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What will you do when you win $6oo or 700 million in the Powerball?

 
 
edgarblythe
 
  1  
Reply Wed 13 Jan, 2016 11:01 am
@parados,
There is no state income tax where I live.
rosborne979
 
  1  
Reply Wed 13 Jan, 2016 11:13 am
@parados,
parados wrote:

The cash amount is less, $930 million, and federal taxes are 39.6% plus any state taxes. One winner would get about $500 million or less in cash unless they live in one of the few states without a state income tax.

Right. So it's not a problem yet. But for the sake of discussion I thought it might be interesting to consider the wisdom if not viability of ever giving any particular individual a huge payout, possibly in the Billions $. Maybe it's a non-issue. I was just imaging any of the mentally or financially "challenged" people I have seen suddenly getting a Billion dollars to do with as they please. I'm not sure how much trouble can come from that.
farmerman
 
  1  
Reply Wed 13 Jan, 2016 11:20 am
@Setanta,
Quote:
ticket to each customer who spends at least $20. They just announced it on the radio. I'm thinking, lined up around the block.
OY CANADA!

what a great idea. Im amazed that nobody thought of that like in New Joisey.
0 Replies
 
parados
 
  1  
Reply Wed 13 Jan, 2016 11:44 am
@rosborne979,
Even at $500 million, you are looking at numbers where someone could do a lot of good or a lot of damage.

One of the notes on the taxes is the winner will pay 39.6% in taxes but they only take out 25% when you collect the money. The rest is owed at the end of the year. I can see where that can be a problem with people blowing through their money and then not having enough left for taxes. A bit harder to do with $500 million vs $5 million.
0 Replies
 
parados
 
  1  
Reply Wed 13 Jan, 2016 11:45 am
@edgarblythe,
edgarblythe wrote:

There is no state income tax where I live.

Your one of the lucky ones that lives in the few states that have no income tax and do the lottery. I think it was 5 states.
0 Replies
 
Finn dAbuzz
 
  1  
Reply Wed 13 Jan, 2016 01:14 pm
@rosborne979,
rosborne979 wrote:

At what point does the amount of money get so large that we would have to worry about the qualifications of the person receiving it?

Numbers above a billion start to have economic consequences depending on how they are used (and where they are stored) don't they?



That's an interesting point, but thankfully there are no required qualifications for winning this money (unless it's possibly age).

Also, while a billion is a huge amount of money that can have hugely dramatic effects on individuals it won't have much of an economic impact on any decent sized city, and it's unlikely that anyone living in Podunk, population 535, is going to stay there and spend their millions.

If someone wins it, taxes and gifts will make sure they don't remain a billionaire and people with "only" $500 million don't even make the richest persons in America list.

Of course someone who wins that much money could, conceivably, parlay it into billions, but the public had no say in whether or not Warren Buffet or Bill Gates were qualified to be billionaires, and they don't deserve any as respects lottery winners.

I would imagine that if a truly insane person won a billion his family could petition a court to keep it out of his hands, but they would have to show cause which would, I think, need to be related to evidence that he would harm himself or others or was just incapable of making rational decisions.

It would make for quite a story though. Whoever wins this, he or she is going to have to deal with the desire of the public to know about them. Another good reason to hire personal security and make plans to escape to a secluded location before you claim your winnings. There's probably some requirement that you allow your name to be used or even make a public statement at a press conference. If the latter is the case, once you know you've won, take the time to change your appearance before you claim the ticket.

If you normally wear a beard, shave it. If you don't start growing one.
Let your hair grow or cut it short
Change the color of your hair
Wear contacts instead of glasses or glasses instead of contacts. Better yet, wear sunglasses at the appearance.
When you make a public statement, place a band-aid across the bridge of your nose.

There's probably even a website that can give you tips on how to alter your appearance. When I win, I will search for it.

