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Is Lottery it only way to??

Topic closed. 32 replies. Last post 6 years ago by jwhou.

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United States
Member #83701
December 13, 2009
225 Posts
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Posted: August 24, 2010, 9:06 pm - IP Logged

become rich in this country right now? How many of you believe that is only answer?

From a purely economic point of view, we would have to have triple digit inflation before the lottery became the best option to become rich.   It doesn't take a lot of income to become rich but it does take consistency and diligence.   How many people can account for every penny of their last paycheck?   Where did it all go to? Do you know how much went to snacks, to drinks, to newspapers or to lotteries?   Or do you just have a rough estimate of those expenses?

    victorl3ichiban's avatar - georgemichael
    san jose
    United States
    Member #53761
    July 20, 2007
    277 Posts
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    Posted: August 25, 2010, 7:10 pm - IP Logged

    I am contect with the California for tonight which is 9 million with lumpsum 5.6. I will give 1.6 to my parents and the rest for myself. I will move to Oregon and just finish up school and try to become a teacher. The megamillion is too much for me right now $115 million. I just want to live a live where I don't have to worry about if I can afford my daily medication and being step away from homeless.

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      United States
      Member #83701
      December 13, 2009
      225 Posts
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      Posted: August 25, 2010, 7:55 pm - IP Logged

      I am contect with the California for tonight which is 9 million with lumpsum 5.6. I will give 1.6 to my parents and the rest for myself. I will move to Oregon and just finish up school and try to become a teacher. The megamillion is too much for me right now $115 million. I just want to live a live where I don't have to worry about if I can afford my daily medication and being step away from homeless.

      You should still talk to a lawyer first if you win.   The gift taxes on that 1.6 million would be murder, probably an additional 0.75 million that you would have to shell out at tax time and keep in mind that the 25% with holding for taxes won't cover the 35% of federal income taxes that you'll owe.   If you do want to take a lump sum and give to your parents, you'll need a lawyer to do some estate planning, perhaps a trust so that what you give out would be taxed as income and not as a gift.