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At what jackpot amount would you consider "sharing" the wealth?

Topic closed. 36 replies. Last post 10 years ago by LOTTOMIKE.

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four4me's avatar - gate1
MD
United States
Member #1701
June 18, 2003
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Posted: March 6, 2007, 2:34 am - IP Logged

I think it is more of people not wanting to "Whittaker" their newfound wealth away.  To be honest, all the negative stories that I have read have taught me a lot about what NOT to do incase I win the jackpot.  People just don't want to be like Jack.  And on top of that, that 46% gift tax is UGLY.  That alone makes me not want to give anything away.  I refuse to give uncle sam more money than I have to.

because Jack was already a millionaire when he won i think he thought o what the heck I'll just do like i always did, he was supposedly a pretty good fellow before he won. And circumstance around his town just escalated. his preachers turned him down when he initially offered them money for their Church. he build a church that no one goes too. his wife wouldn't even make him a cup of coffee in the morning. Stuff like that led him away from his old self and the new unimproved Jack emerged. A Jack that everyone started calling a jerk.

At that point he probably flipped out and went berserk. he bought lots of property. I think Jack still has money it's just tied up in holdings.

    guesser's avatar - Lottery-017.jpg

    United States
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    Posted: March 6, 2007, 2:41 am - IP Logged

    It IS possible to do all - pay off mortgages, fund relatives' college expenses, send appointed folks on nice vacations AND still hide most of your winnings, you just have to be reasonable with who you decide to fund: realize you cannot and must not fund everybody and everything.

    I keep saying, I'm not going to blow all of my money, but I'm not going to penny-pinch all of it, either, I am going to do what is called LIVING. 

      Avatar

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      Posted: March 6, 2007, 3:03 am - IP Logged

      I don't know. I would have to have an amount well over the amount I need to live on for a lifetime in order for me to share.

      (insert signature here)

        justxploring's avatar - villiarna
        Wandering Aimlessly
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        Posted: March 6, 2007, 3:23 am - IP Logged

        Time to go to bed. Actually, maybe it's time to stop posting altogether. People around here are very nasty lately.  What do you mean I don't know Ferraris?  I've driven in a few and I know for sure the last model I drove in cost over $250,000.  In the 90s I dated someone with a Testarossa and even back then I remember it cost around $200,000.  So that means 2 of them would cost between $450 and $500,000 unless I can't add.  Please don't tell me I don't know what I'm talking about.  I'm quite familiar with luxury sports cars.  Yes, I know you can get a "cheaper" model for around $170,000.  I don't need to do any research. 

        BTW, I have no idea what you are all rattled about. Where did I say you were nuts for wanting a Ferrari?  I wrote a very playful post and you turned it around and got defensive and, from your tone, obviously I struck a nerve. After all you were saying you would only spend $400,000 for a home, (which isn't much) and then go out and buy two $200,000 cars. I thought it was cute.  I wasn't telling you what to buy at all.   If you want to live in an RV and park a Ferrari in your driveway, that's your business. Sheesh!!

          MegaWinner's avatar - Lottery-029.jpg
          New Jersey
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          March 3, 2007
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          Posted: March 6, 2007, 9:26 am - IP Logged

          Actually the really expesive Ferrari is the ENZO which costs about $1,000,000.  The F430 comes in several models and the one you priced is the manual gearbox version of that car.  They also have a flappy paddle F1 style trans that costs about $19,000 more and then the Challenger model that costs about $220,000.  So  really if you get the manual gearbox version for $170,000, it doesn't necessarily mean you got the "cheaper" version.  It means you prefer the traditional "stick shift" over the F1 style gearbox.  I myself prefer thestick shift version.

          Most other Ferraris cost around the same thing, around $150,000 - $300,000.

          I have to say, when you have Ferrari money, its not about which is "cheaper,"  its about which version you prefer.

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
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            Posted: March 6, 2007, 10:11 am - IP Logged

            Since we're talking making a score and Italian vehicles...

