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(MSN)   One lucky bum just hit the $758 million Powerball in Massachusetts   ( msn.com) divider line
    More: Spiffy, Mega Millions, Powerball jackpot, Powerball, Income tax in the United States, Mega Millions jackpot, Tax, Tax refund, United States  
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2388 clicks; posted to Main » on 24 Aug 2017 at 11:20 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



92 Comments     (+0 »)
 
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2017-08-24 08:22:25 AM  
Oh hey, long lost cousin.
 
2017-08-24 08:45:10 AM  
I'm going to go tell him how dumb he was for buying that ticket.
 
2017-08-24 10:51:38 AM  
And yet somehow they got the store wrong, saying it was in Watertown, then correcting themselves and saying Chicopee. No big difference there or anything....
 
2017-08-24 10:53:11 AM  
Wow. That dude is really bad at math!
 
2017-08-24 11:22:54 AM  
Good for that person.

Here's hoping that individual can avoid being one of those cases where hitting it big ruined everything they liked about their life.
 
2017-08-24 11:24:00 AM  
And I saved $10 deciding to quit smoking. $6 for the pack, and $4 for the two non-winning sets of numbers.
 
2017-08-24 11:24:50 AM  
Probably be the biggest Masshole you ever saw.
 
2017-08-24 11:25:06 AM  
www.okmoviequotes.com
443 chicks at the same time, man.
 
2017-08-24 11:25:06 AM  

akula: Good for that person.

Here's hoping that individual can avoid being one of those cases where hitting it big ruined everything they liked about their life.


those stories are always sad.  You would think windfalls would be nice, but it seems more destructive.  DIdn't daily show or John Oliver do a segment on how lottery winners lives turn afterwards; some fight to stay anonymous?
 
2017-08-24 11:25:15 AM  

akula: Good for that person.

Here's hoping that individual can avoid being one of those cases where hitting it big ruined everything they liked about their life.


It's a Masshole, so he deserves the diseases he gets.
 
2017-08-24 11:25:50 AM  
What the hell? I bought FOUR tickets. How is that fair?
I should sue.
 
2017-08-24 11:26:50 AM  
Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.
 
2017-08-24 11:28:34 AM  

akula: Good for that person.

Here's hoping that individual can avoid being one of those cases where hitting it big ruined everything they liked about their life.


I'm hoping that it's a person that not only can handle that much money, but someone who has the sense to do some good with it while spoiling themselves after the victory. The one time I hated hearing about a multi-million dollar lottery winner was a story of person who already owned a factory of some sort where months earlier he had to lay off some employees due to a downturn, so that he won he said he planned to "expand" the factory but said nothing about hiring back those employees he says he was forced to let go.
 
2017-08-24 11:29:49 AM  
It's in Taxachusetts so $758 million is what $6 million after taxes?
 
2017-08-24 11:30:01 AM  
How do they know he's a Dodger fan?
 
2017-08-24 11:30:21 AM  

Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.


Wouldn't it be better to take the lump sum and get the interest/returns?
 
2017-08-24 11:30:27 AM  
The internet is saying supposedly the person has already come forward. So you know how that goes when someone jumps to a lotto win quick. Poor planning -> massive cash windfall -> great fark headlines
 
2017-08-24 11:31:09 AM  

justanotherfarkinfarker: The internet is saying supposedly the person has already come forward. So you know how that goes when someone jumps to a lotto win quick. Poor planning -> massive cash windfall -> great fark headlines


Yeah - the first thing i'm doing is setting up a blind trust.
 
2017-08-24 11:31:42 AM  

Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.


Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.
 
2017-08-24 11:32:01 AM  

wjllope: justanotherfarkinfarker: The internet is saying supposedly the person has already come forward. So you know how that goes when someone jumps to a lotto win quick. Poor planning -> massive cash windfall -> great fark headlines

Yeah - the first thing i'm doing is setting up a blind trust.


That's not allowed everywhere
 
2017-08-24 11:33:51 AM  

Intrepid00: Probably be the biggest Masshole you ever saw.


img.fark.net

Qualifies for that title.
 
