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    Thread: Obligatory: $500,000,000.00 Powerball. What would you do?

    1. 11-28-2012 12:24 PM #51
      Quote Originally Posted by Egilbe View Post
      no, invest the money and pay the capital gains tax rate, rather than the income tax rate. Annuities are taxed at the highest rate and for 20+ years, you get taxed at the highest rate. One lump sum payment and you've earned all that money back, plus some and paid less in taxes
      Lottery winning is ordinary income, regardless how the payout is taken.

      You can invest your winning, sure, but with after-tax money.

    2. Member 1.8Tquattro's Avatar
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      11-28-2012 12:24 PM #52
      "pay off my bills and invest it"
      What the **** is wrong with you people?

      I'd piss away a few million on cars and a warehouse to store them in in the first few months.
      Of course it's company policy never to, imply ownership in the event of a dildo... always use the indefinite article a dildo, never your dildo.

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      11-28-2012 12:25 PM #53
      By the way, the drawing is now at $550 million. Not a bad investment for $2

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      11-28-2012 12:25 PM #54
      Quote Originally Posted by Lwize View Post
      I'd go nuts at JC Penney.
      why would you buy that festering company?
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      11-28-2012 12:26 PM #55
      Quote Originally Posted by joe97 View Post
      Lottery winning is ordinary income, regardless how the payout is taken.

      You can invest your winning, sure, but with after-tax money.
      yeah, but you only pay the tax on a lump sum once while the invested money continues to grow and earn money. Annuities, you don't get the same return. Annuities are for idiots.
      Quote Originally Posted by winstonsmith84 View Post
      Tax? I don't mind paying state sales tax. Every time a see a pothole, a school that is falling down or a canceled essential state program, I remind myself why.
      Quote Originally Posted by Tornado2dr View Post
      535 members of congress plus 1 pres screwing us all the time...that's dirty pirate hooker level gang rape.

    6. 11-28-2012 12:29 PM #56
      Quote Originally Posted by brickfrenzy View Post
      Your take home, depending on your state, is going to be around 33%, so you'll be getting around $170 million.

      My scheme:


      • Pay off my mom's debts, buy my brother and best friend a house
      • Buy myself a nice little mansion with a few dozen acres of land around it with oodles of garage space
      • Set up an annuity for each of my idiot in-laws that pays them some amount that allows them to live comfortably, then tell them to never ****ing talk to me about money again.
      • Set up a charitable trust for my best friend's fiancee to run, such that she can do all manner of interesting charity work.
      • Take an around the world cruise
      • Quit my job and become a part-time poker player and part-time layabout
      • Sex in every state, on every continent, and eventually in every country.
      on the last item of your list.

      Tax would be around 40% in most places, given federal @ 35%. NYC would probably end up be over 50% with state and local income taxes.

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      11-28-2012 12:31 PM #57
      Quote Originally Posted by 20thAna3282 View Post
      I would build a few cars that would piss off TCL so much.

      v8 in a Lotus. 2jz in a classic GTO and so on.

      Just because.

      FWD miata just because I could.

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      11-28-2012 12:34 PM #58
      Quote Originally Posted by xombiesarelove View Post
      FWD miata just because I could.
      Pretty sure that's a Lotus Elan.

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      11-28-2012 12:36 PM #59
      Everyone in my immediate family (10 people) is getting $1M (maybe $2M) with the stipulation that they sign something saying "Chris is awesome for giving me this cash and in return I promise to never ask for another dime.". No sign-o, no cashola.

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      11-28-2012 12:37 PM #60
      Quote Originally Posted by Chris Stack View Post
      Everyone in my immediate family (10 people) is getting $1M (maybe $2M) with the stipulation that they sign something saying "Chris is awesome for giving me this cash and in return I promise to never ask for another dime.". No sign-o, no cashola.
      I'll wear a sleeveless american flag shirt with that printed on the back everyday for $2 million.
      Of course it's company policy never to, imply ownership in the event of a dildo... always use the indefinite article a dildo, never your dildo.

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      11-28-2012 12:39 PM #61
      After all my legal and financial dealings, I'd move off the grid and do whatever the **** I want.
      I wish I had a cool car.

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      11-28-2012 12:39 PM #62
      Based on Principal Amount of $110,000,000, at an interest rate of 5%, over 25 year(s):
      Total Value = $372,499,043.5

      Total Interest = $262,499,043.5

      1st year's interest is $5.5 million dollars
      last year's interest is $17,738,049

      As long as you don't spend it, you can stay wealthy and still be able to do what you want.
      Quote Originally Posted by winstonsmith84 View Post
      Tax? I don't mind paying state sales tax. Every time a see a pothole, a school that is falling down or a canceled essential state program, I remind myself why.
      Quote Originally Posted by Tornado2dr View Post
      535 members of congress plus 1 pres screwing us all the time...that's dirty pirate hooker level gang rape.

