How much is "life changing"?Prev Topic Next Topic

New Topic New Poll

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

$50,000

[ 4 ]

[ 5.4% ]

$100,000

[ 3 ]

[ 4.1% ]

$500,000

[ 4 ]

[ 5.4% ]

$1,000,000

[ 9 ]

[ 12.2% ]

$2,000,000

[ 3 ]

[ 4.1% ]

$3,000,000

[ 7 ]

[ 9.5% ]

$5,000,000

[ 12 ]

[ 16.2% ]

$10,000,000

[ 9 ]

[ 12.2% ]

$20,000,000

[ 4 ]

[ 5.4% ]

$50,000,000

[ 19 ]

[ 25.7% ]

Total valid votes

[ 74 ]

Discarded votes

[ 7 ]

JackpotWanna

United States
Member #4,121
March 23, 2004
819 Posts
Offline

Jun 30, 2016, 2:24 am

I voted for 5 million.
maximumfun

United States
Member #124,610
March 16, 2012
3,733 Posts
Offline

Jul 2, 2016, 1:43 am

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

50

Pennsylvania
United States
Member #74,094
May 2, 2009
24,135 Posts
Offline

Jul 8, 2016, 12:27 pm

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

Gl players!
lulu1feather

United States
Member #168,130
August 17, 2015
131 Posts
Offline

Jul 8, 2016, 12:42 pm

Quote: Originally posted by dr65 on Jul 8, 2016
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

USA
United States
Member #152,792
February 25, 2014
1,111 Posts
Offline

Jul 8, 2016, 1:59 pm

Quote: Originally posted by lulu1feather on Jul 8, 2016
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

Marquette, MI
United States
Member #20,540
August 20, 2005
1,220 Posts
Offline

Jul 8, 2016, 5:01 pm

Quote: Originally posted by Drenick1 on Jul 8, 2016
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!

I better put this in my signature before the ministry of disinformation bans it! I'd tweet it but I have never had a twitter or facebook account (and never will)

"Democracy Dies In Darkness" recognizes that a democracy cannot survive and thrive without an electorate informed with facts and truth by a free and independent press.

When government or corporate interests try to control or intimidate the media for their own purposes, it is the first steps toward a totalitarian or fascist state.

Paul Ivice
lookingforca$h

Arkansas
United States
Member #175,294
June 9, 2016
67 Posts
Offline

Jul 9, 2016, 7:36 am

15 million would still change most lives

288 million in PB is still in play
TheMeatman2005

Brooklyn, NY
United States
Member #169,716
October 29, 2015
1,699 Posts
Offline

Jul 12, 2016, 10:36 am

Quote: Originally posted by Kingofearth on Jun 8, 2016
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!
TheMeatman2005

Brooklyn, NY
United States
Member #169,716
October 29, 2015
1,699 Posts
Offline

Jul 17, 2016, 4:50 pm

Quote: Originally posted by Kingofearth on Jun 8, 2016
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!

New Topic New Poll

Subscribe to this topic

How much is "life changing"?Prev TopicNext Topic

How much is "life changing"?Prev Topic Next Topic