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What would you do with...ONE BILLION DOLLARS?

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    PsykomaPsykoma Registered User regular
    Guessing incentive to push lottery tickets?

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    BahamutZEROBahamutZERO Registered User, Moderator mod
    do they not get a percentage of the tickets they sell?

    BahamutZERO.gif
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    tynictynic PICNIC BADASS Registered User, ClubPA regular
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    CabezoneCabezone Registered User regular
    There are ways around giving them your name. With that much money you can afford the team that needs to be assembled to protect you.

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    BahamutZEROBahamutZERO Registered User, Moderator mod
    I do not understand how the point of sale side of the lottery system works

    BahamutZERO.gif
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    Goose!Goose! That's me, honey Show me the way home, honeyRegistered User regular
    edited January 2016
    what the fuck, why does the store get winnings?

    For selling the winner. I think its a neat little thing.

    EDIT: Twitter hoaxers are already out there:

    https://twitter.com/theguysthelimit

    Goose! on
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    tynictynic PICNIC BADASS Registered User, ClubPA regular
    do they not get a percentage of the tickets they sell?

    I looked it up, seems like it might vary by state but
    2. Does the store that sold the winning ticket get anything?

    Cohen said that the seller of the winning jackpot ticket will receive a $25,000 bonus from the lottery. That money isn’t taken from the winner’s jackpot but from regular ticket sales and cashing commissions that the lottery collects from every ticket sold.

    In D.C., sellers do not receive a bonus for selling a winning Match-5 ticket.

    AFAIK except in jackpot circumstances there is no financial gain for a store to sell a winning vs losing ticket.

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    BahamutZEROBahamutZERO Registered User, Moderator mod
    Well I hope the winner manages to not end up with a horribly fucked up life like the horror stories suggest they will no matter what they do!

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    WeaverWeaver Who are you? What do you want?Registered User regular
    So now it's the slow build up to a month from now, when my store will once again have insane lines of already well-off white women and young Asian exchange students beating against the the desk for tickets.

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    RT800RT800 Registered User regular
    Phew.

    Now I can go back to not caring about the lottery.

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    AphostileAphostile San Francisco, CARegistered User regular
    Weaver wrote: »
    So now it's the slow build up to a month from now, when my store will once again have insane lines of already well-off white women and young Asian exchange students beating against the the desk for tickets.

    I realize that you're upset about people being obnoxious but this is a silly post, yknow?

    Nothing. Matters.
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    McHogerMcHoger Registered User regular
    RT800 wrote: »
    Phew.

    Now I can go back to not caring about the lottery.

    No, now is the time to care. Everyone is all focused on that 1.5 billion. Now you grab a couple of millions in the new jackpot while no one is looking.

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    JoeUserJoeUser Forum Santa Registered User regular
    This is all viral marketing for a Lost prequel featuring Hurley

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    SorceSorce Not ThereRegistered User regular
    I am not the one who bought the winning ticket in Florida, so there will not be a re-creation of the Hindeburg.

    Dang it.

    sig.gif
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    davidsdurionsdavidsdurions Your Trusty Meatshield Panhandle NebraskaRegistered User regular
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

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    DisruptedCapitalistDisruptedCapitalist I swear! Registered User regular
    I got one number. 8.

    That's worth about 2 cents, right?

    "Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
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    MalReynoldsMalReynolds The Hunter S Thompson of incredibly mild medicines Registered User regular
    I got three.

    I was off by one digit on two balls for the million.

    Didn't get any of the powerballs tho.

    "A new take on the epic fantasy genre... Darkly comic, relatable characters... twisted storyline."
    "Readers who prefer tension and romance, Maledictions: The Offering, delivers... As serious YA fiction, I’ll give it five stars out of five. As a novel? Four and a half." - Liz Ellor
    My new novel: Maledictions: The Offering. Now in Paperback!
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    rhylithrhylith Death Rabbits HoustonRegistered User regular
    I got three.

    I was off by one digit on two balls for the million.

    Didn't get any of the powerballs tho.

    $$$$$$$

    Welcome to the seven dollar club

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    azith28azith28 Registered User regular
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

    The problem with taking the annuity is that if you die tomorrow, the money stops even if you have a wife/kids/heirs.

    Stercus, Stercus, Stercus, Morituri Sum
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    davidsdurionsdavidsdurions Your Trusty Meatshield Panhandle NebraskaRegistered User regular
    azith28 wrote: »
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

    The problem with taking the annuity is that if you die tomorrow, the money stops even if you have a wife/kids/heirs.

