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$200 Million lottery jackpot has Mega Millions players' attention

Topic closed. 29 replies. Last post 11 years ago by Chewie.

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thousandair's avatar - Lottery-026.jpg
NY
United States
Member #10151
January 4, 2005
248 Posts
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Posted: September 11, 2005, 1:12 pm - IP Logged

Sad WaveyI would take the lump sum , say good bye to the wife after i give her half of the money, take the dog with me and never be seen or heard of again. change my name and just go far away, were there is no media , Just like the wittiness protection program. there would be enough money to live comfortably for the next ten lifetimes. I have my tickets for the next few draws if need be. If the jackpot doesn't go my way, then there is no need to split the money with my wife, i will settle for the second prize, Its so nice to dream.

US FlagThousandair

    Bradly_60's avatar - disney37
    Atlantic Mine, Michigan
    United States
    Member #416
    June 23, 2002
    1614 Posts
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    Posted: September 11, 2005, 4:17 pm - IP Logged

    You guys got to remember the stories of people that went broke didn't win as much as the prizes are today.  They won maybe 1 to 5 million dollars.  You can go through that kind of money quickly if you don't know how to manage money.  If you took the lump sum from Tuesday jackpot you would be left with over 80 million.  The interest you could make off of that money is equal to the annuity payments each year.  Even if you were bad at managing money it would really be hard to go through that kind of money and interest you earn.  No matter how high the annuity payments are...always take cash...any financial advisor will give you that advice (i am a finance major).  Money now is worth more than more money in the future.

    Brad

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      Sparta, NJ
      United States
      Member #18331
      July 9, 2005
      1977 Posts
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      Posted: September 11, 2005, 4:20 pm - IP Logged

      Unless you make a target of yourself, like  Andrew “Jack” Whittaker did, the media will grow tired of you in a hurry. Once the media grows tired of you, then you can live a decent life. Until then, hire the appropriate team to isolate you from the Charity leeches. Hide behind a LLC, so your address, phone, etc are not public inoformation. With $100M you could afford to hire a couple of Personal Assistance types, let them stand in the lime light for you. Remember, you only hear about Robert De Niro when Robert De Niro wants you to hear about Robert De Niro. He has more money than you'll ever dream about, is a better target for the media, and the media leaves him alone to go after those who make a better target.

      The media is always interested in easy targets; kind of like pack dogs. Once they smell blood some where else, they'll be out of your life. Unless you challenge them or invite them back. Get you money, travel, then decide how and where to live. Why buy a house in LA, when, during your travels, you may fall in love with Sydney Australia. I'm sure you won't be tracked in Switzerland.

      Cheers

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

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

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19828 Posts
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        Posted: September 11, 2005, 4:39 pm - IP Logged

        Ohio have had a couple of big MM winners who got national coverage when they claimed their prize, but have since went unnoticed.  Only the Cleveland woman who lied about losing a winning ticket still makes the news once in a while.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       


          United States
          Member #5565
          July 11, 2004
          260 Posts
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          Posted: September 11, 2005, 6:00 pm - IP Logged
                 

          Didn't some one recently post information about the IRS and Annuity payments; where, if you die, the IRS wants all the tax money in one big lump? That part would make me leary about Annuity, especially on jackpots of the current size. That would be setting up a situation of paying the IRS and state a lump sum, and then the family still paying annually. With lump sum, of say $100M, I am sure I could find adequate help to manage the finances, with minimum imput from me. There are a few people I have repeatidly trusted with my life, for over forty years, I'm sure they will be there for the management effort.

          You designate a beneficiary to receive the annuity payments after you die, and the survivor pays the tax on the annuity as they collect. It works the same way as a retirement annuity. I set up two for my parents, and they pay tax on just the investment income paid out in the annuity. You don't pay the tax on the entire present cash value.


            United States
            Member #379
            June 5, 2002
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            Posted: September 11, 2005, 6:08 pm - IP Logged

            Lump sum is still better than annuity. No doubt about it.


              United States
              Member #5565
              July 11, 2004
              260 Posts
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              Posted: September 11, 2005, 6:13 pm - IP Logged

              I agree unless you are an idiot and don't know anything about money and in two years you are broke again... it happens all the time. 

               

              When I win the mega millions I want to buy Eddie Murphy's house here in Granite Bay California....listed at 10 Million but he will be good if he gets 1/2 that amount because houses don't sell in Sacramento or Granite bay for 10 million not even for Eddie Murphy's house.

