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When I win the lottery....

Re: When I win the lottery....

RaceBoarder said:
No idea if it's legit or not, but Facebook has been showing a ticket from Saturday that was one number off for all six numbers.... I honestly can't say how I'd react to that...
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That person won a couple million dollars. It helps lighten the blow a bit, I'd think.
 
RaceBoarder said:
No idea if it's legit or not, but Facebook has been showing a ticket from Saturday that was one number off for all six numbers.... I honestly can't say how I'd react to that...
Click to expand...

That's what happens when you use HAL instead of IBM to pick your numbers.
 
Re: When I win the lottery....

Honest question ...

What if the winning ticket is claimed by a charitable or non-taxed entity? Do they get to collect the cash value amount and really have no tax to pay?

I'm planning ahead ... ;)
 
Re: When I win the lottery....

Kepler said:
If you've been to Vegas you know the truth of this statement. The one armed bandit floor of every casino looks like an assisted living community.
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You don't even have to go to Vegas. Even the Native casinos show the same.
 
Re: When I win the lottery....

FlagDUDE08 said:
You don't even have to go to Vegas. Even the Native casinos show the same.
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That I've seen. It would interesting to see what the studies show. I always thought the bluehairs parked their stools in front of the slot machine all day because they made it their one of their hobbies. I guess I assumed without thinking that the powerball purchasers were mostly blue collar workers.
 
Re: When I win the lottery....

I didn't say "epidemic" lightly. Sorry I don't have the source, but there was a series of stories on the problem a couple, three, four years ago (maybe one of the Detroit papers?) revealing high levels of gambling addiction among seniors. Much of it at the cost of the grocery budget and rent. Also, when I get stuck in line at a gas station behind a scratch-off addict, it's almost invariably a senior citizen. It's sad, actually - the games are marketed perfectly to capture the ... looking for the right word... idle, aimless, desperate? among us.
 
geezer said:
I didn't say "epidemic" lightly. Sorry I don't have the source, but there was a series of stories on the problem a couple, three, four years ago (maybe one of the Detroit papers?) revealing high levels of gambling addiction among seniors. Much of it at the cost of the grocery budget and rent. Also, when I get stuck in line at a gas station behind a scratch-off addict, it's almost invariably a senior citizen. It's sad, actually - the games are marketed perfectly to capture the ... looking for the right word... idle, aimless, desperate? among us.
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I'm not sure it is an epidemic, but my observation is that it sure looks as if the people who play the lottery the most are likely the ones who can afford it the least.
 
Re: When I win the lottery....

FlagDUDE08 said:
You don't even have to go to Vegas. Even the Native casinos show the same.
Click to expand...

Heck, it's probably worse at those, since people in Vegas at least had to get together the money to go there, whereas the local casinos are more than happy to send buses to any retirement center within 100 miles, especially on Social Security check day.
 
Re: When I win the lottery....

One of the most important things, and this is why we hear that so many lottery winners get themselves into trouble, is to understand the difference between one-time and recurring money transfers. A lottery win is one-time revenue. To be financially sound, it should never be used for recurring expenses, because just like a basic material mine, it is subject to depletion. If anything, use the revenue to purchase (one-time) a recurring revenue vehicle (e.g. certificates of deposit, dividend-paying stock, real estate for the express purpose of lease, etc.) if you want to incur recurring expenses.
 
Re: When I win the lottery....

At this jackpot level, just throw it all into T-bills. No need to bother with risk, you'll still make money hand over fist.
 
Re: When I win the lottery....

burd said:
I guess I assumed without thinking that the powerball purchasers were mostly blue collar workers.
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Somebody somewhere posted a link to a math professor explaining the odds and he said that at these levels even he would be buying a ticket or two, since the "expected gain" is positive, albeit slightly.

I know all the math and the "rational" reasons not to buy a ticket, and I'll buy a few now and then anyway, since there must be a place in life for fun, too. and my IRR is not -100%, as I've won $7 twice, and $4 three times....

Ideally, we'd win $1 million or so, enough not to worry about poverty, yet not enough to completely quit work entirely.


It's been interesting to notice how many people here mention trust funds or charitable foundations as a major part of their plans if they win. The single biggest way big-ticket winners ruin their lives is to spend all the money quickly. Instead, set it up to deny self access to principal and live only off investment returns (though please, not T-bills!! we don't need to encourage the US government to issue any more federal debt instruments....at least buy municipal bonds in well-run mid-size towns if you must go the "government financier" route)
 
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Re: When I win the lottery....

FreshFish said:
Somebody somewhere posted a link to a math professor explaining the odds and he said that at these levels even he would be buying a ticket or two, since the "expected gain" is positive, albeit slightly.

I know all the math and the "rational" reasons not to buy a ticket, and I'll buy a few now and then anyway, since there must be a place in life for fun, too. and my IRR is not -100%, as I've won $7 twice, and $4 three times....

Ideally, we'd win $1 million or so, enough not to worry about poverty, yet not enough to completely quit work entirely.


It's been interesting to notice how many people here mention trust funds or charitable foundations as a major part of their plans if they win. The single biggest way big-ticket winners ruin their lives is to spend all the money quickly. Instead, set it up to deny self access to principal and live only off investment returns (though please, not T-bills!! we don't need to encourage the US government to issue any more federal debt instruments....at least buy municipal bonds in well-run mid-size towns if you must go the "government financier" route)
Click to expand...
How will buying US Treasury debt on the secondary financial markets (i.e., my broker placing an order with a broker who represents JP Morgan) impact the primary financial market, which is where the Fed releases its debt securities? Given the trillions in US debt that's already out there, a few hundred million will not make a single bit of difference in the primary market unless you insist all of it be for a single issuance.
 
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