    That's incorrect and I'm not sure why so many people think this.

    http://www.powerball.com/pb_contact.asp
    WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?
    The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. We often hear people complain that the jackpot should not go back to "the state" when a winner dies. It does not. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."

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    BroloBrolo Broseidon Lord of the BroceanRegistered User regular
    wait so what you're saying is that if I start just indiscriminately murdering people and one of those people ends up being the billion dollar winner

    that I get to keep all of that money?


    brb

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    davidsdurionsdavidsdurions Your Trusty Meatshield Panhandle NebraskaRegistered User regular
    Wait come back! This isn't Highlander!

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    Dex DynamoDex Dynamo Registered User regular
    Wait come back! This isn't Highlander!

    it's not?

    brb

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    BucketmanBucketman Call me SkraggRegistered User regular
    azith28 wrote: »
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

    The problem with taking the annuity is that if you die tomorrow, the money stops even if you have a wife/kids/heirs.

    That's incorrect and I'm not sure why so many people think this.

    http://www.powerball.com/pb_contact.asp
    WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?
    The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. We often hear people complain that the jackpot should not go back to "the state" when a winner dies. It does not. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."

    Yes but then your wife and children want you dead for that sweet sweet lotto money

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    davidsdurionsdavidsdurions Your Trusty Meatshield Panhandle NebraskaRegistered User regular
    Bucketman wrote: »
    azith28 wrote: »
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

    The problem with taking the annuity is that if you die tomorrow, the money stops even if you have a wife/kids/heirs.

    That's incorrect and I'm not sure why so many people think this.

    http://www.powerball.com/pb_contact.asp
    WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?
    The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. We often hear people complain that the jackpot should not go back to "the state" when a winner dies. It does not. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."

    Yes but then your wife and children want you dead for that sweet sweet lotto money

    Valid point.

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    Houk the NamebringerHouk the Namebringer Nipples The EchidnaRegistered User regular
    Bucketman wrote: »
    azith28 wrote: »
    Well now it's back to a reasonable $40 million jackpot. I'd still take the annuity, which comes out to around $750k per year after taxes for me for 30 years. I'd save something like $50k per year specifically for retirement investment with the rest of the first payment taking care of bills, trade in a car for something newer and more efficient. Down to $400k, I'd do one of those long cruises around the world to let things simmer down back home before coming back and resuming life with my wife and I cutting out hours worked in half.

    That's a lot easier than having a billion bucks and buying tickets to outer space and recreating hindenburgh disasters, and whatnot.

    The problem with taking the annuity is that if you die tomorrow, the money stops even if you have a wife/kids/heirs.

    That's incorrect and I'm not sure why so many people think this.

    http://www.powerball.com/pb_contact.asp
    WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?
    The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. We often hear people complain that the jackpot should not go back to "the state" when a winner dies. It does not. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."

    Yes but then your wife and children want you dead for that sweet sweet lotto money

    HA HA HA HA HA

    oh wait, wrong thread...

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    PeenPeen Registered User regular
    I matched the powerball with power play, got a cool $8 that I immediately spent on an energy drink and taco bell woop woop

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    KaplarKaplar On Google MapsRegistered User regular
    I'd get reaaaaally fat.

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    JasconiusJasconius sword criminal mad onlineRegistered User regular
    edited January 2016
    there are many different schools of thought to annuity vs. lump sum

    some pro annuity arguments:

    guaranteed rate of return* (it factors out to something like making 2.6% growth per year on the lump sum, which is actually a respectable return on a guaranteed investment)
    it's a teensy bit hard to properly secure 500 million goddamn dollars. deposit insurance, etc...

    some lump sum arguments:

    the taxes on lottery winnings are almost certainly going to go up in the future
    a wise investor could probably do a better job with the return
    GET. THE. BIGGEST. LASER.


    personally I would take lump sum

    Jasconius on
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    OmnipotentBagelOmnipotentBagel floof Registered User regular
    I'd want to spend a decent portion of my winnings on immediate concerns. Pay off debt, pursue a couple pet projects, random acts of kindness for the people I care about in my life, and that would be difficult to do with the annuity option.

    cdci44qazyo3.gif

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    davidsdurionsdavidsdurions Your Trusty Meatshield Panhandle NebraskaRegistered User regular
    The big problem that people seem to run into in the cash/annuity discussion is that you get that argument from investors that they can totally beat the annuity. The problem with the premise is that the lottery is investing the money too in many of the same "safe" investments that your advisor will take a fee to do too. Sure, they could hit an Apple IPO or something, but so could you with a portion of your yearly annuity, but with that backup automatic fee-less investment in safe securities.

