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Mega Millions lottery jackpot to be a quarter-billion for Friday

Topic closed. 51 replies. Last post 11 years ago by CASH Only.

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Glen Burnie, MD
United States
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September 14, 2005
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Posted: September 14, 2005, 3:46 pm - IP Logged

The lottery is just a tax on people that can't do math.

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    Englewood, Colorado
    United States
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    July 25, 2005
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    Posted: September 14, 2005, 4:24 pm - IP Logged

    To JimmySand9, you don't have to take the $250,000,000 in 26 payments. It can be taken as a lump sum for a cash value of about 50% of the jackpot before taxes. $250 million would give you about $88 million net. What's wrong with that?

    Also, despite the tax chunk that the Feds and the state might take, would you really complain with all of that money? Not me. I'd  be thrilled. Just let me win a measly million. I'd be plenty happy, even after taxes.

      mken32's avatar - Lottery-062.jpg
      I dont know where
      United States
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      Posted: September 14, 2005, 4:29 pm - IP Logged

       

      $363 m in May 2000

      $325 m in April 2002

      $290 m July 2004

      $250 m Sept 2005 

      $230 m in Feb 2004

      $208 m April 2005

      Currently the fourth largest jackpot offered.  Lets break $300m !!!!!!

      Brad

       

      I am sorry brad but when I hit the 250 Million on Friday, you'll just have to wait for it  to grow again in a few months

      This is my Birthday Month Party$250 m Sept 2005 looks good.

      MKen32

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        Greenwich, CT
        United States
        Member #4793
        May 24, 2004
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        Posted: September 14, 2005, 4:31 pm - IP Logged

        Cash value right now is at about 61%.

        That's one thing that makes MM better than PB...because when PB reaches $250 million, they're not going to have nearly as much cash to back it up as MM does.

          mken32's avatar - Lottery-062.jpg
          I dont know where
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          June 18, 2003
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          Posted: September 14, 2005, 4:37 pm - IP Logged

          I Agree! 

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            Coastal Georgia
            United States
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            October 30, 2003
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            Posted: September 14, 2005, 5:16 pm - IP Logged

            If I were to hit this, I might just quit my job.

             

                                           

                          

             

             

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              Englewood, Colorado
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              July 25, 2005
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              Posted: September 14, 2005, 5:31 pm - IP Logged

              Cash value right now is at about 61%.

              That's one thing that makes MM better than PB...because when PB reaches $250 million, they're not going to have nearly as much cash to back it up as MM does.

              Why won't PB have as much cash as MM does for a $250 million jackpot? PB had a $230 million winner in Idaho recently. I haven't heard of a problem.

                twisted's avatar - underground
                New Jersey
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                Member #2376
                September 25, 2003
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                Posted: September 14, 2005, 6:14 pm - IP Logged

                Cash value right now is at about 61%.

                That's one thing that makes MM better than PB...because when PB reaches $250 million, they're not going to have nearly as much cash to back it up as MM does.

                Why won't PB have as much cash as MM does for a $250 million jackpot? PB had a $230 million winner in Idaho recently. I haven't heard of a problem.

                Thats because PB jackpot is paid over 29 annual payments compared to MM's 26 payments.  So MM needs more cash for a $250 million jackpot than PB (MM's cash to annuity ratio is about 60-61% compared to the old PB matrix's approximately 55-56%). 

                But now, PB only has a cash to annuity ratio of 50-51%.

                 

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
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                  March 24, 2001
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                  Posted: September 14, 2005, 6:38 pm - IP Logged

                  The lottery is just a tax on people that can't do math.

                  Is that the reason so many people expect the winners to give out grants to the needy?

