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How much is "life changing"?

Topic closed. 53 replies. Last post 5 months ago by TheMeatman2005.

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How large a win would it take to be life changing for you?

$50,000 [ 4 ]  [5.41%]
$100,000 [ 3 ]  [4.05%]
$500,000 [ 4 ]  [5.41%]
$1,000,000 [ 9 ]  [12.16%]
$2,000,000 [ 3 ]  [4.05%]
$3,000,000 [ 7 ]  [9.46%]
$5,000,000 [ 12 ]  [16.22%]
$10,000,000 [ 9 ]  [12.16%]
$20,000,000 [ 4 ]  [5.41%]
$50,000,000 [ 19 ]  [25.68%]
Total Valid Votes [ 74 ]  
Discarded Votes [ 7 ]  
JackpotWanna's avatar - squiz

United States
Member #4121
March 23, 2004
817 Posts
Offline
Posted: June 30, 2016, 2:24 am - IP Logged

I voted for 5 million.

    maximumfun's avatar - Lottery-030.jpg
    Lavender Rocket

    United States
    Member #124616
    March 16, 2012
    2642 Posts
    Offline
    Posted: July 2, 2016, 1:43 am - IP Logged

    how much is life changing... i am about 2 1/2 years from being totally out of debt... so at that point - any amount that my family decides is enough will be enough.  Personally - I selected 20M - if that is the after tax amount then 20M would set up everyone and do what I intend to do. 

    Retirement is almost here regardless.  Just need to GET OUT OF DEBT first! 

    Those peskie student loans have haunted me for my entire adult life.  dh had a matching sum... it was the weight on our back.  always payments going out that were bigger than car payments.  painful.  I was stupid when I was younger and didnt go to school on-the-cheap.  if i were to do my education over, I would do an Associates Degree, then local state University for BS & MS - minimizing student loans and debts. 

    The one gift that we have managed to give all the kids and g'kids is zero student loan debt as long as they maintain a 3.0+ gpa. 

    ok... (climbing off soap box)... back to topic at hand - 20M would be wonderfully life changing!

      dr65's avatar - black panther.jpg
      Pennsylvania
      United States
      Member #74096
      May 2, 2009
      22978 Posts
      Online
      Posted: July 8, 2016, 12:27 pm - IP Logged

      Tonight's Mega jackpot is life changing, I'll take it....or even one tenth of it!

      Gl players!

        lulu1feather's avatar - 2uehclf
        Oregon
        United States
        Member #168137
        August 17, 2015
        124 Posts
        Offline
        Posted: July 8, 2016, 12:42 pm - IP Logged

        Tonight's Mega jackpot is life changing, I'll take it....or even one tenth of it!

        Gl players!

        Let's split it! 

        Good luck everyone!

          Drenick1's avatar - villiarna
          USA
          United States
          Member #152799
          February 25, 2014
          1094 Posts
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          Posted: July 8, 2016, 1:59 pm - IP Logged

          Let's split it! 

          Good luck everyone!

          I would be ecstatic even if it was split with 10 other winners. I realize odds are it will be 1-3 winners when it finally hits.

            Think's avatar - lightbulb
            Marquette, MI
            United States
            Member #20541
            August 20, 2005
            705 Posts
            Offline
            Posted: July 8, 2016, 5:01 pm - IP Logged

            I would be ecstatic even if it was split with 10 other winners. I realize odds are it will be 1-3 winners when it finally hits.

            A three way split wouldn't be bad. Neither would second place with a 5x MegaPlier!

            "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

            "There is no sin except stupidity" Oscar Wilde

            https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

              Avatar
              Arkansas
              United States
              Member #175301
              June 9, 2016
              67 Posts
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              Posted: July 9, 2016, 7:36 am - IP Logged

              15 million would still change most lives

              288 million in PB is still in play

                TheMeatman2005's avatar - lightening
                Brooklyn, NY
                United States
                Member #169723
                October 29, 2015
                879 Posts
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                Posted: July 12, 2016, 10:36 am - IP Logged

                Your math is wrong. I calculated that for a NY resident living outside NYC or Yonkers, I would get roughly 41% of the advertised annuity. In order to get $20M ( thus splitting it and getting $10M) you would need at least $48M Annuity, not even taking into account the NYC withholding.

                According to this article in FORBES: 

                http://www.forbes.com/sites/janetnovack/2013/03/23/tax-on-320-million-powerball-jackpot-millions-more-than-in-2012/#7018de67471b

                As for state and local income tax, since California doesn’t impose its highest in the nation 13.3% state income tax on lottery winnings, the Big Apple AAPL +0.38% has the distinction of taking the biggest bite out of  its own Powerball winners. New York City residents get hit with an 8.82% top statetax on income over around $2 million per couple and a 3.88% city levy on income over $500,000, for a combined top 12.7% rate.  Their only consolation: State and local taxes are deductible from federal taxable income. Unfortunately, as part of the fiscal cliff deal, a sneaky provision that gives a haircut to the value of deductions claimed by the better off came back. Bottom line: according to calculations by Gerald T. Prante and Austin John of the Lynchburg College School of Business and Economics, if a New York City resident wins the jackpot, he or she will end up paying at a top 48.5% combined federal, state and city rate

                So...that would mean I would be left with 51.5% of the proceeds from a lottery win.

                $39,000,000 x 51.5% = $20,085,000/2 = $10,042,500

                I rest my case!

                The Meatman

                “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                  TheMeatman2005's avatar - lightening
                  Brooklyn, NY
                  United States
                  Member #169723
                  October 29, 2015
                  879 Posts
                  Offline
                  Posted: July 17, 2016, 4:50 pm - IP Logged

                  Your math is wrong. I calculated that for a NY resident living outside NYC or Yonkers, I would get roughly 41% of the advertised annuity. In order to get $20M ( thus splitting it and getting $10M) you would need at least $48M Annuity, not even taking into account the NYC withholding.

                  I just re-read your comment and saw that your calculation was based on the annuity amount.

                  I don't look at that amount since I would take the cash one lump sum.

                  The Meatman

                  “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                  Winning happens in a flash, Like A Bolt Of Lightning!  Patriot