Get up and go to work. You didn't win the big one.
The multi-state lottery operators in Des Moines, Iowa, reported today that no one won last night's $300 million Powerball jackpot. That means the jackpot will grow to $365 million for Saturday night, if sales continue along their historical patterns.
If sales are higher than expected, the jackpot could grow even larger by Saturday.
Such a drawing will top the previous record North American lottery jackpot of $363 million. The previous largest pot was won by two ticket holders in Illinois and Michigan in a multi-state game called the Big Game, and now known as Mega Millions.
Sellers of tickets around the nation can expect longer lines, and online websites offering ticket services are expected to reach capacity quickly.
The amount is the total, before taxes, if the prize is paid out in annual installments. As a single cash award, the payout is more than $177 million.
Such a cash payout would top the $164,410,058.03 won by an Oregon family in October.
The numbers drawn last night were 3, 13, 35, 39 and 40, with a Powerball of 37.
Sixteen tickets in last night's drawing matched the first 5 numbers for a $200,000 prize: 2 from Indiana (both with Power Play), 1 from Minnesota, 2 from Missouri, 2 from Nebraska, 4 from Pennsylvania, 1 from South Carolina, 1 from South Dakota, and 3 from Wisconsin.
Players who purchased their tickets with the Power Play option had their prize multiplied by 5 times, making the two Indiana winners instant millionaires.
The odds of winning the big Powerball prize remain the same: 1 in 146,107,962.
Tomorrow night's Mega Million lottery jackpot is also huge, $145 million. New Jersey, Maryland and New York are among 12 states that sell tickets in that lottery.
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
Oh my goodness, it is Thursday and the Powerball rolled over! Now I can see how people just don't realize they have won. I just forgot last night being WEDNESDAY. I had better pay close attention to the big SATURDAY. Move over Jack, you won my PB in 2002! Now I am gonna win it in 2006! And no, I will not but a helicopter, just a Dodge Ram fully loaded 4X4 double cab. There is gonna be a celebration Celebration [Album Version] Yahoo!
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
It's a news story, so don't expect accuracy or you'll only be disappointed. You'll notice that the headline also calls it a record. It is the first time that Powerball will pay more than the $170 million that Jack Whittaker won 3 years ago, but it's still about 7 million shy of the real US record, which is the Mega Millions game won in California back in mid-November. Before that the record was the $180 million paid by the Big Game and split by two winners in 2000. If PB rolls one more time, then it will be a US record, and may or may not also get the record for the largest single winner. A single winner is the second most likely outcome for the next couple of draws.
Hey there I play powerball in S.C. A lot of times when the jackpot is high They dont have live drawings They say they are experiencing Tech. difficulties Does that happen in your state also.
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
West Virginia can forget! They win, win, and win, and Jack did the 320 PB!!! Louisiana is due for the big landing, baby, due, due, due! for the Landing; especially after Hurricane Katrina. We are due dahlin' Me permettrez-vous de le gagner et apprécier tout le chéri ? , ¿Me dejará usted ganar y disfrutar de todo esto querido? Then I can dance all night to the song Celebration [Album Version]
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
I don't believe your statement is accurate. Powerball rules state that only anything in excess of $25 million wagered for the next drawing goes to the bonus pool.
So if $50 million were wagered, $25 million would go to the jackpot and the other $25 million would go to the bonus pool. Check it out.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
I don't believe your statement is accurate. Powerball rules state that only anything in excess of $25 million wagered for the next drawing goes to the bonus pool.
So if $50 million were wagered, $25 million would go to the jackpot and the other $25 million would go to the bonus pool. Check it out.
Ryan has it right, and you do to, sort of. Ryanm's reference to "any unexpected increase" is about any sales beyond what it will take to generate the 365 that's advertised. If only $50 million is wagered they won't even come close to 365 because only 30% of tickets sales goes to the jackpot prize pool. The cash sum for the next drawing is almost 32 million higher than the previous draw, and requires almost $107 million in ticket sales.
The annuity prize increase is limited to 25 million, which currently requires ticket sales of about $40 million. IMNSHO, applying the cap to the annuity instead of the cash is a stupid and unfair way to do it because fluctuating interest rates mean that the increase in the cash prize will vary. Right now the cash value is just under 50% of the annuity, so a $25 million increase means the cash option goes up by a bit more than $12 million. If interest rates go up a few points the annuity will go up significantly and the cash value might only go up by $10 million. I think it's patently unfair that the next winner would get $12 million from each draw's sales but a winner a few moinths up the road might only get $10 million from each. Of course if I get 5 numbers I'll be able to live with the unfairness. The PB marketing hype is clearly targeted at people foolish enough to believe that the claimed annuity prize is the number that tells you how much you might win.
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
West Virginia can forget! They win, win, and win, and Jack did the 320 PB!!! Louisiana is due for the big landing, baby, due, due, due! for the Landing; especially after Hurricane Katrina. We are due dahlin' Me permettrez-vous de le gagner et apprécier tout le chéri ? , ¿Me dejará usted ganar y disfrutar de todo esto querido? Then I can dance all night to the song Celebration [Album Version]
Well lottomike I hope you are right, I think the little town I'm in could use some shakking up. I can see my face in the weekly journal(our New York Times).
I think people forget that this the 4th or 5th largest jackpot not the largest jackpot. It's not a question of if the prize is big enough it's a question of does the prize offered reflect what you actually get.
I'll be buying tickets anymore than a 300 million megamillions or a 175 million Euromillions both of which would be about the same as this prize (excluding the tax-free bonus of Euromillions).
It would be nice to see North Dakota finally break their long PB losing streak of winning a PB Jackpot. In addition, ND won't have to pay additional sales tax on top of federal tax.
