Welcome Guest
Log In | Register )
You last visited December 6, 2016, 3:06 am
All times shown are
Eastern Time (GMT-5:00)

$93.4 million Powerball lottery winner is New Mexico's third

Topic closed. 30 replies. Last post 11 years ago by PrisonerSix.

Page 2 of 3
PrintE-mailLink
Avatar
Portland
United States
Member #7262
September 27, 2004
111 Posts
Offline
Posted: August 11, 2005, 10:24 pm - IP Logged

Congratulations to the happy person in New Mexico!!Lep

......and.....

"They also advise that the winner or winners should meet with an attorney and/or financial advisor immediately, before coming to Lottery headquarters."

Roll Eyes Roll Eyes Roll Eyes

I am confused as to why you should not go immediately to the HQ, get a million or so advance (they do that a lot) and then spend the (probably 30-day) waiting period doing the financial advising routine? Uncle (25%) and state (6%) will get their's in either case. Yet you would have some spending cash, and not be in a hurry to commit to a fast talking financial/banking guy.

 

 It's very reasonable, Chewie!I Agree!

    Avatar
    New Mexico
    United States
    Member #12305
    March 10, 2005
    2984 Posts
    Offline
    Posted: August 11, 2005, 10:42 pm - IP Logged

    Congratulations to the happy person in New Mexico!!Lep

    ......and.....

    "They also advise that the winner or winners should meet with an attorney and/or financial advisor immediately, before coming to Lottery headquarters."

    Roll Eyes Roll Eyes Roll Eyes

    I am confused as to why you should not go immediately to the HQ, get a million or so advance (they do that a lot) and then spend the (probably 30-day) waiting period doing the financial advising routine? Uncle (25%) and state (6%) will get their's in either case. Yet you would have some spending cash, and not be in a hurry to commit to a fast talking financial/banking guy.

     

     It's very reasonable, Chewie!I Agree!

    We're talking New Mexico here. 

    The NM Lottery Authority is aware that almost everyone in NM has an outstanding warrant for his arrest out somewhere. 

    They know that all of us probably need to talk to a lawyer. 

    They know that now, as jackpot winners, these particular New Mexicans can afford to speak to an attorney, who can call prosecutors somewhere and try to iron things out so the jackpot winners don't get dragged kicking and screaming off to the slammer in front of the TV cameras.

    Jack

     

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
      23261 Posts
      Online
      Posted: August 11, 2005, 10:53 pm - IP Logged

      The Group thing seems to be the key. I wish I had a group.

      Don't start thinking that you need to get with a group.  It doesn't really change your odds too much.  A couple of recent winners have been groups, but it's the minority.

      The largest jackpot winners in every game I know of have been solo players.

      Take, for example, the latest Euro Millions winner - the largest European lottery winner ever.  Single Mom.

      And don't EVER make the mistake of playing with one of those "lottery syndicate" web sites out there.  Never, never, never.

       

      Check the State Lottery Report Card
      What grade did your lottery earn?

       

      Sign the Petition for True Lottery Drawings
      Help eliminate computerized drawings!

        wizeguy's avatar - animaniacs04

        United States
        Member #15143
        May 10, 2005
        414 Posts
        Offline
        Posted: August 11, 2005, 11:06 pm - IP Logged

        Congrats to the winner/s!

         

          dvdiva's avatar - 8ball

          United States
          Member #2338
          September 17, 2003
          2063 Posts
          Offline
          Posted: August 12, 2005, 4:11 am - IP Logged

          What a shock. Another powerball jackpot that didn't hit 100 million.

          Speaking of pools I always thought a Lotterypost pool would be fun to think of. The big arguement would be what numbers to play and cash or annuity for the prize. 

            Avatar
            Sparta, NJ
            United States
            Member #18331
            July 9, 2005
            1977 Posts
            Offline
            Posted: August 12, 2005, 10:52 am - IP Logged

            Congratulations to the happy person in New Mexico!!Lep

            ......and.....

