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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.

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Teddi's avatar - Lottery-008.jpg

United States
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May 13, 2013
1394 Posts
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"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.

This article made no claim that it's the better choice. That's your own personal belief. If you don't think you can manage that much money successfully, then you don't have to take the lump sum should you win. Better yet, do not play when the jackpot gets this high.

I have news for you, crooked lawyers and fund managers have bankrupted winners who took the annuity. Bad life choice and bad investments have bankrupted winners who took the annuity. Annuity winners are not less likely to spend it all.

Not so long ago there were people making this comment about $100 million jackpots. Then $300 million jackpots. Whenever any new threshold of JP is broken, out come people like you to tell others they HAVE to take the annuity so they don't go broke because they'll never be able to manage the lump sum amount.

Do you know what usually happens? They manage the lump sum amount. They get comprehensive financial advice, they read books, they consult lawyers, and...they manage that money. So how about tempering the fearmongering with actual evidence.

    dpoly1's avatar - driver
    PA
    United States
    Member #66139
    October 16, 2008
    1998 Posts
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    According to <snip> :

    Total Tickets (Sets of Numbers) Sold: 280,217,678
    Total Combinations in Game: 302,575,350 = 92.8%

    Someone said 59% sold. That means multiple same numbers were sold.

     

    In a side note, I have a question to all lottery players here:

    What is the first thing you will do after collecting the prize?

    me:

    Donate 10% pre-tax to charities...

    you?

    This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

    It's a secret!

    Dance

    dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

     

    Eschew Poverty ........... Vote Conservative!

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      Mt Sterling, IL
      United States
      Member #192745
      October 8, 2018
      199 Posts
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      This article made no claim that it's the better choice. That's your own personal belief. If you don't think you can manage that much money successfully, then you don't have to take the lump sum should you win. Better yet, do not play when the jackpot gets this high.

      I have news for you, crooked lawyers and fund managers have bankrupted winners who took the annuity. Bad life choice and bad investments have bankrupted winners who took the annuity. Annuity winners are not less likely to spend it all.

      Not so long ago there were people making this comment about $100 million jackpots. Then $300 million jackpots. Whenever any new threshold of JP is broken, out come people like you to tell others they HAVE to take the annuity so they don't go broke because they'll never be able to manage the lump sum amount.

      Do you know what usually happens? They manage the lump sum amount. They get comprehensive financial advice, they read books, they consult lawyers, and...they manage that money. So how about tempering the fearmongering with actual evidence.

      Again, total agreement, Teddi. I keep a monthly budget, spend less than I make, give, save, make my own investment choices, retain a lawyer and a tax accountant, etc... All of this for a person of modest means, like myself. For someone who has never balanced a checkbook it would seem too overwhelming, I suppose, but it's all a part of being a responsible adult and small business owner. It tickles my brain to think of scaling it up from managing thousands to managing mega-millions. I'm not afraid nor am I intimidated, and although I do not know everything and I've never managed millions, I know the right questions to ask, and/or the right people who can guide me to the right question.

        Teddi's avatar - Lottery-008.jpg

        United States
        Member #142493
        May 13, 2013
        1394 Posts
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        What is "absurd" is how easy it would be to spend $247,001 a week, if you fall into a certain type of lifestyle. Billionaire level security, estate maintenance, staff, etc... Even though you can technically afford to purchase a $70M jet with cash, it still costs upwards of $5M per year to operate it, plus the not inconsequential cost of av-gas, which can cost tens of thousands per flight. It doesn't matter if you earn $247 per week, or $247,000 per week, you still need to keep tight reigns on your budget or you'll find yourself in a different kind of "jackpot".

        But, to your point, I've been sort of curious about that myself. At what point would ticket sales slow down if nobody wins this jackpot? What if it rolls after Tuesday night? Say it rolls to $2.5B? Will lottery fatigue kick in simply because the jackpot seems unreal and unobtainable?

        I wouldn't think so. Even if Americans spent all of their discretionary income buying tickets for the previous JPs and they're tapped out making large ticket purchases, the game is open to non-Americans. For $2.5 billion I'm betting we'll see large numbers of people driving into the US for a few hours just to buy tickets. Their purchases would likely pick up the ticket sales where regulars dropped off.

        I also think people in states that don't have MUSL will be willing to drive into states which do to buy tickets.

        These two types of lottery players who only ever make an effort to buy tickets when it's high enough to justify the inconvenience of a long road trip.

          weshar75's avatar - Lottery-042.jpg
          Mcminnville, Oregon
          United States
          Member #3013
          December 13, 2003
          5788 Posts
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          I know that not everyone can win the jackpot but I would be happy with the cool million.-weshar75

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            benir4u's avatar - golfing
            Sacramento,Ca
            United States
            Member #1954
            July 31, 2003
            4126 Posts
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            I know that not everyone can win the jackpot but I would be happy with the cool million.-weshar75

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            here here I Agree!

