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$309 MILLION: Mega Millions jackpot rolls into top 25

Topic closed. 126 replies. Last post 3 years ago by Gleno.

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CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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Posted: March 10, 2014, 10:57 am - IP Logged

I remember in 2012 I visited a friend in Michigan, right around the jackpot frenzy. It was under $400 million and people were going nuts. Lines were long, it made the news almost as much as the Olympics did, and everyone was talking about it. 

Fast forward less than 2 years later the jackpot is at $309 million and I haven't seen or heard it in the news even once. No one I know has even brought it up. I know there are a lot of reasons for that, but I think the most important factor is that we keep seeing these >$300 million jackpots over and over. It's no longer an anomaly to be marveled at, plus they are coming closer and closer together.

Just a few weeks ago it reached to $425 million. Less than 2 months before that was well over $600 million. When those massive amounts used to show up only about once a year, people would take every extra dime they had and splurged on tickets. Who's going to splurge on a $300 million jackpot when $500 million might be just around the corner. They aren't the once in a blue moon occurrence any more. They are almost the norm.

Teddi, nicely stated, it sure is comical how 100-200+ million doesn't cause a stir.I know I am not considering playing til it gets to the 100 million mark..Maybe it's the realization of how much a person actually gets on the cash grab aspect ?? After all, at a 100 mil., the cash value is only about 55 million, then uncle sam's cut of almost 22 million and whatever your state tax is(if you have one).So you could have as little as about 27-28 million at the end.Oh sure, it's a bunch of $$ and I will never complain.....Then again, wait til the next draw or the draw after.
Like you said, we are constantly seeing the 300+ jackpots annnnnnnnnnd it doesn't take too long to get there.
As a country who's $17 trillion in debt....and the way that our leaders are throwing hundreds of millions or a few billion around(or away depending on your viewpoint).... Doesn't seem too grab much attention by the media...

The other day the news was reporting we sent $1 billion over to the Ukraine....are you $hitting me ???  A BILLION Dollars ?? Think of the people in our country that could have helped..or what we could have done with to say to maybe PAY DOWN THE DEBT....While that number gets my attention, it doesn't seem to bother those who are in control of it....just sayin(maybe sputtering too)

OK, I am over it.....Coffee

Let's hurry up and win this tidy sum !!!

    RedStang's avatar - tallman zps6gf4inoc.jpg
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    Posted: March 10, 2014, 11:35 am - IP Logged

    I remember in 2012 I visited a friend in Michigan, right around the jackpot frenzy. It was under $400 million and people were going nuts. Lines were long, it made the news almost as much as the Olympics did, and everyone was talking about it. 

    Fast forward less than 2 years later the jackpot is at $309 million and I haven't seen or heard it in the news even once. No one I know has even brought it up. I know there are a lot of reasons for that, but I think the most important factor is that we keep seeing these >$300 million jackpots over and over. It's no longer an anomaly to be marveled at, plus they are coming closer and closer together.

    Just a few weeks ago it reached to $425 million. Less than 2 months before that was well over $600 million. When those massive amounts used to show up only about once a year, people would take every extra dime they had and splurged on tickets. Who's going to splurge on a $300 million jackpot when $500 million might be just around the corner. They aren't the once in a blue moon occurrence any more. They are almost the norm.

    Right. If you just started playing you would think 300-500 mill was a normal jackpot.

      DDOH937's avatar - Lottery-062.jpg

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      Posted: March 10, 2014, 12:25 pm - IP Logged

      I remember in 2012 I visited a friend in Michigan, right around the jackpot frenzy. It was under $400 million and people were going nuts. Lines were long, it made the news almost as much as the Olympics did, and everyone was talking about it. 

      Fast forward less than 2 years later the jackpot is at $309 million and I haven't seen or heard it in the news even once. No one I know has even brought it up. I know there are a lot of reasons for that, but I think the most important factor is that we keep seeing these >$300 million jackpots over and over. It's no longer an anomaly to be marveled at, plus they are coming closer and closer together.

