Welcome Guest
Log In | Register )
You last visited June 29, 2022, 4:53 am
All times shown are
Eastern Time (GMT-5:00)

Mega Millions sets world record with $1.6 billion lottery jackpot for Tuesday drawing

Topic closed. 503 replies. Last post 4 years ago by Coin Toss.

Page 6 of 34
PrintE-mailLink
BuyLow's avatar - fd725949c52faf3bef0a9e377747408d -iphone-wallpaper-palm-trees.jpg
Florida
United States
Member #61433
May 22, 2008
1228 Posts
Offline

A SFO for a low to mid level centimillionaire is an unnecessary waste of money. A MFO is a better option for a small family without a large yearly income stream from a secondary source. Because if you put $500,000,000 million under management, you'd have to shell out at least $5 million every year for a SFO. 

There are many boutique firms that do nothing but cater to the whims of the rich 24/7 so that even a MFO would be unnecessary. Have one of them handle things on the personal side of things, then hire a tax lawyer and CFA used to managing high net worth clients to handle things on the financial side, and you're set. Doing it that way wouldn't cost anywhere near $5M/year

What is an SFO and MFO?

    Avatar
    Mt Sterling, IL
    United States
    Member #192745
    October 8, 2018
    199 Posts
    Offline

    I would hire advisors, especially legal, tax, trust, and insurance. I would never trust someone else to invest my money for me, but I would use advisors to teach me and to bring me up to speed on investment instruments I'm not yet sophisticated enough to use. I'd get umbrella insurance policies to protect me from lawsuits, that sort of thing. It would be an amazing learning experience, that's for sure.

      Avatar
      Mt Sterling, IL
      United States
      Member #192745
      October 8, 2018
      199 Posts
      Offline

      I would hire advisors, especially legal, tax, trust, and insurance. I would never trust someone else to invest my money for me, but I would use advisors to teach me and to bring me up to speed on investment instruments I'm not yet sophisticated enough to use. I'd get umbrella insurance policies to protect me from lawsuits, that sort of thing. It would be an amazing learning experience, that's for sure.

      Oh, and one other thing I would do right away is get an "Executive Physical", to make sure I'm healthy and to stay ahead of any potential health problems. I think these usually run around $10,000, but it would be worth it if you have the means.

        Teddi's avatar - Lottery-008.jpg

        United States
        Member #142493
        May 13, 2013
        1394 Posts
        Offline

        Wouldn't it be a wise move to take the annuity? I mean,we are talking about a $700 mill difference here which by itself is astronomical. The first cheque itself would set you up for many years,so why bother about getting the cash option?

        Because we understand the risks that will come from inflation, taxes and retroactive changes in federal law, all of which have negatively impacted annuity winners in the past. And since the best predictor of future events is past events, add to that the fact that the annuity is backweighted, and I'll be saying no thank you to an annuity. Besides, when invested properly, the lump sum amount will almost always outpace the annuity, so no one is leaving anything on the table and you have the benefit more autonomy and control of the funds. As far as I can tell, the only reason to choose the annuity is because one is too afraid to receive that much money at one time, which I see as absurd.

          Avatar
          Mt Sterling, IL
          United States
          Member #192745
          October 8, 2018
          199 Posts
          Offline

          Because we understand the risks that will come from inflation, taxes and retroactive changes in federal law, all of which have negatively impacted annuity winners in the past. And since the best predictor of future events is past events, add to that the fact that the annuity is backweighted, and I'll be saying no thank you to an annuity. Besides, when invested properly, the lump sum amount will almost always outpace the annuity, so no one is leaving anything on the table and you have the benefit more autonomy and control of the funds. As far as I can tell, the only reason to choose the annuity is because one is too afraid to receive that much money at one time, which I see as absurd.

          I agree 100% ... (And I need to figure out how to make that emoticon holding the "I agree" sign, lol)

            Rman313's avatar - Lottery-062.jpg
            Inkster, MI
            United States
            Member #142366
            May 10, 2013
            7187 Posts
            Offline

            CoolLiving a life of wealth for sure. Flying private jet everywhere.

            You can do anything if you put your mind into it. The sky is the limit! Cool

              Avatar
              Portland, OR
              United States
              Member #145967
              August 20, 2013
              263 Posts
              Offline

              I DON'T think it's high enough for me to justify spending $2.  Let me know when it hits 2.4, ok? LOL.

