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You win the mega millions $163 million on tuesday.

Topic closed. 38 replies. Last post 9 years ago by LckyLary.

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JackpotWanna's avatar - squiz

United States
Member #4121
March 23, 2004
817 Posts
Offline
Posted: December 15, 2007, 9:46 pm - IP Logged

You win the mega millions $163 million on tuesday.  What would you do for the next 7 days?

 

I will start.

 

Tuesday - Win 163 mega Million - take cash option.

 

Day 1 (Wednesday)

1) Call in sick from work.

2) Make sign copies of winning ticket.

3) Put org. ticket in bank safety box.

4) Sleep all day dream about how to spend winnings.

5) Take wife to a fancy resturant but not tell her about the good news.

 

Day 2 ( Thursday ) 

1) Go to work as nothing has happened.

2) Take a long lunch brake to seek advice from your lawyer. 

3) Order chinese take out for dinner.

 

Day 3  ( Friday )

1) Go to work.

2) Go see my lawyer on my lunch break.

3) Ask boss for early 2 week vacation.  If he says yes, cool but if says no, continue working.  Most likely he will say no. 

4) Ask wife to buy dinner.  Order most expensive item on the menu and Laugh inside.

 

Day 4  ( Saturday )

1) Sleep till 2 pm

2) Take wife shopping using her money. lol 

3) Go to ebay bid and win a new Nintendo WII syetem.  I always wanted one.

 

Day 5 ( Sunday)

1) Go to church and thank God for the blessing he has given me.  Pray for wisdom to spend the money wisely.

 

Day 6 ( Monday )

1) Go to work.

2) Eat at Burger king for lunch for the last time.

3) Beg boss for time off.  Still he says no way. 

4) Go to my inlaws house for dinner. Bring flowers.  Lots of nagging from them.  No fights today.  All smiles. 

 

Day  7 ( Tuesday )

1) Go to work

2) Quit job.  Boss laughs at me and wishes me good luck in unemployment.

3) Ask wife to come home early.

4) Tell wife the sad news about quiting job.  Wife starts getting angry.  I finally tell her the good news and starts jumping for joy.  She calls her office and takes sick leave.

5) Put valubles in bank safe deposit box.

6) Rent a storage and put everything we want to keep. Old photos.

7) Go to claim jackpot and check into a 5 star hotel. 

8) Disappear 

    TexasDreams's avatar - Trek ROMSYM2.gif
    Houston, Texas
    United States
    Member #56457
    November 19, 2007
    55 Posts
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    Posted: December 16, 2007, 12:03 pm - IP Logged

    You win the mega millions $163 million on tuesday.  What would you do for the next 7 days?

     

    I will start.

     

    Tuesday - Win 163 mega Million - take cash option.

     

    Day 1 (Wednesday)

    1) Call in sick from work.

    2) Make sign copies of winning ticket.

    3) Put org. ticket in bank safety box.

    4) Sleep all day dream about how to spend winnings.

    5) Take wife to a fancy resturant but not tell her about the good news.

     

    Day 2 ( Thursday ) 

    1) Go to work as nothing has happened.

    2) Take a long lunch brake to seek advice from your lawyer. 

    3) Order chinese take out for dinner.

     

    Day 3  ( Friday )

    1) Go to work.

    2) Go see my lawyer on my lunch break.

    3) Ask boss for early 2 week vacation.  If he says yes, cool but if says no, continue working.  Most likely he will say no. 

    4) Ask wife to buy dinner.  Order most expensive item on the menu and Laugh inside.

     

    Day 4  ( Saturday )

    1) Sleep till 2 pm

    2) Take wife shopping using her money. lol 

    3) Go to ebay bid and win a new Nintendo WII syetem.  I always wanted one.

     

    Day 5 ( Sunday)

    1) Go to church and thank God for the blessing he has given me.  Pray for wisdom to spend the money wisely.

     

    Day 6 ( Monday )

    1) Go to work.

