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Thread: Lotto Time

  1. #1
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    Lotto Time

    Have You Ever Won The Lotto for like more than 1k of money??



    Also lets say you win it for about 5mil and you get back 2.5mil after taxes what would you do with that money? Ill post what ill do afte I hear what some of you people will do.

  2. #2
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    I'd retire.

    Now hears a question I always wanted to know the answer too.

    So let's say a person wins 100 Million but opts for the cash now and takes 45-60 million. I thinks thats the ratio. Where does the rest of that 100 million go? Lotteries have been doing it that way for quite a while now but I see nothing about what that left over money is doing or where it's going.
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  3. #3
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    A friend won $10,000. A few days later they found a crack in the foundation of his house, which ate most of the after-tax winnings.

  4. #4
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    Quote Originally Posted by bobzilla42 View Post
    A friend won $10,000. A few days later they found a crack in the foundation of his house, which ate most of the after-tax winnings.
    Home Owners insurance shoulda covered it.
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  5. #5
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    Quote Originally Posted by Patrick67 View Post
    I see nothing about what that left over money is doing or where it's going.
    It's not left over. The projected payout over time includes investments like bonds that slowly mature. If you take the money up front, it's not invested to earn interest.

    Oh, and the tax man takes roughly half as well.
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  6. #6
    First I would rent a private jet to visit some friends in FL. After letting it sit in the bank for a month to earn the interest to pay for the flight
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  7. #7
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    Quote Originally Posted by bear View Post
    It's not left over. The projected payout over time includes investments like bonds that slowly mature. If you take the money up front, it's not invested to earn interest.

    Oh, and the tax man takes roughly half as well.
    So when the jackpot is 100 million, they don't actually have 100 million? They are using some sort of formula that says it will mature into 100 million over the 20 years of payouts based on thier investing it?
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  8. #8
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    Quote Originally Posted by PerfectedHosting View Post
    lets say you win it for about 5mil and you get back 2.5mil after taxes what would you do with that money? Ill post what ill do afte I hear what some of you people will do.
    I would not change anything. I like my work!

    (But I would have nifty retirement savings then.)

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  9. #9
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    Quote Originally Posted by Patrick67 View Post
    So when the jackpot is 100 million, they don't actually have 100 million? They are using some sort of formula that says it will mature into 100 million over the 20 years of payouts based on thier investing it?
    Yes.

    If you don't take the cash option, the Lottery purchases an annuity that pays out over 25 years or so.

  10. #10
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    I'll expand on my initial reply of Retire.


    I'd buy a modest house on the beach somewhere on the west coast of Florida. I'd buy a decent fishing boat, prolly in the 100k range.

    Then I'd open a small tiki hut bar/Rest on the beach and serve only long neck budwiesers, oysters on the half shell and Chili for the cold days.
    Only open Mon-Fri 10am-4pm, subject to close early if I feel like it.

    Mainly this would keep me busy when not fishing and I like to socialize.
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  11. #11
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    Quote Originally Posted by mainpipe View Post
    Yes.

    If you don't take the cash option, the Lottery purchases an annuity that pays out over 25 years or so.
    Id rather take 50 of 100 million, then pay what 48% capital gains tax so I'd clear 25 million or so after taxes?

    Investments and interest alone would let me live a decent life and then some
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  12. #12
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    In Canada its all tax free!

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    Quote Originally Posted by THAMAN View Post
    In Canada its all tax free!
    Lottery winnings are tax-free in Canada?

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  14. #14
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    Quote Originally Posted by Mike - Limestone View Post
    Lottery winnings are tax-free in Canada?

    -mike
    They sure are, you only need to be 18 years of age to play not 21 like you guys.

  15. #15
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    Quote Originally Posted by THAMAN View Post
    They sure are, you only need to be 18 years of age to play not 21 like you guys.
    What happens if a canadian wins a U.S. Lottery?
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  16. #16
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    They have to pay the US taxes.. If an American wins in Canada the have to pay the US taxes. All you seem to do in the US is pay taxes...lol

  17. #17
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    Quote Originally Posted by THAMAN View Post
    They sure are, you only need to be 18 years of age to play not 21 like you guys.
    Maybe it varies by state. But generally, you only need to be 18 to buy lottery tickets in the US. But, in NJ (Atlantic City) you need to be 21 to bet in a casino. I'm not sure about Vegas.

  18. #18
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    I have been to Atlantic City & Vegas I think they are both 21.

  19. #19
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    Lotto - under $50

    Casino - Just under $700
    What's your budget?

    Seriously, what's your budget?

  20. #20
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    Quote Originally Posted by RossMAN View Post
    Lotto - under $50

    Casino - Just under $700
    Yikes. Per your other post, the "jackpot" was only $700? The jackpot?

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  21. #21
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    Quote Originally Posted by Mike - Limestone View Post
    Yikes. Per your other post, the "jackpot" was only $700? The jackpot?

    -mike
    Keep in mind it was a PENNY slot machine. Anything under $1,100 = no tax paperwork.
    What's your budget?

    Seriously, what's your budget?

  22. #22
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    Quote Originally Posted by RossMAN View Post
    Keep in mind it was a PENNY slot machine. Anything under $1,100 = no tax paperwork.
    Ahh, good points there. Congrats on the $700 winnings, certainly.

    -mike
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