$550m Lottery!

Discussion in 'General Community Discussions' started by GandJ, Nov 28, 2012.

  1. GandJ

    GandJ
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    Did you buy a ticket or two? Must admit we did. It's not a frequent thing for us and we had no idea
    that it now costs $2 to play. When did that start?

    What are you going to do when you win? Fun to think about it, eh?

    Anyway, good luck to all who are playing.

    -j
     
  2. joez

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    QUOTE
    Did you buy a ticket or two? Must admit we did. It's not a frequent thing for us


    Interesting human behavior. When a jackpot is only five or ten million, no one gets excited. But when the jackpot is 100 or 500 million people stand in line for a chance. I guess if you win only one or ten million it would not be enough to take a chance on.

    I have played the same five sets of numbers twice a week since the first drawing. If I do not win something soon I will be in the hole (I had a couple of real good years). But then I have been known to do crazy things like bet hard eights on the craps table or draw to an inside straight once in a while.
     
  3. dalsgal

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    I bought 2 tickets as I do each week now. After the last big win I went in to buy my tickets and the clerk said "are you sure you want to do that since the jackpot is only $20 million now?" I told her I thought I could survive on that much if I won.
     
  4. Denali

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    I worked on a software project for the California State Lottery (CSL) back when it first started. As a contractor, I was not allowed to play the lottery. I asked another programmer, who was a CSL employee, whether it bothered him that he couldn't play.

    His response was, "Dave, the chances of winning a big jackpot are essentially the same whether you play or not, so I don't mind."

    Want to win a big jackpot? Quick, think of a number between one and 175,000,000!
     
  5. dog bone

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    QUOTE(Denali @ Nov 29 2012, 11:00 AM) [snapback]32004[/snapback]
    I worked on a software project for the California State Lottery (CSL) back when it first started. As a contractor, I was not allowed to play the lottery. I asked another programmer, who was a CSL employee, whether it bothered him that he couldn't play.

    His response was, "Dave, the chances of winning a big jackpot are essentially the same whether you play or not, so I don't mind."

    Want to win a big jackpot? Quick, think of a number between one and 175,000,000!


    Tell that to the two winners and the rest that got a mill. You have to be in it to win it. The odds are definitely against you, but one never knows.
     
  6. GandJ

    GandJ
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    QUOTE(Denali @ Nov 29 2012, 11:00 AM) [snapback]32004[/snapback]

    Want to win a big jackpot? Quick, think of a number between one and 175,000,000!



    9!!!!!!! Did I win? Oh well. I always pick 9 for some reason and it never wins.

    Needless to say, we did not win the mega-big lottery. Was worth a couple bucks to
    day-dream and what-if though.

    Bottom line: Sorry guys....I won't be hiring Santana to give a free RVParkReviews
    members-only concert. Maybe next time :)
     
  7. Tallboy

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    I don't know when it went up to $2.00 a ticket either. Don't bother to play. Did when it first came out but quit after a year. I had a better chance of getting hit by lightening then winning the lottery.
     
  8. mdcamping

    mdcamping
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    This kind of stuff just doesn't do anything for me, I think I've bought about 3 lottery tickets in the past 25 years....though this time I was planning on buying a ticket, but I forgot...believe me I didn't loose any sleep! :p

    Mike
     
  9. Luvtheroad

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    I've played the same set of numbers since the first Florida lottery drawing. Won a little, lost a lot. I'd love to quit, but I'm afraid that as soon as I do, my numbers will come up. So, I get a ticket with my one set of numbers for 52 weeks and check it periodically. Maybe one day......
     
  10. nedmtnman

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    Several years ago the fellow that sold me lottery tickets and I were talking about never winning so we decided that each week we would each put our $5 in a jar and at the end of the year pretend we won the money in the lottery.
     
  11. wpr

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    I think I pay enough taxes as it is now, so I'm not going to pay a voluntary tax on top of that!
     
