Welcome Guest
Log In | Register )
You last visited December 6, 2016, 3:06 am
All times shown are
Eastern Time (GMT-5:00)

Collecting Big Winnings

Topic closed. 34 replies. Last post 8 years ago by KY Floyd.

Page 3 of 3
PrintE-mailLink
DC81's avatar - batman39
MI
United States
Member #54830
August 31, 2007
985 Posts
Offline
Posted: December 7, 2008, 5:02 pm - IP Logged

Armored car seems rather excessive, especially when no one would or should know who you are, well unless you've brought attention to yourself, like by delivering the ticket via armored car. I doubt I'd have any problem driving myself either, I'd just drive how I normally do and not over think it. I sure as hell wouldn't send the ticket by mail. The postal service is usually reliable but that's a rather unneeded risk.

Either way, at this point I'd probably wait until after the new year anyway and still do what I've planned on doing so that wouldn't change. I do admit that the temptation of going there the next business day and just claiming it without going through any sort of steps is pretty great too. I just have to remind myself why I want to go through those steps. Not like it any of it matters unless I could be so lucky as to actually hit a jackpot.

You can't predict random.

    s5thomps's avatar - Lottery-033.jpg
    Hard Luck, Ak
    United States
    Member #23472
    October 13, 2005
    275 Posts
    Offline
    Posted: December 10, 2008, 7:02 am - IP Logged

    Right now I don't think I'd have the time to make plans, so I would probably claim it in January.  It wouldn't necessarily be because of taxes, since I'd still need to pay them, but I'd want to talk to a tax specialist anyway, probably an attorney.

    You can't hold on to your money until April of 2010 as others have written in past threads.  Once you receive your W-2G I believe you need to file your income tax return within a few months.  If you make a lot of interest, the IRS requires that you file an estimated tax quarterly.  I'm not a tax professional, but I believe I am correct. 

    Legalized Theft Department is LTD!   How about I Robbed You, Sucker!  What about started a thread asking what I.R.S. stand for?  LOL

    On the other hand, like Guru, I might claim it right away.  Certainly not the next day, but maybe I'd just pack up my car, give away what I can't take with me to charity, and claim my money the next week.  I could always rent a cottage on the beach and lay low until I got settled.

    I prefer  the Internal Rectum Service!                                 

    Thinking of...

      GamerMom's avatar - tails

      United States
      Member #60535
      April 21, 2008
      460 Posts
      Offline
      Posted: December 10, 2008, 7:17 am - IP Logged

      http://money.aol.com/news/articles/_a/bbdp/interest-on-t-bills-falls-to-zero/272915

       

      yeah i think i'm still sold on the annuity after reading this


        United States
        Member #67042
        November 14, 2008
        72 Posts
        Offline
        Posted: December 10, 2008, 10:16 am - IP Logged

        http://money.aol.com/news/articles/_a/bbdp/interest-on-t-bills-falls-to-zero/272915

         

        yeah i think i'm still sold on the annuity after reading this

        I agree!

          Avatar
          NY
          United States
          Member #23835
          October 16, 2005
          3474 Posts
          Offline
          Posted: December 10, 2008, 1:30 pm - IP Logged

          http://money.aol.com/news/articles/_a/bbdp/interest-on-t-bills-falls-to-zero/272915

           

          yeah i think i'm still sold on the annuity after reading this

          How would you feel about being locked into that 0% rate for 20 to 30 years?

          The rate on T-bills only got that low because 1. they're extremely safe, 2. they're only for 4 weeks, and even a 5% rate is only 0.4% over 4 weeks. Selling stocks that are sliding and simply preserving your money's value for a month or two isn't a bad idea if you think the alternative is likely to be worse. Selling 1000 shares for $100,000 and buying 1111 shares for $99,990 a month or two later will make you a nice 11.1% profit when the price goes up again.

          OTOH, selling your stocks because of a temporary slump, and guaranteeing that you won't earn more than 3% over the next 20 to 30 years is a really bad idea.  Locking up new money isn't any different. In the October '87 crash stocks fell about 20% in one day. They recovered that value in 2 years, which was a 25% increase. If that drop had taken a month and you could have gotten out halfway through with 90% of your value and "invested" it at  negative 5% for a month you'd have done even better than those who just rode it out.