Powerball

IrishinSyria · Jan 11, 2016

gkIrish said:
Getting a lawyer and financial planner are obviously smart. As is the police escort. The rest is kind of petty.

50,000 for your friends and family? That's a slap in the face. I would pay off my best friends' debt no doubt about it. My parents would never pay for anything again.

My parents have 9 siblings combined and each of those families would receive maybe 1,000,000.

Reddit has a good guide to what to do.

and no way I would hire a police escort. You're anonymous until you claim the prize, I'd keep the circle as small as possible until then.

Bugzly21 · Jan 11, 2016

Purchase 10 of the very high value cars and get talk a network to broadcast the demolition derby

gkIrish · Jan 11, 2016

IrishinSyria said:
Reddit has a good guide to what to do.

and no way I would hire a police escort. You're anonymous until you claim the prize, I'd keep the circle as small as possible until then.

I think the police escort would be for when you claim the prize, not before.

Also you should hire me as your estate planning/tax attorney.

BleedBlueGold · Jan 11, 2016

IrishinSyria said:
Reddit has a good guide to what to do.

and no way I would hire a police escort. You're anonymous until you claim the prize, I'd keep the circle as small as possible until then.

The Bogleheads are great. Lots of mention in that link.

zelezo vlk · Jan 11, 2016

gkIrish said:
I think the police escort would be for when you claim the prize, not before.

Also you should hire me as your estate planning/tax attorney.

Are you one? I apologize, I didn't know.

gkIrish · Jan 11, 2016

zelezo vlk said:
Are you one? I apologize, I didn't know.

Yes sir

zelezo vlk · Jan 11, 2016

gkIrish said:
Yes sir

Alrighty then. You'll know if I win

JughedJones · Jan 11, 2016

JughedJones · Jan 11, 2016

GowerND11 · Jan 11, 2016

gkIrish said:
Getting a lawyer and financial planner are obviously smart. As is the police escort. The rest is kind of petty.

50,000 for your friends and family? That's a slap in the face. I would pay off my best friends' debt no doubt about it. My parents would never pay for anything again.

My parents have 9 siblings combined and each of those families would receive maybe 1,000,000.

I agree that some of it was petty. Like I said he has some good ideas, but I'd modify them as I saw fit.

RDU Irish · Jan 11, 2016

JughedJones said:
I read, a week ago, that it was silly to buy as many tickets that would cover every number. It would cost 750 million dollars and the taxes would make it a losing venture.

Now that it's 1.3-1.5 billion, would it make it worth it?

Then I remembered that someone else could win it, then you'd have to split it with them.

Yeah - Powerball doubled the ticket cost a number of years ago and since then this type of ridiculous prize level was bound to happen. It really is not practical to buy 290 million tickets that you would obviously have to submit the forms for to ensure you got them all - and like someone pointed out you run the risk of splitting the pot since everyone and their dog plays when these ridiculous levels get hit. Ignoring practicality - you are out close to $600 million to secure every number. You would also win $1 million 25 times for getting all but Powerball right, $50,000 about 300 times for getting Powerball plus 4 right - that is $40 million more right there. Something like $42 million of $4 winners, $6 million of $7 winners and about $3 million of $100 winners - total take around $90 million of non-jackpot tickets ends up being 10%-15% of the jackpot lump sum.

Assuming you dropped that coin you might be able to offset your losers as gambling losses to offset against your winnings - the case for classifying as an "investment" might be tough though, in which case you net $200-$300 million before taxes - which would eat up 40% - 45% depending on your home state. If you split the pot you are probably out $100M (800/2+90 +$490M). Paying taxes and being unable to deduct any of the costs has virtually the same effect as splitting the pot (.55*890 = $490).

Then again, best chance most folks have at becoming a billionaire and the couple of bucks is worth the "what-ifs" you can dream up for most.

GowerND11 · Jan 11, 2016

It also wouldn't be practical because there would not be enough time to buy all those powerball tickets as a one person entity. Even having 10 others help you out, there is the risk of not getting all different combinations of numbers, on top of having to then share the prize with those people.

GDomer09 · Jan 11, 2016

Seen this circulating around the interwebs.
1.3Billion PB, After taxes roughly 800mill.

800mill/300mill(US population) = 2.67mill each!

Poverty Solved!

Thoughts?

gkIrish · Jan 11, 2016

GDomer09 said:
Seen this circulating around the interwebs.
1.3Billion PB, After taxes roughly 800mill.

800mill/300mill(US population) = 2.67mill each!

Poverty Solved!

Thoughts?

Check that math again homie

irishknight35 · Jan 11, 2016

GDomer09 said:
Seen this circulating around the interwebs.
1.3Billion PB, After taxes roughly 800mill.

800mill/300mill(US population) = 2.67mill each!

Poverty Solved!

Thoughts?