    2) Eat at Burger king for lunch for the last time.

    3) Beg boss for time off.  Still he says no way. 

    4) Go to my inlaws house for dinner. Bring flowers.  Lots of nagging from them.  No fights today.  All smiles. 

     

    Day  7 ( Tuesday )

    1) Go to work

    2) Quit job.  Boss laughs at me and wishes me good luck in unemployment.

    3) Ask wife to come home early.

    4) Tell wife the sad news about quiting job.  Wife starts getting angry.  I finally tell her the good news and starts jumping for joy.  She calls her office and takes sick leave.

    5) Put valubles in bank safe deposit box.

    6) Rent a storage and put everything we want to keep. Old photos.

    7) Go to claim jackpot and check into a 5 star hotel. 

    8) Disappear 

    Now that's a mouth full!!! I really like Day 5, many people thank God for winning, but few ask for the wisdom to handle it. For me it would be like-----

    Day 1 (Wed, which is my day off)

    full day in denial

    buy new under pants

    Day 2 (Thurs., which is my day off)

    put all of it (cash value option) in a irrevocable spendthrift trust (OK like anyone who has not read my last few posts wouldn't think that) 

    watch my Trustee claim the amount

    set up an investment & income plan for the trust

    Day 3 (Fri)

    Realize I'm fully retired!!!!!!!!!!!!!!!!!!!!!!!!!

    A few years ago, billionaire Warren Buffett advised  "Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful."

      JackpotWanna's avatar - squiz

      United States
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      March 23, 2004
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      Posted: December 16, 2007, 2:22 pm - IP Logged

      Now that's a mouth full!!! I really like Day 5, many people thank God for winning, but few ask for the wisdom to handle it. For me it would be like-----

      Day 1 (Wed, which is my day off)

      full day in denial

      buy new under pants

      Day 2 (Thurs., which is my day off)

      put all of it (cash value option) in a irrevocable spendthrift trust (OK like anyone who has not read my last few posts wouldn't think that) 

      watch my Trustee claim the amount

      set up an investment & income plan for the trust

      Day 3 (Fri)

      Realize I'm fully retired!!!!!!!!!!!!!!!!!!!!!!!!!

      Good plan. 

       

      I would do the same thing but New York doesn't allow winners to claim in a trust.

        ThatScaryChick's avatar - x1MqPuM
        Idaho
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        November 21, 2007
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        Posted: December 16, 2007, 2:31 pm - IP Logged

        Nice plan JackpotWanna. I don't know how my seven day plan would look.

          djklaugh's avatar - Lottery-031.jpg
          Portland,Oregon
          United States
          Member #14387
          April 25, 2005
          229 Posts
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          Posted: December 16, 2007, 10:09 pm - IP Logged

          LOL good question ... well if I was Tuesday's winner here's what I would do

          Day 1 - go to work, act like nothing thrilling has happened, giggle to myself all day

                       make copies of the ticket, rent a safety deposit box on my lunch hour, put ticket in the box

                       get names of good attorneys and financial planners from friends and the Lottery folks

                        go home and finish packing for planned vacation trip out of town

                         play with the kitties - tell them the good news - they will be thrilled! 

          Day 2-  fly to friend's home in Texas - giggling all the way

                       Take friend and her husband out for a fancy dinner - my treat

                       Swear them to secrecy - and tell them the good news

          Day 3-11 enjoy my vacation and Christmas holiday

                        set up appointments with financial planner and/or attorney for 12/31

                        polish my "I quit" letter - it's been saved on my computer for a couple of years now

                        Call my son on Christmas and tell him the good news ... and that I'm coming for a visit the end of January

                        Call my brothers on Christmas and tell them the good news ... and see if they can come meet me at the Lottery Office on 

                         1/7/08     

                        Have friend help me plan how to make the best use of the money for altuistic projects and compassionate charity

