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#52 Mar 30 2012 at 1:02 PM Rating: Good
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I knew all the words to Amish Paradise before I ever actually heard the Coolio original. Smiley: lol
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#53 Mar 30 2012 at 1:06 PM Rating: Good
Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.


Personally, I'd rather take the lump sum on a big number like this. If I won something like a few million dollars or less, I'd probably do the annuity so I'd get more of it and I'd be less likely to spend it all faster than I should.
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#54 Mar 30 2012 at 1:12 PM Rating: Good
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Hey Flea, have you ever seen Major Payne?

Lemme show you a little trick to take your mind off that arm.
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#55 Mar 30 2012 at 1:22 PM Rating: Good
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PigtailsOfDoom wrote:
Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.


Personally, I'd rather take the lump sum on a big number like this. If I won something like a few million dollars or less, I'd probably do the annuity so I'd get more of it and I'd be less likely to spend it all faster than I should.
Eh, the annual option is more $ and it's not like you're going to spend more than what you get without trying pretty hard.
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#56 Mar 30 2012 at 1:29 PM Rating: Excellent
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Yeah, but with my luck, if I didn't take the lump sum, I'd die two days later. This way, after I'm dead, there's something to leave to my children. With the annuity, it just ends when I do.
#57 Mar 30 2012 at 1:34 PM Rating: Good
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Nadenu wrote:
With the annuity, it just ends when I do.
No it doesn't. The remaining money goes to your estate.

Unless you somehow decide that the first thing you're going to do after winning hundreds of millions of dollars is not go to a lawyer and fine tune all the details.
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#58 Mar 30 2012 at 1:37 PM Rating: Good
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And if you ever needed more than what the annuity gave you in any given year, I'd think a bank would be more than happy to finance your activity.
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#59 Mar 30 2012 at 1:40 PM Rating: Excellent
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Heh, I actually had this discussion with my wife.

Me> I hope you realize the first person I call should this ticket win is a lawyer.
Her> Ha, a divorce lawyer, right?
Me> No, he's second.
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#60 Mar 30 2012 at 2:09 PM Rating: Good
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PigtailsOfDoom wrote:
Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.


Personally, I'd rather take the lump sum on a big number like this. If I won something like a few million dollars or less, I'd probably do the annuity so I'd get more of it and I'd be less likely to spend it all faster than I should.
Eh, the annual option is more $ and it's not like you're going to spend more than what you get without trying pretty hard.


When I'm already getting 400 million, an extra 200 million isn't going to make that much of a difference to me. It's not like I'd be able to spend that much money in one life time as it is. I guess it would depend on how much I'd get a year. I suppose a few million a year would be enough to pay off all my debts and be able to buy a house, a couple nice cars, and pimp out the house with a bunch of electronic gadgets (and still have enough left over to live on for the rest of the year).
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#61 Mar 30 2012 at 3:26 PM Rating: Excellent
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If you want the money in one lump sum, don't you only get a much smaller portion of it? What kind of money could one expect to walk away with if they won the 640 mil?

According to the lottery official I heard on the radio, if you went lump sum you would be looking at about 35-40ish percent after taxes. So around $250-$300 million cash.
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#62 Mar 30 2012 at 3:26 PM Rating: Good
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Jophiel wrote:
Eske Esquire wrote:
If you want the money in one lump sum, don't you only get a much smaller portion of it? What kind of money could one expect to walk away with if they won the 640 mil?

According to the lottery official I heard on the radio, if you went lump sum you would be looking at about 35-40ish percent after taxes. So around $250-$300 million cash.

**** communists. You can barely live on that!
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#63 Mar 30 2012 at 3:37 PM Rating: Good
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Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.


Aside from the reasons others have listed, if you take it in annual sums, the interest on the pool of money itself is being earned by the government, and not you (plus inflation is working against you). If you were to take that entire lump sum amount (which looks to be about 1/3rd less than the full amount), and invest it in a diversified portfolio, you will have increased that amount by far more than +50% (in real dollars) over 20 years. Even just the inflation effect is going to make that 20th payment worth about half what it would have been worth if you'd gotten it on day one.

And of course, that's ignoring the possibility of the lottery system going bankrupt, state canceling additional payouts, seizing profits, taxes going up dramatically, war, revolution, zombie apocalypse, etc which might cause you to not get that money.
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#64 Mar 30 2012 at 4:44 PM Rating: Good
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Smiley: lol Like most people are going to properly invest that. Most are going to blow it anyway. Taking it in payments allows them to ensure they don't blow it all over a matter of 4-5 years.
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#65 Mar 30 2012 at 4:51 PM Rating: Decent
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Uglysasquatch wrote:
Smiley: lol Like most people are going to properly invest that. Most are going to blow it anyway. Taking it in payments allows them to ensure they don't blow it all over a matter of 4-5 years.


If you can manage to blow through that much money in 4-5 years, you deserve to be broke.
#66 Mar 30 2012 at 4:54 PM Rating: Good
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Turin wrote:
Uglysasquatch wrote:
Smiley: lol Like most people are going to properly invest that. Most are going to blow it anyway. Taking it in payments allows them to ensure they don't blow it all over a matter of 4-5 years.


If you can manage to blow through that much money in 4-5 years, you deserve to be broke.

Pretty much, yeah.

I'd pretty much just make sure my family was provided for, donate a ton of it, and put the rest in something safe, even if low-yield.
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#67 Mar 30 2012 at 5:07 PM Rating: Good
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Plenty of people have done it off of 100-150 million. Scams, charities, high risk investments are common ways. The average person has no idea how to manage that kind of money.
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#68 Mar 30 2012 at 5:20 PM Rating: Good
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I typically drop a 5 spot every week on the MegaMillions. This week I dropped 10.

