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After Seeing "Jackpot!"

Topic closed. 25 replies. Last post 12 years ago by CASH Only.

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After seeing "Jackpot!", do you think you'd go all out if you won big?

Yes. [ 5 ]  [16.13%]
No. [ 16 ]  [51.61%]
Depends on the amount I win. [ 10 ]  [32.26%]
Total Valid Votes [ 31 ]  
Discarded Votes [ 2 ]  
DoctorEw220's avatar - alien helmet.jpg
Yinzer Country, PA
United States
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Posted: March 28, 2005, 2:19 am - IP Logged

After seeing "Jackpot!", I noticed a few things. The biggest thing I noticed was that the winners were going all out with their winnings, and a few of them really did not win enough to go all out the way they did. Do you think you would be like them if you win, or would you be more humble about winning the lottery?

I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.

    LOTTOMIKE's avatar - cash money.jpg
    Tennessee
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    October 15, 2004
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    Posted: March 28, 2005, 6:30 am - IP Logged

    depends on the amount.....

      Litebets27's avatar - power
      Maryland
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      January 14, 2005
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      Posted: March 28, 2005, 10:32 am - IP Logged

      Just not that kind of person.

      litebets

        weshar75's avatar - Lottery-042.jpg
        Mcminnville, Oregon
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        December 13, 2003
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        Posted: March 28, 2005, 11:15 am - IP Logged

        It would depend on the amount I won to how foolish I would be with the money.  The only thing I really want to have is a new truck with everything on it. 

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          Oregon
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          February 23, 2005
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          Posted: March 28, 2005, 1:39 pm - IP Logged

          I would love to have a mansion and decorate the place with knick knacks like golden chandeliers and 300 year old tibetan wood carvings, but unless I've won 100+ million I wouldn't be that much of a spendthrift.

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            Morrison, IL
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            Posted: March 28, 2005, 1:47 pm - IP Logged

              I wouldn't want a mansion.  I'm smart enough to know that it would take too much time to maintain, and hiring people to do it would quickly eat away your winnings.

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              Wisconsin
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              June 3, 2003
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              Posted: March 28, 2005, 1:55 pm - IP Logged

              other than basics, i don't think i would spend all that much...but i would continue to participate in the lottery no matter what the prize was (is)

              ... the lottery never fails to surprise!
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                Posted: March 28, 2005, 2:46 pm - IP Logged

                I like to think Hey, I don't need a lot of stuff to be happy, but on the other hand I think it's really hard to know what you would do after going from having $300 in the bank to having $30,000,000.  I would like to get a nice but modest house and pay cash. I'd like to travel. Before I went bananas living in luxury, I'd like to remember how many struggling desperate people who could helped so much by a $100 or $1000 or paying for the dentist and quietly hand out money to people who really need it

                  ineed9million's avatar - scene sunovermountains.jpg
                  Philadelphia, PA
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                  February 13, 2005
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                  Posted: March 28, 2005, 4:39 pm - IP Logged

                  i plan to live off the interest.  i'd treat the money i get from interest as if it were a salary.  i'd leave the principal in the bank to make me even richer over time.

                    SirMetro's avatar - center
                    East of Atlanta
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                    August 11, 2004
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                    Posted: March 28, 2005, 5:01 pm - IP Logged

                    Define "all out" and define $$$ amount references. A $100 thousand all out for me would pay off about 25% of my current debt after taxes. A $100 million would buy me a really comfy condo in Vegas (and a few other places) as well establish decent size escrows to pay the annual expenses associated with my new places.

                    Sir Metro

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                      Columbia City, Indiana
                      United States
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                      December 9, 2003
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                      Posted: March 28, 2005, 5:04 pm - IP Logged

                      I saw that program.