It would be nice to see North Dakota finally break their long PB losing streak of winning a PB Jackpot. In addition, ND won't have to pay additional sales tax on top of federal tax.
HAPPY FRIDAY "JUST"
HEY...it would be nice to see "anyone in the Metropoitan area" win the PB.......
AS usual everyone in the Mid-west is making money....what happens to the Players in the Nations Capital....home of the "Interesting Politicians"......?????
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
and now, where have I heard that before..?????lololololololoolollolll
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
TO ALL MY FAVORITE "LP MEMBERS".....We all deserve to win this, but sharing the "kitty" is much better....I don't even mind standing on line w/you....it's nice to know, that we'll all be on line together in our own States, Counties, Cities & Towns......This is a chance of a lifetime.....
Whoever wins this "kitty"was intended to win and I say CONGRATS TO YOU, wherever you are. Yes, I am happy for you because picking the right series of numbers, and waiting on lines is not easy....GOOD LUCK TO ALL OF US TONIGHT........
(BTW) ....CPS....you would be proud of my numbers if you were here, they are excellent. really
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
and now, where have I heard that before..?????lololololololoolollolll
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
Hey Libra, whazzup ?????
Well,
I spent some time today on the border getting me some tickets.
I also spent me some time getting in the mood with some of them scratchers (aka paper slot machines)...
Nebraska? Only one ticket was better then 4+, and that was a winner; not a single 5+0. PA had 8 tickets with 5+0 and no tickets with 5+1. Makes ya wonder. Oh well, may they spend it in a manner that brings them joy.
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
In Ohio there is no option on the MegaMillions playslips because a winner can choose either cash or annuity the first 60 days, there after it's annuity only.
In Ohio there is no option on the MegaMillions playslips because a winner can choose either cash or annuity the first 60 days, there after it's annuity only.
In NJ the QP is all or nothing, in NY you can QP both, or just the 5 or just the 1. In both you have to choose cash or annuity up front. Now you say Ohio has a delayed option; probably other states do also. You'd think the same game would have the same rules! It looks like they let the states do whatever they want, as long as the leaders get their cut of the gambled money. Sounds like something out of Hollywood.
Then again, I don't care, just give me the cash and do it Tuesday night. I have an appointment at the Bank of America, for a huge loan, for Wednesday afternoon.
Well Congratulations to the big winner and also those 3 with power-play that are going to have a very good pay day add the bonus prize and it must be around 1 million or more
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
If the state's intent was just to have time to earn interest the 60 day limit would be pretty stupid. Of course if the state can't earn interest on it while they still have it, that would also be stupid.
As far as how long it takes to get your act together before claiming the money, I'd figure that anybody who does it in much less than 60 days (which seems to be most winners)is probably both very efficient and very busy or they haven't actually made good plans. For starters I just can't pack up and move in less than a few weeks, and the only part of moving that wouldn't be done before letting the lottery announce my name and town to the press is filing all of my change of address forms to a post office box. If I had just won enough to make a major change in my life, including immediate retirement, I wouldn't want the immediate planning to consume all of my time, and there's no way I'm going to make the major investment decisions in a few weeks. The world is full of people who have lost millions on bad investments, and jumping in too fast is an excellent way to end up with less than if you skipped a few weeks interest and made better decisions. Besides, one of the privleges of being rich is being able to squander a lot of money just to make your life a little more comfortable. If you've just won several million dollars aor more you can easily afford to give up 1% in lost interest to relax and take your time about planning your new life of leisure. I seriously doubt that the loan officer at your local Bank of America is stupid enough to loan you much based on what appears to be an unverifed lottery ticket, but you'll be in a good position to take a big chunk of your life savings or max out your credit cards for a month or two if you want to indulge yourself right away.
After winning only one week before the end of the year Jack Whittaker made his claim fast enough that West Virginia was able to give him a check for 10 million before 12/31, so the taxes on it wer due the following April. It would only affect the taxes that weren't withheld (probably about a million dollars), but waiting only a few days would have let him keep, and earn interest on, that money for an extra year. Based on articles I've seen in which some (alledged) tax or financial advisor is quoted about lost interest while waiting to claim a prize, most of the advisors that reporters can find are stupid enough to make the same mistake. OTOH, we just had a recent winner who was smart enough to wait until after January 1st to make his claim.
Whether it's numerous claims by certain posters that cash is the only option for everybody, regardless of their financial situation, or a belief that losing a few weeks of interest is the most important consideration in claiming a big prize, a cookie cutter approach is the worst tool you can use for making decisions about any sudden windfall.
In a different topic about the current large jackpots somebody suggested that powerplay was a bad choice when the 5+0 bonus comes into play. I think it's always a bad idea, but this draw is an excellent example of why it might be a really poor decision. With 42 winners and 42 powerballs to choose from, probability says that if all of those winners had bought a second ticket with the same 5 numbers and a different powerball instead of using powerplay, one of them would have shared the jackpot and multiplied their winnings by about 133 instead of 3.33. Even without the powerball, the rest would still have done a little better. If the powerplay had only been 2 or 3 they'd have done a lot better.
Jack Whittaker, Jack Whittaker, Jack Whittaker, Jack Whittaker! Can't you do better then that? He was the ten percent exception to all rules. However, his claiming the money immediately had nothing to do with me or any one else before him or since him. There is nothing in the rule book of life that says if you wait ten months, you will make perfect decisions, or if you wait one day, you will make imperfect decisions. What I do know, is that you don't make one decision about how to invest millions of dollars and walk away. It happens over and over and over. Waiting doesn't impact that process one ioata. You can't spend or make money on money you don't have. You see phony tickets floating around all the time. How many accountants are going to go out of their lifestyle to assist you when you have no money to pay them? Do you really think you will be able to hire the best people based on a maxed out credit card? You're making the process way to complicated. Get the money, have the money.
