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$200 MILLION: New Powerball delivers huge lottery jackpot

Topic closed. 111 replies. Last post 5 years ago by KY Floyd.

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United States
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January 29, 2012
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Posted: February 3, 2012, 4:04 pm - IP Logged

I bought my tickets today.  Normally I play one ticket, same numbers every time but due to the Powerballs new rules I had to change my Powerball number as it was formerly 37 which is no longer in play.   I stayed with the same numbers and have chosen a new Powerball.  Since it's $200,000,000 this week I also purchased a quick pick which was silly but I figured why not.   The funny part is that I'm from Chicago but I'm in Florida for the winter working on my parents condo for sale next year.   That said I'm amazed at Lotto fever out here of every kind.  I've never seen so many people buy Lottery tickets from scratch to pick three games.   It shouldn't have been much of a shock as I've looked at the tier breakdown on the Powerball page in the past and Florida has so many more winners obviously due to the amount of tickets sold. 


So much for all these additional winners they spoke of to get me to plunk down that extra dollar everytime.  I wouldn't purchase the Powerplay if you gave me the dollar.   I wish they had MegaMillions in this state because I would probably stop playing Powerball until it hit one of these huge pots as I think it's BS that they raised it to two bucks and the payoff structure on MegaMillions is far move favorable.  I think it's about time that they stop the Lotto from saying $200,000,000 when we know it's not even close.

Anyhow best of luck to all of you tomorrow night!

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
    United States
    Member #73904
    April 28, 2009
    14903 Posts
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    Posted: February 3, 2012, 4:10 pm - IP Logged

    Hehe, you too Tigger and good luck to you on Saturday. :)


    Heya RD, not the Dutchman, but I am direct kin to "The Mormon Pathfinder". Legend has it that the Ute's know where the mines are but thankfully they are not talking.

    Ok, thanks.
    I was gonna say I knew why nobody ever found the Dutchman's mine cuz I did a little pokin' around them Superstition Mntns my own self and it was so dam hot all I could think about was gettin' the hell out of them mntns and into a cool saloon for a cold beer and some shade.
    I'll have to read up on the Pathfinder.


                                                 
                         
                                             

     

     

     

     

                                                                                                       

    "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                --Edmund Burke

     

     

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
      Member #49731
      February 12, 2007
      917 Posts
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      Posted: February 3, 2012, 5:07 pm - IP Logged

      I agree with WWWBUKTN that the lottery, especially Powerball, should only be allowed to advertise the cash value vice annuitized jackpot amount because since 2003, excluding the 2 pools that had both annuity and cash claimants, only 3 of the other 122 jackpot winners opted to accept annuity payments.  I will break that down for you.  Since 2003, approximately 3 percent of jackpot winners chose the advertised annuity payout whereas 97 percent chose the smaller upfront cash value.  Psychologically, most people envision the gross annuitized amount when they choose to spend their money on the lottery.  But since the overwhelming majority choose the smaller cash value amount which is further reduced by one-third for taxes, I think that borders on deceptive advertising on the part of the lottery.  Does it matter to me?  Not really because I always look to see what the cash value amount is and I don't get caught up in the 'Wow! The jackpot is now $200,000,000!!!' hoopla (yup if I were out at a convenience store buying my usual amount for a jackpot at record levels and TV crew was there interviewing lottery players, I can guarantee I wouldn't be one sputtering on about what I would do with X annuitized jackpot amount.  I would throw a curve ball at the reporter and only mention that the Y cash value is a nice amount, but it really doesn't matter the amount until you are holding the winning ticket.  If that is how one would classify Don Downer, so be it but it is my way of staying even-keeled and not getting overly excited over nothing (maybe that is why I have never been selected for any of the reality shows ranging from Fear Factor...I have no fear...to the Amazing Race.  Oh well, their loss.  However, I wish all in LP land good luck and may the next jackpot winner hail from here.  Furthermore, should I be the lucky sap to hold the winning ticket, I will post here that I did indeed win.  I will even conduct a media conference at lottery HQ after I have gotten my affairs in order, but that is only because I know how to say NO to family, friends and even charities when it comes to monetary gifts, loans, and donations.  Don't believe me? Well, those fraternal order of police groups know not to even bother dialing my number because I relish saying, 'Nope! NO! He'll NO! Your chumps in OK and TX already hit me for two technicality speeding tickets that I paid! I will win!