          Day 12- return home, catch up on mail, etc ... play with the kitties

          Day 13 - meet with financial planner and attorney .... arrange for what ever is doable in my home state vis a vis a trust to collect the  winnings - cash option of course - arrange to give some of the money through the trust to my son, my brothers, and a couple of close friends ... plus set up a charitable entity ... keeping enough to live very comfortably for the rest of my life :)

          Wednesday 1/2/08 ... go back to work and hand my supervisor  my "I quit" letter 

                                          copy a Far Side cartoon I've had on my bulletin board for years that shows a fellow in a Hawaiian shirt lying in a hammock, playing his ukulele while coworkers look on in awe .... the angry boss is standing in the door way.  Make "editorial" changes to reflect different amount of lottery win, different boss's name, and my name  - post on team bulletin board along with a copy of said "I quit" letter.   

          Monday 1/7/08 .... go to the Lottery Office to collect my winnings - tis a bad idea to collect winnings this late in the year - cuz if you did you'd have very little time to set up tax avoidance strategies ... best to wait til after 1/1/08

           from Wikipedia "

          Tax avoidance is the legal utilization of the tax regime to one's own advantage, in order to reduce the amount of tax that is payable by means that are within the law.

          By contrast tax evasion is the general term for efforts to not pay taxes by illegal means."

          Djklaugh

            Some things have to be believed to be seen.

          "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

            Avatar
            New Member

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            Posted: December 18, 2007, 4:11 am - IP Logged

            JackpotWanna, I adore the plan you laid out. I think most people I know wouldn't even consider showing up to work after hitting the jackpot. And not breaking it to your wife until you tell her you lost your job... brilliant. For me:

            The first thing I would do is breathing exercises, making sure I didn't lose it. Second, hand my ticket straight to my dad as I wouldn't trust myself with it. I'm probably the only person in the world who would somehow manage to lose a $163m ticket. I'd tell my dad to put the ticket in his bank (he's a banker), ask him for a small loan ($5-10k, since I have like a couple hundred to my name presently), take the money and disappear for a few days to think things over. I'd bring a close friend or two and rent a (five-star) hotel room (or two, depending on friends) not too far from here, stay low key, make small purchases and enjoy ourselves while I arranged to meet with a lawyer and financial planner. The lawyer would be a big concern; I wouldn't want my name, likeness, photograph, ANYTHING to appear in ANY kind of press release. I have aspirations as a writer, and if I ever were to make it big, I would want my biography to say I was a writer, not a writer and a lottery winner. Besides, why would I want the general public to know I won the lottery? With all you hear about winners being robbed...

             Anyway, while I'm out laying low, I'd buy smaller Christmas gifts for everyone I know well enough to buy one for. I'd get on my school's website, drop all my classes for next quarter. School would be shelved, not abandoned. My friend and I would start browsing online for houses. We'd probably come back on Saturday, and the rest of the week would be uneventful. I'd go back home, celebrate Christmas with my mom/mom's side of the family as if nothing happened (parents are divorced, dad can keep secrets). I'd give away all my presents on Christmas or shortly thereafter; I'd claim I hit $5,000 on a scratch-off or something (at this point the only people who know are my friend and my dad) so it doesn't seem weird that I suddenly have money to buy them presents. I'd go to the new year's party I already have plans to attend. After the ball dropped, I'd request the attention of my drunken friends, then make my announcement with my best friend at my side to vouch for me. I'd tell them to start thinking about what kind of cars they want. I know I'm going beyond the first week here; forgive me.

             Jan 2nd, I'd go to the lottery office with my dad and my lawyer. I'd take the cash option, put away what needed to be put away, whatever. Then for the next several days I'd go from hotel to hotel throughout the state, coming back home periodically to pick up another loved one and bring them on a shopping spree. When I found a house, I'd invite my two best friends to move in, they'd quit school/work, and we'd just... well... live like the lucky sons-of-bitches we'd be.

