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$500 Million Jackpot!

Topic closed. 59 replies. Last post 12 years ago by sirbrad.

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Will we see a $500 Million Jackpot

Yes [ 20 ]  [31.25%]
No [ 13 ]  [20.31%]
Maybe [ 11 ]  [17.19%]
Never [ 3 ]  [4.69%]
Powerball Game [ 2 ]  [3.12%]
Mega Millions [ 15 ]  [23.44%]
Total Valid Votes [ 64 ]  
Discarded Votes [ 6 ]  
BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
Magnolia, Delaware
United States
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July 20, 2005
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Posted: November 8, 2005, 2:37 pm - IP Logged

Why limit the roll over for MM for? I think it was wrong of the MUSL to do it to PB in the first place! I have always thought it's the winner takes all type of games that have the most players playing that particular game! I guess that does hold true in the case of which of the two games (MM or PB) has the fastest growing roll over jackpots and that title goes to MM, hands down! Yes, I know MM has a larger player base, but that also says that more of the players like the idea of the winner takes all that MM offers to them! I have always enjoyed the winner takes all attitude that most raffles have! You buy a raffle ticket with the hopes of taking the grand prize home! I also know some raffles have lower tier prizes along with the grand prize drawing, but those particular raffles sell far less tickets because of the other prizes being given away first in order to lead up to the grand prize being given away!

Keep dreaming the impossible dream, it just may come true! Thumbs Up

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    Morrison, IL
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    Posted: November 8, 2005, 3:59 pm - IP Logged

    Mega Millions does NOT limit jackpot rollovers like MUSL does for Powerball. Maybe MM should do it too.

      MM probably won't even consider such a rule until it at least has a $500 million jackpot, which MM boasts it can have one day (but has not happened yet).  Powerball does not make such outrageous boasts.

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      Morrison, IL
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      Posted: November 8, 2005, 4:02 pm - IP Logged

      The limit is it keeps getting hit below 300 million. Any game could go for a run so far MM hasn't. Even normally small games like the Canada 6/49 or even a game that always gets hit at low levels like Powerball can have a large run. I think it's a matter of time for MM to go on a run. So far only the game before MM went on a run not MM.

        MM will probably get a run once it starts getting hit at low levels as well, or maybe, MM could be on a run right now.

        Annual Payments's avatar - annual 20payments.jpg
        Houston, TX
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        December 23, 2004
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        Posted: November 8, 2005, 11:46 pm - IP Logged

        $500 million is definately an Annual Payments win.  I encourage you all to take the same. =)

          BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
          Magnolia, Delaware
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          Posted: November 11, 2005, 8:42 am - IP Logged

          $500 million is definately an Annual Payments win.  I encourage you all to take the same. =)

          I strongly disagree with that statement, but that's my opinion! Cash is the Only Way to Fly! Besides you'll have more control over the "Cash" than an annuity!

          Keep dreaming the impossible dream, it just may come true! Thumbs Up

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            BILOXI, MISSISSIPPI
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            Posted: November 11, 2005, 9:22 am - IP Logged

            ya the $ cash will be  thier 20 years  from now    i don't think so    they put 4oz of candy in a box that could fit 10 oz    kind of like $262 million thats only $100 million

               

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              Sparta, NJ
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              July 9, 2005
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              Posted: November 11, 2005, 9:37 am - IP Logged

              Actually $262 million is still $262 million.  It is just not $262 million today.  Its like an Apple tree. You can keep picking at it, year after year.  Unless of course some beetle comes along and infects the tree.  Then the apple supply dwindles.  Now, if you sell the tree (get cash), you don't get as many apples to count, but you also don't have to worry about that pesky beetle.  However, if you spend the lump some on an Orange tree, and there is a hurricane, you might loose all your oranges.

              When you get that future predicting thing down pat, then you will know exactly which is the best choice.  Apples or Oranges.

              Cheers

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

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

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                Posted: December 3, 2005, 2:58 am - IP Logged

                $500 million is definately an Annual Payments win.  I encourage you all to take the same. =)

                I strongly disagree with that statement, but that's my opinion! Cash is the Only Way to Fly! Besides you'll have more control over the "Cash" than an annuity!

                maybe, but with $500 million you also have more wiggle room to make mistakes, and learn how to make your new money grow for you, with a new check coming in every year.  there are some amounts that are just too big to contemplate.  $500 million (which is what, $250 - 270 million if cash?) is too big to contemplate for average joe and joanna, particularly if joe and joanna are a lottery jackpot away from becoming a jack whittaker or virginia metcalf instead of that brad guy who already had a lot of money through some gold's gyms.

                 

                you already have more money than god at that point.  cash and annuity only look different on paper;  but when you actually win? the reality is harder.  take the annuity. have fun. enjoy each increasing additional payment as the money you've already invested and saved continues to grow for you as well.  as long as you know what you're doing, and don't deep six yourself because you can't handle your own good fortune. you know?

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                  Morrison, IL
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                  Posted: December 3, 2005, 1:10 pm - IP Logged

                    Iesha, the annuity payments only increase if you won the Powerball jackpot, which is not likely to get to $500 million due to its "share the wealth" feature.  Mega Millions still pays only an equal amount each year, without adjusting for inflation.

                    sirbrad's avatar - Lottery-062.jpg
                    PA
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                    Posted: December 3, 2005, 4:16 pm - IP Logged

                    Age is also a factor. I doubt anyone over 40 or 50 is going to want an annuity, and get their largest checks at age 70-80. They would not be able to enjoy the money at that age like they would have when they were much younger. Smaller annuities encourage thrifty spending, and always waiting for the next check. When you could actually get far more in interest with the cash option for larger jackpots than even the annuity pays you a year. I would definitely take cash for any large jackpot win.

