Best Method to Collect - Powerball

Reply #24

sirbrad — Sun, 19 Feb 2006 04:50:00 GMT

Also who says you have to have an interest bearing account and continue paying taxes? Personally I would never spend anymore than a million or two TOPS for everything that I need or want for the next 50 years. Although you would still make more money in interest than you would lose through taxes, it would not be necessary with this kind of money, as you would never spend it all unless you were really stupid.

Reply #23

Stars — Sun, 19 Feb 2006 04:40:11 GMT

Chewie's right....Do you think a bank such as BOA with trillions invested with them would mess up with your 90 million...

Right now my accounts are with BOA, but when I win I would go with Citibank, which I believe is the worlds largest financial institution...plus my brother in law is a VP with Citicorp.

Stars

Reply #22

JimmySand9 — Sun, 19 Feb 2006 04:24:55 GMT

That is the smartest thing I've ever heard.

Reply #21

BaristaExpress — Sun, 19 Feb 2006 04:06:35 GMT

Gold or Platinum People - Gold or Platinum. Has been a staple since the beginning of the barter system. Money comes and goes like country's come and go. Gold or Platinum is always there. Get gold or Platinum bars, get gold coins. Get gold dust. Use it for whatever cash is popular at the moment, or just spend it. You win a hundred million or so, buy a couple of million in gold or Platinum!

I'll be getting both Gold and Platinum bars! That's the only two truly spendable commodities... [ More ]

Reply #20

gnu07 — Sun, 19 Feb 2006 03:25:18 GMT

There are something like 3000 different depository banks in America. It'd be cumbersome, but FDIC covers the $100K per account, PER bank. In any case, I'm sure I'd have to get something a little more robust than my current free student checking.

Reply #19

instantaccess — Sun, 19 Feb 2006 02:36:23 GMT

true. I am sure any bank would love to help you lol

Reply #18

Chewie — Sun, 19 Feb 2006 02:30:58 GMT

After you win, call the Bank of America and tell them you won a hundred millions dollars Saturday night. Ask them if they have some one who can help you. They can probably come up with one person who does that sort of thing.

Reply #17

chameleon530 — Sun, 19 Feb 2006 02:24:46 GMT

I still haven't found a concrete answer tho that myself. I googled banks and where to deposit millions and never really found anything.

However using the search term wealth management did yield some better results on where in the world to banks when you are a multi-millionaire.

Reply #16

instantaccess — Sun, 19 Feb 2006 02:13:05 GMT

i do wonder though. like stated above..where do you put the money? I mean when you take the cash option what bank would cash that

Reply #15

instantaccess — Sun, 19 Feb 2006 02:02:45 GMT

cash

Reply #14

Chewie — Sun, 19 Feb 2006 01:47:47 GMT

Gold People - Gold. Has been a staple since the beginning of the barter system. Money comes and goes like country's come and go. Gold is always there. Get gold bars, get gold coins. Get gold dust. Use it for whatever cash is popular at the moment, or just spend it. You win a hundred million or so, buy a couple of million in gold and stash it away in the wilderness of Colorado. Couple thousand acres in Colorado would make it impossible to find. If you loose everything, or governments coll... [ More ]

Reply #13

Chewie — Sun, 19 Feb 2006 01:38:46 GMT

Bill Gates actually has very little actual money. His is virtual money. If value is up, his is up, if it crashes, he is down. Same as the old dot com problem. Oh, by very little money,, I mean he does not have Billions is cash, he has Millions.

Reply #12

chameleon530 — Sun, 19 Feb 2006 01:26:03 GMT

Okay, chewie you put a new perspective on the cash v. annuity argument that I hadn't considered. As a lurker on the boards for the last few months and only posting in the last couple weeks, I have of course become Very familiar with CASH Only's views on the subject, but I still thought annuity would be a good way to go. Thanks for the food for thought.