2017-08-24 11:34:29 AM  

Yellow Beard: It's in Taxachusetts so $758 million is what $6 million after taxes?


I done did the math. Lump sum, minus Fed and Mass-hole taxes, still nets out to $336.3 million, free and clear. That's a mighty chunk of change, right there. (I'd still find a way to spend it, though.)
 
2017-08-24 11:34:37 AM  
It sounds like a great windfall but let's be honest - he/she will have to disconnect & vanish from his/her former life.
Squads of security & lawyers will be required to protect this person.
 
2017-08-24 11:38:05 AM  

Fark Against the Machine: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Wouldn't it be better to take the lump sum and get the interest/returns?


Yeah, but that's a big assumption that it will be invested wisely versus being swindled or gambled away.  With the annuity your dumbassesery/bad luck has a yearly limit.
 
2017-08-24 11:38:09 AM  
 
2017-08-24 11:39:06 AM  

bluorangefyre: Intrepid00: Probably be the biggest Masshole you ever saw.

[img.fark.net image 576x504]

Qualifies for that title.


Except not from Mass.   Whatever, I hope it's him or Gronk.
 
2017-08-24 11:40:42 AM  

DarkSoulNoHope: akula: Good for that person.

Here's hoping that individual can avoid being one of those cases where hitting it big ruined everything they liked about their life.

I'm hoping that it's a person that not only can handle that much money, but someone who has the sense to do some good with it while spoiling themselves after the victory. The one time I hated hearing about a multi-million dollar lottery winner was a story of person who already owned a factory of some sort where months earlier he had to lay off some employees due to a downturn, so that he won he said he planned to "expand" the factory but said nothing about hiring back those employees he says he was forced to let go.


This literally almost never happens.
 
2017-08-24 11:43:00 AM  

Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.


Sure, until you need Twenty Seven million.
 
2017-08-24 11:43:16 AM  
oh yeah, it would be 886 chicks at the same time, man.
 
2017-08-24 11:45:27 AM  

oldfarthenry: disconnect & vanish from his/her former life


That's my dream. Me and Mrs. Fab, a private jet, and the whole mutherfarking world to discover.

/after I set up my charitable foundation, of course
 
2017-08-24 11:46:01 AM  

RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.


Dunno, I've been advised by the Fark experts that this is a much better investment:
img.fark.net

Only problem would be finding room for a few hundreds million worth...

Oh, and also a good idea to legally change your name, don't tell any relatives what that is, and move as quickly and quietly as possible.
 
2017-08-24 11:48:18 AM  

wjllope: justanotherfarkinfarker: The internet is saying supposedly the person has already come forward. So you know how that goes when someone jumps to a lotto win quick. Poor planning -> massive cash windfall -> great fark headlines

Yeah - the first thing i'm doing is setting up a blind trust.


I'm willing to rob someone blind if they trust me.
 
2017-08-24 11:50:01 AM  
By gahd, that'll buy a lot of cahd.

/a lowell or a cabot?
 
2017-08-24 11:54:37 AM  

FriarReb98: And yet somehow they got the store wrong, saying it was in Watertown, then correcting themselves and saying Chicopee. No big difference there or anything....


No difference at all, unless you bought your ticket in Watertown or Chicopee and hadn't checked your numbers in the interim.
 
2017-08-24 11:55:56 AM  

RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.


Agreed.  In theory, the "lump sum" payment is supposed to be the present value of the future income stream you'd get if you took the annuity instead.  But calculating the present value requires that you make an assumption on the rate of investment returns, and the lottery commissions use a *very* conservative estimate for rate of return - it's been a while since I did the math, but it was either 2.75% or 3.75%.  You can do a LOT better over the long haul investing on your own, even with safe/conservative investments.
 
2017-08-24 11:59:25 AM  
I wonder how long until they are dead, bankrupt, divorced, or otherwise have their life upended in a bad way?
 
2017-08-24 12:06:33 PM  
Damn, now how am I going to pay for the fleet of gold Porsches I bought. The lady at the local stop and rob told me I had the winning ticket.
 
2017-08-24 12:12:12 PM  

ScottRiqui: RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.

