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Message
Powerball Word Problem
Posted on 4/8/09 at 2:03 pm
Posted on 4/8/09 at 2:03 pm
While rummaging through his ’78 Pinto, L.C. DeCowe spots a Powerball ticket he purchased over the weekend. After firing up the modem on his PC and checking his numbers, he realizes that he holds the winning ticket! He will now be able to give up the dream of becoming Livingston parish’s largest crystal meth producer/distributor. No, this is the big time. We’re talking an Iroc with T-tops and a Chevy Z71 step side. Not having the smarts real good, L.C. has few concerns about handling his new found fortune.
1. Which payment plan does he choose?
a) Annuity ($100 Million)
b) Cash ($50 Million)
2. Now that he has his payment, what next?
a) Goes on a two week bender & blows it all
b) Invests in something – stocks, bonds, mutual funds, other (?)
c) Opens a savings account and lives off the interest
d) Cashes check at local choke & puke then buries it in a mason jar outback
e) Other (Explain)
1. Which payment plan does he choose?
a) Annuity ($100 Million)
b) Cash ($50 Million)
2. Now that he has his payment, what next?
a) Goes on a two week bender & blows it all
b) Invests in something – stocks, bonds, mutual funds, other (?)
c) Opens a savings account and lives off the interest
d) Cashes check at local choke & puke then buries it in a mason jar outback
e) Other (Explain)
6
Posted on 4/8/09 at 2:25 pm to Mr. Shankly
In Georgia you have to pick the cash/annuity when you buy the ticket.
Other than that, are you trying to figure out what a meth dealer would do with that amount of green, or what someone with sense should do?
Other than that, are you trying to figure out what a meth dealer would do with that amount of green, or what someone with sense should do?
Posted on 4/8/09 at 2:26 pm to Mr. Shankly
1. How long is the annuity?
Posted on 4/8/09 at 2:28 pm to Mr. Shankly
b & a
Posted on 4/8/09 at 2:37 pm to Colonel Hapablap
quote:
1. How long is the annuity?
20 years
quote:
what someone with sense should do?
This post was edited on 4/8/09 at 2:39 pm
Posted on 4/8/09 at 2:40 pm to Mr. Shankly
B.
E. Buy an island and gold. "Do" whatever I want.
ETA: spend 1% of winnings to buy Iceland....estonia, lithuania, latvia, et al.
E. Buy an island and gold. "Do" whatever I want.
ETA: spend 1% of winnings to buy Iceland....estonia, lithuania, latvia, et al.
This post was edited on 4/8/09 at 2:54 pm
Posted on 4/8/09 at 3:58 pm to Mr. Shankly
clearly B. The other is personal preference.
I would not want to be reliant on a gambling system staying solvent for my payments. Maybe I am just negative, but that seems ripe for gov't raiding later down the line.
I would not want to be reliant on a gambling system staying solvent for my payments. Maybe I am just negative, but that seems ripe for gov't raiding later down the line.
Posted on 4/8/09 at 5:09 pm to MileHigh
quote:
I would not want to be reliant on a gambling system staying solvent for my payments.
I believe the operators of Powerball actually purchase annuities for the large prizes. They take advantage of the discounted purchase price and keep the leftover revenue from ticket sales. They don't rely on current sales to pay for past prizes, nor do they rely on future sales to pay for current prizes.
Taking the lump sum payment will prevent your winnings from being taxed at a higher rate in the future however.
Posted on 4/8/09 at 5:37 pm to Poodlebrain
quote:
I believe the operators of Powerball actually purchase annuities for the large prizes. They take advantage of the discounted purchase price and keep the leftover revenue from ticket sales. They don't rely on current sales to pay for past prizes, nor do they rely on future sales to pay for current prizes.
Right, but the annuity has to actually produce those returns? Who knows what they invested in! Stocks, bonds, MBS/ABS/CDO?
Posted on 4/8/09 at 6:48 pm to Mr. Shankly
Well, besides 2 chicks at one time,
Invest in a wide range of items, with preservation of capital a prime objective, that is if he wants to leave intergenerational wealth.
Invest in a wide range of items, with preservation of capital a prime objective, that is if he wants to leave intergenerational wealth.
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