             I'd get a Ducati, a Moto Guzzi, and a Benelli (motorcycles). Then I'd take the fastest parts off of all three, and turn them into one really fast hybrid of a bike- called of course, a  Benoto Guzzalini!

            (Just wanted to lighten things up)

            Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

            Lep

            There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

              LottoHackJack's avatar - leaf
              Leamington, Ontario
              Canada
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              December 11, 2003
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              Posted: March 6, 2007, 11:59 am - IP Logged

                I agree...It's probably best to simply come down to Earth after a win, learn to invest the windfall properly as risk-free as possible for a good return to both preserve the capital, and hopefully make it increase appreciably before deciding to give any dividends away for truly worthy causes.

                Efforts at bettering yourself, your immediate family, and parents, all on a controlled level, is probably a good idea only if the recipients are truly noble and worthy to receive it. If your kids or siblings or parents are, or have been rotten to the core, isn't it obvious that they would probably use whatever resources they would grasp onto to simply continue their rotten streak in the wrong endeavours but with more power? Why would anyone ever want to promote fuelling a vehicle travelling in the wrong direction or straight for destruction?

                Giving fast handouts to those who simply ask or demand...those that might even display the vulgarity to cry on your shoulder and to make you feel shame and guilt, is absolutely absurd on the part of a winner. Let the leeches risk their own lottery ernest money to win too, just like a real winner does.

                If bloodsuckers insist on taking YOUR money, patronize them gently but intently, ... buy them a ticket for next draw and wish them a lot of luck...Or hand them a buck to buy their own ticket. You played for yourself, and not for the rest of the world that you are associated with. It is not only your initial greed that is revealed, but their own overwhelming selfishness!

                If one feels that they cannot accept their new responsibilities as a lottery winner millionaire, then why bother playing? GREED! ...But you at least acted and used some thought and resources to take advantage in a much less vicious manner than any freeloaders would...You would truly be tested on all points in life, and all should hope you can take it...TEST ME...TEST ME PLEASE  :)

                LottoHackJack

                LuckyLilly's avatar - savy chick.png

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                Posted: March 6, 2007, 12:55 pm - IP Logged

                "I will buy a Ferrari or two,"  Guesser 

                 

                We posted at the same time, so I didn't see yours when I was typing.  A Ferrari or 2?  So you would live in a $400,000 house with 2 cars worth over $500,000?  I'd be happy paying off my Camry, although I saw a gorgeous red Corvette today that I was drooling over.  I think $55-$60,000 is enough to spend on one vehicle!  I'd probably keep the car I have or get a small SUV like a Suburu Forester if I move to the mountains.  

                Edit:  Everyone is typing too fast for me to keep up!!  I just saw your new post.  LOL  I wasn't saying not to look out for #1, Guesser.  I would definitely buy a nice home, nothing fancy, and some nice furnishings.  I would take care of some medical problems that need attention, but I've put on hold because of finances.  What I was saying is that you really can't put an amount you need to have in the bank before you begin helping others. 

                "What I was saying is that you really can't put an amount you need to have in the bank before you begin helping others"

                Can you give someone water if the bucket is dry?  No.  So I think you can and you should put the amount you need to have in the bank before helping others.  It's not selfish to make sure you have what you need, cuz you gotta have what you need before you can have anything to give.

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
                  Member #9
                  March 24, 2001
                  19826 Posts
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                  Posted: March 6, 2007, 2:28 pm - IP Logged

                  Where does the idea that lottery winnings has to be treated differently than earned income come from? 

                  The government thinks it should be treated the same and taxes it the same way.  I've never spent time thinking about how much of the the money I've earned should be given away and I wouldn't if I won some.  I would pay the taxes and handle it as I would had I earned it but like a person who earns several million dollars a year.