              TexasDreams's avatar - Trek ROMSYM2.gif
              Houston, Texas
              United States
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              Posted: December 18, 2007, 9:12 am - IP Logged

              I really like your idea about the tax deferment and wait until 2008.

              A few years ago, billionaire Warren Buffett advised  "Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful."

                JackpotWanna's avatar - squiz

                United States
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                Posted: December 18, 2007, 1:48 pm - IP Logged

                I read somewhere it doesn't matter when you claim jackpot, you get taxed when you hit the jackpot.  Can someone verify this? 

                  Uff Da!'s avatar - InCelebration 001.jpg
                  Washington State
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                  February 26, 2006
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                  Posted: December 18, 2007, 2:03 pm - IP Logged

                  Day 1 - (Wednesday, December 19– Call my attorney’s office only to find that he will be out of the office until after January 1.  Make an appointment for January 2.  Take my unsigned ticket to my bank safe deposit box in a neighboring town.  (Unsigned because I have gifted a 25% interest in all Mega Millions tickets I purchase to 18 relatives, and the ticket will need to be signed by the legal representative for the partnership, not by me personally.)  Think that now that I’ll soon be a multi-millionaire, I shouldn’t have to do all this holiday housecleaning myself, so I call several housecleaning services, only to find that they are booked through the first of the year.  Decide not to tell any of my 18 relatives about the win until after I’ve seen the attorney and know more about how everything is going to work. 

                   

                  I try to get my housecleaning done, but keep being interrupted by thoughts about the lottery win.  I already gifted a partial interest in the ticket to all relatives close enough for me to care about, and I feel confident they will all be provided for in approximate proportion to their needs for the rest of their lives without me having to make further gifts.  (Most are retired or are seriously disabled.  Younger ones have occupations with reasonable earning capacity or are more distant relatives, so my concern is not as great.)  But what do I do about my boyfriend?   I chose not to include him as a partial owner, but what should I do for him?  We’ve been together over a year.  I reach the conclusion that since I’ll be in a higher tax bracket next year and likely every year thereafter, I’ll withdraw $10,000 from my IRA immediately and give that to him as a surprise Christmas gift.  That way it will come under the gift tax exclusion for 2007 and I can continue to contemplate exactly what I’ll do for him longer range.  I make the appropriate call to the mutual fund which holds one of my IRAs.  I’ll decide later how much and when I’ll make additional gifts to him.

                   

                  A zillion things go through my head.  Washington State can require that even though the winner is a partnership or trust, the individuals named in those legal documents be identified in the press by name and city and that they appear in a photo (with the big check) and appear at a press conference..  I reach the conclusion that even though my attorney might be able to convince the lottery office that my 18 relatives who own the 25% total have great excuses to not show up for a press conference (too disabled to travel, very old and difficult to travel across the country, too poor to travel across the country until they get the lottery money, etc.), the lottery office would require me to attend, since I live here, would be receiving 75% through the partnership and actually made the ticket purchase.  Decide that I’ll go into isolation in a large city for a week after such any such press conference.

                   

                  Day 2 – (Thursday, December 20) - Jury duty.  If selected, I try to keep my mind on the trial instead of my win.

                   

                  Day 3 - (Friday, December 21) – Meet my boyfriend at the bus station where he comes in from out of town for the weekend.  Take him to a nice restaurant for dinner.  Tell him the great news and swear him to secrecy.  Tell him about the $10,000 I plan to give him as soon as the check arrives from my IRA.  Tell him that I’ll give him at least another $12,000 next year after I get the lottery money, plus I’ll pay for his college tuition if he decides to quit his union job and go back to school.  Beyond that I’m not making any promises at this time since I need time to let my head clear.

                   

                  Day 15 – (January 2, 2008) – See my attorney.  Then call my relatives to tell them the news.

                   

                  Day 44 – (January 31, 2008) – I laugh when I see the people on Lottery Post suggesting that the winner may have lost the ticket.  Little do they know how complicated this can be to get a partnership drawn up with 19 people living in 6 states all across the country, when they each felt a need to see their own attorneys to clarify all the details.