  12. Traveling man

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    I haven't played the lottery for over 20 years, but admit was starting to think about it. I was waiting for it to reach 600 million to make it worthwhile!

    Could you imagine what one could do with $550m. You could even afford one of those fancy new rigs, AND the gas to operate for a few years. Of course if I won I'd more than likely still watch the pennies....checking into an RV park "hey, don't forget my Good Sam discount" etc. Then again, I suppose you could buy the RV park if you really liked it! :lol: :lol:
     
  13. NYDutch

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    Well, the family in Missouri that won half of the jackpot are "only" getting $192 million after taxes. That would really limit your options quite a bit. :blink: :D
     
  14. GandJ

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    Yeah, "only" $192m...what a bummer. Would likely mean only one Newell for
    us instead of "his and hers". :lol:

    MO winners seemed like a very nice family on TV. Hope the winnings won't
    change that.

    Rumor is that the other winner is a guy in the DC area, but it might be hoax.
     
  15. Wink

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    I am retired and get enough people trying to sell me stuff I don`t want now.If I was down and out I mite would like to win.But I have all I need and the bills are paid and even have a RV trailer to go camping so better than a lot of people retired and so thankful for that.I think I all ready have about a hundred junk mails a week selling hearing aids to cemetery plots.Hope I don`t need either soon.
     
  16. Florida Native

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    I believe that the $192 million is the lump sum amount. The larger number is based on a 30 year payout and includes accrued interest. Taxes are deducted from the $192 million. A good estimate for the net amount for a lump sum payment after taxes is about 30 %. A 100 million jackpot would yield you about $30 million cash after taxes. Still no small amount. Looks like that tax rate will soon be going up also.
     
  17. Wink

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    QUOTE(Lindsay Richards @ Dec 10 2012, 08:05 PM) [snapback]32125[/snapback]

    I believe that the $192 million is the lump sum amount. The larger number is based on a 30 year payout and includes accrued interest. Taxes are deducted from the $192 million. A good estimate for the net amount for a lump sum payment after taxes is about 30 %. A 100 million jackpot would yield you about $30 million cash after taxes. Still no small amount. Looks like that tax rate will soon be going up also.




    Lindsay I could still get someone else to wash and wax my trailer on no more than that. :rolleyes:
     
  18. NYDutch

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    QUOTE(Lindsay Richards @ Dec 10 2012, 08:05 PM) [snapback]32125[/snapback]

    I believe that the $192 million is the lump sum amount. The larger number is based on a 30 year payout and includes accrued interest. Taxes are deducted from the $192 million. A good estimate for the net amount for a lump sum payment after taxes is about 30 %. A 100 million jackpot would yield you about $30 million cash after taxes. Still no small amount. Looks like that tax rate will soon be going up also.


    The highest IRS tax bracket is 39.6% as far as I know. State income tax, in those states that collect it, could grab up an additional 10%, but that still doesn't add up to 70% in taxes. How did you arrive at your figure?
     
  19. Florida Native

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    The amount stated on the billboards and tickets is for the 30 year payout. If you won $100 million, you would get 1/30th of that amount each year for 30 years. The remaining balance would be drawing interest. After 30 years, the total of the principal and interest together are $100 million. Most people opt for the lump sum figure, which does not include the interest or time value of the money. The tax is calculated on the value of the lump sum which you get right away. You invest it as you wish and pay taxes on that proceeds every year. Present max tax rate is 36%, but it will go to 39.6% in a few weeks as Washington thinks we have a taxing problem, not a spending problem. That 30% figure is a net/net approximation that can vary on the interest rate and the taxation rate. State tax would be on top. In CA, you would have to pay an additional 13% on the $30 million. Graduated rates make this a little less as you pay lower amounts on the cash leading up to the $250,000.
    Don't worry about it thought as we won't win.
     
  20. NYDutch

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    Ok, I must have misunderstood your post. I thought you were saying that the tax bite on the $100 million would be $70 million.
     

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