              I'm betting those folks weren't thinking of themselves as idiots while they were bankrupting themselves, same as you and I wouldn't think of ourselves as idiots, no matter what we happened to be doing at the time.  That idiocy thing is amazingly easy to recognize in the behavior of others, and in ourselves in retrospect.  But it shows up wearing cammies most of the time when we're experiencing it real-time.

              But no one who'd wish to own Eddie Murphy's house could ever be described that way, most likely.

              Jack

              Those people found themselves broke because they took the lump sum and started giving money away to family and friends like it would never run out.  Some started businesses that failed.  They forget that in starting a business that they can lose more money than their initial investment through operating losses or through lawsuits.  There's probably also a tendency to just use the money to buy their way out problems (lawsuits again) because it's so much easier.


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                Whitwell, TN
                United States
                Member #5461
                July 5, 2004
                56 Posts
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                Posted: September 11, 2005, 6:27 pm - IP Logged

                I have to get my ticket for the BIG one on tuesday. Here to wishing everyone good luck!Cheers

                 

                 

                Hyperas the name says "Destinedtowin"

                  rabbitfoot's avatar - 8ball

                  United States
                  Member #620
                  August 25, 2002
                  205 Posts
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                  Posted: September 11, 2005, 7:28 pm - IP Logged

                  Why not take the lump sum.  One could always buy as many annuities (conservation of principle) as they desire with some of it.  Really, with $200-million ($63,240,000 after taxes in IL) one could have their cake and eat it too!

                  I play to dream and dream of winning a major jackpot!

                    weshar75's avatar - Lottery-042.jpg
                    Mcminnville, Oregon
                    United States
                    Member #3013
                    December 13, 2003
                    3051 Posts
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                    Posted: September 11, 2005, 9:01 pm - IP Logged

                    I would like this run to go to at least the 23th so I could have a chance at this jackpot run.  It should be over 300 million by then I hope.

                      mken32's avatar - Lottery-062.jpg
                      I dont know where
                      United States
                      Member #1702
                      June 18, 2003
                      103 Posts
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                      Posted: September 11, 2005, 10:22 pm - IP Logged

                      I am Glad to be back ..... I bought my tickets and hope can be the winner with all these problems you guys are talking about, of course I'll have tax attornery, some financial advisors and my wife to be help me... I am exciting about this....200 million let's go hoo-ray!!

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                        USA
                        United States
                        Member #1849
                        July 15, 2003
                        265 Posts
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                        Posted: September 11, 2005, 10:26 pm - IP Logged

                        I think someone mentioned that in here before, there are too many "what if's" if you take annutity. What you die, who gets it? What if your state starts an income tax or hikes a tax? What if your state makes some other changes? What if your family story changes? What if you need more money ahead of schedule then you borrow from someone to get your money from some early lotto loan agent that charges you an arm and a leg? These are just some of my intial thoughts and what if's. I'm sure you coule all add more. If it's in your hands than you have control waiting 20-30 years is a serious risk. I don't think any state government lotto can plan better than any of us in here when it comes to your finances. Cheers,

                          bigdaddy's avatar - aviator2 1.jpg
                          BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
                          United States
                          Member #1647
                          June 10, 2003
                          2293 Posts
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                          Posted: September 11, 2005, 10:36 pm - IP Logged

                          lump sum by gold and nice house

                          spend $100000 right away just to get rid of the urges.

                          Relax,Bigdaddy has your number!!!!!

                          Pi is the way...

                          turning $30 or less into thousands everyday!!

                          here we go steelers ..here we go---------stairway to seven 

                          TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..

                            mken32's avatar - Lottery-062.jpg
                            I dont know where
                            United States
                            Member #1702
                            June 18, 2003
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                            Posted: September 13, 2005, 1:08 am - IP Logged

                            123,000,000.00 is alot of zero's...... 19 hours to go.

                             

                            Party

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                              Sparta, NJ
                              United States
                              Member #18331
                              July 9, 2005
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                              Posted: September 13, 2005, 10:39 am - IP Logged

                              Whoever wins $123M (cash) and works it into banruptcy, will also take the $200M (annuity) and work it into a loosing scenario. The opposite is true if they make money - or stay even.

                              They are going to do what they are going to do. As the members of the LP have proven, those with strong wills are going to think and do what they want, no matter what other opinions are provided. Those who are not strong willed, will still be thinking about options years from now.

                              Cheers

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

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