      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

        Cletu$2's avatar - Lottery-050.jpg
        S.E.Iowa
        United States
        Member #120504
        December 21, 2011
        534 Posts
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        Posted: February 3, 2012, 5:17 pm - IP Logged

        I agree with WWWBUKTN that the lottery, especially Powerball, should only be allowed to advertise the cash value vice annuitized jackpot amount because since 2003, excluding the 2 pools that had both annuity and cash claimants, only 3 of the other 122 jackpot winners opted to accept annuity payments.  I will break that down for you.  Since 2003, approximately 3 percent of jackpot winners chose the advertised annuity payout whereas 97 percent chose the smaller upfront cash value.  Psychologically, most people envision the gross annuitized amount when they choose to spend their money on the lottery.  But since the overwhelming majority choose the smaller cash value amount which is further reduced by one-third for taxes, I think that borders on deceptive advertising on the part of the lottery.  Does it matter to me?  Not really because I always look to see what the cash value amount is and I don't get caught up in the 'Wow! The jackpot is now $200,000,000!!!' hoopla (yup if I were out at a convenience store buying my usual amount for a jackpot at record levels and TV crew was there interviewing lottery players, I can guarantee I wouldn't be one sputtering on about what I would do with X annuitized jackpot amount.  I would throw a curve ball at the reporter and only mention that the Y cash value is a nice amount, but it really doesn't matter the amount until you are holding the winning ticket.  If that is how one would classify Don Downer, so be it but it is my way of staying even-keeled and not getting overly excited over nothing (maybe that is why I have never been selected for any of the reality shows ranging from Fear Factor...I have no fear...to the Amazing Race.  Oh well, their loss.  However, I wish all in LP land good luck and may the next jackpot winner hail from here.  Furthermore, should I be the lucky sap to hold the winning ticket, I will post here that I did indeed win.  I will even conduct a media conference at lottery HQ after I have gotten my affairs in order, but that is only because I know how to say NO to family, friends and even charities when it comes to monetary gifts, loans, and donations.  Don't believe me? Well, those fraternal order of police groups know not to even bother dialing my number because I relish saying, 'Nope! NO! He'll NO! Your chumps in OK and TX already hit me for two technicality speeding tickets that I paid! I will win!

        If you post your win here,how are you gonna keep your win secret from your wife like you said in an earlier post today?

        When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow

        There ought to be one day - just one - when there is open season on senators. ~Will Rogers

          OldSchoolPa's avatar - Lottery-057.jpg
          Gurnee, Illinois
          United States
          Member #49731
          February 12, 2007
          917 Posts
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          Posted: February 4, 2012, 9:55 am - IP Logged

          If you post your win here,how are you gonna keep your win secret from your wife like you said in an earlier post today?

          She does not frequent this site so no worries there. Also, since I have a business where I could legitimately go from making little bucks to big bucks, she wouldn't know the difference or source.

          Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

          The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

            DC81's avatar - batman39
            MI
            United States
            Member #54830
            August 31, 2007
            985 Posts
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            Posted: February 4, 2012, 10:32 am - IP Logged

            Don't forget the gift tax Tigger. For any gift amount over $13,000.00 per person per year you will be charged additional Federal Taxes.

            For example, if you gave $10 Million each to 5 relatives, you will get charged an extra 35% (5 x 3.5 Million = 17.5 Million) by the Federal Government come tax season. Take this out of your $81 Million or so that you have left after the IRS has claimed their additional 10% from your $93.8 Million CVO.

            So $81 Million after Uncle Sam's share - $50 Million Gifts - $17.5 Million Tax on Gifts = Leaves you with around $13.5 Million.

            $13.5 Million is still a very comfortable amount to live on, but this brings up a couple of very good "What ifs?"

            What if your brother squanders his $10 Million in a couple of years on heavily gambling and drinking?

            What if your sister's ex finds out about her share and sucessfully sues her for a huge chunk?

            This could put both you and the other 4 relatives in a very difficult financial position by having to bail one of them out of a nasty hole. 

            The only way I know of to prevent Uncle Sam from double dipping with Gift Tax on your jackpot is to claim and share the prize as a group, but I am pretty sure that you have to be able to prove that the winning ticket had multiple owners WHEN it was purchased. I think that this might also depend on individual State laws though. A signed, stamped and notarized document listing the members of your group with their personal signatures would work well for this purpose and keeps you well within the law.

            Good luck to all the LP folks playing the big one! Smiley
            -Kumo

             


            P.S. - I've thought about what I would do with a sudden windfall like Saturday's Powerball, sharing my thoughts on the awesome dream. Big Grin

            1.) Don't tell anyone, except for my Wife. However, we would keep our kids oblivious.

