If you won the powerball what would you do?

[dodint]

Source of the post But my family can, more or less, suck a bag of dongs for all I care.

That's fine, I'm not saying your obligation is compulsory by any stretch and knowing your family stuff figured you'd chime in. My point was that people are talking about 'squandered money' while guarding 0.2% of their personal wealth. I just don't see how you fly to family Thanksgiving every year in your LearJet and sit with people you didn't even offer financial freedom to because it might offend their sense of independence. This off the back of a $2 lottery ticket.

Source of the post The current lump sum payout will be $930+ million.

Post tax?

Source of the post Where do you set the limit?

I posted my limits above. Set immediate family up with a lump + payout and it erases them coming back for more. And if they do, so what? You've already given them a pile of free money. The cousins that I haven't seen since my grandparents died? Not really tugging at my heart strings there.

[blackjack68]

The lump sum may approach a billion by drawing time tonight.

[dodint]

I meant "lump + annuity" above. Lump + payout is basically just two lumps.

[willeyeam]

Adding to the expert advice...... make zero changes to your lifestyle for at least a year. Don't quit your job, don't move, don't dump the SO for an 'upgrade'. Just be mellow, ease into it.

That'd be a long year

[count2infinity]

Oh, and I'll give $1 million to everyone on 5th ave who's bought my book if I win.

I'm gonna hold you to that.

[Kraftster]

No one here is winning it, and you're dumb for trying, but with that kind of scratch, what would you do?

I'd probably be boring and just invest it and live off it the rest of my life, but still work. But my work would likely be opening a brewery/brew pub with an entire project devoted making awesome sours ( @Kraftster, you can come taste test). I'd also probably pay of my parent's, in-law's mortgages.

Sounds good to me!

[MalkinIsMyHomeboy]

I would have a strict "if you ask for money, you're not getting ****" rule

[FistOfCaufield]

For me it's obvious.

Send everything except 3 million dollars to the federal govt. They will know best how to spend it. Did I say 3 million? eh... I'd leave myself maybe a one and a half million, enough to pay off my current house and live on for the rest of my days. My children don't deserve any inheritance even though right now she's a 1 year old, I'm sure she will understand how unfair it was for her to inherit lottery winnings.

Obviously - based on this thread I am the most noble on 5th followed by probably dodint.

[shmenguin]

Source of the post But my family can, more or less, suck a bag of dongs for all I care.

That's fine, I'm not saying your obligation is compulsory by any stretch and knowing your family stuff figured you'd chime in. My point was that people are talking about 'squandered money' while guarding 0.2% of their personal wealth. I just don't see how you fly to family Thanksgiving every year in your LearJet and sit with people you didn't even offer financial freedom to because it might offend their sense of independence. This off the back of a $2 lottery ticket.

Source of the post The current lump sum payout will be $930+ million.

Post tax?

Source of the post Where do you set the limit?

I posted my limits above. Set immediate family up with a lump + payout and it erases them coming back for more. And if they do, so what? You've already given them a pile of free money. The cousins that I haven't seen since my grandparents died? Not really tugging at my heart strings there.

Yeah I have to say the tenor of this discussion has surprised me. I mean...maybe I'm better with money than some of the people I'd be giving it to, but I really won't lose sleep over the mere possibility that they won't act responsibly. Because...you know... I have my half a billion dollars to play with in the mean time.

If we're talking about junkies, gambling addicts, alcoholics...then ok. Fine. But if we're talking about people that are even marginally normal, here you go. Enjoy. If you run out, we'll talk again. Because I have half a billion dollars. so now I can be your baby sitter.

[AuthorTony]

Oh, and I'll give $1 million to everyone on 5th ave who's bought my book if I win.

I'm gonna hold you to that.

I'll sign one of those Facebook pledge forms if you want me to.

[llipgh2]

I forgot to mention in my previous post that if I won, I would bring Tim Horton's to Pittsburgh. The full service stores, not the little shop that shares space with a Sunoco and Dairy Queen.

[Dickie Dunn]

Pennsylvania: No State Tax on Lottery Prizes!
Your average net per year: $37,500,000
After 30 payments: $1,125,000,000
Lump - Your net payout: $697,500,000

https://www.usamega.com/powerball-jackpot.asp

Handy website to help everyone's decision making process.

[MalkinIsMyHomeboy]

How do state taxes work on the annuity?


Like say I win and move to a state that doesn't tax lotto winnings (but I live in a taxable state when I win originally).

anyone know the answer to this?

[PFiDC]

I'm always confused when people say "you will not win the lottery". No...I probably wont (it helps to play if you want to win and I only play when payouts reach numbers like this), but somebody is going to win. The whole "You're not gonna win so why bother playing" angle is odd to me.

[mikey]

I couldn't find anything better to do with that $2...nothing that would provide this kind of upside...

$2 < a remote chance that all of my, my family, my friends problems go away and life becomes super awesome

Yeah, slam dunk, easy call.

[count2infinity]

You won't win, and you're dumb for trying.

That said, I'm going to buy a ticket on my way home tonight.

[MalkinIsMyHomeboy]

I feel like at this point, all 262+ million combinations have been accounted for, so if I did win, I'd have to split the winnings anyway

[mikey]

Yeah, life's tough...

[MalkinIsMyHomeboy]

I'd feel better putting the two dollars in the ground and hoping a money tree grows

[mikey]

Never trust your feelings, MIMH.

[Viva la Ben]

If everyone who bought a ticket in this thread just gives me the money they spent on powerball...id have free lunches for a couple days.

[PFiDC]

I'd feel better putting the two dollars in the ground and hoping a money tree grows

This is exactly what I'm talking about.

How in the world is literally throwing $2 away a better option than putting $2 toward a (albeit slim) chance of $1.5 BILLION.

[King Colby]

Again, handing out money as gifts is a great way to devalue your winnings, due to tax implications. Isnt like any more than 10,000 in gifts subject to income tax?

Algernon is on the ball with the idea to start trusts for people.

[Viva la Ben]

Things more likely to happen than winning powerball

• Struck by lightning, while drowning (1 in 183 million)
  Killed by an asteroid strike (1 in 700,000)
  Have an IQ of 190 or greater (1 in 107 million)
  Attacked by a shark (1 in 11.5 million)
  Elected President of the United States (1 in 10 million)
  Getting struck by lightning (1 in 164,968)
  Being drafted by an NBA team (1 in 6.8 million)
  Becoming a movie star (1 in 1.5 million)
  Dating a supermodel (1 in 88,000)
  Being killed by a vending machine (1 in 112 million)

http://www.thedenverchannel.com/money/a ... ll-drawing

[PFiDC]

Becoming a movie star (1 in 1.5 million)

Yeah so the odds posted above are total bovine feces