Someone didn't check the answers in the back of their 3rd grade math book.....

palinurus · Jan 11, 2016

T Town Tommy said:
If I cash the winning ticket, I have earmarked a hefty sum for my bagmen. Gonna make it rain five stars all day and twice on Sunday.

What money is left over, I will upgrade to a double wide, get my tooth fixed, trade in my AMC Pacer for a used truck, finally get cable and internet, and hire someone to bush hog my lawn.

Liar. You don't have a "lawn."

phork · Jan 11, 2016

GDomer09 said:
Seen this circulating around the interwebs.
1.3Billion PB, After taxes roughly 800mill.

800mill/300mill(US population) = 2.67mill each!

Poverty Solved!

Thoughts?

gkIrish said:
Check that math again homie

LOLZ. You could buy everyone in the US a couple items off the dollar menu at McDs.

palinurus · Jan 11, 2016

phork said:
LOLZ. You could buy everyone in the US a couple items off the dollar menu at McDs.

Even a supersize combo meal, if you exclude, as you certainly should, all Ohio State, Michigan and Southern Cal fans.

GDomer09 · Jan 11, 2016

What is the payout for the 1.3billion?

I don't play the lottery or know how much it's reduced after the payout option? Unless it's an astronomical amount and even after taxes I don't get how it would be as little as some of you are saying.

Irish Insanity · Jan 11, 2016

GDomer09 said:
What is the payout for the 1.3billion?

I don't play the lottery or know how much it's reduced after the payout option? Unless it's an astronomical amount and even after taxes I don't get how it would be as little as some of you are saying.

Down to like 800 mil if you take the lump sum payment. Then after taxes like 400-500 mil

But 800 mil / 300 mil isn't 2.67 mil. It's 2.67

GDomer09 · Jan 11, 2016

Irish Insanity said:
Down to like 800 mil if you take the lump sum payment. Then after taxes like 400-500 mil

But 800 mil / 300 mil isn't 2.67 mil. It's 2.67

Holy Fuck! How that Hell did the internet just do that to me!

GowerND11 · Jan 11, 2016

Irish Insanity said:
Down to like 800 mil if you take the lump sum payment. Then after taxes like 400-500 mil

But 800 mil / 300 mil isn't 2.67 mil. It's 2.67

Yeah, this.

TheChosen1 · Jan 11, 2016

Now isn't the time to play the powerball. Now is the time to play the other lottery games that no one is talking about.

Irish Insanity · Jan 11, 2016

GDomer09 said:
Holy Fuck! How that Hell did the internet just do that to me!

If you read it on the internet, it must be true.

greyhammer90 · Jan 11, 2016

This is classic

GowerND11 · Jan 11, 2016

TheChosen1 said:
Now isn't the time to play the powerball. Now is the time to play the other lottery games that no one is talking about.

Why? Your odds aren't increased with less people playing. It's true there is less of a chance someone else would share with you, I assume. But there is less cash going into the pot for them.

IrishLion · Jan 11, 2016

If I won the powerball, I would find a no-limit roulette table and put it all on red.

GDomer09 · Jan 11, 2016

Irish Insanity said:
If you read it on the internet, it must be true.

Lol. Guilty this time. I totally read it and ran with it.

The funny thing is I'm the biggest ass when it comes to this. Just ask my wife. I've just been served some Karma with extra sauce.

Irish#1 · Jan 11, 2016

Get front row 50 yard line seats for the entire family and a luxury box at the stadium.
By a Learjet to fly to the games.
Donate enough that they let me build a home on campus.
Buy a patch of land big enough to build homes for all of our kids and have our own gated community.
Set up trust funds for the grand-kids. Can't have it until they graduate from college.
Spend a month at a health spa to lose that 20lbs I've been wanting to lose.

Irish YJ · Jan 11, 2016

Irish#1 said:
Get front row 50 yard line seats for the entire family and a luxury box at the stadium.
By a Learjet to fly to the games.
Donate enough that they let me build a home on campus.
Buy a patch of land big enough to build homes for all of our kids and have our own gated community.
Set up trust funds for the grand-kids. Can't have it until they graduate from college.
Spend a month at a health spa to lose that 20lbs I've been wanting to lose.

I've always wanted my own post lotto gated community for friends and family. I'd have my own exit though... don't want the mom's seeing who's coming and going...

Powerball

In truth lies victory

Active member

Greek God

Well-known member

Well-known member

Greek God

Well-known member

Banned

Banned

Well-known member

Catholics vs. Cousins

Well-known member

Chronic Dialect

Greek God

Well-known member

New member

Raining On Your Parade

New member

Chronic Dialect

Well-known member

Chronic Dialect

Well-known member

New member

Well-known member

the drunk piano player

Well-known member

I am Beyonce, always.

Chronic Dialect

Livin' Your Dream!

Southsida