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Florida Scratch Offs - Post Pictures if posible

5254 replies. Last post 29 minutes ago by pikachu13.

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Posted: September 4, 2016, 9:44 am - IP Logged

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    Cape Coral
    United States
    Member #173988
    March 28, 2016
    213 Posts
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    Posted: September 7, 2016, 12:38 am - IP Logged

    Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

    Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

    I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

    Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

    I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

     

    If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

      duckman's avatar - ducklogodrake64x64
      Jacksonville Florida
      United States
      Member #23018
      October 6, 2005
      915 Posts
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      Posted: September 7, 2016, 1:07 am - IP Logged

      Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

      Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

      I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

      Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

      I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

       

      If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

      I think sometimes everyone falls into the trap of buying something because we want it instead of needing it. Often times these purchases end up being used for a short time and then sit unused collecting dust and taking up space.

      I ask myself "do I really need this?" and "will I really use this enough to justify buying it?"

      That being said, there is absolutely nothing wrong with buying something you really want (and hopefully need). Whether it is a truck, car, boat, house, or other item, different things work for different people.

      I will say this regarding a boat, I know several people who use one of the boat rental places instead of owning a boat. No upkeep and no worrying about it. On the other hand, one person in my neighborhood goes fishing every weekend and owns a boat, and in his case, owning works well. It all depends on the person. Someone once said that for most people, the two happiest days in boat ownership is the day you buy the boat and the day you sell the boat.

      On a related note, radio and TV consumer advocate Clark Howard says that lottery winners should separate the winnings into a "important fund" and a "blow it" fund. He advises people to take 10% and blow it on whatever frivolous things you want (the theory with this being if you allow yourself some frivolous purchases, you will be more likely to use restraint with the rest).

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        Florida
        United States
        Member #167757
        July 29, 2015
        356 Posts
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        Posted: September 7, 2016, 8:04 am - IP Logged

        Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

        Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

        I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

        Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

        I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

         

        If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

        With $600k burning a hole in my pocket I'd let myself break off 50k-60k to splurge on a "something I always wanted" kind of item. For me that would be setting up a decent track car and doing track days as often as I could. Florida's not really the best place for this, but as I've mentioned before, if I struck oil in this sense, the first thing I'd do is leave Florida.

        (Here's an idea. Since you already have a decent foundation for a track car with your Z Wink, splurge on a new 4Runner TRD Pro and some simple additions, a decent camera, then plan a trip or two every year for the fam out to the hard to reach but beautiful places. I'd target national parks and the areas around them. Take some time off and go up to Glacier National Park before the glacier is all the way gone. Things like that. Check out Expedition Overland on YouTube.)

        One thing I'd definitely do, and consider it part of the cost of buying my house, is put up enough solar panels that with a grid tie-in the power company would be paying me each month. The upfront cost is a pill to swallow, but I like that electricity, aside from a bit of maintenance, would be something I'd basically not have to think about for the next couple of decades.

        Do you have a pool at your new house? For me, pool trumps boat/truck every time. Never had one, always wanted one. Lots of maintenance, but worth it as I'd swim daily.

        As for the rest, I'd have to get it out of my hands somehow (so as to not keep talking myself into buying things). What I'd want is to have it trickling in as a nice monthly supplement for years to come.

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          United States
          Member #175371
          June 13, 2016
          204 Posts
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          Posted: September 7, 2016, 9:31 am - IP Logged

          I think sometimes everyone falls into the trap of buying something because we want it instead of needing it. Often times these purchases end up being used for a short time and then sit unused collecting dust and taking up space.

          I ask myself "do I really need this?" and "will I really use this enough to justify buying it?"

          That being said, there is absolutely nothing wrong with buying something you really want (and hopefully need). Whether it is a truck, car, boat, house, or other item, different things work for different people.

          I will say this regarding a boat, I know several people who use one of the boat rental places instead of owning a boat. No upkeep and no worrying about it. On the other hand, one person in my neighborhood goes fishing every weekend and owns a boat, and in his case, owning works well. It all depends on the person. Someone once said that for most people, the two happiest days in boat ownership is the day you buy the boat and the day you sell the boat.

          On a related note, radio and TV consumer advocate Clark Howard says that lottery winners should separate the winnings into a "important fund" and a "blow it" fund. He advises people to take 10% and blow it on whatever frivolous things you want (the theory with this being if you allow yourself some frivolous purchases, you will be more likely to use restraint with the rest).

          Love the boat quote ... boats are money pits

           

          Why not take time to relax, travel a bit, and in a year decide how to blow some $$ ... you control it, don't let it control you

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            Florida
            United States
            Member #167757
            July 29, 2015
            356 Posts
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            Posted: September 7, 2016, 9:43 am - IP Logged

            Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

            Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

            I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

            Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

            I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

             

            If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

            Adam, if you don't mind sharing, I'm curious to know if you've spoken to a professional yet about the full scope of taxes on the win. Just wondering what the overall percentage ends up being.

