Powerball. What could you do with a 425 million dollar lottery win?

[Gil T.Azell]

Re: Powerball. What could you do with a 425 million dollar lottery win

Our Lotteries don't get that Big, Next Fridays Lotto max is a cool $50 mil. Tax Free

I'd imagine I'd buy a nice 3-4 bedroom house, and invest the rest so I'd retire.

I also think I get more gold-digging pussy chasing me.

 

[Lindley]

Re: Powerball. What could you do with a 425 million dollar lottery win

I suppose I'd buy an airplane and a nice house, and travel a lot.

Come to think of it I'm going to do those things anyway. Just not so soon.

 

[propita]

Re: Powerball. What could you do with a 425 million dollar lottery win

CA does not participate in Powerball. Damn! But if it did, the net after taxes would be somewhere around $150M.

What would I do? After talking with taxman and financial advisor, of course...

Pay off:
my house (pitifully small compared to $150M, you know?) and my siblings' and in-law houses
any student loans of family (past and future, as long as they were serious about school and not mooching) and some friends and maybe a few of their kids
buy a house in the LA area, not too big because...why
buy a place in the NYC area because Hubby and I loved it there
buy a place in London area or UK-countryside because I know Hubby would love it there

Since most of the money is left over, set up a foundation or whatever to be able to continue give money away, buying out debt (like/with OWS), etc, without running out too soon. No kids, so don't need to leave anything there.

 

[Kenbushway]

Re: Powerball. What could you do with a 425 million dollar lottery win

I would:

- give some to my church
- give some to my aunt so she can pay for my uncle's medical care
- invest some
- take the rest and move to New York City

You could probably buy a baseball team with that money.

 

[SeerSGB]

Re: Powerball. What could you do with a 425 million dollar lottery win

Pay off my parent's and parent in-law's debt, get me and the family a nice house and couple reliable car; trust for both kids and set aside enough to live on in interest bearing account. The rest goes to charity. I'm not a big fan of having money. I know I have to have it survive, but so long as I get the bills and the necessities taken care of with a little spending money left at the end of the month--not much just enough for a game or a book or two--then I'm happy.

 

[Mr. Laser Beam]

Re: Powerball. What could you do with a 425 million dollar lottery win

I would:

- give some to my church
- give some to my aunt so she can pay for my uncle's medical care
- invest some
- take the rest and move to New York City

You could probably buy a baseball team with that money.

I wouldn't want to do that. I want to *watch* baseball, not own it.

 

[Ar-Pharazon]

Re: Powerball. What could you do with a 425 million dollar lottery win

After taxes, there probably wouldn't be much of it left anyway...

With a $425 million dollar jackpot, a single winner’s one-time lump sum cash payout would be $278,300,000.

Depending on which state you purchased the ticket in, your state taxes can range from a low of 0% (California and some other states don't tax in-state lottery winnings) to a high of 10.8% (New Jersey).

Federal taxes would be 25% of the lump sum or $69,575,000. New Jersey (highest) state withholdings would be $30,056,400.

In California (0%), you'd take home $208,725,000. In New Jersey (10.8%), you'd take home $178,668,600 (not counting back taxes, outstanding student loans, mandated child support payments, etc. which they would collect as well).

Sounds like a pretty damn good chunk of change to me (especially since I live in California).

http://www.inquisitr.com/411183/powerball-jackpot-winning-numbers-picked-for-325-million-prize/
http://www.afterlotto.com/lottery_calculator.html

I'd always thought the grand total of taxes was closer to 50%, due to it being lottery winnings.

Either way, being in my mid-40's, I'd go for the 25 or 29 yearly payments rather than give up around 40% for a lump sum.

It would also prevent me from blowing through a lump sum in some ridiculously short amount of time.

 

[Melakon]

Re: Powerball. What could you do with a 425 million dollar lottery win

I could:
Get off disability, which is less than 1/3 of what I was earning 22 years ago.
Have needed medical surgeries done.
Move out of the desert to somewhere near a coast.
Rebuild my video library after someone stole half of it 18 years ago.
Shop for clothes someplace other than Goodwill.

Or... spend it all on hookers and booze.

 

[sojourner]

Re: Powerball. What could you do with a 425 million dollar lottery win

I would:

- give some to my church
- give some to my aunt so she can pay for my uncle's medical care
- invest some
- take the rest and move to New York City

You could probably buy a baseball team with that money.

I wouldn't want to do that. I want to *watch* baseball, not own it.

Box seats. At EVERY stadium.

 

[SeerSGB]

Re: Powerball. What could you do with a 425 million dollar lottery win

After taxes, there probably wouldn't be much of it left anyway...

With a $425 million dollar jackpot, a single winner’s one-time lump sum cash payout would be $278,300,000.

Depending on which state you purchased the ticket in, your state taxes can range from a low of 0% (California and some other states don't tax in-state lottery winnings) to a high of 10.8% (New Jersey).

Federal taxes would be 25% of the lump sum or $69,575,000. New Jersey (highest) state withholdings would be $30,056,400.

In California (0%), you'd take home $208,725,000. In New Jersey (10.8%), you'd take home $178,668,600 (not counting back taxes, outstanding student loans, mandated child support payments, etc. which they would collect as well).