      Just a few weeks ago it reached to $425 million. Less than 2 months before that was well over $600 million. When those massive amounts used to show up only about once a year, people would take every extra dime they had and splurged on tickets. Who's going to splurge on a $300 million jackpot when $500 million might be just around the corner. They aren't the once in a blue moon occurrence any more. They are almost the norm.

      Indeed Teddi, Indeed. What's interesting to me is how jaded people have become with these jackpots. The thought of winning $40 Million is equally appealing to me as winning $600 Million..seriously. Dont get me wrong, one is CLEARLY much more attractive and would go much farther. But the reality is my excitement threshold would be the same if i won $40 Million as if i won much more. I'm so broke right now i keep hoping for a second prize, doesnt even have to be with powerplay/multiplier either. LOL!!!

      The idea that people roll their eyes at $300 Million + is crazy, i guess they bought into the hype and have lost perspective. No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE. Again, don't get me wrong, the bigger the better you know. But give me $5 Million and i'll be set and bursting at the seams with excitement.

      "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

        DDOH937's avatar - Lottery-062.jpg

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        Posted: March 10, 2014, 12:30 pm - IP Logged

        Teddi, nicely stated, it sure is comical how 100-200+ million doesn't cause a stir.I know I am not considering playing til it gets to the 100 million mark..Maybe it's the realization of how much a person actually gets on the cash grab aspect ?? After all, at a 100 mil., the cash value is only about 55 million, then uncle sam's cut of almost 22 million and whatever your state tax is(if you have one).So you could have as little as about 27-28 million at the end.Oh sure, it's a bunch of $$ and I will never complain.....Then again, wait til the next draw or the draw after.
        Like you said, we are constantly seeing the 300+ jackpots annnnnnnnnnd it doesn't take too long to get there.
        As a country who's $17 trillion in debt....and the way that our leaders are throwing hundreds of millions or a few billion around(or away depending on your viewpoint).... Doesn't seem too grab much attention by the media...

        The other day the news was reporting we sent $1 billion over to the Ukraine....are you $hitting me ???  A BILLION Dollars ?? Think of the people in our country that could have helped..or what we could have done with to say to maybe PAY DOWN THE DEBT....While that number gets my attention, it doesn't seem to bother those who are in control of it....just sayin(maybe sputtering too)

        OK, I am over it.....Coffee

        Let's hurry up and win this tidy sum !!!

        You made some good points CDanaT, But i think it all comes down to people just being jaded and have lost perspective. We here the words million. billion, trillon tossed about so often that some have lost their bearings. That is why those who are multimillionaires feel 'poor' or middle class. Always comparing themselves to those who have more. Or themselves always wanting more. Whether its $ 20 Million, $40 Million, $500 Million or whatever the pot may be on any given week. They all look equally beautiful to me because i KNOW that any one of those pots would alter the course of my life in dramatic and wonderful ways.

        "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

          DDOH937's avatar - Lottery-062.jpg

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          Posted: March 10, 2014, 12:33 pm - IP Logged

          Right. If you just started playing you would think 300-500 mill was a normal jackpot.

          True. That's so crazy huh!!

            Drenick1's avatar - villiarna
            USA
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            Posted: March 10, 2014, 2:06 pm - IP Logged

            Indeed Teddi, Indeed. What's interesting to me is how jaded people have become with these jackpots. The thought of winning $40 Million is equally appealing to me as winning $600 Million..seriously. Dont get me wrong, one is CLEARLY much more attractive and would go much farther. But the reality is my excitement threshold would be the same if i won $40 Million as if i won much more. I'm so broke right now i keep hoping for a second prize, doesnt even have to be with powerplay/multiplier either. LOL!!!

            The idea that people roll their eyes at $300 Million + is crazy, i guess they bought into the hype and have lost perspective. No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE. Again, don't get me wrong, the bigger the better you know. But give me $5 Million and i'll be set and bursting at the seams with excitement.