Also during this waiting period between winning and claiming the prize, immediately get a safety deposit box at your local bank and put the ticket there. I can imagine the temptation of keeping the ticket on your person at all time, and I can also imagine the horror of finding I sent the shirt, in the pocket of which I kept the ticket, to the dry-cleaners, or that I left my wallet at a restaurant after getting totally ripped to celebrate the win. It might be tough to resist going to the bank everyday to make sure the ticket is still there, but I guess that will depend on the level of your OCD.

When you win this much money in this way, I don't think much can be rightfully called paranoia.

Some may even considering winning this thing a curse rather than a blessing and to all of them I say, I have broad shoulders and a steady gait, for the benefit of the rest of the country I will take on this burden. Please pray that I do.
0 Replies
 
tsarstepan
 
  1  
Reply Wed 13 Jan, 2016 04:15 pm
0 Replies
 
ossobuco
 
  1  
Reply Wed 13 Jan, 2016 04:26 pm
For the first time in a lot of years, I bought a ticket, knowing full well it is a profoundly stupid waste of money, however small the money. But, there I was in line with a friend, and my two dollars was worth it for the jolly camaraderie of the people in the line, not a bad line at all, though it snaked a bit into the potato chip aisle.
0 Replies
 
firefly
 
  1  
Reply Wed 13 Jan, 2016 04:52 pm
Dear Powerball Winner: Take Our Advice and Take the Annuity
by Josh Barro
JAN. 12, 2016
http://www.nytimes.com/2016/01/13/upshot/dear-powerball-winner-take-our-advice-and-take-the-annuity.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=mini-moth&region=top-stories-below&WT.nav=top-stories-below
0 Replies
 
edgarblythe
 
  1  
Reply Wed 13 Jan, 2016 10:25 pm
The numbers
8 27 34 4 19 BB 10

A winner in California.
CalamityJane
 
  1  
Reply Wed 13 Jan, 2016 10:39 pm
@edgarblythe,
Well, it's not me!!
I was all scientific and wrote down the numbers that are most frequently used and I thought I had covered everything.....turns out it was nothing Wink

I guess, I have to cancel the lear jet again *sigh*
roger
 
  1  
Reply Wed 13 Jan, 2016 10:45 pm
@CalamityJane,
Actually, there used to be a number picking site that directed you to the least common numbers. Didn't give you a better chance of winning but made it less likely to have to split the winnings if you did.

Well, since the winner was in California, I won't beat up on myself for not buying a ticket.
glitterbag
 
  1  
Reply Wed 13 Jan, 2016 11:29 pm
@roger,
Congratulations to the winner and (oh ****, we lost) good luck next week.
cicerone imposter
 
  1  
Reply Wed 13 Jan, 2016 11:30 pm
@glitterbag,
My wife lost. boohoo
glitterbag
 
  1  
Reply Wed 13 Jan, 2016 11:36 pm
@cicerone imposter,
But it is a cheap vacation, $10 and I'm off on another flight of fancy.
cicerone imposter
 
  1  
Reply Wed 13 Jan, 2016 11:37 pm
@glitterbag,
More like a slow boat to China....
0 Replies
 
Region Philbis
 
  1  
Reply Thu 14 Jan, 2016 04:14 am

https://scontent-lga3-1.xx.fbcdn.net/hphotos-xfl1/v/t1.0-9/12512692_823703494422033_9133924709610606465_n.jpg?oh=dbe1a9610ea23960a9d33c940a916b4a&oe=57096132
0 Replies
 
Leadfoot
 
  2  
Reply Thu 14 Jan, 2016 04:14 am
Yeah! I won again! Used the same strategy as always, didn't waste the time & money buying a ticket.
0 Replies
 
edgarblythe
 
  1  
Reply Thu 14 Jan, 2016 06:00 am
This morning, they said there are 3 winners and a number of Texans won at least a mil. I didn't get even one number. I think the next drawing is a pittance. Just 40 mil. But I will continue to play anyway.
farmerman
 
  1  
Reply Thu 14 Jan, 2016 06:07 am
@edgarblythe,
winners are in Tennessee, California, and Florida. I heard that one ticket was a "group ticket"
Stupid people are coming forward letting the predators know who they are.
0 Replies
 
 

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