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Mega Millions Lotto Jackpot: $640 MILLION (Drawing on 3/30/12) (2, 4, 23, 38, 46, MB:23)

Ellis

By Ellis
in The Tailgate

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ixcuincle

ixcuincle

Posted
Posted

But yeah, if I won, I would pool money together with other investors to buy the Redskins. The Dodgers sold for 2 bil. I wonder how much the Redskins would go for. And of course get rid of all the Snyder junk like parking fees and stuff

Also, per the nightly news yesterday, you should pick double digit numbers and avoid numbers like 3, 5, 7

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The Evil Genius

The Evil Genius

Posted
Posted

Historically, the cash value (depending on what state you live in) after all taxes of the megamillions jackpots have run at 45-55% of the total jackpot.

So, in this case, you are only looking at taking home 240-260 million, after taxes, assuming there is only 1 winner.

That has to be tough.

---------- Post added March-28th-2012 at 11:59 AM ----------

Hope this was sarcastic, I see plenty of people that age traveling, out running, etc.

Yeah, it was semi-sarcastic. I already put 10-15% of my check into retirement pools, so a few dollars to the lotto really isn't going to make much difference. Although, the idea of not enjoying that money (the retirement money) until 3/4 of your life is over, is kind of funny to me.

---------- Post added March-28th-2012 at 12:02 PM ----------

Also, in regards to the cash vs 20 year option. I always thought it made sense to take the cash up front, especially since you can earn a lot if interest on it over the next 19 years. Interest that you are forfeiting if you take it over a 20 year option. That said, is the cash payout less than the 20 year payout?

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DM72

DM72

Posted
Posted
Also, in regards to the cash vs 20 year option. I always thought it made sense to take the cash up front, especially since you can earn a lot if interest on it over the next 19 years. Interest that you are forfeiting if you take it over a 20 year option. That said, is the cash payout less than the 20 year payout?

If you could be so lucky, you should take the lump sum.

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USS Redskins

USS Redskins

Posted
Posted

Wonder if I could buy a piece of the Redskins with my winnings?

I will def. buy a luxury suite for homegames... and then rent a box for every away game... maybe buy a Jet for the travels.

Hell, maybe rent the White House out when I go to the home games.

Then take a 3 hour tour on a crappy little boat with a variety of commoners for some odd reason.

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adam@section118

adam@section118

Posted
Posted
Historically, the cash value (depending on what state you live in) after all taxes of the megamillions jackpots have run at 45-55% of the total jackpot.

So, in this case, you are only looking at taking home 240-260 million, after taxes, assuming there is only 1 winner.

That has to be tough.

Just saw somewhere today. Virginia lottery winnings are taxed at a rate of 25% federal 4% state.

http://www.megamillions.com - shows you the actual cash value of the winnings after taxes if anyone cares

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Special K

Special K

Posted
Posted
someone always wins. but i see your point
Have you read the stories about so many people who win, though? They're pretty disgusting.

I definitely admit I would love to have the money to pay off my credit cards and student loans, make sure my parents can retire immediately and enjoy life instead of having to work themselves into the ground paying off raising all us bratty kids, and yes, I'd love to spend time traveling. However...that type of wealth seems to bring out the worst in people and I'd be worried about long-lost "relatives" and "friends" coming out of the woodwork to take their piece of wealth they may feel entitled to.

That being said, I can't bring myself to play the lotto. I can't get over the odds stacked up against me. Now blackjack in Vegas? Yes please :D

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The Evil Genius

The Evil Genius

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I've heard that the best thing anyone who wins can do is find some good financial planners & don't claim the prize immediately. However, if only 1 person wins this, this amount is so much that I can't see them blowing through it too quickly. Hell, your kids' kids should be set for life with this amount of money.

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DM72

DM72

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I've heard that the best thing anyone who wins can do is find some good financial planners & don't claim the prize immediately. However, if only 1 person wins this, this amount is so much that I can't see them blowing through it too quickly. Hell, your kids' kids should be set for life with this amount of money.

Why should anyone have to hire a financial advisor? Get your money and put it in the banks with the best interest rates and enjoy life.

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DCSaints_fan

DCSaints_fan

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Lotto: A tax on people who can't do math.

From a pure 'expected payoff' principle, you're right. But money doesn't scale linearly. E.g., most people consider pennies basically worthless nowadays. What amounts to a small monetary sacrifice for the chance of a big payoff could be considered logical, despite the odds being grossly in favor of 'the house" (the government) You can't meaningfully 'invest' small amounts of money anyway. For people who spend hundreds of dollars on tickets, yeah they're idiots but what basically amounts to brownbagging lunch one day instead of buying at the deli, that sounds like a pretty fair trade.

Oh yeah, and when the jackpot gets really big, I think the expected payoff actually becomes positive for people who didn't play prior to that, but I could be wrong...

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skinsmarydu

skinsmarydu

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^^^Since it was someone here who reminded me last night, I was willing to give every single member a grand just for being cool...I mean, really, how much do we really NEED? I wanna set up a foundation, give a bunch away to needy people and such. (And help some ES, that's it.)

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