Reply #11

Dream — Sat, 18 Feb 2006 21:17:10 GMT

The situation in the world is very unstable. Take the cash and be your own BOSS

Reply #10

Zoozie — Sat, 18 Feb 2006 19:22:32 GMT

That brings up an entirely different issue about putting your cash money in a bank, since a bank can not insure that large amount. What are the options - divide your money up and put it into different banks?

Wonder what bank houses Bill Gates' money.... LOL

Reply #9

Chewie — Sat, 18 Feb 2006 19:21:05 GMT

You get 1/3 because there is no huge amount. It is a book keepers imagination. The $365M doesn't happen until 26 years later. The cash is the actual amount in the kitty the day of the drawing. Wrong investment, or stock market crash, and you don't get $365M, you get leftover Turkey.

You don't put $100M into a bank like you do with your pay check; this is not a savings account that you have. You can use the bank to disperse it to various investments. Then when you need cash, your financi... [ More ]

Reply #8

CASH Only — Sat, 18 Feb 2006 19:16:42 GMT

Anybody who hits tonight's PB and chooses annuity should be forced to give back all the winnings

Reply #7

Dream — Sat, 18 Feb 2006 19:03:06 GMT

By taking the lump sum you usually get 1/3 of the advertised jackpot after taxes.

Reply #6

hypersoniq — Sat, 18 Feb 2006 18:54:31 GMT

on a jackpot this big, I might be tempted to take the annuity (over 7 million a year), wait until a democrat is elected and sell the balance of the payments to one of those companies that does such a thing before the inevitable tax increase...

the other scenario is to find out how much it would cost to buy supplimental insurance on about 100,000,000 and have it wired to an account all at once... they make you pick an account to wire the winnings to, I can't imagine letting all those millions... [ More ]

Reply #5

KRB03 — Sat, 18 Feb 2006 18:23:48 GMT

reading on powerball.com. And reading the tax info and how it works...If you take the lump sump..you will get maybe around $90 mil. That is still alot of $$$, but why so many taxes? You go from winning $365 mil to leaving w/ $90 mil . But it also states if you take annuity, you also earn interest. That will be a tough 60 days to think of which option to take

Reply #4

Zoozie — Sat, 18 Feb 2006 18:08:23 GMT

Yep if I win the powerball, Indiana will only see the dust I leave behind moving back to Florida! They are going to get the LEAST amount of money I have to give the state of Indiana. Florida does not have state taxes, only federal. Many tax benefits there.

Reply #3

PrisonerSix — Sat, 18 Feb 2006 17:56:24 GMT

CNN published a list of states by state and local tax liability. If you win a big jackpot and don't want to give too much of it away, you can relocated to one of the states at the bottom of the list. You can't escape federal taxes, but it is possible to lower your state and local taxes.

Here is the list:

http://money.cnn.com/pf/features/lists/taxesbystate2005/index.html

Reply #2

Zoozie — Sat, 18 Feb 2006 15:48:01 GMT

Thanks Chewie for that enlightening post. Yes, I figured take the lump sum.

Billy-Bob Clinton - I laughed so hard on that one...

Reply #1

Chewie — Sat, 18 Feb 2006 15:45:09 GMT

Get the money - where is the confusion? Bird in the hand thing. How do you know what the government people have in store for you tomorrow? Do you think the Tax Cutting George Bush will be around forever? Do you really believe a Democrat won't raise taxes as soon as possible? Look what Billie-Bob Clinton did. Promised no taxes, then raised all taxes - including death tax back for six months.

The state of New Jersey is whinning about being almost bankrupt - because of corrupt politicians,... [ More ]

Best Method to Collect - Powerball

Zoozie — Sat, 18 Feb 2006 14:56:29 GMT

Since we are all on the discussion of the Powerball today, if you win tonight... how are you going to accept your winnings and why?

Cash Option or 30 Year Annuity

Cash Option - you have to pay taxes on the lump sum... but you are also going to have to pay taxes on the interest you receive each year from your bank accounts.

30 Year Annuity - Pay taxes each year on the check you receive each year.

If I do win the powerball tonight *grin*, I just want to know the best way to get the mon... [ More ]