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Old February 1 2011, 10:05 AM   #1
Jetfire
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Decades Of Dollars

http://www.valottery.com/decadesofdollars/howtoplay.asp

I occasionally throw a few dollars every now and then at some lottery tickets but I must say this game intrigues me more than Mega Millions or Powerball.

Drawings are Mon & Thurs...You pick 6 numbers 1-47 and if you match 6 you get $250,000 a year for 30 years or $4,000,000 CASH!

Odds of matching 6/6 are 1 in 10,737,537.

other prizes include 2/6 Free ticket, 3/6 $10, 4/6 $100, 5/6 $10,000 and 6/6 $250,000 a year for 30 year or $4,000,000.

This is being played in VA, KY & GA.

Some perspective Mega Millions odds are 1 in 175,711,536.

I might get a ticket for the first draw Thurs Feb 3rd.

Play Hurley's numbers...04-08-15-16-23-42?

I believe I would take the $4,000,000 cash.

[edit] The only thing that sucks is it cost $2 a ticket instead of $1.
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Old February 1 2011, 10:19 AM   #2
Miss Chicken
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Re: Decades Of Dollars

Is that $4,000,000 for every one with the winning numbers no matter how many people have the winning numbers? I imagine quite a few people will use Hurley's numbers.
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Old February 1 2011, 10:22 AM   #3
JarodRussell
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Re: Decades Of Dollars

Getting 250,000 a year for 30 years instead of 4,000,000 cash at once at least prevents you from doing really stupid things with the money. And it's a lot more, too.
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Old February 1 2011, 10:23 AM   #4
Jetfire
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Re: Decades Of Dollars

@MissChicken
It says the prize is set unless there are 3 or more winners...then they would share in the $10,000,000 cap....so a bunch of people would share $10,000,000.

@JarodRussell Yeah taking an annuity is generally wiser...unless one is just paranoid. Or wants to blow it fast.
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Old February 1 2011, 10:32 AM   #5
Miss Chicken
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Re: Decades Of Dollars

If you take Hurley's number and they came up I think you would be sharing with quite a few people.

A few years ago one of a local community papers had Lotto numbers that came up with the second prize which was usually a few thousand dollars. Usually only about 2% of the prizes go to Tasmanians (because we only make up 2% of the Australian population) but one this particular draw about 80% of the winners were Tasmanians and the prize was only $117.
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Old February 1 2011, 10:47 AM   #6
Jetfire
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Re: Decades Of Dollars

^
I always think it is funny when alot of people win...this happens alot with Pick 3 & Pick 4 games...a bunch of people will play 777 or 5555 and win and the the state lottery has to pay out a bunch of money.
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Old February 1 2011, 11:19 AM   #7
marillion
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Re: Decades Of Dollars

I'm with the idea of spreading it out over 30 years too.. The idea of getting a lump sum worth millions has its charms, to be sure, but the potential headaches of managing that much money are mind boggling..

With 250k a year, you can still pay off your home in quick fashion, buy a really nice car, put money away for the kids' college funds, donate significant amounts to charity and go on some seriously nice vacations... BUT...

You'll also have that need/desire to work intact.. You're not SO secure that you can just give up on what you do.. 250k is a lot of money, but it spends fast.

With 4 million, you'd be tempted to just quit your job and live the playboy lifestyle... Frankly, I think I'd become bored very quickly...
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Old February 1 2011, 11:29 AM   #8
Miss Chicken
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Re: Decades Of Dollars

My worries with taking the $250,000 a year would be my age. In am turn 53 this month and if I take $250,000 a year instead of 4,000,000 I would have to live 16 more years to get my 4,000,000.

That doesn't take into account that I could invest some of the $4,000,000. If I invested $3,000,000 at 5% I would be making $150,000 a year and still have 1,000,000 to buy a nice house.

I believe that in the USA lottery wins are taxed. How much of the 4,000,000 would be lost to tax?

In Australia, where lotteries are paid out in lump sum, the initial money is not taxed but you are taxed on the interest you make off it.
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Old February 1 2011, 11:31 AM   #9
Jetfire
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Re: Decades Of Dollars

35% Fed Tax & for me 4% State Tax...so 39% all together not counting other things that could come up.
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Old February 1 2011, 11:37 AM   #10
Miss Chicken
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Re: Decades Of Dollars

I shouldn't say that Tattslotto isn't taxed in Australia. The taxes are taken out before the money reaches the Prize pool. This means that if the first prize in $4,000,000 and is won by one person s/he gets the full $4,000,000.
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Old February 1 2011, 06:08 PM   #11
Jetfire
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Re: Decades Of Dollars

I did get a ticket for the first draw...I didn't play Hurley's numbers...but I may get another one Thursday.

@Marillion Yeah...like I said the annuity seems wiser...but then again having a $4,000,000 lump sum...
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Old February 1 2011, 07:31 PM   #12
Holdfast
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Re: Decades Of Dollars

Jetfire wrote: View Post
JarodRussell wrote: View Post
Getting 250,000 a year for 30 years instead of 4,000,000 cash at once at least prevents you from doing really stupid things with the money. And it's a lot more, too.
Yeah taking an annuity is generally wiser...unless one is just paranoid. Or wants to blow it fast.
The annuity is a rip off.

First of all, you're gambling you'll live long enough to receive all the payments. This is an age-dependent gamble of course, but still, why risk it?

Second, you're gambling that inflation will remain consistently low enough not to significantly erode the value of the payment over the years. This is a bad gamble to make, considering the macro climate.

Thirdly, you're gambling that you can't control your spending enough to save and invest enough of the lump sum to earn enough in compound interest, dividends and capital growth to more than cancel out the greater total of the annuity. This is an extraordinarily poor gamble to make given relatively small difference in the totals (7.5m vs 4m) over such a long annuity period.

All things being equal, I'd take the lump sum every time!

Nice to have the choice though!
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Old February 5 2011, 01:40 PM   #13
Jetfire
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Re: Decades Of Dollars

^
Yeah I'd rather take the lump sum.

[update] I did win a free ticket! hopefully I can land the big one Monday.
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Old February 5 2011, 01:45 PM   #14
JarodRussell
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Re: Decades Of Dollars

Holdfast wrote: View Post
Jetfire wrote: View Post
JarodRussell wrote: View Post
Getting 250,000 a year for 30 years instead of 4,000,000 cash at once at least prevents you from doing really stupid things with the money. And it's a lot more, too.
Yeah taking an annuity is generally wiser...unless one is just paranoid. Or wants to blow it fast.
The annuity is a rip off.

First of all, you're gambling you'll live long enough to receive all the payments. This is an age-dependent gamble of course, but still, why risk it?

Second, you're gambling that inflation will remain consistently low enough not to significantly erode the value of the payment over the years. This is a bad gamble to make, considering the macro climate.

Thirdly, you're gambling that you can't control your spending enough to save and invest enough of the lump sum to earn enough in compound interest, dividends and capital growth to more than cancel out the greater total of the annuity. This is an extraordinarily poor gamble to make given relatively small difference in the totals (7.5m vs 4m) over such a long annuity period.

All things being equal, I'd take the lump sum every time!

Nice to have the choice though!
Calling a lottery win a rip off is kinda strange in itself.
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Old February 5 2011, 04:54 PM   #15
Holdfast
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Re: Decades Of Dollars

The annuity is their way of screwing you out of the full purchasing power of the win, so yeah, it's a rip off.
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