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

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                    Ann Arbor, MI
                    United States
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                    August 10, 2005
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                    Posted: September 14, 2005, 7:06 pm - IP Logged

                    Call me crazy, but I think $6.8 million per year (after taxes in Michigan) is enough to make me happy. And the bonus is that I get the security of knowing that I will get that amount every year for the next 26 years. Sure I could take the $108 mil now, but what if I make bad investments? I know nothing about the financial markets, and I don't know anyone who does, so any financial advisor or stockbroker I hire could be out for his or her own gain and there to screw me over, so I might not even reach the total of $177 mil guaranteed after the 26 years of annuity payments.

                    Also, it may be difficult to waste $108 million, but not impossible. With $6.8 per year, I know I can't get too carried away with my spending. Cash option assumes every penny will be invested and none spent, and that the player is too old to survive 26 years. Just my opinion.

                      twisted's avatar - underground
                      New Jersey
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                      September 25, 2003
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                      Posted: September 14, 2005, 8:23 pm - IP Logged

                      Call me crazy, but I think $6.8 million per year (after taxes in Michigan) is enough to make me happy. And the bonus is that I get the security of knowing that I will get that amount every year for the next 26 years. Sure I could take the $108 mil now, but what if I make bad investments? I know nothing about the financial markets, and I don't know anyone who does, so any financial advisor or stockbroker I hire could be out for his or her own gain and there to screw me over, so I might not even reach the total of $177 mil guaranteed after the 26 years of annuity payments.

                      Also, it may be difficult to waste $108 million, but not impossible. With $6.8 per year, I know I can't get too carried away with my spending. Cash option assumes every penny will be invested and none spent, and that the player is too old to survive 26 years. Just my opinion.

                      With the world getting more and more dangerous to live in, I dont know if I'll survive for another 25 years. I can have a financial advisor and have his salary based on the performance of my portfolio. And besides, I'll have the time and money to go back to school and take some finance classes so I can understand a little better what my financial advisor is talking about.

                      Also $1 million 20 years from now is not the same as $1 million today (financial term: TVM time value of money). Anything can happen to the financial markets and the value of a dollar tomorrow could be a lot less than it is today. There are just too many things that can change in 26 years.

                      I'll select CASH.

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                        Sparta, NJ
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                        July 9, 2005
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                        Posted: September 14, 2005, 9:23 pm - IP Logged

                        To JimmySand9, you don't have to take the $250,000,000 in 26 payments. It can be taken as a lump sum for a cash value of about 50% of the jackpot before taxes. $250 million would give you about $88 million net. What's wrong with that?

                        Also, despite the tax chunk that the Feds and the state might take, would you really complain with all of that money? Not me. I'd  be thrilled. Just let me win a measly million. I'd be plenty happy, even after taxes.

                        In New Jersey and New York, you must choose when purchasing the ticket - cash or annuity. Once you choose, no changing your mind.

                        Cash is always a known variable.  Annuity is subject to anything that the government, state, or the economy cares to throw at you for the next 20 some years.  I'll take the $115M walk away money any day.  Give a large chunk to my daughter (for putting up with me all these years), hire some friends at outrages wages (like Disney did), hire the consultants to advise, the lawyers to keep you out of jail, and read Thrumps book on how to file bankruptcy and still have more money than my daughter, her children, or I will ever need.

                         

                        Cheers

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

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

                          twisted's avatar - underground
                          New Jersey
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                          September 25, 2003
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                          Posted: September 14, 2005, 9:49 pm - IP Logged

                          Even though New Jersey asks you to select cash or annuity when buying tickets, you can always change your mind afterwards and select whatever you want.

                            dvdiva's avatar - 8ball

                            United States
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                            September 17, 2003
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                            Posted: September 14, 2005, 9:57 pm - IP Logged

                            If I were to hit this, I might just quit my job.

                            "might"?  I know my job would get same day service if I found out I won.

                              mken32's avatar - Lottery-062.jpg
                              I dont know where
                              United States
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                              June 18, 2003
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                              Posted: September 14, 2005, 10:25 pm - IP Logged

                              I wish the Military was like that it probably take a week to process out. I'll let you guys know how long it took me to be process out, stay tune!Big Grin Santa 

                              250 M not bad......