Agreed.  In theory, the "lump sum" payment is supposed to be the present value of the future income stream you'd get if you took the annuity instead.  But calculating the present value requires that you make an assumption on the rate of investment returns, and the lottery commissions use a *very* conservative estimate for rate of return - it's been a while since I did the math, but it was either 2.75% or 3.75%.  You can do a LOT better over the long haul investing on your own, even with safe/conservative investments.


Mathematically speaking you're right. It's generally better to take lump sump unless you're unlucky and invest in terrible stocks. Also you forgot to take the human factor into consideration and period of investment. A 20 yr old winning has a much different dynamics than a 65 yr old winning regardless of the math.

The yearly payout is also guaranteed $$$ unlike investing on your own which carries it's own risks

a 3% annualized return compounded would double your money approx every 25 yrs.
 
2017-08-24 12:13:05 PM  

SamFlagg: wjllope: justanotherfarkinfarker: The internet is saying supposedly the person has already come forward. So you know how that goes when someone jumps to a lotto win quick. Poor planning -> massive cash windfall -> great fark headlines

Yeah - the first thing i'm doing is setting up a blind trust.

I'm willing to rob someone blind if they trust me.



I read that in Henny Youngman's voice.
 
2017-08-24 12:15:23 PM  

Yellow Beard: It's in Taxachusetts so $758 million is what $6 million after taxes?



We are lower than the US's average in terms of percentage of income taken by the state.
http://www.taxpolicycenter.org/statistics/state-and-local-tax-revenue​-​percentage-personal-income

PA is slightly higher then MA, fyi.
 
2017-08-24 12:16:30 PM  

SuperNinjaToad: ScottRiqui: RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.

Agreed.  In theory, the "lump sum" payment is supposed to be the present value of the future income stream you'd get if you took the annuity instead.  But calculating the present value requires that you make an assumption on the rate of investment returns, and the lottery commissions use a *very* conservative estimate for rate of return - it's been a while since I did the math, but it was either 2.75% or 3.75%.  You can do a LOT better over the long haul investing on your own, even with safe/conservative investments.

Mathematically speaking you're right. It's generally better to take lump sump unless you're unlucky and invest in terrible stocks. Also you forgot to take the human factor into consideration and period of investment. A 20 yr old winning has a much different dynamics than a 65 yr old winning regardless of the math.

The yearly payout is also guaranteed $$$ unlike investing on your own which carries it's own risks

a 3% annualized return compounded would double your money approx every 25 yrs.


The annuity choice doesn't compound.
 
2017-08-24 12:17:17 PM  

TheGreatGazoo: I wonder how long until they are dead, bankrupt, divorced, or otherwise have their life upended in a bad way?


Probably not all that long.

I got 2 numbers, is that worth a Bentley or a candy bar??
 
2017-08-24 12:21:07 PM  
Anyone check out the fine establishment where it was purchased?   The winner is going to be a 57 year old, single, alcoholic, chain smoker.    Dead inside of 2 years, book it.
 
2017-08-24 12:22:51 PM  

RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.


True, but with that much money, would you really need the extra money?  Not to mention to make the ROI matter, you'd be risking most, if not all, of your windfall on a stock market that has a history of crashing hard.

I'd rather have the guaranteed income of the annuity, along with the fact that having smaller amounts coming in would make it easier to manage your finances.
 
2017-08-24 12:27:04 PM  
Poor sod. A few.months of happiness.

I dont play the lottery becsuse my life is already pretty good. Sure i am broke. I was thinking of a new hobby, like model ships or trains or something, and cant affors it because money is tight.

But i think winning a few million would still do more harm than good. I like my job. Winning a pile of cash migh de incentivize me from working hard and progressing in my career.

Would be nice is someone ELSE won a pile and paid off my mortgage for me. And then nobody is bumming money off me.
 
2017-08-24 12:27:33 PM  

chawco: Poor sod. A few.months of happiness.

I dont play the lottery becsuse my life is already pretty good. Sure i am broke. I was thinking of a new hobby, like model ships or trains or something, and cant affors it because money is tight.

But i think winning a few million would still do more harm than good. I like my job. Winning a pile of cash migh de incentivize me from working hard and progressing in my career.

