Aside from the question. Wow this powerball amount is getting huge at a now whopping 425 million dollars. Imagine how it would be to win all that (Really 160 million after lump sum, but seriously anything over a 1,000 is golden).
Powerball. What could you do with a 425 million dollar lottery win?
- Thread starter Kenbushway
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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...
After taxes, there probably wouldn't be much of it left anyway...
Re: Powerball. What could you do with a 425 million dollar lottery win
Taxes will take, what, %35 of the lump sum? More if you live in a state that has income tax.
So, just to put a number grabbed out of air, $150million net.
I'd help Elon get to Mars, with the condition that I get a first class seat on the mission.
Taxes will take, what, %35 of the lump sum? More if you live in a state that has income tax.
So, just to put a number grabbed out of air, $150million net.
I'd help Elon get to Mars, with the condition that I get a first class seat on the mission.
Re: Powerball. What could you do with a 425 million dollar lottery win
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
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
Re: Powerball. What could you do with a 425 million dollar lottery win
Not enough money to build a star ship, so I'd buy a couple of businesses, properties, then retire and go see the world.
Not enough money to build a star ship, so I'd buy a couple of businesses, properties, then retire and go see the world.
Re: Powerball. What could you do with a 425 million dollar lottery win
Anything I want.....
....However, statistically speaking, this jackpot on Powerball is a lot less impressive than the same jackpot would be on Mega Millions, since Powerball tickets cost twice as much.
Anything I want.....
....However, statistically speaking, this jackpot on Powerball is a lot less impressive than the same jackpot would be on Mega Millions, since Powerball tickets cost twice as much.
Re: Powerball. What could you do with a 425 million dollar lottery win
Invest/save 90% of it. Give some money to my immediate family so that they're taken care of. Then I'd probably quit my job and move somewhere completely different (and someplace with a warmer, dry climate). Buy a house (no McMansion or anything... just something nice and comfortable) and a couple of cars. Do some traveling. Eventually, I'd probably use some of the money for philanthropy and also donate quite a bit to animal welfare and environmental conservation.
Invest/save 90% of it. Give some money to my immediate family so that they're taken care of. Then I'd probably quit my job and move somewhere completely different (and someplace with a warmer, dry climate). Buy a house (no McMansion or anything... just something nice and comfortable) and a couple of cars. Do some traveling. Eventually, I'd probably use some of the money for philanthropy and also donate quite a bit to animal welfare and environmental conservation.
Re: Powerball. What could you do with a 425 million dollar lottery win
Buy a house and a nicer car. I would try to start my own business, or maybe buy out the local comic shop.
Buy a house and a nicer car. I would try to start my own business, or maybe buy out the local comic shop.
Re: Powerball. What could you do with a 425 million dollar lottery win
I like this plan best of all.
I like this plan best of all.
Re: Powerball. What could you do with a 425 million dollar lottery win
That's the worst part about suddenly coming in to money. If I did, I would move into a completely different area, with people that don't know me or my name, keeping in contact with only a few close friends. I would never mention the money until people actually became my friends.
That's the worst part about suddenly coming in to money. If I did, I would move into a completely different area, with people that don't know me or my name, keeping in contact with only a few close friends. I would never mention the money until people actually became my friends.
Re: Powerball. What could you do with a 425 million dollar lottery win
I would
1) buy my house
2) buy each of my sons, one of my sisters and my two best friends a house each and pay off my other sister's mortgage.
3) Start up trust funds for each of my sons
4) invest a couple of million so I would have a good annual income.
All that would account for about 6 million of the winnings. After that I would use the rest to start up a private charitable fund.
I would
1) buy my house
2) buy each of my sons, one of my sisters and my two best friends a house each and pay off my other sister's mortgage.
3) Start up trust funds for each of my sons
4) invest a couple of million so I would have a good annual income.
All that would account for about 6 million of the winnings. After that I would use the rest to start up a private charitable fund.
Re: Powerball. What could you do with a 425 million dollar lottery win
I'd support my local PBS station!
I'd also:
- Finish paying off my student loans, and the student loans of my sister
- Pay off my mother's and sister's houses
- Set my dad up for retirement
- Go to grad school for a degree in neuroscience
I'd support my local PBS station!
I'd also:
- Finish paying off my student loans, and the student loans of my sister
- Pay off my mother's and sister's houses
- Set my dad up for retirement
- Go to grad school for a degree in neuroscience
Re: Powerball. What could you do with a 425 million dollar lottery win
I'd invest in businesses and projects for the good of the country. Get people employed, support the local community. I'd want to make a lasting difference.
I'd get involved in a production studio too.
I think even if you did keep quiet, your life as you knew it would be over. You could be preoccupied with new things to spend your money on, new causes to fight. I'm not sure I'd be able to relax. I'll take the risk though!
What amuses me about charitable donations, is you could wipe out certain smaller charities with a massive donation. Whats the point in them rasing x amount in a year, when you can give them twice that with the click of a finger?