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      11-28-2012 12:45 PM #63
      I would pay off all of my debt. I would then buy a car to replace my current one. Then I would add on to the garage. I would update and improve the house. I would dump a bunch of money into my Corrado. That would eat up the rest of the money I think.
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      11-28-2012 12:49 PM #64
      Quote Originally Posted by joe97 View Post
      By the way, anyone here would take the annunity payment rather than the lump sum option?
      Yep. Unless someone could convince me otherwise, seems legit.

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      11-28-2012 12:57 PM #65
      Quote Originally Posted by Lwize View Post
      well new "normal" like a 1%'er
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      11-28-2012 12:58 PM #66
      If you are interested to see how much you would net after fed and state taxes, here's a link to a site that does the math for you ==> http://www.usamega.com/powerball-jackpot.asp

      For example, Maryland (with the 3rd highest in-state tax):

      Lump-sum cash: $360,200,000
      - 25% Federal Tax - $90,050,000
      Subtotal $270,150,000

      - 8.75% MD state tax - $31,517,500
      Your net payout: $238,632,500

      I would also recommend this ==> http://www.lotterypost.com/news/253629

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      11-28-2012 12:58 PM #67
      I'd go lump sum so that's what, around $250 million after taxes?

      Go buy this M5 like right now.
      Go buy whatever car my wife wants like right now.
      Set Jetta on fire
      Hire Lawyer
      Hire Accountant
      Pay all off all debt
      Sell my house and build a new house in Stowe, VT (wife has always wanted to live there)
      Build a new house for my parents wherever they want
      Build a new house for my in-laws wherever they want
      Start looking at other places we'd want to live and have a condo or something
      Travel, travel, travel, travel, travel- mostly through Europe and Asia
      Eventually set up college funds for all 5 nieces and nephews

      With that much money what couldn't we do?
      iain

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      11-28-2012 01:02 PM #68
      Quote Originally Posted by Cervical Bruiser View Post
      Hire the cast of "The Fast and the Furious" to re-act the movie on stage, using their hands.

      this man is a genius

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      11-28-2012 01:02 PM #69
      first thing Porsche Carrera GT
      then id drive that to pick up my 1989 Porsche 930
      there would be a big turbo supra somewhere in there,along with a r34 skyline gtr
      then an ariel atom
      then id buy a house lol.
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      11-28-2012 01:04 PM #70
      the lump sum would be somewere south of 200mil after taxes

      id take that spend 40-60 mil then live off the intrest for the rest of my life

      first thing i would do is quit my job then get my **** in order buy a house and a few cars then buy my boat and go where ever the eff i want for a few months

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      11-28-2012 01:05 PM #71
      Quote Originally Posted by Crob View Post
      You'd never see my ass on here ever again.
      i hope you win
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      That's too bad but, VWVortex said so... so you have to do it now.

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      11-28-2012 01:06 PM #72
      All the posts about buying new cars reminds me of the last big local lottery winner in this area - I think he won $27M. He took his winning lottery ticket to the local Ford dealer and drove off with a new Explorer - hadn't even claimed the prize - just showed the manager the ticket and they agreed to let him drive the car off the lot and return a few days later with the money. Or something like that.
      Last edited by BrianC; 11-28-2012 at 01:20 PM.

    23. Global Moderator Matt's Avatar
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      11-28-2012 01:09 PM #73
      Quote Originally Posted by Hostile View Post
      I'd go lump sum so that's what, around $250 million after taxes?

      With that much money what couldn't we do?
      I don't think you could buy most professional sports franchises
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      Quote Originally Posted by Chris Stack View Post
      I don't want the butt herp on my schwantz either.

    24. Banned Fritz27's Avatar
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      11-28-2012 01:10 PM #74
      Quote Originally Posted by BrianC View Post
      If you are interested to see how much you would net after fed and state taxes, here's a link to a site that does the math for you ==> http://www.usamega.com/powerball-jackpot.asp

      For example, Maryland (with the 3rd highest in-state tax):

      Lump-sum cash: $360,200,000
      - 25% Federal Tax - $90,050,000
      Subtotal $270,150,000

      - 8.75% MD state tax - $31,517,500
      Your net payout: $238,632,500

      I would also recommend this ==> http://www.lotterypost.com/news/253629
      Damn, $270 million for me.

      Not too shabby. Even if I blew $100 million out of the gate, I'd still have $170 million and could pull in probably $10 million a year off interest being a wuss with investments.

    25. 11-28-2012 01:10 PM #75
      Quote Originally Posted by BrianC View Post
      All the posts about buying new cars reminds me of the last big local lottery winner in this area - I think he won $82M. He took his winning lottery ticket to the local Ford dealer and drove off with a new Explorer - hadn't even claimed the prize - just showed the manager the ticket and they agreed to let him drive the car off the lot and return a few days later with the money. Or something like that.
      This is exactly what I would do. But it wouldn't be a Ford dealer.

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