            2.) Get together a professional financial and legal team, that specializes in dealing with very large amounts of money.

            3.) Claim the winnings by a Trust and invest the vast majority of money across several diverse portfolios.

            4.) Take a week long $5,000.00 vacation somewhere nice within the country to relax and "get it out of my system."

            5.) Avoid making any major purchases and maintain my old middle class lifestyle for the next year.

            6.) Start up a low cost home business, to be used as a cover story when people begin to notice my family's increasing wealth.

            7.) After Tax season, then I'd start gifting relatives and anonymously to some trustworthy charities from the capital gains from my portfolios. The rest would go towards living expenses with the majority being reinvested back into Stocks and Bonds to stay ahead of inflation.

            8.) After a minimum of one year has passed, look into buying some land, a new home, or a new family car. Factor in upkeep costs, taxes and insurance. Keep it within what we can afford and still stay ahead of inflation, while maintaining my annual gifts to relatives and charities.

            9.) If I have to quit my job, donate some of my time to doing volunteer work to keep busy and happy.

            You also have a million dollar life time exemption, being married also changes things some. The idea of getting millions away in just a short amount of time... Yeah, bad idea. Even worse if you're giving it to family since that's a train wreck waiting to happen.

            As for your list, if you can stick to that more power to you but I have a feeling things wouldn't work out the way you envision/plan from the list. It's nice to pretend to have things figured out, but none of us know exactly what we would do if it were to actually happen.

            You can't predict random.

              dpoly1's avatar - driver
              PA
              United States
              Member #66141
              October 16, 2008
              1672 Posts
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              Posted: February 4, 2012, 10:35 am - IP Logged

              I wonder if I am the only Lottery Post member that thinks that $43,000,000 + taxes on $125,100,000 is enough?! That is enough in my book! Good luck to all members! Being part of the 1% on Monday ...... Priceless! :$

                CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                TX
                United States
                Member #121193
                January 4, 2012
                1637 Posts
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                Posted: February 4, 2012, 11:07 am - IP Logged

                I wonder if I am the only Lottery Post member that thinks that $43,000,000 + taxes on $125,100,000 is enough?! That is enough in my book! Good luck to all members! Being part of the 1% on Monday ...... Priceless! :$

                DP....I hear ya on that one  !!!!!...There was that blonde lady back in the early 80s( Susan ???) I think that said , " Stop the Insanity"....... But then again it has been about redistribution of wealth and feeding the governments appetite to spend. Kinda funny how we have more taxes on goods and services today then we have ever had and yet they want more !  (shoulder shrug)  Oh well, have remain positive that one or more of us will win tonight.

                Stay Positive, Believe and good things will come your way

                  dpoly1's avatar - driver
                  PA
                  United States
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                  October 16, 2008
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                  Posted: February 4, 2012, 12:24 pm - IP Logged

                  DP....I hear ya on that one  !!!!!...There was that blonde lady back in the early 80s( Susan ???) I think that said , " Stop the Insanity"....... But then again it has been about redistribution of wealth and feeding the governments appetite to spend. Kinda funny how we have more taxes on goods and services today then we have ever had and yet they want more !  (shoulder shrug)  Oh well, have remain positive that one or more of us will win tonight.

                  I believe that tax revenues have never been higher. It is about uncontrolled spending to pander for votes! The current taxes on the $125,100,000 cash value are more than adequate. Thank you for your intellectualy mature comments CdanaT!
                  Come on baby, Daddio needs a new pair Bentleys!

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                    January 29, 2012
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                    Posted: February 4, 2012, 12:43 pm - IP Logged

                    Okay, I bought a third ticket for this Powerball.   I was getting gas today in some out of way gas station I never go to but I couldn't find a business I was looking for so I figured I would grab some gas while getting directions.  The person in front of me bought ten Powerball tickets and asked that they all be on completely different tickets (as if that matters) and I couldn't help myself. 


                    Now I have six bucks invested into this jackpot so if you win I expect my six bucks back and a million dollars juice for some sob story I can come up with wouldn't hurt either.  No Pity!

                     

                    Good luck everybody!!!!!

                      Avatar
                      Texas
                      United States
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                      May 17, 2011
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                      Posted: February 4, 2012, 1:42 pm - IP Logged

                      I like Kumo's list, as my wife and I have lots of discussion about our cover story, regarding various business ideas we would pursue if we had the funding. (I left a corporate job a few years ago for a start-up that fell apart in a 2nd round of financing.)

                      As I heard long ago from a previous lottery winner on TV (I think from Texas):

                      Money may not change you, but it changes the people around you.