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

                    guesser's avatar - Lottery-017.jpg

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                    Posted: March 6, 2007, 2:32 pm - IP Logged

                    Time to go to bed. Actually, maybe it's time to stop posting altogether. People around here are very nasty lately.  What do you mean I don't know Ferraris?  I've driven in a few and I know for sure the last model I drove in cost over $250,000.  In the 90s I dated someone with a Testarossa and even back then I remember it cost around $200,000.  So that means 2 of them would cost between $450 and $500,000 unless I can't add.  Please don't tell me I don't know what I'm talking about.  I'm quite familiar with luxury sports cars.  Yes, I know you can get a "cheaper" model for around $170,000.  I don't need to do any research. 

                    BTW, I have no idea what you are all rattled about. Where did I say you were nuts for wanting a Ferrari?  I wrote a very playful post and you turned it around and got defensive and, from your tone, obviously I struck a nerve. After all you were saying you would only spend $400,000 for a home, (which isn't much) and then go out and buy two $200,000 cars. I thought it was cute.  I wasn't telling you what to buy at all.   If you want to live in an RV and park a Ferrari in your driveway, that's your business. Sheesh!!

                    No, you don't. I NEVER said I'd get a NEW Ferrari - I'd look around for a good 1995 348TS - maybe $60-65K, and I MIGHT look around for a lowlty 355 Spyder for 100K or so, or a decent late-model 512 or TR - maybe $125K. Then a decent PPI is around $3K each, and a Major is between 10-20K each.

                    The going rate for an Enzo right now is about 1.2 mill, I would never buy one even if I was a billionaire.

                    The NEW 599 is going for (now) around 350K, but I doubt I would buy one.

                    400K may be nothing for a house where some of you live, but it's quite nice around here, where our average median home price is around 135K today. 

                    RV's ?

                    You wanna talk RV's ?

                    :) 

                      guesser's avatar - Lottery-017.jpg

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                      Posted: March 6, 2007, 2:34 pm - IP Logged

                      Actually the really expesive Ferrari is the ENZO which costs about $1,000,000.  The F430 comes in several models and the one you priced is the manual gearbox version of that car.  They also have a flappy paddle F1 style trans that costs about $19,000 more and then the Challenger model that costs about $220,000.  So  really if you get the manual gearbox version for $170,000, it doesn't necessarily mean you got the "cheaper" version.  It means you prefer the traditional "stick shift" over the F1 style gearbox.  I myself prefer thestick shift version.

                      Most other Ferraris cost around the same thing, around $150,000 - $300,000.

                      I have to say, when you have Ferrari money, its not about which is "cheaper,"  its about which version you prefer.

                      Your last line is exactly where I was coming from, thank you.

                      I'd rather had a mid 1960's 250 or 330 myself. 

                        justxploring's avatar - villiarna
                        Wandering Aimlessly
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                        Posted: March 6, 2007, 4:27 pm - IP Logged

                        "What I was saying is that you really can't put an amount you need to have in the bank before you begin helping others"

                        Can you give someone water if the bucket is dry?  No.  So I think you can and you should put the amount you need to have in the bank before helping others.  It's not selfish to make sure you have what you need, cuz you gotta have what you need before you can have anything to give.

                        Yes, LuckyLilly.  I totally agree that you can't give someone money if you don't have the rent or enough to eat.  You missed my point. The posts I referred to were talking about putting millions and millions in investments and waiting for it to grow.  Hunger, disease and disaster don't always have schedules. 

                         

                        Sue wins $10 million (not even close to the jackpot amounts people on this board are usually talking about)  In all her excitement she hasn't read the news or called her family for a couple of weeks. So she decides to give her sister a call. No answer. So she tries her cell.

                        Sue:  Hi, Sis.  How are you doing today?

                        Mary (Sue's sister)  Oh, I guess you didn't read about the tornado that destroyed half our town.

                        Sue:  OMG!  Are you hurt?  How are the kids?

                        Mary:  God must have sent his angels to protect us.  We made it through the storm, but we lost everything and we're waiting for FEMA to deliver a trailer so we have some shelter.  Even the car was completely crushed.  The insurance company just told us that they're not going to cover most of the damage because we didn't have flood insurance.  I don't understand it. it was a tornado, not a flood.