              People are more complicated than the masks they wear in society...

                music*'s avatar - DiscoBallGlowing
                Fresno, California
                United States
                Member #157849
                August 2, 2014
                3959 Posts
                Offline

                Interesting artcle:  https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this/

                I Agree! Well worth the time and effort to type in the www. address. A good first step when pondering a billion dollar jackpot.

                 "We are all in this together!" 


                  United States
                  Member #193081
                  October 20, 2018
                  26 Posts
                  Offline

                  Jackpot surpasses previous mark held by January 2016 Powerball drawing

                  It's anybody's guess how high it will get

                  By Todd Northrop

                  A Mega Millions jackpot roll that had already made history has now reached a new world record for the biggest lottery jackpot ever.

                  After lottery officials worked into the early hours of the morning processing the hundreds of millions of lottery tickets sold for the Friday drawing, it was determined that there was no jackpot winner, propelling the new Mega Millions jackpot to a record $1.6 billion.

                  The big drawing will be held on Tuesday, Oct. 23, with an estimated cash option worth $904.9 million.

                  At $1.6 billion, Tuesday's Mega Millions drawing slipped past the $1.586 billion Powerball drawing on January 13, 2016, to become the largest lottery jackpot in history. Winners in California, Florida, and Tennessee shared the record Powerball prize.

                  "Mega Millions has already entered historic territory, but it's truly astounding to think that now the jackpot has reached an all-time world record," said Gordon Medenica, Lead Director of the Mega Millions Group and Director of Maryland Lottery and Gaming. "It's hard to overstate how exciting this is — but now it's really getting fun."

                  Lottery players wondering what all the cash will look like in their bank account after the initial federal and state tax withholdings can see an after-tax analysis of the current Mega Millions jackpot by visiting USA Mega's Jackpot Analysis page.

                  The previous record Mega Millions jackpot was $656 million, which was shared by winners in Kansas, Illinois, and Maryland in the drawing on March 30, 2012.

                  The last Mega Millions jackpot hit was in the drawing held July 24, 2018, when a group of 11 co-workers in California shared a $543 million prize. There have been 25 drawings without a jackpot winner since then, but there have been more than 34.4 million winning tickets sold across the game's nine prize levels.

                  The winning numbers for the October 19 drawing were: 15, 23, 53, 65, and 70, with Mega Ball number 7. The Megaplier was 2.

                  The rush of ticket sales over the next few days likely will propel the jackpot to an even higher amount before the drawing takes place Friday. Lottery Post and USA Mega will update the jackpot tallies displayed if such an increase occurs.

                  The quickest way to find the winning numbers after the drawing Friday will be by visiting USA Mega (www.usamega.com) at 11:00 pm Eastern Time (8:00 pm Pacific), when the winning numbers will be published live as they are drawn.

                  Reports of long lines and near pandemonium at lottery retailers were rampant leading up to the Friday drawing.  To help avoid that problem for the Tuesday drawing, lottery players are urged to download the free Lottery Places app (for iPhone, Android, and Windows).  Lottery Places is the only app available that can locate lottery retailers in every state and jurisdiction throughout the United States, and can even locate retailers across state lines.

                  Michigan lottery players can bypass the store completely and buy their Mega Millions lottery tickets online.  Players outside the USA can use a reputable butler service, which provides scanned copies of the purchased lottery tickets securely held on behalf of the customer.

                  Whatever you do, don't wait.  Lottery officials stress the importance of not waiting until the last minute to buy lottery tickets for this historic jackpot.

                  In the Friday Mega Millions drawing, although there was no jackpot winner, 15 lucky players matched the first 5 numbers for a $1,000,000 prize: 1 from California, 1 from Florida, 2 from Illinois, 1 from Missouri, 1 from New Hampshire, 1 from New Jersey, 4 from New York, 2 from Texas, and 2 from Virginia.

                  The California second-prize winner will be awarded a whopping $3,404,526 instead of the fixed $1 million prize awarded in the other states, due to the state's pari-mutuel prize payouts. By law, California awards all lottery prizes on a pari-mutuel basis, meaning the prizes will change each drawing based on the number of tickets sold within California and the number of tickets that won at each prize level in the state. This drawing the pari-mutuel prize calculation meant a much larger prize than normal, as one winner took the entire second-prize pool.

                  Only one of the second-prize tickets sold in Texas was purchased with the Megaplier option for an extra $1 per play, doubling the prize to $2 million since the Megaplier was 2.  The Megaplier option is not available in California, because the fixed nature of the prize increase offered with the Megaplier is not compatible with California's pari-mutuel payouts.