You like to reference the people who were unable to handle wealth. How about the over-whelming majority that do know how to handle wealth? People win lottery's by the hundreds, every month. Find one besides Jack Whittaker to be your banner carrier. Two years ago, some one from New Jersey hit the Powerball in Pennsylvania. They claimed the money the next day. You never hear about them. They didn't make the press, because they were not interesting. The press likes failures. Doom and gloom sells papers and attracts viewers.
You assume I am doomed to failure, and by reference, you are also doomed to failure unless you get advise over, and over, and over, and over, for months. I don't have to have some one tell me fifty times what their opinions are, then go away for a few days, and have them come back and tell me again, and again, and again, and again. I've sat in multi-million dollar budget meetings for the last ten years, the department I run has a multi-million dollars budget. People just talk, and talk, and talk. They all want to get the glory and protect their rears. Then I make a decision that makes some happy and some not so happy. The great thing about lots of money, is that you can make a decision today, and change your mind tomorrow. Dozens of people will scramble to accomodate your new desires.
Personally, I have been able to make instantanuous decisions all my life and to control my life extremely well. In sixteen months, I will have three retirement plans paying me a minimum of seven thousand dollars each month. I am already receiving two of those payments. I have no debts - NO CREDIT CARDS - I own two houses outright - paid off years ago. I have high six figures in two 401Ks; plus investments in bonds. My daughter is grown and making better than average income; more than comfortable. I raised her to analyze options, rationalize pro's and cons, and make decisions; PRE-PLAN! I know what I am doing. I am not some kid spoiled by his mommie. I know what financial responsibility is all about. I don't need three miles of highway to change lanes. I definetely don't need to use credit cards to get a loan. Credit cards are for people who have zero will power; they are shiney lure in muddy water. I have one card, a debit card. Zero Interest, zero payments. That is how I have managed to save money. Maybe I was lucky, I grew up before there were credit cards, and realized I lived without them and can continue to live without them.
My local BOA loan officer? Don't know him/her, couldn't care less who he/she is. He/she is no one, chump change, a peon. Go to the main office in NYC; less then an hours drive. Deal with the vice president in charge of financials. Make a deal about who will handle the millions I just won. They will be slobbering from their cheeks. When I win the lottery, I won't be dealing with wannabe's, I will deal with the executives. That is what money is all about. BOA won't give me a loan? Then go some where else. A validated ticket, a confirmation call/letter from the lottery director, and end of story. My picture will have been plastered around the world, in every major newspaper, on every major television screen; hell I might even make Newsweek. They WILL know who I am! I will not be mistaken for a slug wanting freebees. What would be the purpose of a news conference, if not to benefit and enhance your position? To be a nice guy and make lovey duvey, gushy, statements about how great the world is and how I will contribute to world peace? Hehehehe! Never gonna happen. Do the conference, walk away and use it to your advantage. Unless you're afraid of the boggy man.
I can move in ten minutes - I don't need weeks - just get up and go. Grab the dog, my specially tined guns, and jump in the limo - no magic involved. Already pre-planned, have telephone numbers and contact names for the get-away. Ninety percent of what is in my house can be trashed; all I need are a few momento's. I can have a realtor come around in a few months, throw everything away, remodel it, and place it up for sale. Call the daughter, tell her to grab the kids and take a vacation in Aruba for a couple of weeks. I have a friend who owns a house on the island, used to be my neighbor, and has already stated I can hide out there - he'll even let me use his cell phone. PRE-PLANNING! I will be rich, I don''t have to be bothered with piddly things. My life will be in Switzerland, I won't need the beat up couch or worn out mattress, or the gas stove. The computer? Replace it with a model that will fork in foreign countries. The television? Trash it for a view of the Alps!
Taxes? Who cares. You are rich. You are not some smuck from East Orange, New Jersey, trying to get out of credit card debt, you are a multi-millionaire. Pay the damn taxes, you have the money! Whether you pay in 2005, 2006, or 2007 is meaningless. Ever heard of a revised tax submission? Ever heard of an extensioin? Pay the taxes and get out of the country. Off shore will be my back yard. I can visit Didney World whenever I want!
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
If the state's intent was just to have time to earn interest the 60 day limit would be pretty stupid. Of course if the state can't earn interest on it while they still have it, that would also be stupid.
As far as how long it takes to get your act together before claiming the money, I'd figure that anybody who does it in much less than 60 days (which seems to be most winners)is probably both very efficient and very busy or they haven't actually made good plans. For starters I just can't pack up and move in less than a few weeks, and the only part of moving that wouldn't be done before letting the lottery announce my name and town to the press is filing all of my change of address forms to a post office box. If I had just won enough to make a major change in my life, including immediate retirement, I wouldn't want the immediate planning to consume all of my time, and there's no way I'm going to make the major investment decisions in a few weeks. The world is full of people who have lost millions on bad investments, and jumping in too fast is an excellent way to end up with less than if you skipped a few weeks interest and made better decisions. Besides, one of the privleges of being rich is being able to squander a lot of money just to make your life a little more comfortable. If you've just won several million dollars aor more you can easily afford to give up 1% in lost interest to relax and take your time about planning your new life of leisure. I seriously doubt that the loan officer at your local Bank of America is stupid enough to loan you much based on what appears to be an unverifed lottery ticket, but you'll be in a good position to take a big chunk of your life savings or max out your credit cards for a month or two if you want to indulge yourself right away.