                      For the most part, I found it very engaging and sometimes even funny. They all seem like people who have their heads together, but there was one part in particular that made me laugh out loud (a rare occurrence these days). The ex-con with the pony-tail ($41M, I think), took us through his mansion, pointing out his $85,000.00 chandeliers, $80,000.00 dressers, so many thousands for this, a hundred grand for that, etc. Then, he showed us his solid silver beer stein he likes to drink his whiskey from (I forget what he paid for it), and proceeded to fill it with $14.00-a-bottle Crown Royal! One would think he would have taken the trouble to acquire a taste for Walker's Blue Label scotch, or at least poured his rot-gut bourbon into a different bottle.

                      I think my favorite was the guy who was nearly homeless before he hit the jackpot. Living on $150.00 a month, he had enough to keep his electricity turned on and to buy canned food for himself and his cats. He was down to his last three dollars and decided to take a chance, picking his own numbers. What I like about the guy is that he has no attitude about it; he knows how lucky he was and counts his blessings every day. He hasn't forgotten who his friends were before he hit, and one friend in particular really went the extra mile to help the man claim his winnings, asking for nothing in return. We need more people like him.

                      The sisters (twins, I think) were an absolute riot. I think these two would have been a handful in their day, and their formidable energy is still very apparent. They live next door to each other, and built their dream house on an adjoining lot. They've had the same phone numbers since 1983, and were both appalled at the idea of having their numbers changed, fearing no one would be able to reach them.

                      The other stories were just as enjoyable: the old man who bought a much-needed tow truck to keep a friend from losing his business; the television engineer who now has a full-feature editing studio in his basement ("I make the best wedding videos in the neighborhood."); the woman who moved to the house on the hill, fulfilling a childhood dream. The entire program was, if I may say so, very inspirational, and I would recommend it to all members who haven't yet seen it. You'll come away with some good ideas regarding what you'll want to do after you hit the big one. It's been a long time since a TV show gave me a good feeling, but this one certainly did. 

                      To answer the poll, I have to say that my original plans have not changed; I would not go all-out. Rather, I would invest the entire amount (less the change from the odd million - 200k, 700k, whatever it might be) for one year. This would give me enough time to set up the iron-clad trusts I want, since perpetuity of my fortune is my primary goal. Once this is done, my entire family gets an annuity for life, and so do our children, and so do their children, and so on. These annuities, paid by the interest earned on investments, are taxed at the long-term capital gains rate which, as I write this, is capped at 15%.

                      The above, of course, is entirely dependent upon the size of my jackpot. Since I only play PowerBall (and occasionally MegaMillions, when the prize is $80M or better), it would be impossible to organize these trusts on a $10M win; the cash option only pays $3.96M after taxes. A win like this would require much more thought and more dexterous gyrations within the financial community in order to force my windfall to grow by a factor of eight in under ten years (to $31.68M). At this point, I would revert to my original plans and set up the trusts. 

                      I can hear people scratching their heads so I'll explain my reasoning as clearly as I can. The PowerBall jackpot begins at $10M. The cash option is 55% of the advertised jackpot, or $5.5M. Deduct another 28% for taxes, and you're left with $3.96M in cash. Invested at 5% for one year, it generates a gross income of $198,000.00. Pay your capital gains tax, and you have $168,300.00 left. Not a bad paycheck, but certainly not sufficient capital to fund more than one income-producing trust.

                      On the other hand, if I were to possess the lone winning ticket of a jackpot worth $80M, my share would be $31.68M, after the cash option and tax deductions. Now, with $30 million in cash, a single trust will generate (at 5%) over one million dollars every year in after-tax income. Each of five trusts will net over $200,000.00 per year, every year, until aliens destroy the Earth in an interplanetary war. $200k is the correct amount, in my opinion; it's enough to provide a decent living, allowing for housing, transportation and modest investment accounts, but it's not enough to invite the types of disasters which have plagued Jack Whittaker and his family. Inflation won't be a problem, since that factor will be offset by the increase in interest rates which must naturally follow. The key is the $30M benchmark. This is the minimum amount necessary to provide an after-tax income of one million dollars.

                      Come, Pinky; we must prepare for tomorrow night...

