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At what jackpot will you continue or quit working?

Topic closed. 68 replies. Last post 8 years ago by psykomo.

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What jackpot win is your cutoff to quit working all together?

$1,000,000 [ 16 ]  [16.33%]
$5,000,000 [ 21 ]  [21.43%]
$10,000,000 [ 9 ]  [9.18%]
$15,000,000 [ 4 ]  [4.08%]
$25,000,000 [ 5 ]  [5.10%]
$50,000,000 [ 6 ]  [6.12%]
$100,000,000 [ 6 ]  [6.12%]
Never! I will always work! [ 14 ]  [14.29%]
Never! Managing my investments is my new job! [ 10 ]  [10.20%]
Any amount because I never want to work again! [ 7 ]  [7.14%]
Total Valid Votes [ 98 ]  
Discarded Votes [ 3 ]  
justxploring's avatar - villiarna
Wandering Aimlessly
United States
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November 5, 2005
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Posted: April 14, 2008, 1:56 pm - IP Logged

After Federal and State taxes it would be less than 50%. In Ohio the winner would get a check for about $16 million after taxes or around 43%.

Yes, I realize that, but what does this have to do with the subject?  What?  If someone says "I make $100,000 a year" nobody answers "Well, not really.  You must pay state & federal taxes on that money."   Reverse...if you go to a restaurant and a meal is $12.00 you don't tell the waitress "it doesn't mention the meal tax and the tip. "   The prize is the prize ... taxes are separate. 

    Avatar
    Kentucky
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    February 14, 2006
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    Posted: April 14, 2008, 6:02 pm - IP Logged

    Yes, I realize that, but what does this have to do with the subject?  What?  If someone says "I make $100,000 a year" nobody answers "Well, not really.  You must pay state & federal taxes on that money."   Reverse...if you go to a restaurant and a meal is $12.00 you don't tell the waitress "it doesn't mention the meal tax and the tip. "   The prize is the prize ... taxes are separate. 

    I thought subject was "At what Jackpot will you continue or quit working?" and if somebody won a $1 million jackpot, I'm pretty sure a financial adviser will tell them they must pay state and federal taxes. The amount they would need to invest for future income has to be factored in so even if the prize is $1 million, the check will be less. 

    According to the Ohio website the current MM jackpot is $37 million and the estimated cash value ($23.2 million) represents the sum of the first annuity installment, plus the current market value of government securities required to fund the remaining 25 installments, as of 4/11/2008 at 10:45am.  It shouldn't matter whether the MM cash value represents 62%, 51%, or 43% of $37 million.

    Have you ever ordered a meal at a fast food restaurant, told them it was "to go", and sit down at one of tables and ate?

    Hiding Behind Computer

      JackpotWanna's avatar - squiz

      United States
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      Posted: April 14, 2008, 6:22 pm - IP Logged

      $5 million sounds good to me. Start a new hobby and visit a few places I always wanted to go. Nothing too fancy.

        Old Eagle's avatar - bald13
        Washington
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        Posted: April 15, 2008, 1:10 am - IP Logged

        Also retired.  Most of my time is spent volunteering with youth organizations or travelling around the world.  Living on a fixed income, but fixed far above what is needed to survive in a compfortable way.  Playing the lottery is just for fun and the excitement of picking the right numbers once in a while.  Many others will benefit from any winnings I am lucky enought to collect.

        "To most people, the sky is the limit.  To those who love to fly, the sky is home"

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          January 17, 2006
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          Posted: April 15, 2008, 7:24 pm - IP Logged

          I thought it was always a cash value of around 50% but I guess not....right now Mega Millions is 37 million, cash 23.2 million, which is 62% while Powerball is 91 million, cash 46.7 million - 51%.

          So much for constants.

          As for a personal jackpot amount, sometimes I really think a person would be better off hitting a neighboring state's Pick 6 game (less press, less exposure) than the Powerball or Mega Millions. A nice "quiet" $3 million score or more handled sensibly should do anyone wonders.

          Someone here on LP once posted that an ideal hit would be a $12,000,000 Mega Millions the drawing after someone hjad hit for two or three hundred million and had not yet come forward to claim their jackpot. Pretty clever!

          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.

            Avatar
            Michigan
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            Posted: April 15, 2008, 8:57 pm - IP Logged

            If I won millions i would never work another day in my life, I am young (19 years old)and never walk in a college classroom. With so many school shooting happing, theres a very better chance that I could get killed in a school shooting than winning any jackpot. So if i could ever get that lucky why try to put my life in danger? If i won any life changing sum of money Id buy me a nice mercedes, buy me a gas station, put the money in the bank and live happily for the rest of my life.

              OldSchoolPa's avatar - Lottery-057.jpg
              Gurnee, Illinois
              United States
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              February 12, 2007
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              Posted: April 18, 2008, 12:01 pm - IP Logged

              People who are broke and luck up and win a jackpot lottery should probably plan to keep working at something as they are very likely to blow their millions and wind up broke again (just check the historical evidence on this one).  Those who were managing their financial affairs quite fine before such a win would probably do well to not work again...but then again, their nature may cause them to get involved in something, even if it is just volunteer work.  As for me, I would continue to work...idle hands and an idle mind lead to negative results more often than not and a premature death in many cases.

              Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

              The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                spy153's avatar - maren

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                Posted: April 18, 2008, 12:42 pm - IP Logged

                I chose 100 million.  It is an honest answer. 

                I play every game.  And would be happy to win any of the jackpots.  But it is the 100 million dollar jackpot or higher that would leave me comfortable enough to stop worrying about job security.  I am taking into consideration the obscene rise in inflation we are currently witnessing (due to the gas price dominoe effect) and any other unforseen events.  I am not good at investing, so that is not a thing I plan to do unless it is some sort of safe slow growth thing, like mutual funds.  And that's a maybe.  I do have a very large family and don't know what to expect of them.  I'm sure their will be hands out all over the place.  Luckily, I know how to say 'no' well.   I think the smartest thing for me would be to just pay off some of their mortgages, student loans, etc..  Way cheaper than trying to give them all cash and I can make sure it does some good in their lives and gives them a fresh start.  I have a whole plan in mind.  That is only a portion of it.

                voir-vous dans mes reves!Cool

                  Rocket 455's avatar - rocket
                  Bellevue, KY
                  United States
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                  Posted: April 18, 2008, 12:43 pm - IP Logged

                   If I hit the big one I'd probably work more. Instead of giving it away I'd give small business loans to a few people I know so that they can do what they love using their talents and I'd start a couple of businesses of my own. Would I ever work for someone else? @#$# no Cool

                   I think I read somewhere... some kind of Zen saying that goes "A day without work is a day without food." That's probably true whether you're rich or poor.

                  She was made for the straitaways
                  She grew up hatin' Chevrolets
                  She's a rocket
                  She was made to burn. ~Kathy Mattea

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                    New Member

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                    Posted: April 22, 2008, 2:36 pm - IP Logged

                    I'd keep working.  That said, if I got laid off from my current job, then I'd probably think about starting my own business than look for another job.

                    The biggest thing that winning the lottery would buy me is peace of mind from financial worries - mortage payments, health care, my children's education.  That's huge.

                      GamerMom's avatar - tails

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                      Posted: April 22, 2008, 9:50 pm - IP Logged

                      I say 20 mil but I think my number would lower if, by some miracle, the next US prez pulls off universal health care.

                       

                      I would love to quit working so I could donate to and volunteer at Children's Hospitals.  I stayed in one when I was very young and would love to pay it forward.

                        DC81's avatar - batman39
                        MI
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                        Posted: April 22, 2008, 10:02 pm - IP Logged

                        Well considering the fact that you'd likely have to pay a lot more in taxes if universal health care was passed, you might want to raise that a little. You'd be a lot better off taking care of it yourself than letting government do it.

                        You can't predict random.

                          GamerMom's avatar - tails

                          United States
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                          Posted: April 22, 2008, 10:06 pm - IP Logged

                          Well considering the fact that you'd likely have to pay a lot more in taxes if universal health care was passed, you might want to raise that a little. You'd be a lot better off taking care of it yourself than letting government do it.

                          but what about all the people that can't afford medical coverage? the self employed? I know how it feels to be terrified every headache would be a brain tumor or every stomach ache would be cancer and I would die young because no one would treat me because I don't have insurance.  Plus that, ever seen Sicko?? I would be glad to pay extra taxes...

                            DC81's avatar - batman39
                            MI
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                            Posted: April 23, 2008, 4:46 am - IP Logged

                            I have seen Sicko and while I totally agree that our healthcare system is a huge mess thinking our corrupt, incompetent government could fix it is unrealistic. Plus since it's made by Michael Moore I know that certain things have to be taken with a grain of salt, such as his visits to other countries and his story of their healthcare systems, Hillary's absurd healthcare plan in the early 90s was spun to make it look like those evil Republicans are the reason it failed, ignoring that at the time Democrats were still the majority or just how much of a overall mess it was coming in at over 1,000 pages. But the overall message of how screwed up things are in the U.S. I understand pretty well, I'm lucky I haven't had any health issues (at least noticable ones) seeing as I haven't personally been to a doctor in almost ten years and I probably could get Medicaid, I hate the idea of having to depend on the government.

                             

                            True reform unfortunately is not going to happen here in the foreseeable future due to insurance and pharmaceutical companies pretty much owning Washington DC along with many other industries that work for the best interest of their employers. Until their influence is done away with and Americans put the fear back into government (another things I agree with in the movie), things will probably get worse.

                            You can't predict random.

                              rcbbuckeye's avatar - Lottery-043.jpg
                              Texas
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                              October 23, 2007
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                              Posted: April 28, 2008, 11:30 pm - IP Logged

                              Funny, I wasn't really interested in this poll, until the Texas 2 Step has climbed to 1.6 mil tonight. I have thought about if I win that much, as much as I want to retire, that really would not be enough. I would still have to take what is left from taxes and invest for 4 or 5 years to make sure me and my wife would not outlive the money. So I voted 5 mil. That would probably do the trick.