Mega Millions upto $810 million

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sstterry said:
Yes, assuming you don't get duplicate numbers and each number is unique. But you also run the risk of someone else having the winning numbers and then you can end up in the hole.
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I wasn't aware they would print duplicate numbers. Shows how much I know about the system.
 
Son of Butch said:
Then you won't have to worry about the cost of finisher and corn for the next 90 days for those 2 steers! :) lol
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lol yes I would have many more problems trying to find land and cows to blow my money on. You see I'd have an advantage that most lottery winners don't have. Most all of them blow all the money and are broke in a few years but I bet I could do it much faster with this cattle hobby of mine.
 
Otha said:
I wasn't aware they would print duplicate numbers. Shows how much I know about the system.
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Sure, if you get the quick pick, it is done by random mumber generator. However, you can also pick your own numbers and on ocassion there is more than one winning ticket.

I remember many many years ago, there was an older man in Northern Tennessee that would cross the state line to play the KY lottery every week using the same numbers every time (no lottery in TN at that time). He eventually won. Knowing that he had won, he went to the Knoxville Cadillac dealer to see if they would sell him a new car to drive to pick up the proceeds. No one would talk to him and his family because they weren't dressed all that well, so they left. He went down the street to the Lexus Dealer and they loaned him a brand new car to go pick up the money. He ended up buying several new cars from them when he got his winnings.
 
Son of Butch said:
Technically taxes on 816 million would've left you in the hole.
BUT now that it's over a Billion...... :) Go go go go
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And don't forget if if you take the cash option, you only get about 60% of the total. The one billion is paid out in an annuity over 20 or 30 years if I recall. Then take out the taxes and if you are the only winner you would net about 360 million or so, give or take.
 
sstterry said:
Sure, if you get the quick pick, it is done by random number generator. However, you can also pick your own numbers and on occasion there is more than one winning ticket.
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On heavily played lotteries when 3 or more numbers 1-31 hit there are almost always multiple winners bcs so many play birthdates, anniversary dates ect.

IF you're planning to pick all 303 million picks by hand ya better get your hustle on. lol
 
Son of Butch said:
A penny saved is a penny earned. :)
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$2 is $2. Which reminds me of...........

Buddy and his wife Edna went to the state fair every year, and every year Buddy would say, "Edna, I'd like to ride in that helicopter."

Edna always replied, "I know Buddy, but that helicopter ride is fifty bucks, and fifty bucks is fifty bucks."

One year Buddy and Edna went to the fair, and Buddy said, "Edna, I'm 85 years old. If I don't ride that helicopter, I might never get another chance."

To this, Edna replied, "Buddy that helicopter ride is fifty bucks, and fifty bucks is fifty bucks."

The pilot overheard the couple and said, "Folks I'll make you a deal. I'll take the both of you for a ride. If you can stay quiet for the entire ride and don't say a word I won't charge you a penny! But if you say one word it's fifty dollars."

Buddy and Edna agreed and up they went.

The pilot did all kinds of fancy maneuvers, but not a word was heard. He did his daredevil tricks over and over again, but still not a word.

When they landed, the pilot turned to Buddy and said, "By golly, I did everything I could to get you to yell out, but you didn't. I'm impressed!"

Buddy replied, "Well, to tell you the truth, I almost said something when Edna fell out, but you know, fifty bucks is fifty bucks!"
 
sstterry said:
And don't forget if if you take the cash option, you only get about 60% of the total. The one billion is paid out in an annuity over 20 or 30 years if I recall. Then take out the taxes and if you are the only winner you would net about 360 million or so, give or take.
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If you die during the pay out you lose it right?
 
Brute 23 said:
If you die during the pay out you lose it right?
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No, it is guaranteed for the life of the annuity. It would go to your beneficiaries or most commonly, your designees under the Annuity Contract. I have dealt with these type of annuities many times over the years. Normally in my work, they are lifetime annuities but are guaranteed for a set number of years (normally 20).

Once you get past the big numbers, it just a standard annuity contract. But note, they are not normally paid out in equal installments. They start low and increase over the years to protect the winner against inflation ect. You are almost always better off taking the lump sum if you are not a spendthift.
 
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sstterry said:
No, it is guaranteed for the life of the annuity. It would go to your beneficiaries or most commonly, your designees under the Annuity Contract. I have dealt with these type of annuities many times over the years. Normally in my work, they are lifetime annuities but are guaranteed for a set number of years (normally 20).
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Nice. Probably not the best math wise but probably a good option.
 
I did not match one single number on 5 plays... yep, I spent $10.... so I ought to have a better chance on Friday eve....;) :LOL:. I saved enough on gas the last 2 fill ups, with prices down to 3.89 from the 4.29 that I can afford a couple more tickets....LOL
 
sstterry said:
And don't forget if if you take the cash option, you only get about 60% of the total. The one billion is paid out in an annuity over 20 or 30 years if I recall. Then take out the taxes and if you are the only winner you would net about 360 million or so, give or take.
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360 million is still a number I'd have trouble wrapping my mind around. I really think that would take alot of the fun out of life for me. I enjoy making and spending money. Really making it is more fun so winning that much would take alot of the challenge and risk out of life.
 
callmefence said:
I would think the 303 million would be a deductible business expense... 🤔
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True, gambling losses up to the amount declared in winnings are deductible.
All gambling losses need a receipt of purchase and loss. I've known winners of casino jackpots $1,000+ to hang around racetrack to pick up losing tickets to use. Because casinos require winner fill out W-2G tax form to receive their payout.

p.s.
I knew of one idiot who started with $200 run it up to 12k and quit when he was up 10k Then found out he would be taxed on the 10k he cashed out and turned around and went back in to win enough to cover taxes.
Stupid story short, he lost all 10k and walked out broke with a tax bill to boot.
 
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Otha said:
360 million is still a number I'd have trouble wrapping my mind around. I really think that would take alot of the fun out of life for me. I enjoy making and spending money. Really making it is more fun so winning that much would take alot of the challenge and risk out of life.
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If you win, I will take it off your hands, I already have a couple of tractors and some equipment picked out :giggle:
 

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