                      Which is why it is so important to keep your win a secret.  To protect ourselves and our kids, we plan to not tell anyone else of our win (other than our financial/legal team), including not telling our (young) kids – at least for another 20-30 years.  We've worked for 20+ years building a life, and think they should do the same before they come into any windfall.  (I’m even torn over telling you guys…   is someone here able to track my IP address??? What? )

                      As for handling the money, my overall theory is you can't go broke if you never spend the money/principal, but only spend the income off of the money.  And these large jackpots make it easier to do so because you don't have to make riskier investments to have enough to live your dreams.  Then, by not spending the principal, you can pass along this financial security to your heirs (and the govt, so need to educate myself about trust law).

                      Actually, my goal is not to just maintain the principal, but to grow the principal enough to bequeath to each of my children the same amount I won when they are of a similar age as I am when I win (as well as still keep a little for our old age). (e.g, two children = double it. three children = triple it, etc.)  By setting this as my goal, it keeps me focused on being prudent and productive in society, building a business, and setting a better life example for my kids than being a spendthrift. Also, passing on to them that goal of building the principal to cover however many kids they may have hopefully would keep them productive in society, and provide a lasting legacy of this win.

                      As part of the (future) 1%, we feel it is our Patriot obligation to “spread the wealth” by creating jobs (not by paying more taxes).  Create jobs not only by spending money at other businesses (as any winner would do), but also by investing to create a business that will create new jobs – as well as help grow our principal.  This effort is not only good for society, but working toward something is what keeps you healthy and alive.  (After all, we all know that money doesn’t buy you happiness. Personal fulfillment does. But money can sure make an unfulfilled life a lot more comfortable. Big Grin )

                      My plan is to break the lump sum into three "funds".  One for Charity, one for Business, and one for Personal.  Then, with just the earnings off of those separate funds (never "spending" the principal, but just the earnings), we have:  1) a charity fund to disperse every year for the rest of our lives - rather than just giving a lump sum amount the year we win,  2) a funding source for building business ideas (whether solely ourselves or as an angel investor), and  3) a personal fund to build our dream home, travel, take ample care of our extended families, and sustain us comfortably – allowing our business ventures to take on a bit more risk than we otherwise could do.

                      So, having said all that, I think I’d like to get started tomorrow morning.  Who’s with me?!?!!!  Thumbs Up

                        CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                        TX
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                        January 4, 2012
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                        Posted: February 4, 2012, 2:12 pm - IP Logged

                        GtoR, nice layout you decided on and very well thought out. I am onboard with getting started tomorrow Hyper  already decided how I am headed up to Tallahassee to pick up my check...Stretch Hummer !!!Patriot

                        Stay Positive, Believe and good things will come your way

                          dpoly1's avatar - driver
                          PA
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                          October 16, 2008
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                          Posted: February 4, 2012, 2:49 pm - IP Logged

                          $6 bet on $81,000,000 + in the bank!

                          Glacier White 2012 Bentley Mulsanne - Pittsburgh PA - SCBBB7ZH9CC016370 (2) being part of the 1% ............ Priceless!

                            Kumo's avatar - ebDWVf6 jpg?1

                            United States
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                            January 27, 2012
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                            Posted: February 4, 2012, 4:13 pm - IP Logged

                            Ok, thanks.
                            I was gonna say I knew why nobody ever found the Dutchman's mine cuz I did a little pokin' around them Superstition Mntns my own self and it was so dam hot all I could think about was gettin' the hell out of them mntns and into a cool saloon for a cold beer and some shade.
                            I'll have to read up on the Pathfinder.

                            You're not kidding about the heat the valley. My Father and I used to climb the old Squaw Peak near Camelback Mtn every weekend for recreation. We'd only be out there for about 1 1/2 hours, but I usually went through a full canteen of water in that time. good times. :)

                              OldSchoolPa's avatar - Lottery-057.jpg
                              Gurnee, Illinois
                              United States
                              Member #49731
                              February 12, 2007
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                              Posted: February 4, 2012, 4:19 pm - IP Logged

                              $6 bet on $81,000,000 + in the bank!

                              Glacier White 2012 Bentley Mulsanne - Pittsburgh PA - SCBBB7ZH9CC016370 (2) being part of the 1% ............ Priceless!

                              Nice visualization automobile!  I have similar ones plastered on the wall of my office as well as the amount of money I see coming my way!

                              Yup, LP fam, I don't have any American cars up on my walls...nothing but the finest European will do!  Bentley baby!

                              Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                              The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!