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              July 21, 2015
              55 Posts
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              Posted: September 7, 2016, 4:02 pm - IP Logged

              Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

              Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

              I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

              Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

              I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

               

              If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

              It would be somewhat easy for me as my dad was a tight wad, but his advice was the best I've ever had.  I have no debt other than the house and I've paid it all off in less than 8 years after getting out of college.  If it doesn't make you money you do not need it.  The truck can make you money, however unless you rent the boat it will not make you money.  If you can't afford it's upkeep in your regular lifestyle I would advise against it.  Make a goal if you want the boat if you can't afford it in your normal lifestyle.  I look at it this way.  If I want something what do I have to do to earn it.  Take some overtime make x amount of my money in whatever market.  If you have kids it will also teach them a lesson in life to work/earn what you want.  In the end it's your money and you can do whatever you want, but that's my philosophy and it's worked extremely well for me.  Of course I only have a 12th of what you have in the bank, however my retirement accounts run about half of that.  Just be smart and put your money to work for you.  When I login to my 401k and I see 600-1600 in dividends a quarter I just smile.

               

              Monetary advise just off the top of my head:  You'll realize the rich are rich, because they wrote the tax code and one day I was sitting there wondering where my pay check was going.  After extensive research these are just a few things I've found.

              Things to look into "How can you get out of paying as much tax as possible."

              Have your dad give you the one time max cash gift and you can also give him the one time max tax free gift.  You are essentially getting this money tax free and so is he.  There is no law against doing this as you gave him the ticket and you guys can basically exchange tax free gifts.

              Make sure you are keeping a detailed list of all of your lottery losses.  You are basically gambling for 30 cents on the dollar as all your lottery losses can be written off your winnings.  If you are not keeping the receipts and all of the loosing tickets please do so.

              How much can you roll tax free into a IRA?

              How can you roll into a trust "if you have kids"?

              If you have kids look at state sponsored 529 plans.  It's a minimal gain, but for example in Indiana if you put in 5k they'll give you a 1k tax credit aka you just made 20% on your money each year.  This 1k credit is a straight write off on what you owe, so it's like getting a free 1k at the end of the year.  Also,  all of the gains you make in a 529 can be used tax free for qualified educational expenses for your kid and ultimately your family.  If your kids do not go to college you can roll this into an IRA when you are older.

              When it comes to specialized savings accounts I hope you are getting a solid payback with dividends and if you are not please look into MMA's or dividend checking/savings.  They offer crazy rates for accounts greater than 100k or 200k.

               

              One last thing.  If you don't ensure to put a portion of it back did you really gain anything?

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                June 13, 2016
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                Posted: September 7, 2016, 4:27 pm - IP Logged

                Hey guys.. Quiet times on the forum so I thought id get some conversation flowing.  Maybe/hopefully get some good feedback and opinions from you guys. 

                Without getting into to much detail, I have done a lot already with the money that I won. Took care of family, paid off house, paid of cars and am now just about 100% debt free.  I currently have just over $600k left over from my winnings.   The only 2 things that I "splurged" on were the house @ $270k and I paid $25k cash for a car. Nothing crazy.

                I have not starting the investing process yet and the money is in simple savings accounts.  I almost feel like im "hording" the cash at this point and have some weird phobia going on about breaking the $600k mark in the account. Im trying to not go below that amount, and at the same time not make myself feel silly for not wanting to do it...

                Id LOVE to buy a boat and maybe a truck, but I am afraid of "throwing money away", even though it would improve my quality of life.  I cant shake the urge to get those things, but I keep talking myself off the ledge..only to find myself back on the ledge the next day.

                I make a decent living. After taxes/insurance/401k etc..etc...  I bring home about $40k a year. At this point in time, my bills are basically down to living expenses. Food, Gas, electric, water, phone, etc..etc.. No rent. No mortgage.. No car payment.. No credit card payment.. No student loan debt...  My monthly expenses are about $1600 a month which includes my property tax's and home owners insurance. 

                 

                If you were in my shoes, and wanted to "splurge" on a depreciating asset, like a boat/truck, would you do it?  If so, how much would you allow yourself to spend?  I have no interest in taking out any loans, so anything I buy would be with cash.

                As soon as you buy a boat you start to notice how few days the weather/waves, friends, family, work, and energy cooperate with you to go out

                In your area it seems like everyone has a boat ... try to find ppl (in ads/neighbors/thru friends) looking for ppl to go out by sharing the fuel costs ... that way before you fully commit to truck/boat you are sure, and only out fuel, equipment (if fishing) costs

                  Falster's avatar - sam
                  macclenny,florida
                  United States
                  Member #175696
                  June 30, 2016
                  327 Posts
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                  Posted: September 7, 2016, 7:16 pm - IP Logged

                  to EMTadam--you could just go to vegas and play the world series
                  of poker for $10,000 you might get some fun out of it.I play in the
                  poker room in jacksonville 4 times a week and i love it,just a thought
                  but anyways just have some fun.

                    morgothaod's avatar - Lottery-035.jpg

                    United States
                    Member #154519
                    April 19, 2014
                    243 Posts
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                    Posted: September 7, 2016, 7:31 pm - IP Logged

                    I would set the $600k aside for retirement.  If you retired at 60 and lived to be 80, you would be able to have $30,000 a year :).