            "They also advise that the winner or winners should meet with an attorney and/or financial advisor immediately, before coming to Lottery headquarters."

            Roll Eyes Roll Eyes Roll Eyes

            I am confused as to why you should not go immediately to the HQ, get a million or so advance (they do that a lot) and then spend the (probably 30-day) waiting period doing the financial advising routine? Uncle (25%) and state (6%) will get their's in either case. Yet you would have some spending cash, and not be in a hurry to commit to a fast talking financial/banking guy.

             

             It's very reasonable, Chewie!I Agree!

            Seriously, the statement/question is not getting a lot of response. I am curious why my option suggestion would not be the way to go. Big time winner need to go the financial route, but I don't see why any one should wait to claim the money and work something out with the banking world for the short term. I'm thinking, banks would be falling all over themselves for a shot at handling several million; even for the short term. Even at 1% interest, it would be better than 0$ interest you'll get for leaving it in the states hands.

            Cheers

            |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

            I only trust myself - and that's a questionable choice

              Todd's avatar - Cylon 2.gif
              Chief Bottle Washer
              New Jersey
              United States
              Member #1
              May 31, 2000
              23261 Posts
              Online
              Posted: August 12, 2005, 11:11 am - IP Logged

              The NM Lottery won't just hand you a check for a million bucks on the spot.  The article states that already.

              It usually takes a couple weeks for any state lottery to give you a check for any amount, including small prizes like $600 or $5,000.

              People who are not only wealthy, but who STAY wealthy, don't go blowing a million bucks for fun money.  It's serious business, and should be planned carefully.  An early misstep could prove very costly.

              Besides, what's the rush?

               

              Check the State Lottery Report Card
              What grade did your lottery earn?

               

              Sign the Petition for True Lottery Drawings
              Help eliminate computerized drawings!

                Avatar
                Sparta, NJ
                United States
                Member #18331
                July 9, 2005
                1977 Posts
                Offline
                Posted: August 12, 2005, 11:27 am - IP Logged

                Actually quite a few state have been known to hand out an advance check; there was one just a few weeks ago. In the same vein, once you go public, banks will gladly advance you a check.

                The hurry? I must be in a different tax bracket than you guys. Say I won the current MM, the take home (after the intial tax is around $22.5M. I see major benefits in making it mine as soon as possible. The impact of claiming the money now, IMHO, is twenty-two million dollars over not claiming it. Trust me, when I say I plan on having FUN with the money (and investing tons of it). One of the first expenditues would be a trip around the world - first class - and I would like to start it tomorrow morning, not next month. Lawyers, advisers, and the rest can be handled by video-conference.

                Cheers

                |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                I only trust myself - and that's a questionable choice

                  Avatar
                  New Mexico
                  United States
                  Member #12305
                  March 10, 2005
                  2984 Posts
                  Offline
                  Posted: August 12, 2005, 11:32 am - IP Logged

                  Congratulations to the happy person in New Mexico!!Lep

                  ......and.....

                  "They also advise that the winner or winners should meet with an attorney and/or financial advisor immediately, before coming to Lottery headquarters."

                  Roll Eyes Roll Eyes Roll Eyes

                  I am confused as to why you should not go immediately to the HQ, get a million or so advance (they do that a lot) and then spend the (probably 30-day) waiting period doing the financial advising routine? Uncle (25%) and state (6%) will get their's in either case. Yet you would have some spending cash, and not be in a hurry to commit to a fast talking financial/banking guy.

                   

                   It's very reasonable, Chewie!I Agree!

                  Seriously, the statement/question is not getting a lot of response. I am curious why my option suggestion would not be the way to go. Big time winner need to go the financial route, but I don't see why any one should wait to claim the money and work something out with the banking world for the short term. I'm thinking, banks would be falling all over themselves for a shot at handling several million; even for the short term. Even at 1% interest, it would be better than 0$ interest you'll get for leaving it in the states hands.