                   

                  Day ?? – (Some time in February) – My attorney claims my win for the partnership and appears in the photo, but as expected, I’m required to appear at the news conference.  I say as little as possible and let my attorney do most of the talking.  Then I go into seclusion until things calm down.

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                    NY
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                    Posted: December 18, 2007, 2:35 pm - IP Logged

                    I read somewhere it doesn't matter when you claim jackpot, you get taxed when you hit the jackpot.  Can someone verify this? 

                    That's generally true, with some shades of gray. The IRS and the state are going to get most of the tax from the witholdings, anyway, but they want their money now, just like most people. I don't know that there have been any test cases yet, but there seems to be a prevailing view that prizes won very late in the year can safely be claimed after the January 1st, partly because the states generally counsel winners to consult advisors before claiming the prize. The idea is that you can't take constructive possession until after those consultations. Now that it's only two weeks until the end of the month the state isn't likely to wrote the check this year, anyway. FWIW, when Jack Whittaker claimed his PB jackpot immediately after Christmas, WV gave him a check for $10 million right away, without waiting for the other states to send their shares. Cynic that I am, I suspect that rather than a generous effort to get him started down the road to happiness, it may have been an effort to make the income taxable in that year.

                    What you can't do is move to another state to avoid taxes in the state you lived in at the time the ticket became a winner. If you bought in a state that doesn't tax their own lottery but live in a different state that has an income tax you can expect to pay tax on the winnings, even if you are able to defer them for a year.  It's possible that there's a state or two that are exceptions,  but the tax codes have provisons for people moving into and out of the state, and those rules make income that you effectively earned while a resident taxable.

                     

                    From Uff Da: "Washington State can require the winner to appear at a press conference."

                    That one has never made any sense to me at all. They may be able to require my attendance, but they have no control over what I say at the press conference.Forcing somebody into a press conference they don't want to attend sounds like a bad idea. 


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                      Posted: December 18, 2007, 3:32 pm - IP Logged

                      You win the mega millions $163 million on tuesday.  What would you do for the next 7 days?

                      Recover from vocal cord injury.

                        MissNYC's avatar - diva
                        Westchester, New York
                        United States
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                        January 27, 2007
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                        Posted: December 18, 2007, 4:42 pm - IP Logged

                        It's shocking to see how many people would show up for work? I can see that when winning 5 million, maybe even 10, but $163 million and still going to work....God bless!

                         

                        ANYWAYS.....When I win tonight's $163 million dollar drawing...here's what the next week will look like...

                         

                        Day 1-Wednesday

                        Check this website....bummer someone has won. Oh look...from New York. Hey look, I got a mega ball...and wait, all the numbers seem to match, this can't be real. I am in a state of shock....am I dreaming? This can't be real....my numbers actually match....I...I think I've won...and it says only one person has won...oh my gosh...it's me! I take about 30 minutes to check my ticket on a number of other websites including the NY Lottery phone line, and it starts to set in. I call in sick from work, luckily, I can do that via e-mail. Now I jump around screaming for 10 minutes. Next up, who do I tell? And how? I sign the back of the ticket. I have to tell someone, luckily my mom went off to work, so I call my boyfriend and tell him to come over right away. Instead of telling him, I write it on a piece of paper and ask him to read it. He goes crazy, we start hugging...I bet he's pretty happy we're together. I have him take me to a bank to put my ticket in a safety deposit box (luckily, I made copies at home). I take the rest of the day to do some research on lawyers, investors, and even what my bank has to offer. I also look into CDARS (http://www.cdars.com/index.php).

                        Before I go to bed....I tell my mom she doesn't have to work so hard anymore! She goes crazy!

                         Day 2-Thursday

                        Call in sick....again. I then call some of the people I researched and if possible, set up some interviews.

