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post #1 of 19 (permalink) Old 06-05-2009, 07:42 PM Thread Starter
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Take the lump sum and lose roughly 2/3's of your winnings....damn

http://news.yahoo.com/s/ap/20090606/...rags_to_riches

He officially won $232 million.......


He will take home a lump sum of $88.5 million after taxes are deducted.

damn..!!!!


And before anyone states that he won't notice it, that isn't the reason for my post..!


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post #2 of 19 (permalink) Old 06-05-2009, 10:43 PM
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Great story, but where did the rest go



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post #3 of 19 (permalink) Old 06-06-2009, 01:21 AM Thread Starter
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Quote:
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Great story, but where did the rest go
The fooking government I gather...KA-CHING says the tax man


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post #4 of 19 (permalink) Old 06-06-2009, 05:30 AM
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Bah, stupid US government.
Lottery winnings are not taxable in Canada


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post #5 of 19 (permalink) Old 06-06-2009, 09:19 AM Thread Starter
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I would take the long term. $10,000,000 a year for 20 odd years after tax would be nice
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post #6 of 19 (permalink) Old 06-08-2009, 01:44 PM
The answer? Simple: 42
 
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Used to be where if you took the whole thing, you'd come out ahead after investing compared to the 20 year. But, by the same token, I don't think I could trust any gov't or lottery commission to keep paying me over time. Therefore, I'd still take the whole winnings at one time.
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post #7 of 19 (permalink) Old 06-08-2009, 04:05 PM
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he was given the choice and took the 118 million cash which was then taxed down to 85 million.

the part I don't get is how they can say its a 232 million dollar jackpot then penalize the winner(50%) for wanting it in one lump sum.

David
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post #8 of 19 (permalink) Old 06-08-2009, 05:55 PM
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Quote:
Originally Posted by macattack View Post
he was given the choice and took the 118 million cash which was then taxed down to 85 million.

the part I don't get is how they can say its a 232 million dollar jackpot then penalize the winner(50%) for wanting it in one lump sum.
I agree. If you won you won plain and simple. Give me the money the way I want it and NOW. It's not like they don't have it. Ofcourse they do, considering it comes from the people who PLAY the damn game.

Either way he has alot of money. But that's beside the point.
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post #9 of 19 (permalink) Old 06-08-2009, 06:31 PM
The answer? Simple: 42
 
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Quote:
Originally Posted by macattack View Post
he was given the choice and took the 118 million cash which was then taxed down to 85 million.

the part I don't get is how they can say its a 232 million dollar jackpot then penalize the winner(50%) for wanting it in one lump sum.
It's realized money and they're counting on it growing to that amount over the 20 years. I still think it's BS.
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post #10 of 19 (permalink) Old 06-09-2009, 02:46 AM Thread Starter
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fjorn, my american boss told me the same thing. So on hindsight, I would take the lump sun and run.
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post #11 of 19 (permalink) Old 06-09-2009, 05:01 AM
The answer? Simple: 42
 
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It amazes me though the amount of people who won't play until it gets up around $100 million or more. They say "It's not worth it" to play for 15 or 20 million. Excuse me?! Even if ALL I got was $5 million after taxes I'd be one happy S.O.B. because I'd pay off all my bills and live very comfortably (to me at least). Hell, I don't care if it just a $1 on the rare scratch offs I play. At least it's something!

True story #1: Friend of mine matched 5 numbers on Powerball a few years back and won the $100K. I think it was like $38K after taxes, etc. He put that towards the balance he owed on his house and in a year it was paid off. While not wealthy, he and his wife are doing rather well because they don't have the house payment anymore.

True story #2: One of my former bosses opened his own repair shop after his dad won $1 million on a scratch off. His dad split the winnings between the three kids and kept a little for himself. The other two kids wound up pissing the money away quickly and have nothing to show for it except for debt and bankruptcies. My former boss did well for a few years until he started getting greedy like the boss he used to work for. He still has his doors open. But, I don't know how he pays his mechanics because there's almost no work going to them anymore. He's also pissed his money away over time on toys and a bad marriage to a woman who spent money faster than he did.


It's good to know real people actually win large amounts of money. But, it's interesting to see how each person handles it differently.
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post #12 of 19 (permalink) Old 06-09-2009, 05:30 PM Thread Starter
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'Its not worth it trying for a smaller amount to win'
don't people just amaze me. As you said fjorn, I just love the thought of winning a paltry 2-5 million dollars. That would be me retired.
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post #13 of 19 (permalink) Old 06-09-2009, 08:16 PM
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ya, you're on the losing end of the odds unless it's over a certain amount tho.

HAIL TO THE KING!!

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post #14 of 19 (permalink) Old 06-10-2009, 08:27 PM Thread Starter
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Junior, if I win 5 million bucks I'll buy one of those Aprilia 500's that I've seen.
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post #15 of 19 (permalink) Old 06-10-2009, 11:25 PM
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if you win 5 mill and spend it on that and don't let me build you something lean and mean, I'll be mega pissed.

I guess what it comes down to is that the mathematical odds become irrelevant after a certain point.

HAIL TO THE KING!!

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post #16 of 19 (permalink) Old 06-10-2009, 11:32 PM Thread Starter
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Quote:
Originally Posted by Junior View Post
if you win 5 mill and spend it on that and don't let me build you something lean and mean, I'll be mega pissed.

I guess what it comes down to is that the mathematical odds become irrelevant after a certain point.
fair enough, but I have to help


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post #17 of 19 (permalink) Old 06-13-2009, 10:33 AM
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Your chances of winning the lotto minimum are the same as winning a jackpot of say 232 million. The difference is whether multiple people also have the same numbers you do. as more people play the odds of having to split the jackpot go up...

For those that worry about it, just remember, you can't lose if you don't play..

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post #18 of 19 (permalink) Old 06-13-2009, 09:01 PM
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I wonder if some one takes the cash out ad the HUGE tax hit will they ever be taxed on the money again. PROBALLY. Take the long term and I think you will do better. Not to mention most people tha win the lottery blow it ALL in just a few years anyways. IDIOTS. As the old saying goes "a fool and their money are soon parted."


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post #19 of 19 (permalink) Old 06-16-2009, 06:54 AM
The answer? Simple: 42
 
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Quote:
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I wonder if some one takes the cash out ad the HUGE tax hit will they ever be taxed on the money again. PROBALLY. Take the long term and I think you will do better. Not to mention most people tha win the lottery blow it ALL in just a few years anyways. IDIOTS. As the old saying goes "a fool and their money are soon parted."
You're always taxed on money by either earnings, purchases, investments, etc. They find a way to bleed us dry on a dollar.

Personally, I'd still take the winnings all in one lump sum. Then, I'd put it into various savings/investment accounts and set up a monthly (or biweekly) annuity through that. I'd never trust the gov't with that amount of money over time.
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