After winning only one week before the end of the year Jack Whittaker made his claim fast enough that West Virginia was able to give him a check for 10 million before 12/31, so the taxes on it wer due the following April. It would only affect the taxes that weren't withheld (probably about a million dollars), but waiting only a few days would have let him keep, and earn interest on, that money for an extra year. Based on articles I've seen in which some (alledged) tax or financial advisor is quoted about lost interest while waiting to claim a prize, most of the advisors that reporters can find are stupid enough to make the same mistake. OTOH, we just had a recent winner who was smart enough to wait until after January 1st to make his claim.
Whether it's numerous claims by certain posters that cash is the only option for everybody, regardless of their financial situation, or a belief that losing a few weeks of interest is the most important consideration in claiming a big prize, a cookie cutter approach is the worst tool you can use for making decisions about any sudden windfall.
In a different topic about the current large jackpots somebody suggested that powerplay was a bad choice when the 5+0 bonus comes into play. I think it's always a bad idea, but this draw is an excellent example of why it might be a really poor decision. With 42 winners and 42 powerballs to choose from, probability says that if all of those winners had bought a second ticket with the same 5 numbers and a different powerball instead of using powerplay, one of them would have shared the jackpot and multiplied their winnings by about 133 instead of 3.33. Even without the powerball, the rest would still have done a little better. If the powerplay had only been 2 or 3 they'd have done a lot better.
Only NY and Texas require the cash/annuity choice to be made when you play on its games. California required the choice to be made when playing Super Lotto Plus until last year.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
The choice in NY and Texas is binding. NJ allows a winner to change their mind.
Actually, technically, no. You get only what you checked off; cash option or annuity option. Assuming you won.
If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity). If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves. Their "help" is a list of registered institutes they have dealt with in the past. There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance. I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?
You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process. I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything. Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner? Can't be that many.
Wrote and received an email on this specific subject.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
The choice in NY and Texas is binding. NJ allows a winner to change their mind.
Actually, technically, no. You get only what you checked off; cash option or annuity option. Assuming you won.
If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity). If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves. Their "help" is a list of registered institutes they have dealt with in the past. There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance. I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?
You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process. I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything. Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner? Can't be that many.
Wrote and received an email on this specific subject.
I would tell that to Todd. AFAIK be believes you can change your mind in NJ.
The more I thought about the earlier thread, the less confident my memory was true to the facts. I was not correct earlier. I went back and read my initial email with the state. I have attached it, so every one will know the exact positon. For obvious reasons, I changed the name in the email. I also didn't include follow-up email.
From: xxxxxxxxx [mailto:xxxxxxxxx@xxxxx.com] Sent: Wednesday, September 14, 2005 11:39 PM To: Public Info Subject: Mega Millions - Cash or Annuity
When purchasing my MM ticket, I am required to choose cash or annuity. Do I have the option to switch when I win? I chose cash, when I win, can I revise that to annuity? Or am I stuck with my initial choice?
xxxxxxxx Sparta, NJ
_____
From: "Public Info" <Publicinfo@lottery.state.nj.us> To: <xxxxx@xxxxxx.com> Subject: RE: Mega Millions - Cash or Annuity Date: Thursday, September 29, 2005 10:17 AM
Should you hold the winning ticket and it has been purchased as an annuity ticket, the NJ Lottery will immediately purchase the annuity at the rate available. You do have the option of requesting that the NJ Lottery sell that annuity on your behalf within 60 days, however, the sale will be governed by the market rates at the time of sale. Therefore, you could possibly lose money or increase your winnings based on the rates at the time of sale.
* Cash V. Annuity
The cash prize is simply the total money available for the top tier prize. This is paid less the Applicable Federal tax, currently 25%. The annuity amount is determined by the cash available and the current interest rate for government securities. The annuity is paid over 26 payments, an initial check followed by 25 annual installments. These payments are also subject to the Federal withholding rates. New Jersey Lottery advises winners to seek tax advice from either IRS or a tax advisor, as New Jersey Lottery is not permitted to provide tax advice.
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
and now, where have I heard that before..?????lololololololoolollolll
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
Hey Libra, whazzup ?????
Well,
I spent some time today on the border getting me some tickets.
I also spent me some time getting in the mood with some of them scratchers (aka paper slot machines)...
It was a good day until I checked the PB tix.
ARGHHHHH
Well, maybe next time.
DD
2/21/2006
HAPPY TUESDAY....ANYWAY..."DD"
only one ticket matched all the numbers...lololololol......wowowow....unreal, but Congrats to the winner.....they were meant to win, and did. Stay on the line, your #'s are coming up......and for that matter, mine are too.....
I'm ready to be the new record holder !!!!!!!!!!!!
DD
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
Oh my goodness, it is Thursday and the Powerball rolled over!
Now I can see how people just don't realize they have won. I just forgot last night being WEDNESDAY. I had better pay close attention to the big SATURDAY. Move over Jack, you won my PB in 2002! Now I am gonna win it in 2006! And no, I will not but a helicopter, just a Dodge Ram fully loaded 4X4 double cab. There is gonna be a celebration Celebration [Album Version] Yahoo! 
I had an appointment near the state line this morning, so I bought 12 Powerball and 4 Mega Millions. The fever is strong
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
So? Is 365 Mil/177 Mil Cash not enough for you?
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
It's a news story, so don't expect accuracy or you'll only be disappointed. You'll notice that the headline also calls it a record. It is the first time that Powerball will pay more than the $170 million that Jack Whittaker won 3 years ago, but it's still about 7 million shy of the real US record, which is the Mega Millions game won in California back in mid-November. Before that the record was the $180 million paid by the Big Game and split by two winners in 2000. If PB rolls one more time, then it will be a US record, and may or may not also get the record for the largest single winner. A single winner is the second most likely outcome for the next couple of draws.