                      Jim

                        DoctorEw220's avatar - alien helmet.jpg
                        Yinzer Country, PA
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                        Posted: March 28, 2005, 5:57 pm - IP Logged

                        if i were to win a mega millions or powerball jackpot, i would split it with my cousin. his mother (my aunt) has only days left to live, and he could really use the money. after that, i would buy a house (not a modest one, but one that would be nice to live in. i'd send my kids (when i have, or adopt, them) to private school. i would want them to grow up thinking independently. i'd buy a mini-van and take it to west coast customs in LA to get it "pimped out". i'd purchase top of the line video production equipment, and use some of that money to start up a production company. i would also buy a nice TV. the rest would go to living expenses. if i ever become rich, i would still teach my kids (when i become a dad) the same values that my parents taught me. i would make sure that they don't let the fact that i'd be rich get to them. i wouldn't spoil them too much, maybe buy them a TV, computer, and VCR/DVD player. no pool in the house (i can't swim). maybe a hot tub. maybe a game room (i've kinda wanted a pool table.). it would also all depend on how much i win.

                        I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.

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                          Morrison, IL
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                          Posted: March 28, 2005, 6:12 pm - IP Logged
                          Quote: Originally posted by ineed9million on March 28, 2005



                          i plan to live off the interest.  i'd treat the money i get from interest as if it were a salary.  i'd leave the principal in the bank to make me even richer over time.





                            Oh yeah, that's what I'd do too!
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                            New Mexico
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                            March 10, 2005
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                            Posted: March 29, 2005, 9:10 am - IP Logged

                            The best time of my 62 years was 14 months spent alone in a remote cabin on the continental divide preparing for Y2K, then figuring out what I was going to do with the remainder of my life, now that I'd lost everything when it didn't happen.  I wouldn't swap those times for the money they cost me, for anything, in fact.

                            If I won enough money to pay off the IRS, pay off debts incurred setting up a wilderness refugee camp and believing the banks and IRS wouldn't exist after Y2K, I'd do it.  If there was enough left I'd buy that place back, or one like it, get myself another flock of chickens, a better heater than the woodstove I had then, solar panels so I could have refrigeration and electric lights, and start worrying about hawks and coyotes instead of how I'm going to pay the next rent and car insurance.

                            Wealth comes in a lot of forms.  You got to name your own poison, live with it, and do your best to make it taste good if it doesn't come that way.

                            Jack

                            Edited in as an afterthought: 

                            I might also be inclined to buy a Maule (short take-off and landing small plane), a couple of pack animals, and renew a several decades long search for the Lost Adams Diggings, inbetween doing cabin and chicken chores. 

                            That lost mine would be a greater joy to find, not needing the money once it was found, not having partners who needed the money, than it ever would have been back when I saw it as a mineral deposit I'd have to exploit to pay for the years of searching.

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                              Baton Rouge, LA
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                              Posted: March 29, 2005, 10:29 am - IP Logged
                              Quote: Originally posted by DoctorEw220 on March 28, 2005


                              After seeing "Jackpot!", I noticed a few things. The biggest thing I noticed was that the winners were going all out with their winnings, and a few of them really did not win enough to go all out the way they did. Do you think you would be like them if you win, or would you be more humble about winning the lottery?



                              I probably wouldn't go all out with the money, but what I do would depend on how much I win.  Currently, I only play Louisiana Lotto which starts at $250,000 and usually doesn't get to $1 million.  If I won that, I'd pay off all my debts, house, both cars, etc., and put the rest in savings and investments.  With a jackpot like this, I'd have to keep working, but wouldn't ever have to worry about needing money.

                              If I won a Powerball jackpot, I would set it up so I'd have enough income and not need to work.  The most I'd probably do is buy a new house in a nicer area.  I'd probably keep my current vehicle, since it's only around 2 years old and doesn't have alot of miles on it, pursue my hobbies since I'll have the money to do it, and just basically enjoy life.  I'd also use Jack Whittaker as an example of what not to do<grin>.

                              I don't have this need to show off to anyone, just to live a quiet life, in a quiet place, amongst quiet people.

                              PrisonerSix