              BuyLow's avatar - fd725949c52faf3bef0a9e377747408d -iphone-wallpaper-palm-trees.jpg
              Florida
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              May 22, 2008
              1228 Posts
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              SFO =  Single Family Office

              MFO =  Multi Family Office

              Both manage the money and investments of ultra high networth families, but the bill for all the services in a SFO is footed one family whereas with a MFO, the expenses are shared between different uber-wealthy families. 

              The old rule used to be that if you needed to have the SFO manage at least $100 million in investable assets for the SFO to be cost effective but that's been shown to be incorrect because secondary income sources and # of family members is also a factor. 

              What happened was that when it came to generational wealth and/or wealth intricately tied to a business, the family office blurred lines with the home office. These new SFOs don't only handle the investment side of the family's money, but the personal side as well. 

              Anything that could be a liability to the family is usually managed by the family office. Anything that is needed to retain or increase the value of the family's assets is usually managed and budgeted by the SFO. As you can imagine, that basically covers everything. 

              They vet contractors, run background checks on dates, coordinate travel arrangements, manage the family's charitable foundations, make sure the security detail is adequate. They make sure the private jet is serviced, the vehicles are registered, that all personal property is recorded and insured and that the pets have all their shots. If the pilots are required to have physicals and recert training, the SFO makes sure it's done.

               

              Non-contracted hires who work in the homes of the family members are usually interviewed, vetted, hired and paid by the family office. They are not the employees of the family member. They are employees of the family office. Even though they're working directly for the family member(s). This helps to reduce personal liability issues. 

              The SFO will also generally take care of most/all the family's expenses. From dry cleaning to the utility bill to the credit card bill, the SFO budgets and pays for it all.

               

              The cost of a SFO is usually a percentage of the total wealth being managed. Which is why if the family isn't large enough, wealthy enough and busy enough to fully utilize the services of the SFOs, then it's simply a waste of money. 

              Good info thanks!

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                Mt Sterling, IL
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                October 8, 2018
                199 Posts
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                I wouldn't think so. Even if Americans spent all of their discretionary income buying tickets for the previous JPs and they're tapped out making large ticket purchases, the game is open to non-Americans. For $2.5 billion I'm betting we'll see large numbers of people driving into the US for a few hours just to buy tickets. Their purchases would likely pick up the ticket sales where regulars dropped off.

                I also think people in states that don't have MUSL will be willing to drive into states which do to buy tickets.

                These two types of lottery players who only ever make an effort to buy tickets when it's high enough to justify the inconvenience of a long road trip.

                I Agree! Hey, check me out! I found the emoticon dude! ;)

                Yeah, good point... Also, at some point it might be mathematically feasible to throw $604M at it to make a couple hundred million profit, lol. Imagine if the JP was over $3B, but the projected ticket sales slumped down to a point where the likelihood of a winner were an acceptable risk for some "fund" to buy up all of the combinations. Even if there was one other winner, the "fund" would walk away with $243M pre-tax, lol. ($3B x .565= $1.695B(CV) x .5(2 way split)= $847.5M - $604M(cost of tickets)= $243.5M pre-tax profit. lol, just a thought.

                  CDanaT's avatar - Nolz june15.jpg
                  Central TN
                  United States
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                  January 4, 2012
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                  Provided I/you/someone win this monster of a (MM)jackpot, to me this is where the real life changing mission begins. Scheduling and choosing a representative team. Do I look at the Super Lawyers list under lotteries to see who they suggest in my state?  Do I interview 2-3  firms? How about choosing a professional accounting firm to assist you ? Again,interview 2-3 of them ?  Financial Advisers team ? A whole bunch of those folks to sort through. Get the trust established and decide who's going to be in it.

                  How much are you giving to charities or will you establish your own ? What are the challenges of getting that charity going ? How much do I give to family, friends or folks that I know are in need ?

                  Will I live here in the area or even in my state ? Do I want a new home or shop for one that's already built ? If I build a new one, who will build it for me and how long will that take? (For those of us that have built new homes, you know all the headaches of that undertaking)

                  For us who have a significant other, what are their desires on all the above subjects? While spouses usually agree on life situations, this kind of wealth can open up ones mind with all kinds of possibilities/changes

                   

                  Just my 2 pennies on the subject....

                  Integrity: There is no substitute.

                  "If some among you fear taking a stand because you are afraid of reprisals . . . recognize that you are just feeding the crocodile hoping he'll eat you last."

