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(LA Times)   The Mega Millions jackpot has reached a record $500 million as of 12pm today and with two days to go before Friday nights drawing, things are bound to go full crazy   (latimesblogs.latimes.com) divider line 229
    More: Obvious  
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5014 clicks; posted to Main » on 28 Mar 2012 at 10:36 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-28 10:52:13 PM  
We're all pitching in 20 bucks at work. First time I've ever thrown money at the lottery.
 
2012-03-28 10:52:16 PM  
I would eat a million dollars and then shiat richly, like kings of old.
 
2012-03-28 10:52:23 PM  

Abox: If I won that money I would either share it until it was gone


Isn't this part of the dream? Thinking about everyone and everything you know that you could give money to and improve their lives? Thats the most fun part of it, to me.
 
2012-03-28 10:53:27 PM  
If no one wins on Friday, could this get up to a billion?
 
2012-03-28 10:53:51 PM  

gameshowhost:
Sure, but it gets to be a problem when "daydream" turns into "investment strategy"... '


Seems like whenever all I need is a pack of smokes, I get stuck behind someone doing their retirement planning.
 
2012-03-28 10:54:14 PM  
Hell, I'd pay for every Farker to have TF free for one solid year if I won that kind of money. Could you imagine TFD then?
 
2012-03-28 10:55:24 PM  
Ok. Just to remind everyone. There is only one way to proceed if you win.

1. Create a 501c3 charitable foundation with the money.
2. Make yourself CEO of foundation with a yearly salary of $180,000.
3. Spend the rest of your life wisely giving worthy causes money.
4. If you cannot seem to live a good life on that salary, then you should die.
5. Live a good life.
 
2012-03-28 10:56:26 PM  

August11: Ok. Just to remind everyone. There is only one way to proceed if you win.

1. Create a 501c3 charitable foundation with the money.
2. Make yourself CEO of foundation with a yearly salary of $180,000.
3. Spend the rest of your life wisely giving worthy causes money.
4. If you cannot seem to live a good life on that salary, then you should die.
5. Live a good life.


I think you do this AFTER you have put away something like $20M in a lockbox, just in case.
 
2012-03-28 10:57:49 PM  

DamnYankees: If no one wins on Friday, could this get up to a billion?


The jackpot has already gone to plaid. What could possibly come after plaid?
 
2012-03-28 10:58:40 PM  

DamnYankees: Abox: If I won that money I would either share it until it was gone

Isn't this part of the dream? Thinking about everyone and everything you know that you could give money to and improve their lives? Thats the most fun part of it, to me.


Until the local one-screen theater was bought out and turned into a banquet hall, I was going to buy it, hire only local students, and include in their shift 2 hours paid to do their homework.

Just one idea, of course...
 
2012-03-28 10:59:04 PM  

DamnYankees: If no one wins on Friday, could this get up to a billion?


It would take more than one non-winning draw to get to a billion. It was last won on January 24th. So, it started at $12m on the 27th and 18 consecutive non-winners.

Now, it has gone up $137m in between these two drawings. I'm not sure if it goes up again before Friday.

Even if we assume (with a non winner), that people start buying more and more...I would think it would take 3 more drawings, at least, before it got to a 10 digit jackpot
 
2012-03-28 11:00:12 PM  

bluorangefyre: Could you imagine TFD then?


That's a hell of a way to spend 40m....
 
2012-03-28 11:00:24 PM  
The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.
 
2012-03-28 11:02:40 PM  

AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.


Pretty sure its impossible for federal and state taxes to take more than half your income.
 
2012-03-28 11:03:24 PM  

DamnYankees: August11: Ok. Just to remind everyone. There is only one way to proceed if you win.

1. Create a 501c3 charitable foundation with the money.
2. Make yourself CEO of foundation with a yearly salary of $180,000.
3. Spend the rest of your life wisely giving worthy causes money.
4. If you cannot seem to live a good life on that salary, then you should die.
5. Live a good life.

I think you do this AFTER you have put away something like $20M in a lockbox, just in case.


Your "just in case" brain is a handicap. You know this already, though.
 
2012-03-28 11:03:55 PM  

August11: Ok. Just to remind everyone. There is only one way to proceed if you win.

1. Create a 501c3 charitable foundation with the money.
2. Make yourself CEO of foundation with a yearly salary of $180,000.
3. Spend the rest of your life wisely giving worthy causes money.
4. If you cannot seem to live a good life on that salary, then you should die.
5. Live a good life.


Where is the step that includes hookers and blow?
 
2012-03-28 11:04:34 PM  
If I win I'm spreading a good 75 million among family, friends, and women who have sent me BIE, prior to the drawing.
 
2012-03-28 11:04:41 PM  

August11: Your "just in case" brain is a handicap. You know this already, though.


Lizard brain FTW
 
2012-03-28 11:04:57 PM  
adscam.typepad.com
 
2012-03-28 11:05:15 PM  

AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.