Hey there I play powerball in S.C. A lot of times when the jackpot is high They dont have live drawings They say they are experiencing Tech. difficulties Does that happen in your state also.
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
West Virginia can forget! They win, win, and win, and Jack did the 320 PB!!! Louisiana is due for the big landing, baby, due, due, due! for the Landing; especially after Hurricane Katrina. We are due dahlin' Me permettrez-vous de le gagner et apprécier tout le chéri ? , ¿Me dejará usted ganar y disfrutar de todo esto querido? Then I can dance all night to the song Celebration [Album Version]
I had an appointment near the state line this morning, so I bought 12 Powerball and 4 Mega Millions. The fever is strong
Thanks BabyJC. Every little purchase helps my jackpot.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
I don't believe your statement is accurate. Powerball rules state that only anything in excess of $25 million wagered for the next drawing goes to the bonus pool.
So if $50 million were wagered, $25 million would go to the jackpot and the other $25 million would go to the bonus pool. Check it out.
Um, there's no way the jackpot can increase for Saturday because of Powerball's "share the wealth" feature. Any unexpected increase in sales will only add to the match 5 bonus pool, not the jackpot.
I don't believe your statement is accurate. Powerball rules state that only anything in excess of $25 million wagered for the next drawing goes to the bonus pool.
So if $50 million were wagered, $25 million would go to the jackpot and the other $25 million would go to the bonus pool. Check it out.
Ryan has it right, and you do to, sort of. Ryanm's reference to "any unexpected increase" is about any sales beyond what it will take to generate the 365 that's advertised. If only $50 million is wagered they won't even come close to 365 because only 30% of tickets sales goes to the jackpot prize pool. The cash sum for the next drawing is almost 32 million higher than the previous draw, and requires almost $107 million in ticket sales.
The annuity prize increase is limited to 25 million, which currently requires ticket sales of about $40 million. IMNSHO, applying the cap to the annuity instead of the cash is a stupid and unfair way to do it because fluctuating interest rates mean that the increase in the cash prize will vary. Right now the cash value is just under 50% of the annuity, so a $25 million increase means the cash option goes up by a bit more than $12 million. If interest rates go up a few points the annuity will go up significantly and the cash value might only go up by $10 million. I think it's patently unfair that the next winner would get $12 million from each draw's sales but a winner a few moinths up the road might only get $10 million from each. Of course if I get 5 numbers I'll be able to live with the unfairness. The PB marketing hype is clearly targeted at people foolish enough to believe that the claimed annuity prize is the number that tells you how much you might win.
There is only two states that this record is going to land in and that is West Virginia or my favorite Oregon because none of the other jursidiction know nothing about setting records.-weshar75
West Virginia can forget! They win, win, and win, and Jack did the 320 PB!!! Louisiana is due for the big landing, baby, due, due, due! for the Landing; especially after Hurricane Katrina. We are due dahlin' Me permettrez-vous de le gagner et apprécier tout le chéri ? , ¿Me dejará usted ganar y disfrutar de todo esto querido? Then I can dance all night to the song Celebration [Album Version]
weeeeeeeeeeeeeeee....!
What would be real nice if about twenty or so are lucky enough to all get a piece of the pie
tennessee will come forward with a wiener.....
Well lottomike I hope you are right, I think the little town I'm in could use some shakking up. I can see my face in the weekly journal(our New York Times).
Good luck to all that play.
tennessee will come forward with a wiener.....
I surely hope you are right, Mike. A weiner, hot dog! 'cause the winners will likely come from Louisiana.
tennessee will come forward with a wiener.....
You can take that to the bank
I think people forget that this the 4th or 5th largest jackpot not the largest jackpot. It's not a question of if the prize is big enough it's a question of does the prize offered reflect what you actually get.
I'll be buying tickets anymore than a 300 million megamillions or a 175 million Euromillions both of which would be about the same as this prize (excluding the tax-free bonus of Euromillions).
Euromillions is not tax free if you live in the United States though. You still get taxed on it from the US.
It would be nice to see North Dakota finally break their long PB losing streak of winning a PB Jackpot. In addition, ND won't have to pay additional sales tax on top of federal tax.
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
It would be nice to see North Dakota finally break their long PB losing streak of winning a PB Jackpot. In addition, ND won't have to pay additional sales tax on top of federal tax.
HAPPY FRIDAY "JUST"
HEY...it would be nice to see "anyone in the Metropoitan area" win the PB.......
AS usual everyone in the Mid-west is making money....what happens to the Players in the Nations Capital....home of the "Interesting Politicians"......?????
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
OK y'all go ahead and plan for your powerball...... just let me take the MM or the second tier will also be OK ! good luck all.
Hey - Cash 5 would be an improvement for me! Then I could buy tons of PB rollover tickets!
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
HAPPY POWERBALL DAY......2/18/2006....
TO ALL MY FAVORITE "LP MEMBERS".....We all deserve to win this, but sharing the "kitty" is much better....I don't even mind standing on line w/you....it's nice to know, that we'll all be on line together in our own States, Counties, Cities & Towns......This is a chance of a lifetime.....
Whoever wins this "kitty"was intended to win and I say CONGRATS TO YOU, wherever you are. Yes, I am happy for you because picking the right series of numbers, and waiting on lines is not easy....GOOD LUCK TO ALL OF US TONIGHT........
(BTW) ....CPS....you would be proud of my numbers if you were here, they are excellent. really
Hey - Cash 5 would be an improvement for me! Then I could buy tons of PB rollover tickets!