                  Also, a total of 289 tickets matched four of the first five numbers plus the Mega Ball to win a $10,000 prize. Of those tickets, 35 were purchased with the Megaplier option, increasing the prize to $20,000, and 44 were sold in California, where the prize awarded this drawing is $10,719.

                  Following the Friday drawing, the Mega Millions annuity jackpot estimate was raised $600 million from its previous amount of $1 billion. The cash value was raised by $339.3 million from its previous amount of $565.6 million.

                  Mega Millions is currently offered for sale in 44 states, plus Washington, D.C. and the U.S. Virgin Islands. Drawings are Tuesdays and Fridays at 11:00 pm Eastern Time. Tickets cost $2 each.

                  The Mega Millions winning numbers are published at USA Mega (www.usamega.com) minutes after the drawing takes place.

                  Top 25 United States lottery jackpots of all time

                  Tuesday's Mega Millions jackpot currently stands as the largest lottery jackpot in world history.  Undoubtedly record numbers of lottery tickets will be sold this weekend, possibly sending the jackpot even higher by draw time.

                  1. Mega Millions: $1.6 billion, Oct. 23, 2018 - Preliminary estimate, not won yet
                  2. Powerball: $1.5864 billion, Jan. 13, 2016 - California, Florida, Tennessee
                  3. Powerball: $758.7 million, Aug. 23, 2017 - Massachusetts
                  4. Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
                  5. Mega Millions: $636 million, Dec. 17, 2013 - California, Georgia
                  6. Powerball: $590.5 million, May 18, 2013 - Florida
                  7. Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
                  8. Powerball: $564.1 million, Feb. 11, 2015 - North Carolina, Puerto Rico, Texas
                  9. Powerball: $559.7 million, Jan. 6, 2018 - New Hampshire
                  10. Mega Millions: $543 million, Jul. 24, 2018 - California
                  11. Mega Millions: $536 million, Jul. 8, 2016 - Indiana
                  12. Mega Millions: $533 million, Mar. 30, 2018 - New Jersey
                  13. Powerball: $487 million, Jul. 30, 2016 - New Hampshire
                  14. Powerball: $470 million, Oct. 20, 2018 - Preliminary estimate, not won yet
                  15. Powerball: $456.7 million, Mar. 17, 2018 - Pennsylvania
                  16. Mega Millions: $451 million, Jan. 5, 2018 - Florida
                  17. Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
                  18. Powerball: $447.8 million, Jun. 10, 2017 - California
                  19. Powerball: $435.3 million, Feb. 22, 2017 - Indiana
                  20. Powerball: $429.6 million, May 7, 2016 - New Jersey
                  21. Powerball: $425.3 million, Feb. 19, 2014 - California
                  22. Powerball: $420.9 million, Nov. 26, 2016 - Tennessee
                  23. Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
                  24. Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
                  25. Mega Millions: $393 million, Aug. 11, 2017 - Illinois

                  For those keeping score, the number of jackpots in the top 25, by lottery game, are:

                  • Powerball: 15
                  • Mega Millions: 10

                  Top 25 cash value jackpots

                  Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.

                  Looking at the cash value, the upcoming Mega Millions jackpot ranks as the 2nd-largest cash value in world history.

                  1. Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) - California, Florida, Tennessee
                  2. Mega Millions: $904.9 million cash, Oct. 23, 2018 ($1.6 billion annuity) - Preliminary estimate, not won yet
                  3. Powerball: $480.5 million cash, Aug. 23, 2017 ($758.7 million annuity) - Massachusetts
                  4. Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
                  5. Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
                  6. Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
                  7. Mega Millions: $378 million cash, Jul. 8, 2016 ($536 million annuity) - Indiana
                  8. Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
                  9. Powerball: $352 million cash, Jan. 6, 2018 ($559.7 million annuity) - New Hampshire
                  10. Mega Millions: $347.6 million cash, Dec. 17, 2013 ($636 million annuity) - California, Georgia
                  11. Powerball: $336.8 million cash, Jul. 30, 2016 ($487 million annuity) - New Hampshire
                  12. Mega Millions: $324 million cash, Mar. 30, 2018 ($533 million annuity) - New Jersey
                  13. Mega Millions: $320.5 million cash, Jul. 24, 2018 ($543 million annuity) - California
                  14. Powerball: $284 million cash, May 7, 2016 ($429.6 million annuity) - New Jersey
                  15. Mega Millions: $281.9 million cash, Jan. 5, 2018 ($451 million annuity) - Florida
                  16. Powerball: $279.1 million cash, Jun. 10, 2017 ($447.8 million annuity) - California
                  17. Powerball: $273.9 million cash, Mar. 17, 2018 ($456.7 million annuity) - Pennsylvania
                  18. Powerball: $268.6 million cash, Oct. 20, 2018 ($430 million annuity) - Preliminary estimate, not won yet
                  19. Powerball: $263.5 million cash, Feb. 22, 2017 ($435.3 million annuity) - Indiana
                  20. Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
                  21. Powerball: $254.7 million cash, Nov. 26, 2016 ($420.9 million annuity) - Tennessee
                  22. Mega Millions: $246.5 million cash, Aug. 11, 2017 ($393 million annuity) - Illinois
                  23. Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
                  24. Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
                  25. Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland

                  The number of jackpot cash values in the top 25, by lottery game, are:

                  • Powerball: 14
                  • Mega Millions: 11

                  I hope there is only one winning Mega Millions ticket that wins the largest jackpot in United States history! The Mega Millions jackpot is now up to at least $1.6 Billion dollars or $904.9 million dollars if one ticket wins the jackpot and chooses the cash value option or the one time payment lump sum making Hurricane Hung a category 5 storm with sustained winds of 160 miles per hour with gusts of 190 miles per hour everyone especially you DALVIN PAYNE Bringa Timewalkerv wander73 Bodia77 and Marcie for Tuesday October 23rd!

                    Avatar
                    Portland, OR
                    United States
                    Member #145967
                    August 20, 2013
                    263 Posts
                    Offline

                    "https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this/"

                     

                    And that's why ladies and gentlemen the annuity is always the right choice.  The lump sum is too stressful to manage.  You could lose it all to crooked lawyers, investors, money managers or die of stress trying to deal with all that, regretting ever buying that dam ticket.  Who said that before????  Truth is that if you have never managed/invested this amount of money successfully for your yourself or for others, you should have no business choosing the lump sum.  Yeah, it is easy now that you are broke to say I'll hire this guy and I'll hire two more, I'll do this and I'll do that.  You are a newbie multi-millionaire now and the pros know that.  You stand a big chance to be conned or be a victim of a really bad investment advice/decision. You'll have bullets and wolves coming at you from EVERYWHERE;  the latter wearing suit and tie.  You also stand a big chance to lose it all due to your own bad decisions (yeah, people change when their pockets are full), stress, this and that, which comes with the lump sum.

                    Inflation and other costs that might come up in the future is the price you have to pay to be rich and sleep tight at night.  First payment is over $18,000,000.  That's more than enough to do your thing and then some.  Your heirs can claim the rest if you die as it is part of your estate.  Whether you are 18 or 109, you should choose the annuity, unless you are a big shot money guy who can handle his own.  Thank you.

                    People are more complicated than the masks they wear in society...

                      Avatar

                      United States
                      Member #164717
                      March 12, 2015
                      1300 Posts
                      Offline

                      Here is an example of what they call a boutique financial management firm.  It's the one used by several members of the Jobs family.

                      https://wealth.bmoharris.com/

                        Avatar
                        Mt Sterling, IL
                        United States
                        Member #192745
                        October 8, 2018
                        199 Posts
                        Offline

                        Interesting artcle:  https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this/

                        Normally I skip the "What NOT To Do If You Win Tonight's Lottery Jackpot" articles (they always give the same inane advice), but that was both funny and informative! Thanks for that!

                          Avatar
                          New Member

                          United States
                          Member #193083
                          October 20, 2018
                          3 Posts
                          Offline

                          57% of all combinations were covered yesterday!  43% chance it rolled, and that it did!  I think Tuesday's drawing will have 85-90% of all combinations covered! 

                          Where did you find this information?  Been trying to figure out the search terms to get this data.

                            Avatar

                            United States
                            Member #164717
                            March 12, 2015
                            1300 Posts
                            Offline

                            What is an SFO and MFO?

                            Single Family Office vs Multi Family Office.   They are wealth management firms. Single, dedicated to you alone vs Multi which handles and protects the finances of several families.

                            https://en.wikipedia.org/wiki/Multi-family_office

                              KY Floyd's avatar - sunflowers avatar.jpg
                              NY
                              United States
                              Member #23834
                              October 16, 2005
                              4560 Posts
                              Offline

                              "2. Mega Millions: $904.9 million cash, Oct. 23, 2018
                              ($1.6 billion annuity) - Preliminary estimate, not won yet"

                              When did 2nd place become a world record? Is that anything like a participation trophy just for showing up?

                                 
                                Page 6 of 34