight, there are just too many numbers played. didn't stop me to invest a little cash on it. picked the nubers with my kids and wifey.

I don't get who says that buying one or more doesn't really changes the odds.
one dollar -> 1:176 million chance
ten dollars-> 1:17 million chance. still slim, obviously, but quite a difference.
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they will take closer to 50% in taxes. I figure the cash payout after takes to be around $170 mil
 
So if you opt for the lump sum, you only pay taxes on that once, right?

Obviously you'd probably invest some, and pay taxes on the interest earned over the years. But if you opted to stick all 200 million dollars or whatever it is after taxes in a checking account that doesn't pay interest (which would be an extremely foolish thing to do) and then quit your job and stopped earning new money, you'd never have to pay income taxes?
 
yg17 said:
So if you opt for the lump sum, you only pay taxes on that once, right?

Obviously you'd probably invest some, and pay taxes on the interest earned over the years. But if you opted to stick all 200 million dollars or whatever it is after taxes in a checking account that doesn't pay interest (which would be an extremely foolish thing to do) and then quit your job and stopped earning new money, you'd never have to pay income taxes?
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pretty much.

anyway, I found this (www.usamega.com):

based on a jackpot estimated at 540 MIL (actual will be probably higher)

26 annual payments of $20,769,231..........Lump-sum cash:...$390,000,000
- 25% Federal Tax......- $5,192,308...................................- $97,500,000
Subtotal....................$15,576,923....................................$292,500,000
NY: 8.97% State Tax..- $1,863,000....................................- $34,983,000
Your net per year:.......$13,713,923............Your net payout: $257,517,000
After 26 payments: ...$356,561,998
 
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Don't panic said:
pretty much.

anyway, I found this:

based on a jackpot estimated at 540 MIL (actual will be probably higher)

26 annual payments of $20,769,231..........Lump-sum cash:...$390,000,000
- 25% Federal Tax......- $5,192,308...................................- $97,500,000
Subtotal....................$15,576,923....................................$292,500,000
NY: 8.97% State Tax..- $1,863,000....................................- $34,983,000
Your net per year:.......$13,713,923............Your net payout: $257,517,000
After 26 payments: ...$356,561,998
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I'd take the lump sum. Sure, it's $100 million less, but what can you buy with $356 million that you can't buy with $257 million? :p
 
Don't panic said:
pretty much.

anyway, I found this:

based on a jackpot estimated at 540 MIL (actual will be probably higher)

26 annual payments of $20,769,231..........Lump-sum cash:...$390,000,000
- 25% Federal Tax......- $5,192,308...................................- $97,500,000
Subtotal....................$15,576,923....................................$292,500,000
NY: 8.97% State Tax..- $1,863,000....................................- $34,983,000
Your net per year:.......$13,713,923............Your net payout: $257,517,000
After 26 payments: ...$356,561,998
Click to expand...

I believe there is also another tax added into it for prixe money, some kind of gambling tax? maybe an accountant on the forum can answer this?

yg17 said:
I'd take the lump sum. Sure, it's $100 million less, but what can you buy with $356 million that you can't buy with $257 million? :p
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not only that but I'm sure one can make a lot more investing the intial lump some than waiting for the yearly payouts. Can someone do a calculation of how much interest can accrue over 26 years on the lump sum in a high yield savings account or something?
 
iJohnHenry said:
Especially if they hire some guy to run over you with a truck in year 2. :p
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:D i imagine the money still gets paid to your estate/heirs?

also, if you win, you might want to consider to move to one of the states that have no taxes on lottery winnings (california, texas, pennsylvania, washington and a few others) before picking up the cash.
 
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einmusiker said:
I believe there is also another tax added into it for prixe money, some kind of gambling tax? maybe an accountant on the forum can answer this?



not only that but I'm sure one can make a lot more investing the intial lump some than waiting for the yearly payouts. Can someone do a calculation of how much interest can accrue over 26 years on the lump sum in a high yield savings account or something?
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Assuming a .80% rate (which seems to be a going rate in an online HYSA):

Interest earned over 26 years: $57,548,663.11
Total amount: $307,548,663.11

That's not including the taxes you'd pay on the interest. So you'd be better off taking the annual payments. But I'd still take the lump sum.
 
Illuminated said:
My mom gave me 30 bucks to spend on the Mega Millions. I'm buying on behalf of my family. If we do have the winning numbers, everyone on this message board gets a Macbook Air!*







*The entry level $999 one.
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I post in here for that! I joined a work pool and bought some on the side. Would be funny if I won on the side and the work pool lost. hahaha
 
I'm really sorry to have to tell you all this, but I just bought my one ticket...and I'm a winner for sure.

I can't tell you how I know this - NDA. But don't waste your money...it's over!:D
 
Illuminated said:
My mom gave me 30 bucks to spend on the Mega Millions. I'm buying on behalf of my family. If we do have the winning numbers, everyone on this message board gets a Macbook Air!*
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You better live up to that if you win, rather than end up dead in a week from a radical new lifestyle!
 
Don't panic said:
they just raised the jackpot estimate another 100 millions to 640 :eek::eek::eek:
462 MIL is the new lump sum.
if they do not get a winner tonight, they project a 1 BILLION jackpot for the next round. insane.
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Ill be in for that one!

My dad always plays with the same number, for the past 30 years. It's bound to hit one day. He also gets like 10 rows of randoms for back up.

Good luck all! If someone on the forum wins the "Post a pic of your recent purchase" thread better turn into a "Post a pic of your recent purchase for all MR members" :p
 
Too bad I can't get a $176 million bank loan to buy all possible number combinations. That would be a good investment, especially if the jackpot hits a billion :p
 
yg17 said:
Too bad I can't get a $176 million bank loan to buy all possible number combinations. That would be a good investment, especially if the jackpot hits a billion :p
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better start investing in pens then! i don't think you can fill the specific numbers electronically: that's going to be a lot of bubbling to do.....
 
Well, I bought a ticket. If I ever did win something this substantial I'd be paying off 6 houses for myself, family, and a couple of local neighbors I know. I'd dish out a bunch of money to family and a couple of friends and then buy the company I work for. :D I would also stop cleaning my own house.
 
actual conversation between me and my daughter (6) this morning as i was asking her her own numbers for our 'family' ticket:

"hey, imagine! if we win you can have your own room"
"my brother too?"
"sure"
"what about a play-room"
"probably"
"but it's not very likely, is it?"
"no, it's almost impossible"
"so we are basically throwing money away?"
....

:D:D
 
Don't panic said:
actual conversation between me and my daughter (6) this morning as i was asking her her own numbers for our 'family' ticket:

"hey, imagine! if we win you can have your own room"
"my brother too?"
"sure"
"what about a play-room"
"probably"
"but it's not very likely, is it?"
"no, it's almost impossible"
"so we are basically throwing money away?"
....

:D:D
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You're not throwing money away. The odds are much better that you'll match one ball, win a dollar and break even :p

If I can at least recoup some of my 10 dollars I'll consider it a win.
 
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