            >>"No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."<<

             

            Depends on whether that is before or after taxes. Even if it's after taxes, $5 million won't go to far if someone were to live for another 40-50 years. Inflation and health care cost will dwindle that nest egg in a hurry.

              CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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              Posted: March 10, 2014, 2:18 pm - IP Logged

              >>"No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."<<

               

              Depends on whether that is before or after taxes. Even if it's after taxes, $5 million won't go to far if someone were to live for another 40-50 years. Inflation and health care cost will dwindle that nest egg in a hurry.

              D,
              5 million should treat  you okay...invest $4 million and get 3-5% on dividends and interest..120-200K minus taxes should put you somewhere in the 80-130 range...one should be able to live comfortably on that, even after paying insurances and the basics....You are talking between 1600-2500 a week to live on

                DDOH937's avatar - Lottery-062.jpg

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                Posted: March 10, 2014, 3:04 pm - IP Logged

                >>"No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."<<

                 

                Depends on whether that is before or after taxes. Even if it's after taxes, $5 million won't go to far if someone were to live for another 40-50 years. Inflation and health care cost will dwindle that nest egg in a hurry.

                I hear what you are saying Drenick1. However i find it very very difficult to accept that $5 Million is an inadequate amount for a very comfortable life. Bearing in mind that the median American household income is approximately $50K and that the majority of Americans have far less than $250K saved for retirement, i am having a hard time agreeing with you. I know its different based on one's State. But in my State, one could find a very very lovely home in a gated community or even close to a beach or waterfront for give or take $500k (5b/4b kinda thing). That will be and should be one's largest purchase in life.

                If a person plans on living like a rock star or an athlete, then yes, $5 Million would be inadequate. But in my opinon, an overly large house, a $100K+ car, gambling in vegas, frivilous purchases or trying to keep up with the Jones' aren't requirements for a long peaceful, comfortable and happy life. At $50k a year, i would need to work and earn that for 100 years just to have made that much in a LIFETIME. Think about that.

                Would i like to win a big one? You bet i would. Abso-friggin-lutely!!! Give me the biggest one ever for all i care, would love if it was $900 Million +. But i'm also a realist and i know that it certainly would not take that much for me to be content. The things that people think they need to be very comfortable are misplaced and socially inserted.

                Besides, with $5 Million you are on your way to start your own business, have rental properties, free to take on certain investment risks that would have otherwise alluded you.

                I hear you D, but trust me, $5 Million is more than a game changer, at least it would be for me.

                "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                  DDOH937's avatar - Lottery-062.jpg

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                  Posted: March 10, 2014, 3:05 pm - IP Logged

                  D,
                  5 million should treat  you okay...invest $4 million and get 3-5% on dividends and interest..120-200K minus taxes should put you somewhere in the 80-130 range...one should be able to live comfortably on that, even after paying insurances and the basics....You are talking between 1600-2500 a week to live on

                  I Agree!......wholeheartedly!!!

                    DDOH937's avatar - Lottery-062.jpg

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                    Posted: March 10, 2014, 3:34 pm - IP Logged

                    >>"No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."<<

                     

                    Depends on whether that is before or after taxes. Even if it's after taxes, $5 million won't go to far if someone were to live for another 40-50 years. Inflation and health care cost will dwindle that nest egg in a hurry.

                    I forgot to ask. What's your number? In the movie wallstreet, the young up and coming broker asked one of the Hedge Fund titans what was his number, the number at which point he could be comfortable to walk away from the game and head off in the sunset. The Hedge Fund's guy reply...."more". That was his number, "more".

                    As ludicuous as it is, that sadly is the number for most people, that is the amount of money it would take for them to feel happy or content...."more".

                    What's yours?

