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Started By
Message
re: Mega Million Is Now At $900 Million
Posted on 10/17/18 at 1:50 pm to doublecutter
Posted on 10/17/18 at 1:50 pm to doublecutter
quote:
First thing i would buy is a burner cell phone and give the number to very few people. If you won that kind of money you would have people coming out of the woodwork calling you.
Real world the first thing you do is hire an attorney, second thing you do is find a private banker.
0
Posted on 10/17/18 at 1:50 pm to ell_13
quote:
You'd be surprised how few people understand basic principles.
And it's about 298 million after taxes if you give nothing to charity. State takes all of theirs up front (unless you file taxes as a single) while federal takes 25% of the 37% up front.
Still the point is, this isn't a normal jackpot.
Hell, I am 30 and would definitely want to blow some upfront like anyone would but I could easily do that with the $98M and still leave myself the $200M for investments. I could die at 100 and still have the principle untouched.
Posted on 10/17/18 at 1:52 pm to doublecutter
quote:
First thing i would buy is a burner cell phone and give the number to very few people. If you won that kind of money you would have people coming out of the woodwork calling you.
Not if you keep your trap shut, and open a bajillion LLC’s
Posted on 10/17/18 at 1:55 pm to rowbear1922
quote:It's not. Which would actually lead some people to the annuity...
Still the point is, this isn't a normal jackpot
8.9 mill up front (after taxes) is plenty to get started with both spending and investing. Then you have a 5% increases year over year on top of however you invest what you first got.
For some people who don't have the control, it's still a solid "plan" even if the 37% federal tax only lasts 6 more years. 65 million over that time.
I'm not saying it's what I would do necessarily. But it's not the worst hedge against idiotic behavior I've ever heard of.
This post was edited on 10/17/18 at 1:57 pm
Posted on 10/17/18 at 1:59 pm to ell_13
quote:
I'm not saying it's what I would do necessarily. But it's not the worst hedge against idiotic behavior I've ever heard of.
Yes it is, it is insanely stupid. Why let the government earn interest on the money you won? Take the cash payout and even if you just leave it in the bank the interest alone would within 5 years pay you back the income tax you paid. And that's not even counting any investments you may make. Just the bank interest.
Posted on 10/17/18 at 2:03 pm to HeyHeyHogsAllTheWay
quote:You think the average joe can beat 5% (ETA: I realize the 5% isn't on the full amount)? You think the average joe knows who to pay/trust to get more than 5%?
Yes it is, it is insanely stupid. Why let the government earn interest on the money you won?
quote:... you pay taxes on interest and cap gains... Only a few investments are tax free and there are caps on how many you can buy and how often.
Take the cash payout and even if you just leave it in the bank the interest alone would within 5 years pay you back the income tax you paid.
Look. I get it. It's a ton and no one should lose it all. I'm saying it's not the worst hedge in the world because it could force a dumb person (who isn't so dumb to realize how dumb he is) to not have access to all of the money at once.
This post was edited on 10/17/18 at 2:07 pm
Posted on 10/17/18 at 2:13 pm to dawgfan24348
508474.57627118 shares of Amazon.
This post was edited on 10/19/18 at 7:21 am
Posted on 10/17/18 at 2:16 pm to ell_13
quote:
I'm not saying it's what I would do necessarily. But it's not the worst hedge against idiotic behavior I've ever heard of.
I'm not saying I would be in the right frame of mind when I first saw I won but I do know about the "lawyer up" mentality immediately.
The person/family in Lafayette that won a substantial jackpot either this year or last, at least from the outside looking in, seem to have done it the right way. Hire an attorney, set up an LLC, attorney claims the prize so the names of the family members does not get out
This is a huge difference in comparison to the convenience store worker in Louisiana that won $2M and was on TV later that day talking about winning. I promise that money was gone in under a year.
Posted on 10/17/18 at 2:17 pm to dawgfan24348
I'm going to be fricking pissed as hell if I win the Powerball jackpot tonight instead of the Mega Million in Friday.
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