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Million Dollar Raffles

Topic closed. 13 replies. Last post 9 years ago by tntea.

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Badger's avatar - adu50016 NorthAmericanBadger.jpg
Wisconsin
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Posted: January 1, 2008, 9:31 am - IP Logged

Here's a question.   A number of states are running their holiday million dollar raffles.  If you bought a ticket and won the jackpot, would you  - in your personal perception -- consider yourself a millionaire?

Remember, the million bucks is pre-tax.  By the time all is said and done, you'll end up with a lot closer to a half-million.  Now that is, of course, really nice and could help life a long alot.  But you don't have a million dollars.  So would you be considered a millionaire?

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

How can you tell if a politician is lying?

Answer: His lips are moving.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    Posted: January 1, 2008, 9:44 am - IP Logged

    I would say no.

    To me a millionaire has at least a million dollars, not a million dollars pre-tax.

    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.

      konane's avatar - wallace
      Atlanta, GA
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      Posted: January 1, 2008, 9:54 am - IP Logged

      I would say no.

      To me a millionaire has at least a million dollars, not a million dollars pre-tax.

      I Agree!

      Good luck to everyone!

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
        New Jersey
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        Posted: January 1, 2008, 10:34 am - IP Logged

        You're assuming the person is starting off at "zero" dollars to their name.  A "millionaire" is determined based upon an accumulation of all wealth, not just the lottery prize.  And wealth is not just "how much money do I have in the bank."  It's anything that could be considered a liquid asset.

        BTW, here's a listing of all raffles and results so far.  It was crazy-difficult putting it together from all the states.  (Tracking down which states have raffles, finding the results, stripping out and formatting all the numbers, finding out how each raffle was run, putting together pages and links, etc., etc.  Ugh!!!)

        http://www.lotterypost.com/news/168269

         

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          Avatar
          Sunny California
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          Posted: January 1, 2008, 10:42 am - IP Logged

          You're only a millionaire if you have a million or more dollars. We all know that after taxes we will never wind up with what the jackpot originally was. I wish they'd quit crowing about these so-called "million dollar" raffles. No one will ever see a million dollars. Same with big lotto jackpots. You'll never see the millions that you supposedly won. Why can't they be more honest? Because people like BIG numbers and a $500,000 jackpot is just not as appealing as $1,000,000. I don't know why not, I'd take it! 

            LuckyLilly's avatar - savy chick.png

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            Posted: January 1, 2008, 2:21 pm - IP Logged

            Nope, I wouldn't consider myself a millionaire until I had a million dollars in my bank account and real property.

            The paper is reporting that the Idaho winner took home $672,000 after taxes.  Could someone who's good at math tell me how much in Federal taxes that would be, assuming 7.8% went to state taxes?  Thanks.

            Here's the article.

            www.idahostatesman.com/newsupdates/story/252145.html 

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: January 1, 2008, 4:47 pm - IP Logged

              From Dictionary.com:

              –noun 

              1.a person whose wealth amounts to a million or more in some unit of currency, as dollars.
               
              2.any very rich person.

              _____________________________________________

               (Coin Toss):

              A person with a million dollars (euros, pounds, etc...) has a million "units"of that currency.

              A person with "holdings" - securities (stocks, investments),  real estate, etc...may have a miilion on paper today and have that greatly reduced tomorrow (Enron, for example).

              A person with the cash is a millionaire, a person with holdings that can't be instantly converted to cash is often a "paper millionaire".

              I think it's a given that the question posed in the OP suggests a blue collar working slob winning a million in a raffle, not someone with $950,000 who buys a ticket.

              Stat:

              The average American finishes the year $500 to $1800 deeper in the whole than they were at the beginnig of the year. And that's without a house or car pruchase.

              Of course, re: the "millionaire" status, human nature being human nature, try having a million in assets and convincing all those family, friends, neighbors, and co-workers that you don't have a million!

              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.

                justxploring's avatar - villiarna
                Wandering Aimlessly
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                Posted: January 1, 2008, 5:27 pm - IP Logged

                I agree with Todd that your financial status following a million dollar win depends on your current situation.  Some people who are comfortable will have a net worth of well over a $1M, especially if they've paid off their major debts like a mortgage, college loans, etc.

                However, I also agree with Coin Toss. If you have lots of credit card debt, a large mortgage payment, a car payment, medical bills, college tuition, etc., you can pay off those debts with your new fortune and be able to enjoy a comfortable debt-free life, but you will still need to work full-time unless you are retired and receive social security and/or a pension.  So if your total assets do not exceed a million dollars, and by assets I mean possessions that can be liquidated, then you are not a millionaire. 

                I wouldn't call someone starting from scratch a millionaire, especially if he/she has state taxes to pay as well as federal income tax.  In some areas of the country you can't even buy a house outright with what you'd clear.  (In that case, I think I'd move!)  Still, you can call me anything you want ----  just let me win something !!!   

                  tnlotto1's avatar - logo
                  nashville
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                  Posted: January 1, 2008, 6:05 pm - IP Logged

                  i would not consider myself a millionaire if i won one million dollars in a raffle but i would still be very happy. i noticed on the tn lottery website that the raffle drawing was supposed to happen at the end of january but now the ticker says 86 more days until the drawing so that is a mistake or the sales were so sluggish they moved the drawing.

                    Badger's avatar - adu50016 NorthAmericanBadger.jpg
                    Wisconsin
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                    Posted: January 1, 2008, 6:12 pm - IP Logged

                    You're assuming the person is starting off at "zero" dollars to their name.  A "millionaire" is determined based upon an accumulation of all wealth, not just the lottery prize.  And wealth is not just "how much money do I have in the bank."  It's anything that could be considered a liquid asset.