                        Sue:  So what are you going to do in the meantime?

                        Mary:  We were fortunate enough to get to a shelter, so we've been sleeping on their cots. I know this is a lot to ask, but do you think you could help us out for a while until we get back on our feet? Since the garage Bill works in was destroyed, he needs to find a job.

                        Sue:  Well, you know by the time I paid for my home, my new furniture and that sports car I told you about, I'll be down to only $3 million. After all, I paid a lot of tax on that jackpot.  If I send you money then I'll have to cancel my plans to travel on that luxury yacht.  You understand, right? Things will get better if you just keep your spirit up, Sis.   Have a nice day.

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
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                          Posted: March 6, 2007, 4:33 pm - IP Logged

                          Where does the idea that lottery winnings has to be treated differently than earned income come from? 

                          The government thinks it should be treated the same and taxes it the same way.  I've never spent time thinking about how much of the the money I've earned should be given away and I wouldn't if I won some.  I would pay the taxes and handle it as I would had I earned it but like a person who earns several million dollars a year.

                          Great post, RJOh.  Sorry I must have skipped right over it.  Very true about the taxes.  Also, that's what I was saying about giving.  If you give your "10%" or whatever you can afford now, you would continue to give it and not worry about what is tax free or what you need to have put away to make $10 million more, etc.  If you don't give anything now, maybe you wouldn't if you were wealthy.

                            LuckyLilly's avatar - savy chick.png

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                            Posted: March 6, 2007, 4:48 pm - IP Logged

                            Yes, LuckyLilly.  I totally agree that you can't give someone money if you don't have the rent or enough to eat.  You missed my point. The posts I referred to were talking about putting millions and millions in investments and waiting for it to grow.  Hunger, disease and disaster don't always have schedules. 

                             

                            Sue wins $10 million (not even close to the jackpot amounts people on this board are usually talking about)  In all her excitement she hasn't read the news or called her family for a couple of weeks. So she decides to give her sister a call. No answer. So she tries her cell.

                            Sue:  Hi, Sis.  How are you doing today?

                            Mary (Sue's sister)  Oh, I guess you didn't read about the tornado that destroyed half our town.

                            Sue:  OMG!  Are you hurt?  How are the kids?

                            Mary:  God must have sent his angels to protect us.  We made it through the storm, but we lost everything and we're waiting for FEMA to deliver a trailer so we have some shelter.  Even the car was completely crushed.  The insurance company just told us that they're not going to cover most of the damage because we didn't have flood insurance.  I don't understand it. it was a tornado, not a flood.

                            Sue:  So what are you going to do in the meantime?

                            Mary:  We were fortunate enough to get to a shelter, so we've been sleeping on their cots. I know this is a lot to ask, but do you think you could help us out for a while until we get back on our feet? Since the garage Bill works in was destroyed, he needs to find a job.

                            Sue:  Well, you know by the time I paid for my home, my new furniture and that sports car I told you about, I'll be down to only $3 million. After all, I paid a lot of tax on that jackpot.  If I send you money then I'll have to cancel my plans to travel on that luxury yacht.  You understand, right? Things will get better if you just keep your spirit up, Sis.   Have a nice day.

                            I must have missed the posts where people were saying they wouldn't help their family in time of disaster.  That would be incredibly small and mean.  Can you point me to those posts?

                              guesser's avatar - Lottery-017.jpg

                              United States
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                              Posted: March 6, 2007, 5:01 pm - IP Logged

                              To make my stance perfectly clear: I have no problems helping out family and closest friends - those that have stayed in touch all through the years - in a time of need, but I don't feel compelled that I MUST give to people for no other reason than I have more than they do, or that they are simply expecting me to gift them because I have more than they do.

                              I keep putting the show on the other foot - if they won would I expect anything from them ?  My answer always comes back to 'no'.  That doesn't mean they don't like me, it just means I feel nobody owes me anything: any problem or situation in life I have encountered I have managed to get myself out of, with the help of virtually no one, and I will continue to do so.