TOPIC: If you ever won the Powerball....Prev TopicNext Topic

• rundown99

  

  United States
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  August 14, 2002
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  Apr 28, 2003, 1:05 pm

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  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!

  People can talk about strategies and gimmicks all they want, but unless your ticket actually matches at least 5 of those 6 balls, you are just another person who tried to win a game yet ultimately failed.
• CASH Only

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  Apr 28, 2003, 1:09 pm

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  secret:

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

  

  100

  mid-Ohio
  United States
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  March 24, 2001
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  Apr 28, 2003, 4:21 pm

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  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 
• AnnuityIsGreat

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  January 17, 2003
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  May 1, 2003, 7:15 am

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  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
• CASH Only

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  May 1, 2003, 8:57 am

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  AIG:

  Powerball is THIRTY payments.
• AnnuityIsGreat

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  May 1, 2003, 9:03 am

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  Dude,

  He might play MM

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

  United States
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  May 1, 2003, 9:25 am

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

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  27,937 Posts
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  May 1, 2003, 9:40 am

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  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

  

  Queens, NY
  United States
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  April 15, 2002
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  May 2, 2003, 7:14 pm

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  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

  

  USA
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  March 13, 2003
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  May 4, 2003, 6:11 am

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  I would not form a tru
• hypersoniq

  

  Pennsylvania
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  April 6, 2003
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  May 4, 2003, 12:22 pm

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  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 ;-)
• CASH Only

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  May 4, 2003, 12:31 pm

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  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

  

  Pennsylvania
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  May 4, 2003, 1:07 pm

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  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...
  
• CASH Only

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  May 4, 2003, 1:11 pm

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  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

  

  Pennsylvania
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  May 4, 2003, 1:24 pm

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  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...