                         

                        Day 3-Friday

                        Same thing mostly, but I also make a list of things I want that are important, and things I just want. I would like a new car asap...and some new cloths, but I would also like to move out of my parents house before I'm 30, so now is a good time to start looking. Perhaps a condo in FL or CA too? Oh the joy! And what about vacations....how to narrow it down! I never thought that would be difficult! 

                        Day 4-Saturday

                        I decide to call my boss to tell him I will be leaving, and if he would like, I could stop in to help train my replacement on my own time. Luckily I am off next week for the holiday!

                        Day 5-Sunday

                        I tell my dad that I can pay him back every cent he's evey spent on me. He seems annoyed that I won and I get my first taste of what hopefully is not to come. He feels he deserves as much as he wants...umm, no.

                        Day 6

                        Christmas Eve-I go to mass and thank God for blessing me.  I also tell some very close friends.

                        Day 7

                        Christmas-What a present! Reality starts to set in that I could buy a whole lot more next year, and the next year, and the next year.....

                        I start to think about how I want to handle claiming my ticket. I will hold a press conference on 1/2/08. I have to get something nice to wear and have my hair and make-up done. If people are going to see me, they will see what I want them to see. I also start thinking about what I am going to say, etc. I am not going to get up and say my life won't change, what a waste that would be! I hope I don't change, and I hope those I love don't, but life will be great!

                        "If you just keep believing, that dream that you wish will come true"

                        Bed

                         

                          LuckyLilly's avatar - savy chick.png

                          United States
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                          Posted: December 18, 2007, 5:02 pm - IP Logged

                          You win the mega millions $163 million on tuesday.  What would you do for the next 7 days?

                          Recover from vocal cord injury.

                          Green laugh

                            bashley572's avatar - starwars14
                            West Side of Sunny Florida
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                            Member #55048
                            September 8, 2007
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                            Posted: December 18, 2007, 6:34 pm - IP Logged

                            Ky Floyd you mentioned

                            "Forcing somebody into a press conference they don't want to attend sounds like a bad idea.  "

                            Wouldn't you like to be the person that teaches them its a bad idea?  Just show up and don't say a word.  Stand there mute and then put a small sign that says

                            "I am here only because this is required, and will NOT answer any questions, please pay me and we all can get on with our lives, thanx - New Jackpot Winner"

                            Leaving

                            Money won is twice as good as money earned!

                              JackpotWanna's avatar - squiz

                              United States
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                              March 23, 2004
                              817 Posts
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                              Posted: December 18, 2007, 6:39 pm - IP Logged

                              That's generally true, with some shades of gray. The IRS and the state are going to get most of the tax from the witholdings, anyway, but they want their money now, just like most people. I don't know that there have been any test cases yet, but there seems to be a prevailing view that prizes won very late in the year can safely be claimed after the January 1st, partly because the states generally counsel winners to consult advisors before claiming the prize. The idea is that you can't take constructive possession until after those consultations. Now that it's only two weeks until the end of the month the state isn't likely to wrote the check this year, anyway. FWIW, when Jack Whittaker claimed his PB jackpot immediately after Christmas, WV gave him a check for $10 million right away, without waiting for the other states to send their shares. Cynic that I am, I suspect that rather than a generous effort to get him started down the road to happiness, it may have been an effort to make the income taxable in that year.

                              What you can't do is move to another state to avoid taxes in the state you lived in at the time the ticket became a winner. If you bought in a state that doesn't tax their own lottery but live in a different state that has an income tax you can expect to pay tax on the winnings, even if you are able to defer them for a year.  It's possible that there's a state or two that are exceptions,  but the tax codes have provisons for people moving into and out of the state, and those rules make income that you effectively earned while a resident taxable.

                               

                              From Uff Da: "Washington State can require the winner to appear at a press conference."

                              That one has never made any sense to me at all. They may be able to require my attendance, but they have no control over what I say at the press conference.Forcing somebody into a press conference they don't want to attend sounds like a bad idea. 

                              Thank you.