Would be nice is someone ELSE won a pile and paid off my mortgage for me. And then nobody is bumming money off me.


I am so bad at typing on my phone :\
 
2017-08-24 12:28:48 PM  
Okay, using the value of $443 million pre-tax for the lump sum and $25 million pre-tax for the annuity, we can compare the two options using an investment calculator. I'm using the one here: https://smartasset.com/investing/investment-calculator

I will be dividing the input values by 100,000 in these examples, because the investment calculator I'm using doesn't accept large values.

For the lump sum, I enter $4430 for Starting Amount, $0 for Additional Contribution, set a 10% Rate of Return, and set Years to Grow to 30. This results in $77,301. Because I divided the initial value by 100,000 to make it fit, this results in a net value of $7,730,100,000 after 30 years, which is pretty awesome.

For the annuity, I enter 250 for Starting Amount, 250 for Additional Contribution, and the same Rate of Return and Years to Grow. This results in a value of 45,486, or a total value of 4,548,600,000. Still pretty good, but substantially less than the lump sum.
 
2017-08-24 12:29:20 PM  

RoomFullOfMonkeys: SuperNinjaToad: ScottRiqui: RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.

Agreed.  In theory, the "lump sum" payment is supposed to be the present value of the future income stream you'd get if you took the annuity instead.  But calculating the present value requires that you make an assumption on the rate of investment returns, and the lottery commissions use a *very* conservative estimate for rate of return - it's been a while since I did the math, but it was either 2.75% or 3.75%.  You can do a LOT better over the long haul investing on your own, even with safe/conservative investments.

Mathematically speaking you're right. It's generally better to take lump sump unless you're unlucky and invest in terrible stocks. Also you forgot to take the human factor into consideration and period of investment. A 20 yr old winning has a much different dynamics than a 65 yr old winning regardless of the math.

The yearly payout is also guaranteed $$$ unlike investing on your own which carries it's own risks

a 3% annualized return compounded would double your money approx every 25 yrs.

The annuity choice doesn't compound.


I wasn't refering to the anuity.. I'm saying if you invest yourself you have to have at least 3% retunr every year for straight 25 yrs to get back to the original payout since after taxes etc you get only about half.
 
2017-08-24 12:31:06 PM  

Loreweaver: RoomFullOfMonkeys: Gyro the Greek Sandwich Pirate: Twenty six million dollars a year for twenty nine years?  I wouldn't mind that.

Take the lump sum. Invest it into the stock market. Average market returns have been around 10% for quite awhile now. You'll make more from the ROI each year than you'd make from taking the yearly payout.

True, but with that much money, would you really need the extra money?  Not to mention to make the ROI matter, you'd be risking most, if not all, of your windfall on a stock market that has a history of crashing hard.

I'd rather have the guaranteed income of the annuity, along with the fact that having smaller amounts coming in would make it easier to manage your finances.


It has a history of crashes, but in between those crashes it builds up and completely recoups the losses. While you'd still be ahead with a basic index fund you'd be better off to diversify. Put some in funds that focus on dividends and safer investments, some that go for higher returns but with more risk, and if you really want to play it safe with some, keep it in T-bills or some other uber-safe vehicle. Nobody's saying the stock market doesn't carry risk, but those who view it as gambling have no concept of how this stuff works. It would not be hard at all, with a decent financial advisor, to get at least a 5% annual return with a mix of investment vehicles. Even if you lump summed it at north of $440m and then paid taxes leaving ~270m, you could give half of it away (now down to $135m), and a 5% return on that would be nearly $7m/year. You'd never have to touch the principal and you'd still live like a king. Or reinvest most of it and live on a measly $1m/year. You'd still not have to work a day in your life and be able to be a generous donor.
 
2017-08-24 12:32:49 PM  

MOPAR BLUE: TheGreatGazoo: I wonder how long until they are dead, bankrupt, divorced, or otherwise have their life upended in a bad way?

Probably not all that long.

I got 2 numbers, is that worth a Bentley or a candy bar??


I got 2 as well but not the powerball so it's not worth anything...
 
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