I'd probably do some sort of fund pledge. What ever they raised in a set time, I'd match. Make them work for it (I would say they're not a charity, but they are!) But I'd also have the pledge publicised, and invite those richer to do the same.
I'd invest in businesses and projects for the good of the country. Get people employed, support the local community. I'd want to make a lasting difference.
I'd get involved in a production studio too.
I think even if you did keep quiet, your life as you knew it would be over. You could be preoccupied with new things to spend your money on, new causes to fight. I'm not sure I'd be able to relax. I'll take the risk though!
What amuses me about charitable donations, is you could wipe out certain smaller charities with a massive donation. Whats the point in them rasing x amount in a year, when you can give them twice that with the click of a finger?
I'd probably do some sort of fund pledge. What ever they raised in a set time, I'd match. Make them work for it (I would say they're not a charity, but they are!) But I'd also have the pledge publicised, and invite those richer to do the same.
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
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
Re: Powerball. What could you do with a 425 million dollar lottery win
My charitable fund wouldn't make huge donations to any one charity. It would probably work along line similar to the Bill and Melinda Gates Foundation (but with a lot less money).
Some of the things I would like to do would be
*Contribute to the running of the National Library System of East Timor especially with acquisition of books and the training of staff. I would also make annual donations to Book Aid International which provides a majority of the books in libraries in sub-Sahara Africa.
*Set up a company to publish high information/low vocabulary books suitable for people with intellectual disabilities.
*Donate more to Interplast Australia and ReSurge International (formerly called Interplast International) which provide free reconstructive surgery to people in developing countries - especially to burn victims and children with cleft lip and palate.
*Donate more to Kakapo Recovery, Save the Tasmanian Devil and other schemes helping endangered animals. With Kakapo Recovery I, at the start of each breeding season (usually every two or three years), pledge $10 for each chick hatched. If one of the kakapo die I donate $20 in his or her memory. I would dearly like to increase the amount of these donations, but I can't really afford to, but this breeding season I am going to try and get Kakapo fans on Facebook to make similar pledges.
My charitable fund wouldn't make huge donations to any one charity. It would probably work along line similar to the Bill and Melinda Gates Foundation (but with a lot less money).
Some of the things I would like to do would be
*Contribute to the running of the National Library System of East Timor especially with acquisition of books and the training of staff. I would also make annual donations to Book Aid International which provides a majority of the books in libraries in sub-Sahara Africa.
*Set up a company to publish high information/low vocabulary books suitable for people with intellectual disabilities.
*Donate more to Interplast Australia and ReSurge International (formerly called Interplast International) which provide free reconstructive surgery to people in developing countries - especially to burn victims and children with cleft lip and palate.
*Donate more to Kakapo Recovery, Save the Tasmanian Devil and other schemes helping endangered animals. With Kakapo Recovery I, at the start of each breeding season (usually every two or three years), pledge $10 for each chick hatched. If one of the kakapo die I donate $20 in his or her memory. I would dearly like to increase the amount of these donations, but I can't really afford to, but this breeding season I am going to try and get Kakapo fans on Facebook to make similar pledges.
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Re: Powerball. What could you do with a 425 million dollar lottery win
I like doing this kind of thought experiment.
I like the idea of getting a huge sum of money and using it to get on my feet. Pay off my family's debts, buy a house in the area I currently want to live, buy what I need to live a comfortable life there, and do the work that's really important to me. I'd like to save some and donate some to welfare programs in my state (programs that at this time I depend on). And give some of it away to friends and family who need it.
But then I start thinking am I going to have enough? Is this going to sustain me? What if I never make any more money again and this isn't enough and it all depletes so fast and I'm left with nothing?
And then, I kid you not, I get stressed out. About millions of dollars I don't even have.
I feel all freaked out now at the thought of it! It's like this vicious thought that numbers are finite and that means I'll never have enough. I'm pretty damn poor and even then I still have enough. But something about those big numbers just makes me feel crazy!
I cannot imagine ever being happy as a millionaire.
I like doing this kind of thought experiment.
I like the idea of getting a huge sum of money and using it to get on my feet. Pay off my family's debts, buy a house in the area I currently want to live, buy what I need to live a comfortable life there, and do the work that's really important to me. I'd like to save some and donate some to welfare programs in my state (programs that at this time I depend on). And give some of it away to friends and family who need it.
But then I start thinking am I going to have enough? Is this going to sustain me? What if I never make any more money again and this isn't enough and it all depletes so fast and I'm left with nothing?
And then, I kid you not, I get stressed out. About millions of dollars I don't even have.
I feel all freaked out now at the thought of it! It's like this vicious thought that numbers are finite and that means I'll never have enough. I'm pretty damn poor and even then I still have enough. But something about those big numbers just makes me feel crazy!
I cannot imagine ever being happy as a millionaire.