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                    100
                    New York, NY
                    United States
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                    March 23, 2013
                    11631 Posts
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                    Spend spend and then look at Chuck Feeney.

                    Sometimes you do the right thing just because it’s right.

                    Life's a game of mathematics, if you can't figure that out I don't know what to tell you.

                      music*'s avatar - DiscoBallGlowing
                      Fresno, California
                      United States
                      Member #157849
                      August 2, 2014
                      3959 Posts
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                      Provided I/you/someone win this monster of a (MM)jackpot, to me this is where the real life changing mission begins. Scheduling and choosing a representative team. Do I look at the Super Lawyers list under lotteries to see who they suggest in my state?  Do I interview 2-3  firms? How about choosing a professional accounting firm to assist you ? Again,interview 2-3 of them ?  Financial Advisers team ? A whole bunch of those folks to sort through. Get the trust established and decide who's going to be in it.

                      How much are you giving to charities or will you establish your own ? What are the challenges of getting that charity going ? How much do I give to family, friends or folks that I know are in need ?

                      Will I live here in the area or even in my state ? Do I want a new home or shop for one that's already built ? If I build a new one, who will build it for me and how long will that take? (For those of us that have built new homes, you know all the headaches of that undertaking)

                      For us who have a significant other, what are their desires on all the above subjects? While spouses usually agree on life situations, this kind of wealth can open up ones mind with all kinds of possibilities/changes

                       

                      Just my 2 pennies on the subject....

                      CDanaT,  I will make my CFP, Certified Financial Planner the leader of all my advisers. He or She will ask the tough questions that I need answers too. Party

                       "We are all in this together!" 

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                        Mt Sterling, IL
                        United States
                        Member #192745
                        October 8, 2018
                        199 Posts
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                        Provided I/you/someone win this monster of a (MM)jackpot, to me this is where the real life changing mission begins. Scheduling and choosing a representative team. Do I look at the Super Lawyers list under lotteries to see who they suggest in my state?  Do I interview 2-3  firms? How about choosing a professional accounting firm to assist you ? Again,interview 2-3 of them ?  Financial Advisers team ? A whole bunch of those folks to sort through. Get the trust established and decide who's going to be in it.

                        How much are you giving to charities or will you establish your own ? What are the challenges of getting that charity going ? How much do I give to family, friends or folks that I know are in need ?

                        Will I live here in the area or even in my state ? Do I want a new home or shop for one that's already built ? If I build a new one, who will build it for me and how long will that take? (For those of us that have built new homes, you know all the headaches of that undertaking)

                        For us who have a significant other, what are their desires on all the above subjects? While spouses usually agree on life situations, this kind of wealth can open up ones mind with all kinds of possibilities/changes

                         

                        Just my 2 pennies on the subject....

                        The "charity" thing has been weighing on my mind. At this level I think I'd separate 10% of the after tax CV and start some sort of foundation. I'd invest the money for the foundation, and also contribute 10% of my after tax income into it every year. The dividends earned from the investments I'd distribute to a variety of causes. But, here's the rub: I don't want to be like Andrew Carnegie and struggle to find worthy causes to give to, so I'd need to hire some good, like-minded folks to do the due diligence for me... Just a thought... Oh, and when I die, the bulk of my net worth would be added to the foundation.

                          Coin Toss's avatar - shape barbed.jpg
                          100
                          Zeta Reticuli Star System
                          United States
                          Member #30469
                          January 17, 2006
                          11659 Posts
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                          Can't resist

                          Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners. 

                          Lep

                          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                            music*'s avatar - DiscoBallGlowing
                            Fresno, California
                            United States
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                            August 2, 2014
                            3959 Posts
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                            The "charity" thing has been weighing on my mind. At this level I think I'd separate 10% of the after tax CV and start some sort of foundation. I'd invest the money for the foundation, and also contribute 10% of my after tax income into it every year. The dividends earned from the investments I'd distribute to a variety of causes. But, here's the rub: I don't want to be like Andrew Carnegie and struggle to find worthy causes to give to, so I'd need to hire some good, like-minded folks to do the due diligence for me... Just a thought... Oh, and when I die, the bulk of my net worth would be added to the foundation.

                            lowellm,  Have you heard of, "Donor Advised Funds"? It might be an option instead of a Foundation. Cool

                             "We are all in this together!" 

                              Revolution777's avatar - moon
                              New Member
                              Boring Oregon
                              United States
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                              October 18, 2018
                              79 Posts
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                              Who thinks tonight's Powerball will get hit or will it continue to roll like MM?

                               

                              $620M if it rolls...................

                                 
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