Million Dollar Raffles

Reply #13

tntea — Wed, 02 Jan 2008 01:32:40 GMT

I agree.

It is more important to allow your money make money for you. No sense in allowing it to sit in the bank making money for bankers...

Reply #12

Badger — Tue, 01 Jan 2008 23:31:59 GMT

Personally, I think that's really rotten. I've seen other states do it also. THe whole point of the raffle is that it gives the player the best odds at winning a million. Usually 500,000 (the number of tickets printed) to 1.

So, okay, that would be better odds than any other jp game. But if you can't sell all the tickets by post time that's just too bad. It decreases the odds even more for those who played. I don't see anywhere where anybody guarantees any private business a profi... [ More ]

Reply #11

Badger — Tue, 01 Jan 2008 23:18:22 GMT

Well they love to do that because it's good for their business. And they're in business to get as much money as possible.

There are still people that don't realize that you have taxes taken from your lottery winnings. In the last year, at the lottery terminals, I've seen more than one player happen to be told by the clerk, just in casual conversation, that If you win, you'll still end up with about 'X' dollars or so and the person was completely surprised that they didn't get it all.

Th... [ More ]

Reply #10

Badger — Tue, 01 Jan 2008 23:14:09 GMT

Coin Toss and you other guys ....Yeah, that's pretty much the way I see it in my perception.

If you don't have a million dollars somewhere, you aren't a millionaire.

Reply #9

Badger — Tue, 01 Jan 2008 23:12:31 GMT

You're correct on the assumption, Todd. But I also figure it's a good asumption. I just can't believe that there are that many millionaires on LP. I guess its because if I were a milllionaire, I wouldn't be here trying to become one.

There are too many other activities I could spend money on that would provide for an amusing hobby than the lottery. Therefore I can't personally identify with a person that has a million dollars and they are trying to crack the lottery.... [ More ]

Reply #8

tnlotto1 — Tue, 01 Jan 2008 23:05:59 GMT

i would not consider myself a millionaire if i won one million dollars in a raffle but i would still be very happy. i noticed on the tn lottery website that the raffle drawing was supposed to happen at the end of january but now the ticker says 86 more days until the drawing so that is a mistake or the sales were so sluggish they moved the drawing.

Reply #7

justxploring — Tue, 01 Jan 2008 22:27:01 GMT

I agree with Todd that your financial status following a million dollar win depends on your current situation. Some people who are comfortable will have a net worth of well over a $1M, especially if they've paid off their major debts like a mortgage, college loans, etc.

However, I also agree with Coin Toss. If you have lots of credit card debt, a large mortgage payment, a car payment, medical bills, college tuition, etc., you can pay off those debts with your new fortune and be able to enjoy... [ More ]

Reply #6

Coin Toss — Tue, 01 Jan 2008 21:47:37 GMT

From Dictionary.com:

noun

1.a person whose wealth amounts to a million or more in some unit of currency, as dollars.

2.any very rich person.

_____________________________________________

(Coin Toss):

A person with a million dollars (euros, pounds, etc...) has a million units of that currency.

A person with holdings - securities (stocks, investments), real estate, etc...may have a miilion on paper today and have that greatly reduced tomorrow (Enron, for e... [ More ]

Reply #5

LuckyLilly — Tue, 01 Jan 2008 19:21:22 GMT

Nope, I wouldn't consider myself a millionaire until I had a million dollars in my bank account and real property.

The paper is reporting that the Idaho winner took home $672,000 after taxes. Could someone who's good at math tell me how much in Federal taxes that would be, assuming 7.8% went to state taxes? Thanks.

Here's the article.

www.idahostatesman.com/newsupdates/story/252145.html

Reply #4

lottolaughs — Tue, 01 Jan 2008 15:42:01 GMT

You're only a millionaire if you have a million or more dollars. We all know that after taxes we will never wind up with what the jackpot originally was. I wish they'd quit crowing about these so-called million dollar raffles. No one will ever see a million dollars. Same with big lotto jackpots. You'll never see the millions that you supposedly won. Why can't they be more honest? Because people like BIG numbers and a $500,000 jackpot is just not as appealing as $1,000,000. I don't know why not... [ More ]

Reply #3

Todd — Tue, 01 Jan 2008 15:34:52 GMT

You're assuming the person is starting off at zero dollars to their name. A millionaire is determined based upon an accumulation of all wealth, not just the lottery prize. And wealth is not just how much money do I have in the bank. It's anything that could be considered a liquid asset.

BTW, here's a listing of all raffles and results so far. It was crazy-difficult putting it together from all the states. (Tracking down which states have raffles, finding the results, stripping out... [ More ]

Reply #2

konane — Tue, 01 Jan 2008 14:54:43 GMT

Reply #1

Coin Toss — Tue, 01 Jan 2008 14:44:28 GMT

I would say no.

To me a millionaire has at least a million dollars, not a million dollars pre-tax.

Million Dollar Raffles

Badger — Tue, 01 Jan 2008 14:31:46 GMT

Here's a question. A number of states are running their holiday million dollar raffles. If you bought a ticket and won the jackpot, would you - in your personal perception -- consider yourself a millionaire?

Remember, the million bucks is pre-tax. By the time all is said and done, you'll end up with a lot closer to a half-million. Now that is, of course, really nice and could help life a long alot. But you don't have a million dollars. So would you be considered a millionaire... [ More ]