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TOPIC: If you ever won the Powerball....

Topic closed. 16 replies. Last post 14 years ago by hypersoniq.

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If you won the Powerball, would you quit your job? If so, when??

HELL YES. I would quit my job immediately. [ 10 ]  [58.82%]
YES. But later on.....Within months or in a year. [ 3 ]  [17.65%]
NO. I would form a trust and keep working. [ 0 ]  [0.00%]
I don't know... Only time will tell.... [ 4 ]  [23.53%]
Total Valid Votes [ 17 ]  
Discarded Votes [ 2 ]  
rundown99's avatar - cigar

United States
Member #567
August 14, 2002
484 Posts
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Posted: April 28, 2003, 1:05 pm - IP Logged

Some lottery winners quit their jobs, but some don't..... But even the people who stay at their jobs dventually quit within the first year.  In 1999, the unknown Powerball winner formed a trust to claim the prize, because he or she did not quit his or her job and did not want any publicity.  If you won, would to tell your job to go to hell, would you form a trust, or would you put up with jealous co-workers?

Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!


    United States
    Member #379
    June 5, 2002
    11296 Posts
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    Posted: April 28, 2003, 1:09 pm - IP Logged
    secret:

    If only you lived in Iowa, you could play "Hot Lotto" in case you were to win it, instead of Powerball.

      RJOh's avatar - chipmunk
      mid-Ohio
      United States
      Member #9
      March 24, 2001
      19830 Posts
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      Posted: April 28, 2003, 4:21 pm - IP Logged

      I retired three years ago, so if I won, I would to start working on spending it all before I died.  ( there's no resting for a winner)

      RJOh 


        United States
        Member #1047
        January 17, 2003
        348 Posts
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        Posted: May 1, 2003, 7:15 am - IP Logged

        RJoh,

        Of course you would spend it over a course of 26 years.  Can you hang on that long?

        Don't blow all your winnings in one place - Choose Annuity


          United States
          Member #379
          June 5, 2002
          11296 Posts
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          Posted: May 1, 2003, 8:57 am - IP Logged
          AIG:

          Powerball is THIRTY payments.


            United States
            Member #1047
            January 17, 2003
            348 Posts
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            Posted: May 1, 2003, 9:03 am - IP Logged

            Dude,

            He might play MM

            Don't blow all your winnings in one place - Choose Annuity


              United States
              Member #379
              June 5, 2002
              11296 Posts
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              Posted: May 1, 2003, 9:25 am - IP Logged

              Dude, you're not getting a DELL (not even a Northrup, for that matter)

                Todd's avatar - Cylon 2.gif
                Chief Bottle Washer
                New Jersey
                United States
                Member #1
                May 31, 2000
                23273 Posts
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                Posted: May 1, 2003, 9:40 am - IP Logged

                That's

                 

                Check the State Lottery Report Card
                What grade did your lottery earn?

                 

                Sign the Petition for True Lottery Drawings
                Help eliminate computerized drawings!

                  megamillionaire's avatar - Sphere animated_small_ neg2.gif
                  Queens, NY
                  United States
                  Member #245
                  April 15, 2002
                  451 Posts
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                  Posted: May 2, 2003, 7:14 pm - IP Logged

                  I'm with RJoh, I retired 9 years ago and after taking care of my immediate family I'll be partying untill it's time to go.

                  Megamillionaire

                  Time is a wonderful teacher, but it kills all its students.

                  A man must consider what a rich realm he leaves when he becomes a conformist.

                    konane's avatar - wallace
                    Atlanta, GA
                    United States
                    Member #1265
                    March 13, 2003
                    3333 Posts
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                    Posted: May 4, 2003, 6:11 am - IP Logged

                    I would not form a tru

                      hypersoniq's avatar - 8ball
                      Pennsylvania
                      United States
                      Member #1340
                      April 6, 2003
                      2450 Posts
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                      Posted: May 4, 2003, 12:22 pm - IP Logged

                      I know what I would do...

                      Leave my current job as soon as the first check was deposited in the bank !

                      I had a great job as a process analyst with Lucent/Agere... but alas, I got the Nafta-Shafta and it's now in mexico... I went to a computer learning school because they basically lied and said an MCSE (Microsoft Certified Systems Engineer) would be the ticket to a new career in the mid $50k range... they completely neglected to mention the fact that you also need a bachelor's degree and 10 years experience. Then they promised job placement but the best they could do was to hire me at the school as a teacher for slightly LESS $$$ than I made on unemployment and NO benefits! I would leave there as soon as possible and never look back.

                      my battle plan...

                      1. Get my family the best health coverage money can buy

                      2. Get 100% out of debt

                      3. set up a business (most likely a recording studio), and grow it to the point where I can hire some fellow American workers who also got shafted out of their jobs for no good reason.

                      4. Set up a private record label to release all the angry punk songs I wrote while being laid off and under-employed (using the facilities of the above mentioned recording studio)

                      5. Set up trust funds for the kids AND pay for them to go to college.

                      6. Donate some $$$ to agencies who help families like mine when they get screwed by corporate greed and NAFTA.

                       

                      What to do with the money is truly the easy part, it's WINNING that seems to be the fly in the ointment ;-)


                        United States
                        Member #379
                        June 5, 2002
                        11296 Posts
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                        Posted: May 4, 2003, 12:31 pm - IP Logged
                        Hypersoniq:

                        "First check?" The overwhelming majority of winners (when they have the choice) take the LUMP SUM. Especially true when the decision can be made AFTER they win.

                          hypersoniq's avatar - 8ball
                          Pennsylvania
                          United States
                          Member #1340
                          April 6, 2003
                          2450 Posts
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                          Posted: May 4, 2003, 1:07 pm - IP Logged
                          Quote: Originally posted by CASH Only on May 04, 2003


                          Hypersoniq:

                          "First check?" The overwhelming majority of winners (when they have the choice) take the LUMP SUM. Especially true when the decision can be made AFTER they win.




                          It depends on the jackpot I guess... anything that would give an annuity of less than $1,000,000 after taxes, I'd take the cash.

                          To me, it seems that the money would be more managable in installments. The first check would be enough to erase all debt, get decent health coverage and set my kids up for college.... anything after that is just icing on the cake! Besides, If you ever needed more than $1,000,000 in a shot, you could still sell the remaining payments off for approximately the same value.

                          Besides, my choice for annuity is running out, I'll be 35 in november, after that it's CASH all the way...


                            United States
                            Member #379
                            June 5, 2002
                            11296 Posts
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                            Posted: May 4, 2003, 1:11 pm - IP Logged
                            Hyper:

                            I'd switch to CASH _immediately_ for any potential jackpot win. Among other things, if you were to receive annuity payments, there are potential estate tax problems. You don't know what the tax laws will be 5 or 25 years down the road.

                              hypersoniq's avatar - 8ball
                              Pennsylvania
                              United States
                              Member #1340
                              April 6, 2003
                              2450 Posts
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                              Posted: May 4, 2003, 1:24 pm - IP Logged

                              hmmm... that's a good point. The laws would definitely not swing in the winner's favor...

                              that would be $29,000,000 for Wednesday's $87,000,000 jackpot (after taxes)... $27,250,000 more than the first annuity payment... If I budget myself... LOL

                              I believe I am starting to understand the theory behind the lump sum advantage... I could then collect the interest and be in charge of my own investments on it...

                              One question, where would you put it? a $1,000,000 payment could be split up between 10 accounts and still be FDIC insured...