                    Show me the money!

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                      Cape Coral
                      United States
                      Member #173988
                      March 28, 2016
                      213 Posts
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                      Posted: September 8, 2016, 12:02 am - IP Logged

                      Wow, thanks for all of the input!! 

                       

                      Let me try to answer some questions... 

                       

                      Yes, the house I bought does have a pool and overall the house needs no big improvements or renovations. 

                      Currently the money is in basic savings, earning next to nothing. I have put the brakes on investing, because honestly, I have no idea what to do when it comes to that. 90% of what the 2 financial advisers had to say to me, I did not understand.

                      I do have 1 child that is 8 years old. I am divorced, and lucky for me, my ex wife married a millionaire. I just recently found out that my daughters college fund is already taken care of, so obviously that makes a big difference when it comes to setting her up for her future. Still not sure what direction I want to go in when it comes to this subject.  My daughter is an only child and living a very good life. 

                      I wont know my full tax obligation until tax time, but its looking like I will be in the top tax bracket, and will need to pay roughly another $154k in taxes. That money is already set aside in a short term CD. 

                      The $600k that I have available is 100% available, as in.... No taxes need to come out of that and none of that is owed anywhere else.

                      I DO already have a 401k that has roughly $86k in it that have not factored into any of my net worth.  Retirement planning was a little behind schedule, but wasnt completely neglected. 

                      From what I do understand, investing in the stock market will return 7% on average over the long term. With compounding interest, it takes ~10 years to double your money.  My goal is to be at $1,500,000 by age 60.  That is 22 years from now.  So, if those numbers are accurate, I would only need to invest ~375k now and forget about it for 20 years.  That would leave me $225k liquid right now to do as I please, knowing that my future is set.  Anyone see a hole in this plan?

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                        Cape Coral
                        United States
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                        March 28, 2016
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                        Posted: September 8, 2016, 12:03 am - IP Logged

                        I would set the $600k aside for retirement.  If you retired at 60 and lived to be 80, you would be able to have $30,000 a year :).

                        If I put all $600k in the market now, by the time I am 60, that 600k will turn into about $2.4 million!

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                          Cape Coral
                          United States
                          Member #173988
                          March 28, 2016
                          213 Posts
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                          Posted: September 8, 2016, 12:04 am - IP Logged

                          to EMTadam--you could just go to vegas and play the world series
                          of poker for $10,000 you might get some fun out of it.I play in the
                          poker room in jacksonville 4 times a week and i love it,just a thought
                          but anyways just have some fun.

                          That idea has crossed my mind. I often play at the cash tables at the Naples/Ft Myers dog track, and Immokolee casino and usually do very well.

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                            Cape Coral
                            United States
                            Member #173988
                            March 28, 2016
                            213 Posts
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                            Posted: September 8, 2016, 12:15 am - IP Logged

                            Adam, if you don't mind sharing, I'm curious to know if you've spoken to a professional yet about the full scope of taxes on the win. Just wondering what the overall percentage ends up being.

                            Its going to be about 35.85%.  After what they already took out, I will still have to pay about $171,391.  I have $150k of that set aside in a short term CD. 

                             

                            Im not sure if ill have to pay FICA or not since this is from lottery winnings. It may be exempt.  I know I do not have to pay the Obama Care tax, because Lottery winnings have been exempted from that as income.  Maybe someone here knows how FICA works? If I do have to pay FICA, that adds another 40k in taxes. 

                             

                             

                            Overall in this deal, the Governments cut will be about $566k!!!!  That is highway robbery and complete BS.

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                              United States
                              Member #175359
                              June 12, 2016
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                              Posted: September 8, 2016, 12:17 am - IP Logged

                              That idea has crossed my mind. I often play at the cash tables at the Naples/Ft Myers dog track, and Immokolee casino and usually do very well.

                              Adam, as the saying goes "don't put all your eggs in one basket", don't think about just one thing, but diversify.

                              a) Stocks/Mutual Funds - average 7% return as you mentioned

                              b) 401k/Retirement - Long term

                              c) Real Estate - Rental/Investment condo/townhome and getting returns in rental income

                              d) Cash in Savings account/CD - returns in the form of interest

                              e) Enjoy remaining money as you wish - Casino/Lottery/Boat/etc.

                              Split the amount in the above categories as you wish.....

                                 
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