HAPPY SATURDAY..."CHEWIE"...2/18/2006
winning more than $10.00 would be an improvement for me..
...lolololololololol
..
Looks like oklahoma jumped on the PowerBall wagon just in time.
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
Hey Libra, whazzup ?????
Well,
I spent some time today on the border getting me some tickets.
I also spent me some time getting in the mood with some of them scratchers (aka paper slot machines)...
It was a good day until I checked the PB tix.
ARGHHHHH
Well, maybe next time.
DD
Looks like oklahoma jumped on the PowerBall wagon just in time.
Yeah I bet Powerball sales in that state will be strong for a while.
Nebraska? Only one ticket was better then 4+, and that was a winner; not a single 5+0. PA had 8 tickets with 5+0 and no tickets with 5+1. Makes ya wonder. Oh well, may they spend it in a manner that brings them joy.
Looks like oklahoma jumped on the PowerBall wagon just in time.
Yeah I bet Powerball sales in that state will be strong for a while.
This morning, I bet they wish they had gone with MM - then they would still have a chance at a big one.
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
In Ohio there is no option on the MegaMillions playslips because a winner can choose either cash or annuity the first 60 days, there after it's annuity only.
In Ohio there is no option on the MegaMillions playslips because a winner can choose either cash or annuity the first 60 days, there after it's annuity only.
In NJ the QP is all or nothing, in NY you can QP both, or just the 5 or just the 1. In both you have to choose cash or annuity up front. Now you say Ohio has a delayed option; probably other states do also. You'd think the same game would have the same rules! It looks like they let the states do whatever they want, as long as the leaders get their cut of the gambled money. Sounds like something out of Hollywood.
Then again, I don't care, just give me the cash and do it Tuesday night. I have an appointment at the Bank of America, for a huge loan, for Wednesday afternoon.
Well Congratulations to the big winner and also those 3 with power-play that are going to have a very good pay day add the bonus prize and it must be around 1 million or more
wish i had won but didnt happen. Congrats to the winner
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
If the state's intent was just to have time to earn interest the 60 day limit would be pretty stupid. Of course if the state can't earn interest on it while they still have it, that would also be stupid.
As far as how long it takes to get your act together before claiming the money, I'd figure that anybody who does it in much less than 60 days (which seems to be most winners)is probably both very efficient and very busy or they haven't actually made good plans. For starters I just can't pack up and move in less than a few weeks, and the only part of moving that wouldn't be done before letting the lottery announce my name and town to the press is filing all of my change of address forms to a post office box. If I had just won enough to make a major change in my life, including immediate retirement, I wouldn't want the immediate planning to consume all of my time, and there's no way I'm going to make the major investment decisions in a few weeks. The world is full of people who have lost millions on bad investments, and jumping in too fast is an excellent way to end up with less than if you skipped a few weeks interest and made better decisions. Besides, one of the privleges of being rich is being able to squander a lot of money just to make your life a little more comfortable. If you've just won several million dollars aor more you can easily afford to give up 1% in lost interest to relax and take your time about planning your new life of leisure. I seriously doubt that the loan officer at your local Bank of America is stupid enough to loan you much based on what appears to be an unverifed lottery ticket, but you'll be in a good position to take a big chunk of your life savings or max out your credit cards for a month or two if you want to indulge yourself right away.
After winning only one week before the end of the year Jack Whittaker made his claim fast enough that West Virginia was able to give him a check for 10 million before 12/31, so the taxes on it wer due the following April. It would only affect the taxes that weren't withheld (probably about a million dollars), but waiting only a few days would have let him keep, and earn interest on, that money for an extra year. Based on articles I've seen in which some (alledged) tax or financial advisor is quoted about lost interest while waiting to claim a prize, most of the advisors that reporters can find are stupid enough to make the same mistake. OTOH, we just had a recent winner who was smart enough to wait until after January 1st to make his claim.
Whether it's numerous claims by certain posters that cash is the only option for everybody, regardless of their financial situation, or a belief that losing a few weeks of interest is the most important consideration in claiming a big prize, a cookie cutter approach is the worst tool you can use for making decisions about any sudden windfall.
In a different topic about the current large jackpots somebody suggested that powerplay was a bad choice when the 5+0 bonus comes into play. I think it's always a bad idea, but this draw is an excellent example of why it might be a really poor decision. With 42 winners and 42 powerballs to choose from, probability says that if all of those winners had bought a second ticket with the same 5 numbers and a different powerball instead of using powerplay, one of them would have shared the jackpot and multiplied their winnings by about 133 instead of 3.33. Even without the powerball, the rest would still have done a little better. If the powerplay had only been 2 or 3 they'd have done a lot better.
Jack Whittaker, Jack Whittaker, Jack Whittaker, Jack Whittaker! Can't you do better then that? He was the ten percent exception to all rules. However, his claiming the money immediately had nothing to do with me or any one else before him or since him. There is nothing in the rule book of life that says if you wait ten months, you will make perfect decisions, or if you wait one day, you will make imperfect decisions. What I do know, is that you don't make one decision about how to invest millions of dollars and walk away. It happens over and over and over. Waiting doesn't impact that process one ioata. You can't spend or make money on money you don't have. You see phony tickets floating around all the time. How many accountants are going to go out of their lifestyle to assist you when you have no money to pay them? Do you really think you will be able to hire the best people based on a maxed out credit card? You're making the process way to complicated. Get the money, have the money.