Actually, the annuity is $500 million and the cash payout is $359 million. Federal tax would be 25% and then vary based on what state you live in. So you're looking at ~$230 to $255 million take home after taxes depending on state. I can part with $5 for a shot. Hell, even if I don't win it was still nice daydreaming. A mental vacation.
 
2012-03-28 11:05:23 PM  
I'm a math guy, so I know the odds of winning are somewhere up around being simultaneously killed in a plane crash while being eaten by a shark AND annihilated in a meteor explosion, but I threw 5 bucks at it anyway, because it's nice to dream.
 
2012-03-28 11:05:46 PM  
Using the eFile calculator on an income of $359,000,000...I got a federal tax payment of $125,623,989.
 
2012-03-28 11:05:48 PM  

DamnYankees: AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.

Pretty sure its impossible for federal and state taxes to take more than half your income.


Well.. What's the highest fed tax bracket? 35%? State taxes are 10% and we have this b.s. 'local' tax of 5%... that sure looks pretty darn close to 50%.
 
2012-03-28 11:06:27 PM  
That's too much for any one person so I'm here to give you all the winning numbers:

22-23-31-44-53 MB 17

I'm going to need 5% from everyone, I live in a non Megamillions state.
 
2012-03-28 11:06:27 PM  

jag164: August11: Ok. Just to remind everyone. There is only one way to proceed if you win.

1. Create a 501c3 charitable foundation with the money.
2. Make yourself CEO of foundation with a yearly salary of $180,000.
3. Spend the rest of your life wisely giving worthy causes money.
4. If you cannot seem to live a good life on that salary, then you should die.
5. Live a good life.

Where is the step that includes hookers and blow?


#4
 
2012-03-28 11:07:33 PM  

AeAe: Well.. What's the highest fed tax bracket? 35%?


To be fair, you'd only be paying 35% on the last 358,600,000 or so
 
2012-03-28 11:07:53 PM  

bulldg4life: DamnYankees: If no one wins on Friday, could this get up to a billion?

It would take more than one non-winning draw to get to a billion. It was last won on January 24th. So, it started at $12m on the 27th and 18 consecutive non-winners.

Now, it has gone up $137m in between these two drawings. I'm not sure if it goes up again before Friday.

Even if we assume (with a non winner), that people start buying more and more...I would think it would take 3 more drawings, at least, before it got to a 10 digit jackpot


I'd get an RV and turn it into a vet office on wheels, free spays and neuters, free vetting, and give big to animal rescue groups, in addition to hooking up all my family and friends, and investing. Not to mention helping random deserving strangers. Fun to dream.
 
2012-03-28 11:08:25 PM  

AeAe: DamnYankees: AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.

Pretty sure its impossible for federal and state taxes to take more than half your income.

Well.. What's the highest fed tax bracket? 35%? State taxes are 10% and we have this b.s. 'local' tax of 5%... that sure looks pretty darn close to 50%.


You deduct your state and local taxes from your income when you pay federal taxes. Otherwise its double taxation.
 
2012-03-28 11:08:28 PM  

AeAe: Well.. What's the highest fed tax bracket? 35%? State taxes are 10% and we have this b.s. 'local' tax of 5%... that sure looks pretty darn close to 50%.


10%? You must be in New Jersey. Here's a link from Mega Million's website:

http://www.usamega.com/mega-millions-jackpot.asp
 
2012-03-28 11:09:20 PM  

AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.


Depends on the state. In GA, for example, state tax is 6%, leaving a total of about 212m. whereas in NJ (10.8%, highest I could find) the take-home amount is 194m. There's also city taxes where applicable.

Still, I'm not sure how you get down to 179m. Payroll taxes are not applicable.
 
2012-03-28 11:10:51 PM  

GAT_00: I bought 5. Might get some more tomorrow. I'm not dumb enough to expect to win, it's just fun to imagine what I could do with all of it, and you can't win if you don't play.

Besides, I've wasted $5 in far dumber ways before.


I can see wasting a dollar, or whatever the minimum buy-in, for the chance (however miniscule it may be).
That buys me the same daydream's worth of entertainment as $5, without reducing this week's beer budget by 5%

Your odds barely increase laying above minimum vs the pct decrease in your wallet
 
2012-03-28 11:12:41 PM  

Maximer: Federal tax would be 25%


Federal tax would be 35%. The lotto has to withhold 25% up front, but you're still on the hook for the rest.
 
2012-03-28 11:13:23 PM  
When you buy one ticket your chances are 1:170,000,000. But when you be a second your odds instantly double. Based on this math i've purchased 30 tickets.

1$ = 1:170,000,000
2$ = 1:85,000,000
3$ = 1:42,500,000
4$ = 1:21,750,000
...
30$ = 1:0.317

I expect to win 3 jackpots, and all the minor prizes. I don't know why no one has figured this out yet.
 
2012-03-28 11:13:40 PM  

wxboy: AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.