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                      Posted: March 10, 2014, 4:40 pm - IP Logged

                      Indeed Teddi, Indeed. What's interesting to me is how jaded people have become with these jackpots. The thought of winning $40 Million is equally appealing to me as winning $600 Million..seriously. Dont get me wrong, one is CLEARLY much more attractive and would go much farther. But the reality is my excitement threshold would be the same if i won $40 Million as if i won much more. I'm so broke right now i keep hoping for a second prize, doesnt even have to be with powerplay/multiplier either. LOL!!!

                      The idea that people roll their eyes at $300 Million + is crazy, i guess they bought into the hype and have lost perspective. No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE. Again, don't get me wrong, the bigger the better you know. But give me $5 Million and i'll be set and bursting at the seams with excitement.

                      "No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."

                      Right. Because inflation will never go up again, but interest rates won't stay dismally low. Taxes will never go up, and there's no chance that assets will ever lose value again. Most importantly, there's no way anybody will live for more than another 40 or 50 years. And, of course, it doesn't cost much at all to be extremely comfortable.

                      The reality is that if you put $5 million in an extremely safe investment today you're going to get a very low rate of return, but if you go for a decent return there's a chance you're going to lose money at some point.

                      Let's pretend you can earn 3% with no risk, and that no financial  issues will ever reduce your principal or income.
                      Let's assume that an income that increases by 3% each year will give you the same spending power you have today in 20, 30 or 50 years from now.
                      Let's figure you don't want to leave an estate behind, other than your house, cars and a few minor odds and ends.
                      Let's figure that spending $200k will pay off all of your debts and leve you freeand clear in a house that's extremely comfortable.
                      Let's figure that $100k, before taxes, is enough for an EXTREMELY comfortable life.And let's plan on being dead before reaching 90.

                      That leaves you with $4.8 milion to invest, and if all of those things are true and you're only 40, I've got good news. Your investment will give you an equivalent pre-tax income of $100k every year until you turn 89. At that point you'll still have almost $182k in assets, which will be enough for 5 more months of being extremely comfortable and still alive.

                      OTOH, suppose you're only 30 or 35. In that case the money runs out when you're 85 or 80.
                      Don't think $100k is enough to be extremely comfortable? You can hope for a better economic future or just plan on dying sooner.
                      Some future financial crisis reduces the value of your investments by 30%? Just reduce your spending by 30% and you'll be fine.

                      $5 million is a lot of money, but how much it's really worth depends on a lot of factors and nobody know for sure what the future will bring. If you were to win enough to net $5 million you'd have to make  plans for the long term, and if you make the wrong plans you may be broke with a life expectancy of another 20 or 30 years or more. Maybe inflation will stay reasonable and  somewhere down the road you may be able to earn 5 or 6% in a very safe investment. Maybe rates will stay low, inflation will increase, and some future financial problems will either increase your expenses or reduce your principal. There's a reason that people who are really reach use really big numbers when they  talk about how much they'd need to feel that they'll remain rich.

                        Teddi's avatar - Lottery-008.jpg

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                        Posted: March 10, 2014, 5:00 pm - IP Logged

                        DDOH, I think it depends on where you live, how big your family is and what you planned on doing with the windfall. $5 million in Manhattan would give you a shoebox apartment...maybe. $5 million in Georgia would give you a pretty great life. So it all depends.

                        Plus a publicized jackpot win is more expensive than money earned over time. If it's one thing I've learned is that the most unassuming guy might be loaded, but he's living in a regular middle class house, driving an old beat up car. He can live an unassuming life with no effort. But a lottery winner who's had his name and face splashed all over the media suddenly has things like kidnapping insurance, unlisted phone numbers, high umbrella policies, PO Boxes and gated communities come into the picture. There are simply expenses that jp winners end up having that others do not. 

                         I'll honestly be happy with any jp amount but I no longer inconvenience myself ticket-wise for anything under $450 million. No special trips or stops at the store like I used to. When these large numbers roll around every couple of months, then they are no longer the once in a lifetime opportunity they used to be. It's the equivalent of missing the bus. Another one is going to be along shortly.