You like to reference the people who were unable to handle wealth. How about the over-whelming majority that do know how to handle wealth? People win lottery's by the hundreds, every month. Find one besides Jack Whittaker to be your banner carrier. Two years ago, some one from New Jersey hit the Powerball in Pennsylvania. They claimed the money the next day. You never hear about them. They didn't make the press, because they were not interesting. The press likes failures. Doom and gloom sells papers and attracts viewers.
You assume I am doomed to failure, and by reference, you are also doomed to failure unless you get advise over, and over, and over, and over, for months. I don't have to have some one tell me fifty times what their opinions are, then go away for a few days, and have them come back and tell me again, and again, and again, and again. I've sat in multi-million dollar budget meetings for the last ten years, the department I run has a multi-million dollars budget. People just talk, and talk, and talk. They all want to get the glory and protect their rears. Then I make a decision that makes some happy and some not so happy. The great thing about lots of money, is that you can make a decision today, and change your mind tomorrow. Dozens of people will scramble to accomodate your new desires.
Personally, I have been able to make instantanuous decisions all my life and to control my life extremely well. In sixteen months, I will have three retirement plans paying me a minimum of seven thousand dollars each month. I am already receiving two of those payments. I have no debts - NO CREDIT CARDS - I own two houses outright - paid off years ago. I have high six figures in two 401Ks; plus investments in bonds. My daughter is grown and making better than average income; more than comfortable. I raised her to analyze options, rationalize pro's and cons, and make decisions; PRE-PLAN! I know what I am doing. I am not some kid spoiled by his mommie. I know what financial responsibility is all about. I don't need three miles of highway to change lanes. I definetely don't need to use credit cards to get a loan. Credit cards are for people who have zero will power; they are shiney lure in muddy water. I have one card, a debit card. Zero Interest, zero payments. That is how I have managed to save money. Maybe I was lucky, I grew up before there were credit cards, and realized I lived without them and can continue to live without them.
My local BOA loan officer? Don't know him/her, couldn't care less who he/she is. He/she is no one, chump change, a peon. Go to the main office in NYC; less then an hours drive. Deal with the vice president in charge of financials. Make a deal about who will handle the millions I just won. They will be slobbering from their cheeks. When I win the lottery, I won't be dealing with wannabe's, I will deal with the executives. That is what money is all about. BOA won't give me a loan? Then go some where else. A validated ticket, a confirmation call/letter from the lottery director, and end of story. My picture will have been plastered around the world, in every major newspaper, on every major television screen; hell I might even make Newsweek. They WILL know who I am! I will not be mistaken for a slug wanting freebees. What would be the purpose of a news conference, if not to benefit and enhance your position? To be a nice guy and make lovey duvey, gushy, statements about how great the world is and how I will contribute to world peace? Hehehehe! Never gonna happen. Do the conference, walk away and use it to your advantage. Unless you're afraid of the boggy man.
I can move in ten minutes - I don't need weeks - just get up and go. Grab the dog, my specially tined guns, and jump in the limo - no magic involved. Already pre-planned, have telephone numbers and contact names for the get-away. Ninety percent of what is in my house can be trashed; all I need are a few momento's. I can have a realtor come around in a few months, throw everything away, remodel it, and place it up for sale. Call the daughter, tell her to grab the kids and take a vacation in Aruba for a couple of weeks. I have a friend who owns a house on the island, used to be my neighbor, and has already stated I can hide out there - he'll even let me use his cell phone. PRE-PLANNING! I will be rich, I don''t have to be bothered with piddly things. My life will be in Switzerland, I won't need the beat up couch or worn out mattress, or the gas stove. The computer? Replace it with a model that will fork in foreign countries. The television? Trash it for a view of the Alps!
Taxes? Who cares. You are rich. You are not some smuck from East Orange, New Jersey, trying to get out of credit card debt, you are a multi-millionaire. Pay the damn taxes, you have the money! Whether you pay in 2005, 2006, or 2007 is meaningless. Ever heard of a revised tax submission? Ever heard of an extensioin? Pay the taxes and get out of the country. Off shore will be my back yard. I can visit Didney World whenever I want!
FYI according to Nebraska's web site they have 60 days to decide between lump sum (DING! DING! DING!) or annuity (BUZZZZZZZZZZZ!!!).
Congratulations to the winner, and please - do not want to be like Jack....
I think that option is a Powerball rule. That is why there is not an option on the ticket; like MeagaMillion does. In MM you have to choose upfront - immediately. PB lets you think about it; if you need to think about it.
Personanlly, I would not let it sit in some states hands for 60 days while I had to decide. You can bet your bippy the state holding the money is making maximum interest on that money - while you twiddle your thumbs and play switch. Another reason they like it (recommend!) when you take your time. That is 60-days of lost interest that you can never get back. If you need 60-days to decide something, you must be one heck of a driver. Four hours to decide whether to change lanes or not? Whew! Decisions are ruff!
If the state's intent was just to have time to earn interest the 60 day limit would be pretty stupid. Of course if the state can't earn interest on it while they still have it, that would also be stupid.
As far as how long it takes to get your act together before claiming the money, I'd figure that anybody who does it in much less than 60 days (which seems to be most winners)is probably both very efficient and very busy or they haven't actually made good plans. For starters I just can't pack up and move in less than a few weeks, and the only part of moving that wouldn't be done before letting the lottery announce my name and town to the press is filing all of my change of address forms to a post office box. If I had just won enough to make a major change in my life, including immediate retirement, I wouldn't want the immediate planning to consume all of my time, and there's no way I'm going to make the major investment decisions in a few weeks. The world is full of people who have lost millions on bad investments, and jumping in too fast is an excellent way to end up with less than if you skipped a few weeks interest and made better decisions. Besides, one of the privleges of being rich is being able to squander a lot of money just to make your life a little more comfortable. If you've just won several million dollars aor more you can easily afford to give up 1% in lost interest to relax and take your time about planning your new life of leisure. I seriously doubt that the loan officer at your local Bank of America is stupid enough to loan you much based on what appears to be an unverifed lottery ticket, but you'll be in a good position to take a big chunk of your life savings or max out your credit cards for a month or two if you want to indulge yourself right away.