Depends on the state. In GA, for example, state tax is 6%, leaving a total of about 212m. whereas in NJ (10.8%, highest I could find) the take-home amount is 194m. There's also city taxes where applicable.

Still, I'm not sure how you get down to 179m. Payroll taxes are not applicable.


Yeah, ignore me. I was using the "50%" tax which apparently is not accurate.

Carry on..
 
2012-03-28 11:15:12 PM  
So, I'll take the $247,710,000 that I would get in Georgia...

Give me the $47m+ to blow on anything I can think of...I'll invest $200m in a nice medium risk fund getting 8% and I'll have a solid $1.6b when I'm 50.
 
2012-03-28 11:15:18 PM  

Nicholas Urfe: Maximer: Federal tax would be 25%

Federal tax would be 35%. The lotto has to withhold 25% up front, but you're still on the hook for the rest.


A ha! I thought I read that somewhere... So, in my case, it's still 35 + 10 (for state)... so .. 45%
 
2012-03-28 11:16:31 PM  
Show of hands on the people who would look to go halves on a sports team?
 
2012-03-28 11:17:05 PM  

bulldg4life: Show of hands on the people who would look to go halves on a sports team?


I'd rather just own amazing seats.
 
2012-03-28 11:18:09 PM  
Hell, even if you pull a cash option only worth 250 million after taxes, put it in the safest thing your money manager can find. Hell, take 4% a year.

That's still 8 million or so. Maybe 4.8 after a 40 % capital gains tax. I mean I'm talking out of my ass here but I could live pretty well on 4.8 million a year as long as I don't develop a taste for hunting the most dangerous game or something.

I might die early sure. Probably, to be honest. But I don't think I'd die broke.
 
2012-03-28 11:18:18 PM  

DamnYankees: bulldg4life: Show of hands on the people who would look to go halves on a sports team?

I'd rather just own amazing seats.


I dunno, man.

I'd really like to get some of those black badges that the Atlanta Braves executive management gets. Those things get you in everywhere...even the cheerleader's pants...
 
2012-03-28 11:18:31 PM  

AeAe: A ha! I thought I read that somewhere... So, in my case, it's still 35 + 10 (for state)... so .. 45%


No. It'd be roughly 35 + 10(.65) because you can deduct your state income taxes from your federal liability.
 
2012-03-28 11:19:18 PM  

Ashtrey: Maybe 4.8 after a 40 % capital gains tax


Where in the hell are you paying 40% capital gains?
 
2012-03-28 11:20:29 PM  

bulldg4life: Ashtrey: Maybe 4.8 after a 40 % capital gains tax

Where in the hell are you paying 40% capital gains?


If you don't hold it for a certain period of time its taxed as income. Maybe that's what he meant.
 
2012-03-28 11:21:10 PM  

CBob: A little hard work and you could turn that into some real money there.


Why bother? Stick the ~$400 million in an account earning 4-5% interest. Sit on your lazy butt and collect $16-20 million in risk free profit every year.
 
2012-03-28 11:21:34 PM  

Nicholas Urfe: AeAe: A ha! I thought I read that somewhere... So, in my case, it's still 35 + 10 (for state)... so .. 45%

No. It'd be roughly 35 + 10(.65) because you can deduct your state income taxes from your federal liability.


Right right. I was rounding up.
 
2012-03-28 11:21:55 PM  
If I win I'm giving $1 million to every girl when send me BIE. So ladies you have till friday to send me BIE or you'll regret it for the rest of your life because right now the only one getting money is Grables'Daughter.
 
2012-03-28 11:22:01 PM  

Maximer: AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.

Actually, the annuity is $500 million and the cash payout is $359 million. Federal tax would be 25% and then vary based on what state you live in. So you're looking at ~$230 to $255 million take home after taxes depending on state. I can part with $5 for a shot. Hell, even if I don't win it was still nice daydreaming. A mental vacation.


After blowing a few million, you could park a farkton in safe investments and net a minimum of 5 million a year after taxes and never have to touch the initial investment.
 
2012-03-28 11:22:05 PM  
I'd donate $10 million to my university with the stipulation that they spend it on new labs, advanced equipment, and competent professors.
 
2012-03-28 11:23:56 PM  

DamnYankees: bulldg4life: Ashtrey: Maybe 4.8 after a 40 % capital gains tax

Where in the hell are you paying 40% capital gains?

If you don't hold it for a certain period of time its taxed as income. Maybe that's what he meant.


Long term capital gains (over 1 year) is taxed at 15% (a la Romney).

short term cap gains (less that 1 hear) is taxed as income... so in those terms, it's going to be closer to 35%.
 
2012-03-28 11:27:12 PM  

AeAe: The cash annuity option is 359 million. After federal and state taxes, that's down to 179 million.

not even worth it.


According to the website, it's no state taxes and 25% federal.

359 * 0.75 = $269.25 million
 
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