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Powerball and Megamillions: Would You Really Want To Win?

JwRosenthal
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Larry S Larry S
In general, these life events seem to have dire consequences for those who experience them. This is not to say that I’d say no to the money.
I think among this crowd (long time collectors of luxury/frivolous objects), we have a slightly different mindset than most. We know how to manage our budgets to afford luxuries, we know how to be patient and spend wisely, and we are aware of what is necessity and what is not.
I would be curious about how many lottery winners found the money life changing versus life enhancing. I can probably surmise that most who are already responsible with their money and understand how to live (not just survive) within their means would find it much easier to come into that kind of wealth as opposed to people who lack that privilege.
 
ghce
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Larry S Larry S
In general, these life events seem to have dire consequences for those who experience them. This is not to say that I’d say no to the money.

Please please I want some of those dire consequences, I could suffer the multimillions just so somebody else didn't have too.
 
Larry S
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JwRosenthal JwRosenthal
I think among this crowd (long time collectors of luxury/frivolous objects), we have a slightly different mindset than most. We know how to manage our budgets to afford luxuries, we know how to be patient and spend wisely, and we are aware of what is necessity and what is not.
I would be curious about how many lottery winners found the money life changing versus life enhancing. I can probably surmise that most who are already responsible with their money and understand how to live (not just survive) within their means would find it much easier to come into that kind of wealth as opposed to people who lack that privilege.
Most have no clue and get washed away in a sea of grasping relatives, friends and con artists.
 
JwRosenthal
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Larry S Larry S
Most have no clue and get washed away in a sea of grasping relatives, friends and con artists.
I thought about that in terms of my family and friends- everyone I know would be happy for me and not wanting/expecting a piece. Of course I would be far more magnanimous gifting (Speedmasters instead of old Seamasters for milestone birthdays), and far more charitable than I am now (public radio would get $100k/yr as opposed to my $100 pledge). But if we think about the people around us and any of them seem like the type that would have their hand out if we came into a windfall, are those the types of people we would want in our life regardless?
 
BlackTalon
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It's easy for me to initially think of some lofty goals, but $500 mil doesn't get you very far for some of them. (I am keeping this specific to the US, since we are talking US lotteries) You can build a nice hospital, but probably would not have enough to fill it with all the desired state-of-the-art equipment. Buildings are incredibly expensive these days :-(
 
pdxleaf
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I''d build a spaceship in the shape of a giant penis and invite a few friends to fly with me.

What? That's already been done?

Okay, with the net tax amount of about 275 million, I'd make 140 million t-shirts that says "My friend won the Powerball and all I got was this lousy T-Shirt."
 
gbesq
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I'd use at least part of my winnings to bribe every member of the United States Congress to resign and promise to never, ever run for any political office ever again. That could only serve to benefit mankind generally.
 
JwRosenthal
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gbesq gbesq
I'd use at least part of my winnings to bribe every member of the United States Congress to resign and promise to never, ever run for any political office ever again. That could only serve to benefit mankind generally.
Sadly that’s only about $1m each, they make more than that per year with their side hustles.
 
Archer
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gbesq gbesq
With yet another mass shooting in the US a few days ago, Canada certainly has its charms that go well beyond no taxation of lottery proceeds.

Well, you can get your weed delivered by Uber Eats, so yes we do a few things differently here. 😀
 
JwRosenthal
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Archer Archer
Well, you can get your weed delivered by Uber Eats, so yes we do a few things differently here. 😀
Brilliant cross marketing!
 
gatorcpa
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perks713 perks713
I’ve told my closest friends that if I ever win that kind of money they’re each getting a cool 10mil. I know I can buy new friends but I’d rather give a bunch of money to friends I already have so that we can hang out and not be overwhelmed with jealously.
You will also need to pay a gift tax on the excess given over $12million over your lifetime, although that can be doubled if you make gifts to your spouse (unlimited) who then makes gifts of their own.