After winning only one week before the end of the year Jack Whittaker made his claim fast enough that West Virginia was able to give him a check for 10 million before 12/31, so the taxes on it wer due the following April. It would only affect the taxes that weren't withheld (probably about a million dollars), but waiting only a few days would have let him keep, and earn interest on, that money for an extra year. Based on articles I've seen in which some (alledged) tax or financial advisor is quoted about lost interest while waiting to claim a prize, most of the advisors that reporters can find are stupid enough to make the same mistake. OTOH, we just had a recent winner who was smart enough to wait until after January 1st to make his claim.
Whether it's numerous claims by certain posters that cash is the only option for everybody, regardless of their financial situation, or a belief that losing a few weeks of interest is the most important consideration in claiming a big prize, a cookie cutter approach is the worst tool you can use for making decisions about any sudden windfall.
In a different topic about the current large jackpots somebody suggested that powerplay was a bad choice when the 5+0 bonus comes into play. I think it's always a bad idea, but this draw is an excellent example of why it might be a really poor decision. With 42 winners and 42 powerballs to choose from, probability says that if all of those winners had bought a second ticket with the same 5 numbers and a different powerball instead of using powerplay, one of them would have shared the jackpot and multiplied their winnings by about 133 instead of 3.33. Even without the powerball, the rest would still have done a little better. If the powerplay had only been 2 or 3 they'd have done a lot better.
Only NY and Texas require the cash/annuity choice to be made when you play on its games. California required the choice to be made when playing Super Lotto Plus until last year.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
The choice in NY and Texas is binding. NJ allows a winner to change their mind.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
The choice in NY and Texas is binding. NJ allows a winner to change their mind.
Actually, technically, no. You get only what you checked off; cash option or annuity option. Assuming you won.
If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity). If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves. Their "help" is a list of registered institutes they have dealt with in the past. There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance. I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?
You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process. I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything. Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner? Can't be that many.
Wrote and received an email on this specific subject.
Only NY and Texas require the cash/annuity choice to be made when you play on its games.
Try across the creek - NJ requires a choice up front also. MM & Pick 6.
The choice in NY and Texas is binding. NJ allows a winner to change their mind.
Actually, technically, no. You get only what you checked off; cash option or annuity option. Assuming you won.
If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity). If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves. Their "help" is a list of registered institutes they have dealt with in the past. There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance. I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?
You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process. I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything. Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner? Can't be that many.
Wrote and received an email on this specific subject.
I would tell that to Todd. AFAIK be believes you can change your mind in NJ.
Cash5:
The more I thought about the earlier thread, the less confident my memory was true to the facts. I was not correct earlier. I went back and read my initial email with the state. I have attached it, so every one will know the exact positon. For obvious reasons, I changed the name in the email. I also didn't include follow-up email.
From: xxxxxxxxx [mailto:xxxxxxxxx@xxxxx.com]
Sent: Wednesday, September 14, 2005 11:39 PM
To: Public Info
Subject: Mega Millions - Cash or Annuity
When purchasing my MM ticket, I am required to choose cash or annuity.
Do I have the option to switch when I win?
I chose cash, when I win, can I revise that to annuity? Or am I stuck
with my initial choice?
xxxxxxxx
Sparta, NJ
_____
From: "Public Info" <Publicinfo@lottery.state.nj.us>
To: <xxxxx@xxxxxx.com>
Subject: RE: Mega Millions - Cash or Annuity
Date: Thursday, September 29, 2005 10:17 AM
Should you hold the winning ticket and it has been purchased as an
annuity ticket, the NJ Lottery will immediately purchase the annuity at
the rate available. You do have the option of requesting that the NJ
Lottery sell that annuity on your behalf within 60 days, however, the
sale will be governed by the market rates at the time of sale.
Therefore, you could possibly lose money or increase your winnings based
on the rates at the time of sale.
* Cash V. Annuity
The cash prize is simply the total money available for the top tier
prize. This is paid less the Applicable Federal tax, currently 25%. The
annuity amount is determined by the cash available and the current
interest rate for government securities. The annuity is paid over 26
payments, an initial check followed by 25 annual installments. These
payments are also subject to the Federal withholding rates. New Jersey
Lottery advises winners to seek tax advice from either IRS or a tax
advisor, as New Jersey Lottery is not permitted to provide tax advice.
I'm ready to be the new record holder !!!!!!!!!!!!
DD
HAPPY FRIDAY "DD"....
hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll
And a very happy Friday to you Libra !!!
Hey, I might just shock you one of these days !!
You know, the power of positive thinking.......
I already gave you the account # , but just in case here it is again:
*** *** *** ****
Good luck!!!!
DD
HAPPY POWERBALL DAY.."DD".....2/18/2006
IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........
...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....
ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO
Hey Libra, whazzup ?????
Well,
I spent some time today on the border getting me some tickets.
I also spent me some time getting in the mood with some of them scratchers (aka paper slot machines)...
It was a good day until I checked the PB tix.
ARGHHHHH
Well, maybe next time.
DD
2/21/2006
HAPPY TUESDAY....ANYWAY..."DD"
only one ticket matched all the numbers...lololololol......wowowow....unreal, but Congrats to the winner.....they were meant to win, and did. Stay on the line, your #'s are coming up......and for that matter, mine are too.....