                    BTW, here's a listing of all raffles and results so far.  It was crazy-difficult putting it together from all the states.  (Tracking down which states have raffles, finding the results, stripping out and formatting all the numbers, finding out how each raffle was run, putting together pages and links, etc., etc.  Ugh!!!)

                    http://www.lotterypost.com/news/168269

                    You're correct on the assumption, Todd.  But I also figure it's a good asumption.  I just can't believe that there are that many millionaires on LP.   I guess its because if I were a milllionaire, I wouldn't be here trying to become one. 

                    There are too many other activities I could spend money on that would provide for an "amusing hobby" than the lottery. Therefore I can't personally identify with a person that has a million dollars and they are trying to crack the lottery.

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

                    How can you tell if a politician is lying?

                    Answer: His lips are moving.

                      Badger's avatar - adu50016 NorthAmericanBadger.jpg
                      Wisconsin
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                      Posted: January 1, 2008, 6:14 pm - IP Logged

                      I would say no.

                      To me a millionaire has at least a million dollars, not a million dollars pre-tax.

                      Coin Toss and  you other "guys"....Yeah, that's pretty much the way I see it in my perception.

                      If you don't have a million dollars somewhere, you aren't a millionaire.

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

                      How can you tell if a politician is lying?

                      Answer: His lips are moving.

                        Badger's avatar - adu50016 NorthAmericanBadger.jpg
                        Wisconsin
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                        Posted: January 1, 2008, 6:18 pm - IP Logged

                        You're only a millionaire if you have a million or more dollars. We all know that after taxes we will never wind up with what the jackpot originally was. I wish they'd quit crowing about these so-called "million dollar" raffles. No one will ever see a million dollars. Same with big lotto jackpots. You'll never see the millions that you supposedly won. Why can't they be more honest? Because people like BIG numbers and a $500,000 jackpot is just not as appealing as $1,000,000. I don't know why not, I'd take it! 

                        Well they love to do that because it's good for their business.  And they're in business to get as much money as possible.

                        There are still people that don't realize that you have taxes taken from your lottery winnings. In the last year, at the lottery terminals, I've seen more than one player happen to be told by the clerk, just in casual conversation, that "If you win, you'll still end up with about 'X' dollars or so" and the person was completely surprised that they didn't get it all.

                        The govt never loses. They waste the money very often, but they never lose.

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

                        How can you tell if a politician is lying?

                        Answer: His lips are moving.

                          Badger's avatar - adu50016 NorthAmericanBadger.jpg
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                          Posted: January 1, 2008, 6:31 pm - IP Logged

                          i would not consider myself a millionaire if i won one million dollars in a raffle but i would still be very happy. i noticed on the tn lottery website that the raffle drawing was supposed to happen at the end of january but now the ticker says 86 more days until the drawing so that is a mistake or the sales were so sluggish they moved the drawing.

                          Personally, I think that's really rotten.  I've seen other states do it also.  THe whole point of the raffle is that it gives the player the "best" odds at winning a million.  Usually 500,000 (the number of tickets printed) to 1. 

                          So, okay, that would be better odds than any other jp game.  But if you can't sell all the tickets by "post time" that's just too bad.  It  decreases the odds even more for those who played. I don't see anywhere where anybody guarantees any private business a profit on anything, and I don't think there should be a guaranteed profit on these raffles for the LC of any state.  If they can't organize their model properly so that they can make their profit by selling all the tickets, they got no business extending the drawing day so they can.  When does that garbage end?  Your ticker says 86 more days. What if the tickets are still not all sold?  Another 86 days?....and then another 86 days?  THey just keep going until they are guaranteed their profits?

                          BUNK ! If they can't do the job properly, they just have to settle for less profit. That's life. If a private business were in the same position, the govt would basically say Tough noogies .  And that's what I say to them.

                          WI had one raffle (before tonight's draw) and to their credit, even though they didn't sell all the tickets for that one, they didn't play around and extend the draw date.  I knew they'd never sell a half million tickets on that one, so I bought a ticket.  I'm pretty sure tonight's holiday raffle isn't going to be all sold out either, so I bought a ticket.  We're sitting in a state that has maybe 5 million in total population, and a fair amount of those don't even play the lottery.  Minus the underage population, and those that don't choose (or can't really afford) to buy multiple $10 tickets, and there is no way they are going to sell a half-million tickets.   To me, that's a no brainer. To them, they don't realize they're chasing a fantasy.

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

                          How can you tell if a politician is lying?

                          Answer: His lips are moving.

                            tntea's avatar - Lottery-059.jpg

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                            Posted: January 1, 2008, 8:32 pm - IP Logged

                            You're assuming the person is starting off at "zero" dollars to their name.  A "millionaire" is determined based upon an accumulation of all wealth, not just the lottery prize.  And wealth is not just "how much money do I have in the bank."  It's anything that could be considered a liquid asset.

                            BTW, here's a listing of all raffles and results so far.  It was crazy-difficult putting it together from all the states.  (Tracking down which states have raffles, finding the results, stripping out and formatting all the numbers, finding out how each raffle was run, putting together pages and links, etc., etc.  Ugh!!!)

                            http://www.lotterypost.com/news/168269

                            I agree.

                            It is more important to allow your money make money for you.  No sense in allowing it to sit in the bank making money for bankers...

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