                  Fact is, you've gotten a lot of response.  But a related fact is that there's no one here who has any reason to try to argue you down on it.

                  If you win you'll handle it howsomeever you please.  If the people with differing opinions on the proper track win, they'll handle it however they see fit.

                  No one has any investment in how other people handle their money or deal with astronomical improbabilities stacked a mile high and teetering on suppositions.

                  It isn't as though any of us are speaking from experience, and none of us can argue from any position other than best-guesses.

                  Jack

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
                    New Jersey
                    United States
                    Member #1
                    May 31, 2000
                    23261 Posts
                    Online
                    Posted: August 12, 2005, 11:43 am - IP Logged

                    Actually quite a few state have been known to hand out an advance check; there was one just a few weeks ago. In the same vein, once you go public, banks will gladly advance you a check.

                    The hurry? I must be in a different tax bracket than you guys. Say I won the current MM, the take home (after the intial tax is around $22.5M. I see major benefits in making it mine as soon as possible. The impact of claiming the money now, IMHO, is twenty-two million dollars over not claiming it. Trust me, when I say I plan on having FUN with the money (and investing tons of it). One of the first expenditues would be a trip around the world - first class - and I would like to start it tomorrow morning, not next month. Lawyers, advisers, and the rest can be handled by video-conference.

                    Well, if you re-read what I said, I did not say that no lottery will ever give you an advance check.  I said the NM Lottery will not give you one.

                    Hence, it would not be smart to rush down there breathlessly expecting a big million-dollar advance check.

                    By the way, please point out a single instance where a lottery handed someone a million-dollar check on the spot.  I have never seen such a case.  And those big cardboard checks don't count - although I would like to see someone try to cash one at their bank!

                    Someone in a low tax bracket may have a very good reason not to run down to Lottery HQ and claim the prize.  They have no experience handling that kind of money, and rushing down there would be the exact wrong thing to do.

                    Lottery history is littered with people who made the mistake of rushing things, and pay for it later.

                     

                    Check the State Lottery Report Card
                    What grade did your lottery earn?

                     

                    Sign the Petition for True Lottery Drawings
                    Help eliminate computerized drawings!

                      Avatar
                      New Mexico
                      United States
                      Member #12305
                      March 10, 2005
                      2984 Posts
                      Offline
                      Posted: August 12, 2005, 12:52 pm - IP Logged

                      For what it's worth:

                      The ABQ Journal says this morning that it's still unknown who holds the winning tickets.

                      It also says, if a person takes the lump sum the check will be for 52.2 million, but the winner will be able to deposit only 36 million and some change after taxes.

                      So, a person wins a 93 plus million dollar jackpot.  Takes the lump and ends up with 52 million imaginary dollars, which end up actually being 36 milllion (the almost exact reciprocal of 93).

                      Observation 1:  Who is it that's criticizing Texas for inflating the jackpots?

                      Observation 2:  Who is it that's criticizing NY Lotto for being a ripoff?

                      Observation 3:  It's time to get the mafia back into this game, so's the winners don't get ripped off so badly.

                      Observation 4:  Why was it so many LP posters believed that backwater New England State should stay in this legal program of highway robbery perpetrated by the people who govern us and a corporate gang of bandits?

                       

                      Jack

                        Avatar
                        Wisconsin
                        United States
                        Member #1610
                        June 3, 2003
                        668 Posts
                        Offline
                        Posted: August 12, 2005, 1:19 pm - IP Logged

                        I agree and wouldn't run to submit my winning ticket right away. I'd wait a couple of weeks before even considering making an appearance at lotto headquarters to cash in a larger jackpot ticket.

                        Along with finding a trusted financial guru, here are a number of non-financial things that must also be done before your name is revealed. Making arrangements to change your phone number should be completed before you submit a ticket for verification.

                        Another might be to plan a trip immediately following your lottery headquarters visit. For the sake of privacy, I'd consider not returning home for at least the first few days following a jackpot news release. Get a trusted neighbor to take care of your place and just disappear for awhile.