                          Teddi's avatar - Lottery-008.jpg

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                          Posted: March 10, 2014, 5:09 pm - IP Logged

                          I forgot to ask. What's your number? In the movie wallstreet, the young up and coming broker asked one of the Hedge Fund titans what was his number, the number at which point he could be comfortable to walk away from the game and head off in the sunset. The Hedge Fund's guy reply...."more". That was his number, "more".

                          As ludicuous as it is, that sadly is the number for most people, that is the amount of money it would take for them to feel happy or content...."more".

                          What's yours?

                          Cash value or jackpot, and before or after taxes?

                            CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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                            Posted: March 10, 2014, 6:10 pm - IP Logged

                            "No human being alive needs more than $5 million to be EXTREMELY comfortable for LIFE."

                            Right. Because inflation will never go up again, but interest rates won't stay dismally low. Taxes will never go up, and there's no chance that assets will ever lose value again. Most importantly, there's no way anybody will live for more than another 40 or 50 years. And, of course, it doesn't cost much at all to be extremely comfortable.

                            The reality is that if you put $5 million in an extremely safe investment today you're going to get a very low rate of return, but if you go for a decent return there's a chance you're going to lose money at some point.

                            Let's pretend you can earn 3% with no risk, and that no financial  issues will ever reduce your principal or income.
                            Let's assume that an income that increases by 3% each year will give you the same spending power you have today in 20, 30 or 50 years from now.
                            Let's figure you don't want to leave an estate behind, other than your house, cars and a few minor odds and ends.
                            Let's figure that spending $200k will pay off all of your debts and leve you freeand clear in a house that's extremely comfortable.
                            Let's figure that $100k, before taxes, is enough for an EXTREMELY comfortable life.And let's plan on being dead before reaching 90.

                            That leaves you with $4.8 milion to invest, and if all of those things are true and you're only 40, I've got good news. Your investment will give you an equivalent pre-tax income of $100k every year until you turn 89. At that point you'll still have almost $182k in assets, which will be enough for 5 more months of being extremely comfortable and still alive.

                            OTOH, suppose you're only 30 or 35. In that case the money runs out when you're 85 or 80.
                            Don't think $100k is enough to be extremely comfortable? You can hope for a better economic future or just plan on dying sooner.
                            Some future financial crisis reduces the value of your investments by 30%? Just reduce your spending by 30% and you'll be fine.

                            $5 million is a lot of money, but how much it's really worth depends on a lot of factors and nobody know for sure what the future will bring. If you were to win enough to net $5 million you'd have to make  plans for the long term, and if you make the wrong plans you may be broke with a life expectancy of another 20 or 30 years or more. Maybe inflation will stay reasonable and  somewhere down the road you may be able to earn 5 or 6% in a very safe investment. Maybe rates will stay low, inflation will increase, and some future financial problems will either increase your expenses or reduce your principal. There's a reason that people who are really reach use really big numbers when they  talk about how much they'd need to feel that they'll remain rich.

                            Good points for financial consideration. Probably the "extremely" comfortable is the focal point. Yes I know that in various spots across the country that 5 mil is nowhere near enough for "extremely comfortable". Realistically you would need at least triple or quadruple that for a take home figure to reach the extreme level. One consideration would definitely be the dividend/interest earned factor for me as the reasonable test for "E.C". I would definitely consider a 2-5 year timeframe to consider what is my normal approach to a standard of living. While $5 million would produce reasonable, I have to lean towards $10+ million for comfort. Provided I have the 10 as a basis and all my other assets were paid for.

                            With these takehome jackpots on the cash grab....Extremely comfortable should be the norm.

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                              Portland, OR
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                              Posted: March 10, 2014, 6:47 pm - IP Logged

                              This one will make it to the billion dallas mark.

                              "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                                        Robert Greene