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Is less best? $93 million vs $10 million

Topic closed. 23 replies. Last post 11 years ago by sagan.

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dphillips's avatar - littleuns
Albuquerque, New Mexico
United States
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June 18, 2004
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Posted: August 14, 2005, 4:02 pm - IP Logged

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 difficult to manage their bi-weekly salaries, how could they manage $53 million dollars?  Yes, I am aware of lawyers, accountants, and financial advisers.

As far as money management is concerned, it seems $53 million (after taxes), although a plush portfolio for any banker to visualize -- with or without glasses -- is a financial abomination for most consumers to digest and regurgitate...over-and-over, again.

Finally, with prospects of even a $200 million or more jackpot payout in the future, players' emphasis should be on quality of life and not necessarily quantity (larger payouts.)   

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    Posted: August 14, 2005, 4:08 pm - IP Logged

    $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.

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      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: August 14, 2005, 4:11 pm - IP Logged

      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. 

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        Bradly_60's avatar - disney37
        Atlantic Mine, Michigan
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        Posted: August 14, 2005, 4:25 pm - IP Logged

        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

          dvdiva's avatar - 8ball

          United States
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          September 17, 2003
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          Posted: August 14, 2005, 4:45 pm - IP Logged

          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.

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            Posted: August 14, 2005, 4:47 pm - IP Logged

            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.

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              Alabama
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              Posted: August 14, 2005, 5:42 pm - IP Logged

              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 Lucky 5) and $125 once (GA Fantasy 5), plus numerous smaller prizes ($3 - $5+) and free tickets.  In Lucky 5, I missed the $50,000 jackpot once by one number on one ball.  In Fantasy 5, I missed a $61,000+ jackpot once by three numbers on one ball.

              I still play PowerBall and MegaMillions on occasion.  However, given a limited budget for playing the lottery, I put most of my money in the games where the odds of winning are better.  And that's primarily the 5 number games.

              A $200,000 jackpot in Kentucky CashBall or $200,000+ Jackpot in Fantasy 5 would change my life signifcantly!

                weshar75's avatar - Lottery-042.jpg
                Mcminnville, Oregon
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                Posted: August 14, 2005, 6:48 pm - IP Logged

                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 which is best because your at the mercy of lady luck when it comes to how much you win and if you win at all.


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                  Posted: August 20, 2005, 8:26 pm - IP Logged

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


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                    Posted: August 20, 2005, 8:29 pm - IP Logged

                    Here we go, another rampage of replies.

                      Badger's avatar - adu50016 NorthAmericanBadger.jpg
                      Wisconsin
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                      Posted: August 21, 2005, 10:13 am - IP Logged

                      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.

                      ============

                      How can you tell if a politician is lying?

                      Answer: His lips are moving.

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                        Sparta, NJ
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                        Posted: August 21, 2005, 11:22 am - IP Logged

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

                        Cheers

                        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                        I only trust myself - and that's a questionable choice

                          dphillips's avatar - littleuns
                          Albuquerque, New Mexico
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                          June 18, 2004
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                          Posted: August 21, 2005, 12:09 pm - IP Logged

                          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.)

                            four4me's avatar - gate1
                            MD
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                            Posted: August 21, 2005, 12:16 pm - IP Logged
                            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.
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                              Sparta, NJ
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                              July 9, 2005
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                              Posted: August 21, 2005, 12:28 pm - IP Logged

                              $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 would think, more that what the state would pay me; which is zero.

                              Cheers

                              |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                              I only trust myself - and that's a questionable choice