Is less best? $93 million vs $10 million

Reply #23

sagan — Thu, 25 Aug 2005 21:00:32 GMT

i guess if i had to i would take any winningsi buy a ticket no matter the prize for MM even a $10 mill pot would increase my lifestyle enough. my thinking is you cannot win if you do not have a ticket and it may be the only time you will win is when the jackpot is the smallest or has multiple winnersnot sure i made the point very good here

Reply #22

JimmySand9 — Wed, 24 Aug 2005 05:58:26 GMT

I still think the thread starter didn't know what he was talking about. Sure $10,000,000 would be great prize. I just don't want to spend any money on a 1 in 120,000,000 chance to get it. 1 in 25,000,000 would even be pushing it. Why are people so greedy? More like, Why are so people so oblivious to the odds of winning? .

Reply #21

pacattack05 — Sun, 21 Aug 2005 20:57:22 GMT

There is no way I can live on $18,000 a day. Are you kidding me. After rent...insurance...food...bad habits.....family.....friends.......charities........taxes......inflation....travel......plastic surgery.....saving the whales.....there's no way.

Reply #20

Chewie — Sun, 21 Aug 2005 20:35:21 GMT

Thanks from my side also. I seem to remember the show. The CNN links were interesting. Too bad the video links were gone. Whether is is $10K a day, or $18K a day, that is a lot of toys, travel, and just plain comfortable living. He won't be worrying about any fuel oil or gasoline prices. Be nice to have enough to have the gasoline trucks come to your house to fill your car

Reply #19

four4me — Sun, 21 Aug 2005 20:09:28 GMT

A lot of what he has done with his winnings are very dependant on his investments he could have easily invested 5 or 10 million and be making a killing he went to new york or they came to him because he was afraid to fly and his investment firm is the key to his continued success with his investments. A person would almost have to be a stock marked annalist to handle his investment portfolio by himself and continue to live the lifestyle he does. I didn't particularly care for some of the junk he... [ More ]

Reply #18

Rip Snorter — Sun, 21 Aug 2005 20:03:38 GMT

If the newspaper reports in New Mexico were accurate, $93 million was $36 million lump sum after taxes. Probably that translates to a $10 million jackpot being roughly $4 million after taxes.$4 million is a hefty enough sum to be inviting. Certainly nothing to complain about. I've no doubt I could live the remainder of my life on that amount.On the other hand, a younger person, or one who want's to live in higher style than I'd wish for might think it was too paltry to bother buying a ticket... [ More ]

Reply #17

sagan — Sun, 21 Aug 2005 19:50:16 GMT

thanks fouri have seen the show twice, the guy seemed such a blowhard, the numbers became curious to me.he might be exaggerating the numbers$18,000 is really a large amount, what about taxes, attorney and advisor fees

Reply #16

four4me — Sun, 21 Aug 2005 19:35:56 GMT

Chewie and sagan here is a link to the story of the winner. the guys name is David Edwardshttp://archives.cnn.com/2001/US/08/27/powerball/Now how he went about his investments and when or what he did to earn the 18,000 a day interest is a good question. All i know is thats what he said during the show towards the end. It might have been the history channel. this story about the lottery winners has aired 20 times or more. you will have to keep and eye out for it in the future. kinda boring but al... [ More ]

Reply #15

sagan — Sun, 21 Aug 2005 18:46:59 GMT

at 4% interest $18,000 per day means a investment of about $180,000,000if the math and interest are correct not making allowance for taxes.so is that the amount he won

Reply #14

Chewie — Sun, 21 Aug 2005 16:28:20 GMT

$18K a day in interest. Not bad. Sort of makes one wonder why a person would wait weeks to claim a big win. That would mean any interest goes to the state, not to the winner. Since I don't have off-shore accounts (who does) waiting for me to win, I still feel it is best to get the money immediately, have some place like BOA stash it until I can get a team together to manage it. I wonder how much a major bank or investment house would pay me to let them handle $30M ot $60M for 90 days or more. I... [ More ]

Reply #13

four4me — Sun, 21 Aug 2005 16:16:23 GMT

When it comes to winning a jackpot game i'll be glad to win whatever the amount is and figure a way to make due. Recently i saw on the discovery channel where a Florida jackpot winner is making $18,000 a day in interest on the money he won. He said when he spends like 100 grand on something he just waits until the interest catches up and buys something else. This guy has bought so much junk he could open a museum. He has a collection of knives and cars and well you name it he bought it.