    Also, the lower amount of the yearly payments just feels way more manageable to me.

    #TeamAnnuity

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    Al_watAl_wat Registered User regular
    I feel like a certain point (i.e. $1.3 Billion or whatever you will actually get out of it - say $500 million) you could do almost the worst financial thing, let it all sit in a zero interest bank account where it effectively loses value, and you would still be alright because it is $500 million

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    CabezoneCabezone Registered User regular
    edited January 2016
    If you just stick it into a savings account accruing 1% your'e making 5 mil a year on interest. It's not a great idea to stick it all in there in case of a bank failing but once you're rich it's not hard AT ALL to stay rich.

    Cabezone on
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    OwenashiOwenashi Registered User regular
    Well, this is pretty cool. Turns out the Californian winner looks to be a a 60-something nurse with seven kids. She didn't even buy the ticket herself but rather her boss did, having bought tickets for all 15,000 employees and residents of his 80 health-care facilities.

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    DysDys how am I even using this gun Registered User regular
    Owenashi wrote: »
    Well, this is pretty cool. Turns out the Californian winner looks to be a a 60-something nurse with seven kids. She didn't even buy the ticket herself but rather her boss did, having bought tickets for all 15,000 employees and residents of his 80 health-care facilities.

    Her son was pranking her, that article's been updated.

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    -Tal-Tal Registered User regular
    I'd take the annuity just on the principle that I could think of things to do with a couple hundred thousand a month and I can't even wrap my mind around a billion at once

    I don't even care if it ends up being less because 1 billion and 500 million may as well be the same number to an individual

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    OwenashiOwenashi Registered User regular
    Well, that's one of the three claimed.
    NASHVILLE, Tenn. (AP) — A small-town warehouse supervisor turned in one of three tickets splitting the world-record $1.6 billion Powerball jackpot on Friday, and swiftly announced that he would take his money now, giving up hundreds of millions of dollars in the future. But John Robinson and his wife, Lisa, said they won't stop working and won't make any wild purchases. They'll pay off their mortgage and their daughter's student loans, but have no desire to move from their small, gray, one-story house into a luxurious compound somewhere.

    "I've never wanted that in the past. I don't really want that now," said Lisa Robinson, who works in a dermatologist's office.

    "Big houses are nice," her husband said, "But also you gotta clean 'em."

    Robinson said he reached out to his brother for help finding lawyers and financial planners before deciding to take the winnings in a single lump sum of nearly $328 million, rather than let the lottery invest the prize and pay him 30 annual installments totaling an estimated $533 million. Why pass up on a certain income totaling more than $200 million?

    "We're going to take the lump sum, because we're not guaranteed tomorrow," Robinson said. "We just wanted a little piece of the pie. Now we're real grateful we got the big piece of the pie."

    No one has produced the other winning tickets, which overcame odds of 1 in 292.2 million to land on all six numbers at a Publix supermarket in Melbourne Beach, Florida, and a 7-Eleven in Chino Hills, California. In California, any winnings not claimed within a year automatically go to the state's schools. Florida gives winners six months to come forward before transferring 80 percent of unclaimed prizes to an educational trust fund, and 20 percent into a pool for future lottery prizes.

    The Robinsons said they have no plans to leave Munford, the town of about 6,000 north of Memphis where they both went to high school. And both plan to return to work on Monday, because "that's what we've done all our lives, is work," Robinson said. "You just can't sit down and lay down and not do nothing anymore. How long are you going to last?" he asked.

    Tennessee Lottery executive Rebecca Hargrove said the couple would get a "small check today for a few million," and collect the full lump sum in about 10 business days.

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    WeaverWeaver Who are you? What do you want?Registered User regular
    I'm giving the WA Match4 a short go because the odds aren't insane, it plays daily, and the big prize of $10k could pay off all of my debt with a tad left over, and having a better credit rating would be nice.

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    scherbchenscherbchen Asgard (it is dead)Registered User regular
    Dys wrote: »
    Owenashi wrote: »
    Well, this is pretty cool. Turns out the Californian winner looks to be a a 60-something nurse with seven kids. She didn't even buy the ticket herself but rather her boss did, having bought tickets for all 15,000 employees and residents of his 80 health-care facilities.

    Her son was pranking her, that article's been updated.

    that is a terrible prank.

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