https://www.whiteandwilliams.com/re...ration-Skipping-Transfer-Tax-Changes-for-2022

Archer Archer
You can renounce your US citizenship, which is commonly done by Americans that move here, to get the IRS off their backs...😀

That is true, but those that expatriate may be subject to a “toll tax”, with limits that vary depending the type of deferred income existing on the date of expatriation.

https://www.kplaw.com/wp-content/up...ing-American-Trusts-Trustees-October-2015.pdf

Consult your international tax advisor or attorney if you find yourself in this situation. 😀
gatorcpa
 
gbesq
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gatorcpa gatorcpa
You will also need to pay a gift tax on the excess given over $12million over your lifetime, although that can be doubled if you make gifts to your spouse (unlimited) who then makes gifts of their own.
^In a nutshell, this quote explains why there are no TV dramas about accounting firms. 😁
 
pdxleaf
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So, this is pretty unbelievable.

My neighbor is in a band. We've talked about seeing him play for years. Tonight, we finally went.

20221016_174648.jpg


He's playing in a jug band. They recently returned from a national jug band competition in Kentucky. They were great, lots of fun.

That's the setting. We sat down at a table with a family and started talking. Over the next hour we learned that the couple were in their 80's. Together, they have had 525 foster babies. Not an exaggeration. She is a trained nurse so they take babies who have medical issues. Many kids who refuse to eat, for example, are the kids they take in. She gets them healthy until they can go to foster homes.

There's more details, but it was like we were in the presence of angels and my life was exposed. I failed miserably.

We don't need the lottery to do good things. We don't need to wait for winning the lottery to do good things. But if anyone wins the lottery, give it to foster families.
 
SC1
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I wouldn't mind winning but I sure as anything wouldn't tell a soul... most winner's lives go down the toilet after winning large sums of money.
 
Archer
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Lottery winners are publicly named here by law.

I mentioned this thread to my wife as we are sitting here watching a tennis tournament on TV. We agreed that if we won, we would both give up work, and hire someone to arrange travel, accommodations, and tickets to all the tennis events we could squeeze in. My wife said she wanted it all done by someone els, but did say she would pack her own bags, but that was it!

She then of course said she would donate millions to various charities related to rescuing dogs. I’m good with that personally, and we will likely leave some to such charities in our wills.
 
lillatroll
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Let's say you did win the Powerball lottery....would you buy a watch, that you liked, even if it cost astronomical amounts of money? A Richard Mille, or some rare PP? ( I would be tempted but don't think I would go through with it)
 
JwRosenthal
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lillatroll lillatroll
Let's say you did win the Powerball lottery....would you buy a watch, that you liked, even if it cost astronomical amounts of money? A Richard Mille, or some rare PP? ( I would be tempted but don't think I would go through with it)
I would get the ones that “got away”- basically buying back the wrongs.

Big crown sub that I didn’t buy in an antique store for $400 back in 1999 because I was poor college student straddled with debt.
UG Bicompax I didn’t buy in a pawn shop for $300 (see above reason).
1965 Ford Mustang GT350 I was offered in 1995 for $12k (again- see above)
1972 Mercedes 280sl I was offered for $10k by my uncle when I was 20 years old (I seemed to always be poor at the wrong times),
Lastly, my 1973 BMW 3.0cs I sold in 2008 to keep the peace in a dying marriage.

I’m sure there are a few more that got away- but those are the highlights I would like to correct.
 
Mark020
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I think it will be easier to give away 400 mio than to make 10 mio 😁
 
BlackTalon
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I would use part of the winnings to buy some of the local politicians and have them roll back the 'increased density' plans they are now pushing in my suburban area.
 
kkt
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I'd store the ticket safely while I investigate whether I could claim the prize anonymously or through a blind trust etc. If I couldn't, I'd probably donate the ticket. I have enough to take care of myself just fine and I don't need the aggravation of everybody who's ever met me asking for money.
 
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