Reply #12

dphillips — Sun, 21 Aug 2005 16:09:07 GMT

Chewie, if I am not mistaken, the new sales begin Friday, August 26 and the lottery change is on Monday, August 29 (which is a little confusing.

Reply #11

Chewie — Sun, 21 Aug 2005 15:22:45 GMT

Speaking of less, when does PB go to the new number system

Reply #10

Badger — Sun, 21 Aug 2005 14:13:40 GMT

If you can't live the rest of your life on 10 million bucks minus taxes, then you couldn't manage living on 93 million after taxes. You would obviously have severe problems that need to be addressed if you blow it all.

Reply #9

pacattack05 — Sun, 21 Aug 2005 00:29:19 GMT

Here we go, another rampage of replies.

Reply #8

Just6ntlc — Sun, 21 Aug 2005 00:26:52 GMT

Either option is fine, but I rather take 10 million cash option. The more money people win, the higher the income tax occur.

Reply #7

weshar75 — Sun, 14 Aug 2005 22:48:54 GMT

For me it is a question of personal choice because I play for the powerball jackpots when they are climbing like the 93 million one just recently. But I noticed that my state lottery is high again at 15.5 million and since the odds are 1 in 7 million I like to play it when it is high. I don't try to spend too much on the lottery since it is my form of entertainment ten bucks a week keeps the dream alive at some sizeable jackpot. I would be happy with either pot to answer your question on whic... [ More ]

Reply #6

MrBobb — Sun, 14 Aug 2005 21:42:21 GMT

I play mostly 5 and 6 number games when I play (we have no lottery in Alabama, so I play multi draw when travelling to states that have lottery).A $10M jackpot would be more than adequate for me. Shoot, having a $1M payout after taxes would suit me fine. Even assuming no interest, I could pay myself $4,000 per month out of the principal for a little over 20 years and live quite comfortably.I'm a little ahead of the game in 5 number games (Lucky 5 and Fantasy 5), having won $200+ twice (IN Luck... [ More ]

Reply #5

JimmySand9 — Sun, 14 Aug 2005 20:47:46 GMT

Just so you know in my post, I meant before taxes, not after taxes. I hate seeing typos I made only to find out that it's too late to edit them.

Reply #4

dvdiva — Sun, 14 Aug 2005 20:45:30 GMT

Ten million after reduced to it's post tax cash prize is only 3.25 million. Considering the inflated price of homes these days unless you owned one free and clear it wouldn't leave you with much after you purchase one. In the Seattle area it would leave you with just over 2 million to buy a home in a low crime good school district area. Guess it depends on the game but for me five million (as a cash prize post tax) is the starting point for me to play a state game like Oregon Megabucks.... [ More ]

Reply #3

Bradly_60 — Sun, 14 Aug 2005 20:25:23 GMT

That is how I feel. Why beat odds of over 1 in 120,000,000 to win $10m. It just doesn't seem right. That's why I'll start to play around the $100,000,000 mark. Then it seems more worthwhile to play.Brad

Reply #2

RJOh — Sun, 14 Aug 2005 20:11:47 GMT

Most State report the pick3 games as one of their most popular game, so there must be plenty of people that would be happy to win $500-$600 for a dollar investment.

Reply #1

JimmySand9 — Sun, 14 Aug 2005 20:08:05 GMT

$10 million paid over the next 30 years, or $5.6 million in cash, both after taxes, are indeed adequate. But for the odds, it's a ripoff. If Pick-6 Lotto or Lotto South hit $10,000,000, I'd definately get tickets, because the odds are one in 14,000,000. Not great by any perspective, but it's a heck of a lot better than one in 120,000,000 (or 146,000,000 beginning in a few weeks). I'm not greedy, I just know the odds, and I know when it's a not worth the investment.

Is less best? $93 million vs $10 million

dphillips — Sun, 14 Aug 2005 20:02:15 GMT

Talk about money management! Yes, all of us (with rare exception) were in a 'hee-haw' about the $93 million dollar lottery. Of course, with applicable taxes, approximately $53 million dollars, a nice and tidy take home payday! Think for a moment, some people refuse to play the lottery unless it is $50 million dollars or more. For them, the more money, the merrier. For me, $10 million dollars is quite adequate. Sometimes I wonder...why are people so greedy? If most people are finding it diff... [ More ]