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                      Morrison, IL
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                      Posted: December 3, 2005, 6:22 pm - IP Logged

                        The only way you'd get far more interest from taking the cash option is if you invested in risky investments.  If you take the cash value option, you have less to initially invest with, because the government takes away part of it for taxes.  If you choose annual payments, the government does not take away part of the initial investment, so the whole cash value is invested, not 75% of it less any state taxes.

                        However, cash is still better simply because of control.

                        justxploring's avatar - villiarna
                        Wandering Aimlessly
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                        Posted: December 3, 2005, 8:19 pm - IP Logged

                        Most people on this board say cash is the only way, but in many ways I agree with Iesha.  Although I would try to make my own decisions, my past experience with financial planners has been very negative, so it would be hard for me to choose the right person to invest my money. Although logic would tell me not to take the annuity, sometimes I wonder if knowing you'll have that big check every year gives people peace of mind. Sure you can definitely make more with the cash option as you invest in higher interest bearing accounts, annuities or other investments, but as above stated, you might be taking risks. I might not appreciate 3% or 4% for 30 years when some day we might get back into double digits. In 1980-81 I think my CD paid 16%. Unfortunately, mortgage rates were the same. On the other hand, if you decide to get annual payments, every year no matter how badly you screw up, you can relax knowing you still have another giant check coming.  Also, even if you found a lawyer, accountant or stockbroker you really trusted, you could be caught up in something like the Enron scandal.  It's hard for someone without money to imagine, but people who are very rich do go broke because of a poor financial planning. Several years ago many people couldn't imagine all those dot-comers would end up in the unemployment line. Real estate is usually a safe bet and it would be tough to lose if you bought a lot of land and a few nice homes. Timing and location is everything however. In 1993 I couldn't give my house in NH away! It sounds more responsible to make as much money as you can so you can leave it in your will, but when it comes to $300 million or more, even the last 2 checks will be more than enough to make your friends and relatives happy.  One more thing,

                        Age is also a factor. I doubt anyone over 40 or 50 is going to want an annuity, and get their largest checks at age 70-80. They would not be able to enjoy the money at that age like they would have when they were much younger.

                        It's a gamble, because nobody knows how long he or she will live, but I know plenty of people in their 80s who are very healthy and active.  My father is 91 and his heath is beginning to fail, but in his 80s he went on a lot of cruises, probably spending my inheritance along with them!  I've read that comment before on this board. If I won the MM and took 26 payments, what makes everyone think that I wouldnt need the money even more when I'm older? That's when you want people waiting on you hand and foot. If you can't enjoy it traveling because of poor health, you can afford to hire a private nurse, a massage therapist and, if I'm still single, a boy-toy might be nice too. Ah, I can dream, right? LOL

                          sirbrad's avatar - Lottery-062.jpg
                          PA
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                          Posted: December 3, 2005, 9:45 pm - IP Logged

                          It also depends on the jackpot size. When you are getting a couple hundred thousand from an annuity on average, will you spend it all on luxuries, or will you skimp for the entire year until your much sought after next check comes in a year? Will that first payment be enough to set everyone up in your family with a house, a car, and other essentials? Or will you only be left with about 10,000 until the next year? You also would not be able to live off the interest of such a low amount, and you would be spending the principle.

                          Investments may hold some risk, but I believe in the end you would a lot more money by investing as wisely as possible, and at the highest/wisest yield. But as I said it all depends on someones current financial situation, size of the jackpot, and age. When it comes to very low cash options I would choose annuity. If a game such as lucky for life offered a cash option of $500,000 or less, I would definitely choose annuity. If it is a $100 million, I will be choosing cash. The future is not guaranteed, I would want to live "now."

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                            NY,NY
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                            Posted: December 3, 2005, 10:18 pm - IP Logged

                            Im for a 500M Lotto as well Brad and the gang.

                            But lets not forget the computer puts the fix in

                            and if you choose annual payments at any amounts over

                            60m-90M, most are saying they make sure those annual ticket entries will almost never hit.

                            So I would not pick annual payments as my choice when an Ultra lotto like Mega or Powerball jackpot is over 100-300M.

                             I've checked and every big lotto above 70-100M,

                            no one has ever  hit with an annual  payment ticket.

                             

                            That to me means there is a computer fix in the system.

                            Even the 314M Jackpot won by fellow and the  360M Jackpot shared between 2 people were all lump sum(ie. cash tickets (ie. cash value).  The computer allows these to win because you lose  up to 75% of the money due to you. Cash value choice  takes away 40% -45% of the cash, and then taxes takes away another 35%. 

                            So all who are hoping to win with annual payments on their  super jackpot tickets better think it over :(.

                            Still free money is free money on a happy

                            note all :).  Getting free millions, regardless if you lose most of the jacpot,  is still millions most  of us will never have in a lifetime. (Cant beat that indeed)had ever, and that will make folks continue to play.

                            But ouch it is bad to lose so much cash if you

                            win lol-Though with proper investing one could get it all back in spades under ideal conditions over  time) 

                             

                             Oh Lump sum for that 314M win was below 100M

                            for that winner after taxes -Yikes over 220M gone

                            tthrough the lump sum and unca sam. 

                             

                             

                             

                             

                            The crazy Pic-3 Lottoguy of NY

                             

                             Its in the moment of decision that your

                            destiny is shaped- Anthony Robbins 

                              sirbrad's avatar - Lottery-062.jpg
                              PA
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                              Posted: December 3, 2005, 10:46 pm - IP Logged

                              What do you mean by hit with "an annuity ticket?" I know some lottos in the past used to make you select cash or annuity first, but here in PA you decide after you win what you will take.