Edited, Mar 30th 2012 7:20pm by Kastigir
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#69 Mar 30 2012 at 7:26 PM Rating: Excellent
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Uglysasquatch wrote:
Smiley: lol Like most people are going to properly invest that. Most are going to blow it anyway. Taking it in payments allows them to ensure they don't blow it all over a matter of 4-5 years.


Except that it doesn't. They can borrow against the annuity, then go bankrupt just as easily. I somewhat assumed that the choice is for someone who is actually trying to maximize the value of the prize. If the person is going to just blow through the money anyway, then the entire question is pretty moot. They're more likely to blow through their yearly payout, then have to borrow money against future years if they've limited the amount of money they actually physically have available to them.

If we assume someone who's going to be responsible with the money, not blow it all, and perhaps even invest a decent portion of it, then anyone who's still got money coming to them after 20 years, will have a lot more money if they took the lump sum and used it intelligently.
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#70 Mar 30 2012 at 7:48 PM Rating: Excellent
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#71 Mar 30 2012 at 8:16 PM Rating: Excellent
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lolgaxe wrote:
Nadenu wrote:
With the annuity, it just ends when I do.
No it doesn't. The remaining money goes to your estate.

Unless you somehow decide that the first thing you're going to do after winning hundreds of millions of dollars is not go to a lawyer and fine tune all the details.

I could have sworn that someone told me if you got the annuity, there's no way it could be willed to anyone if you die. I was lied to, and now someone has to die.
#72 Mar 30 2012 at 8:16 PM Rating: Excellent
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His Excellency Aethien wrote:
idiggory, King of Bards wrote:
I ran across the street and bought 1 (literally, just 1 entry). I can spare a buck to spend the evening imagining the trip around the world I'd take to celebrate my winnings.
Well, good luck on your estimated one in 175,000,000 chance of getting filthy stinking rich.


Nadenu wrote:
And if no one wins it tonight, that would probably push it up to around $800 mil next week.

Smiley: jawdrop


If noone wins tonight, the financing on my plan to purchase one ticket for every number will be set in motion, since >700M is where the math works out for that strategy.
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#73 Mar 30 2012 at 9:33 PM Rating: Good
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Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.

Is the sole reason for this comment human psychology? Because from a strictly financial perspective, you're better off taking the lump sum. As of the last time I checked the site, the annuity payment totaled $640 million after 20 years, versus $462 million cash. If you take the cash payment it takes only a 1.64%~ interest rate to equal the annuity payment. Inflation alone will beat that out.
#74 Mar 30 2012 at 9:44 PM Rating: Decent
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Numbers are in, they're 2 4 23 38 46 and 23. I managed three of the numbers but on three different draws, so my ticket turned out to be a five dollar piece of paper. Zam will just have to wait for it's full name to be restored. If nobody wins, the jackpot is reportedly going up to 975 million, which is just ridiculous.

#75 Mar 30 2012 at 11:43 PM Rating: Good
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Winning ticket was in Baltimore, apparently.
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#76 Mar 31 2012 at 12:05 AM Rating: Decent
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Baltimore County, hrm...I doubt my sister got a ticket up there.
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#77 Mar 31 2012 at 1:13 AM Rating: Excellent
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I tossed a couple of bucks into the office pool Apperently one of our tickets won a grand total of $10 dollars. Woo!
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#78 Mar 31 2012 at 2:16 AM Rating: Good
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Jonwin bought our lotto tickets in Baltimore Co. Now I'm going to have to find them and check our numbers.

You all will be the last to know if we are the winners. First call will be to his lawyer.
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#79 Mar 31 2012 at 5:45 AM Rating: Good
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Allegory wrote:
Uglysasquatch wrote:
I don't know why you wouldn't take the annuity on a sum like that, or any of the jumbo lotteries you guys have.

Is the sole reason for this comment human psychology?
Yes.
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#80 Mar 31 2012 at 6:40 AM Rating: Good
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HA I won suckers! See you all in hell!!!

is what I would say if I got more than one number.Smiley: frown
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#81 Mar 31 2012 at 7:19 PM Rating: Good
I heard today at work that there were three winning tickets. One in Maryland, one in Kentucky and one in Illinois, I think.
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#82 Apr 02 2012 at 7:13 AM Rating: Good
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Did anyone here win bajillions of dollars?

My husband bought a couple tickets. He often buys a lottery ticket. I scold him for wasting money - to no avail.
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#83 Apr 02 2012 at 7:18 AM Rating: Good
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I made back the money I spent, so yay.
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#84 Apr 02 2012 at 7:31 AM Rating: Excellent
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I never really checked my numbers against the drawing once I heard where the winning IL ticket was bought. I have a couple tickets from the last two-three weeks so I'll run them under the "see if you won" scanner over lunch and see if I matched anything of value. I assume not.
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#85 Apr 03 2012 at 1:50 PM Rating: Decent
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I live 30 min from Red Bud, IL. Missed it by (______________) that much! :(
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#86 Apr 03 2012 at 8:27 PM Rating: Good
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I live 30 min from Red Bud

Funny Farm flashback!

#87 Apr 05 2012 at 1:55 AM Rating: Good
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Debalic wrote:
idiggory, King of Bards wrote:
I'll buy one, because might as well.

Hey - you never know!


Actually, I think that's the slogan for the New York Lottery.



was, or is a slogan for 6-49 lotto here...iirc

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