Sounds like a pretty damn good chunk of change to me (especially since I live in California).

http://www.inquisitr.com/411183/powerball-jackpot-winning-numbers-picked-for-325-million-prize/
http://www.afterlotto.com/lottery_calculator.html

I'd always thought the grand total of taxes was closer to 50%, due to it being lottery winnings.

Either way, being in my mid-40's, I'd go for the 25 or 29 yearly payments rather than give up around 40% for a lump sum.

It would also prevent me from blowing through a lump sum in some ridiculously short amount of time.

The long term payments makes for a good ideal. But my only concern would be could it be lefty behind payable to my heirs: Wife, kids?

 

[Mr. Laser Beam]

Re: Powerball. What could you do with a 425 million dollar lottery win

You could probably buy a baseball team with that money.

I wouldn't want to do that. I want to *watch* baseball, not own it.

Box seats. At EVERY stadium.

I don't want that either. I don't like luxury seating. Takes all the fun out of the game.

 

[sojourner]

Re: Powerball. What could you do with a 425 million dollar lottery win

It would also prevent me from blowing through a lump sum in some ridiculously short amount of time.

The long term payments makes for a good ideal. But my only concern would be could it be lefty behind payable to my heirs: Wife, kids?[/QUOTE]

Last time I checked, no. If you die, any remaining unmade payments revert to the lottery commission. Easy to get around though, form a corporation then claim the prize in the name of that corp. The corp can be passed on after you die.

Your better taking the lump sum in any case. with a little smart but conservative investing you'd end up with more net value at the end.

 

[T'Girl]

Re: Powerball. What could you do with a 425 million dollar lottery win

After taxes, there probably wouldn't be much of it left anyway...

With a $425 million dollar jackpot, a single winner’s one-time lump sum cash payout would be $278,300,000.

I wonder how much I could give to charity, so that the charitable deduction resulted in a zero federal tax?

Washington State doesn't have a personal income tax, but I'm not sure if that applies to multi-state lotto winnings.

 

[Tom Hendricks]

Re: Powerball. What could you do with a 425 million dollar lottery win

A few years back there was a jackpot almost this size and my wife and I discussed what we would do if we won. There is nothing better in the world then spending imaginary money. My wife is one of those people who if they won a jackpot like this would keep on working. So we would open a Comprehensive Woman's Health Care Clinic to serve all aspects of women's health care, serving women with little or no insurance. With my wife being an OB/GYN this would allow her to focus solely on women's heath and health related issues, which are her passion.

 

[farmkid]

Re: Powerball. What could you do with a 425 million dollar lottery win

First and foremost, I wouldn't tell anyone about it except those who need to know (wife, accountant, etc.) I wouldn't buy a new house or car or anything, although I would pay off my mortgage just so I wouldn't have to worry about paying that each month. Naturally I would help out my friends and family who needed it. With the bulk of it, however, I would do the following: I do research at a relatively small and not-well-known university. There's some good research going on here, but there is potential for so much more. I would invest the money and use the dividends to fund research anonymously here at my university. I would watch what the various labs are doing and when I found researchers who I thought were doing good work and who I thought could use the money I would send them whatever I thought they would need to do something they couldn't get funded other ways. I would also watch for opportunities to provide funding for large equipment that usually requires special grants to obtain.

 

[bbailey861]

Re: Powerball. What could you do with a 425 million dollar lottery win

I know it would hardly make a dent into the cash, but:

1. Buy each of my kids property and brand new worry-free vehicles.
2. Hire my wife an architect so she could help design her dream house - then have it built for her.
3. Make sure our parents are extremely comfortable in their senior years and help out our siblings.
3. Visit family and friends throughout Canada and the U.S. that we don't see nearly enough.
4. Spend weekends away over the course of a couple of years visiting each of the 30 ballparks and catching some games. Then going back to visit the ones we like the best.
5. Donate annually and substantially to Ronald McDonald's Children's Charity. (Back in the 80's, Ronald McDonald house allowed us stay close to hospital)
6. Give money to both TVO and PBS.

That is my starting list.

 

[Grey]

Re: Powerball. What could you do with a 425 million dollar lottery win

So we would open a Comprehensive Woman's Health Care Clinic to serve all aspects of women's health care, serving women with little or no insurance.

If I won the lottery, this is exactly what I'd donate to.

 

[C.E. Evans]

Re: Powerball. What could you do with a 425 million dollar lottery win

I'd definitely go buy a condo and a new car (nothing too fancy for either, because I still would be inherently cheap--er, frugal).

Other than that, I'd probably live very modestly. I never was one for very fancy things and quite a few things I think are extremely overpriced and not worth it. I'd be one of those secret milliionaires that has a part-time job (maybe only 12 hours a week) in a store somewhere and quietly makes anonymous donations to various charities.

But I'd have one hell of a Star Wars toy collection, though...

 

[SeerSGB]

Re: Powerball. What could you do with a 425 million dollar lottery win

My inner geek says: Find some worthwhile but struggling fanfilm and give them a couple of million or so, my inner egotist says "Fuck 'em film my on fanfilm epic "

 

[Holdfast]

Re: Powerball. What could you do with a 425 million dollar lottery win

After all the obvious stuff to indulge my present and protect my future, I'd use the balance to get into small-scale VC/angel funding. I think that would be tremendous fun. You'd get to see some amazing business concepts and technologies, and help them come to fruitition, with the prospects of some serious profits too.