                        ... the lottery never fails to surprise!
                          Avatar
                          Baton Rouge, LA
                          United States
                          Member #4602
                          May 7, 2004
                          699 Posts
                          Offline
                          Posted: August 12, 2005, 1:50 pm - IP Logged

                          I agree and wouldn't run to submit my winning ticket right away. I'd wait a couple of weeks before even considering making an appearance at lotto headquarters to cash in a larger jackpot ticket.

                          There are a number of non-financial things that must be done before your name is revealed. Making arrangements to change your phone number. Certainly, this change should be completed before you submit a ticket for verification.

                          Another might be to plan a trip immediately following your lottery headquarters visit. For the sake of privacy, I'd consider not returning home for the first few days following a large jackpot news release. Get a trusted neighbor to take care of your place and just disappear for awhile.

                          Good suggestions.

                          I'm run a small lottery pool with 3 coworkers and we've talked about the possibility of winning and what we will do if it happens.  Before claiming, we plan to get a financial advisor so we can plan for the future and an attorney to help us with the legal stuff in addition to claiming the winnings on our behalf.  We plan on using a trust or corporation to claim it, so our names will be kept out of the newspapers.  I know this isn't 100% privacy, but it helps.

                          After we get our money, everything in order, and the excitement of a big winner in our area has died down, we plan to take steps to prevent ourselves from being found out.  We all plan to keep it secret, plus I've suggested we all file out of here on at a time.  In other words, don't all quit our jobs at once, we'll draw straws to determine who gets to leave first.  Again, anything to not arouse suspicion.

                          At least 2 of us have already considered moving, preferably out of state.  One wants to move to nearby Mississippi because she likes the area, while I'm considering Nevada, mainly because of the tax laws(no state or corporate income taxes), or a smaller community in Louisiana(our home state), for lower cost of living.  I know that won't be an issue with a big win, but I want the money to last as long as possible.

                          Another thing I've considered doing is since the Louisiana Lottery has local offices in other Louisiana cities where jackpots can be claimed, I might set it up so the money can be claimed in a local office in another city, also to cover our tracks.  Those with the sob stories, business ventures, con games, etc., will be looking in one of those places for the winners, not where we really are. 

                          I know I sound a little paranoid, but it comes from childhood experience.  When I was growing up, my parents put an inground swimming pool in our back yard.  In school, when the word got around about it, I had people who didn't care about me or in some cases, who didn't like me that much, all of a sudden want to be my friends.  I don't want to think what it would be like if word got around having all that money.

                          PrisonerSix   


                            United States
                            Member #14188
                            April 22, 2005
                            21 Posts
                            Offline
                            Posted: August 12, 2005, 3:32 pm - IP Logged
                             PrisionerSix
                             
                            this sounds well thought out, but I wonder what you would really
                            do with $100 million dropped in your lap?  How about going stark
                            raving mad! 
                              Avatar
                              New Mexico
                              United States
                              Member #12305
                              March 10, 2005
                              2984 Posts
                              Offline
                              Posted: August 13, 2005, 10:24 am - IP Logged
                               PrisionerSix
                               
                              this sounds well thought out, but I wonder what you would really
                              do with $100 million dropped in your lap?  How about going stark
                              raving mad! 

                              It's a bit of a moot point, isn't it?  $100 million isn't going to drop into winner's lap unless the jackpot is around $300 million. 

                              But I suppose a person might as easily go stark raving mad over $30 million and some change from a $100 million win as he would if it was the $100 million they'd announced he won.  After a certain point it probably doesn't matter much, except over in the Lottery offices.  Not a lot a person could do with $100 million that he couldn't do equally well with $30 million when you consider it.

                              Jack

                              Absorb the good, ignore the bad, weigh the ugly.

                              It's about number behavior.

                              Egos don't count.

                               

                              Dedicated to the memory of Big Loooser