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View Poll Results: Would you still visit the Planet?
I would still visit the same amount 56 42.75%
I'd visit more often, maybe even buy the Planet 32 24.43%
I'd be outta here 5 3.82%
Visit only rarely to rub it in your faces 9 6.87%
Yeah but not as much 26 19.85%
Gaz will win the lottery anyway 3 2.29%
Voters: 131. You may not vote on this poll

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Old 05-17-2013, 05:45 PM  
BigRedChief BigRedChief is offline
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Powerball is $600 Million. If you win, do you still post on Chiefsplanet?

Wondering is you had more money than you spend, would you still post, visit the Planet?

The guy who started Dropbox may be worth $100 million+ and he still visits once a year or so.

Would you?

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Old 05-18-2013, 03:47 PM   #106
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Unless there are multiple winners, which is ... probable? Improbable but still possible? I don't know how to phrase that it's possible that two or more people will get a 1:175,000,000 sequence of numbers, just due to the sheer number of tickets sold..
Hmm, good point. That might change the breakeven point.
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Old 05-18-2013, 03:48 PM   #107
BigRedChief BigRedChief is offline
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I think my favorite so far was being killed by a falling coconut.
I like that one.
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Old 05-18-2013, 03:49 PM   #108
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I've always heard that if you won a powerball jackpot and took the lump sum, you end up with roughly 30% of the amount after all taxes are settled.

200 million-ish in my pocket would be ok with me.
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Old 05-18-2013, 03:51 PM   #109
Hog Farmer Hog Farmer is offline
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I think my favorite so far was being killed by a falling coconut.

Going to Hawaii NOW , going to stand under as many coconut trees as possible to improve my odds.

I gotta win this sucker.
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Old 05-18-2013, 03:57 PM   #110
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Going to Hawaii NOW , going to stand under as many coconut trees as possible to improve my odds.

I gotta win this sucker.
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Old 05-18-2013, 03:58 PM   #111
BigRedChief BigRedChief is offline
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Hmm, good point. That might change the breakeven point.
Has any millionaires tried to win the lottery?
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Old 05-18-2013, 04:02 PM   #112
Bowser Bowser is offline
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Has any millionaires tried to win the lottery?
IIRC, the first person to win a powerball jackpot over 300 million was a millionaire businessman from somewhere back east (Carolinas?). His story was a disaster - one of his grandaughter's friends was found dead in his pool, and supposedly some people got access to his accounts and cleaned him out.

Again, IIRC.
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Old 05-18-2013, 04:15 PM   #113
Rain Man Rain Man is offline
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Originally Posted by BigRedChief View Post
Has any millionaires tried to win the lottery?

Apparently a group of Australians bought $5 million of Virginia lottery tickets in 1992 and won: http://www.forbes.com/sites/joshbarr...-millions-win/
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Old 05-18-2013, 04:38 PM   #114
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Unless there are multiple winners, which is ... probable? Improbable but still possible? I don't know how to phrase that it's possible that two or more people will get a 1:175,000,000 sequence of numbers, just due to the sheer number of tickets sold..
Yeah, the likelihood of multiple winners, which is exacerbated when casual players jump aboard when the jackpot is huge, assures that the expected value will always be < $2.
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Old 05-18-2013, 04:51 PM   #115
JASONSAUTO JASONSAUTO is offline
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Originally Posted by Bowser View Post
IIRC, the first person to win a powerball jackpot over 300 million was a millionaire businessman from somewhere back east (Carolinas?). His story was a disaster - one of his grandaughter's friends was found dead in his pool, and supposedly some people got access to his accounts and cleaned him out.

Again, IIRC.
I think the stripper and her boyfriend robbed him. They also found the granddaughter dead hidden in the back of a truck
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Old 05-18-2013, 05:08 PM   #116
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Originally Posted by Bowser View Post
I've always heard that if you won a powerball jackpot and took the lump sum, you end up with roughly 30% of the amount after all taxes are settled.

200 million-ish in my pocket would be ok with me.
The high tax figures and the way so many people go through the large amount of money within a couple of years are why, when I actually spend money on the lottery (very seldom), I ask for the annuity payout. You get more total and you are guaranteed a very large income for many years (probably the rest of my life at this point).

600 million paid over 25 years = 24 million per year before taxes. It might be a little rough but I think I can survive on that for a few years before needing to find a job again.
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Old 05-18-2013, 05:24 PM   #117
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Old 05-18-2013, 07:12 PM   #118
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I've always heard that if you won a powerball jackpot and took the lump sum, you end up with roughly 30% of the amount after all taxes are settled.

200 million-ish in my pocket would be ok with me.
Keep in mind, the advertised jackpot doesn't actually exist. The cash they have on hand to pay the winner is the lump-sum payment. If you choose the $600MM option, you are basically telling them to hold your money for you, invest it in an annuity, and pay you from it each year. They calculated that with interest, you'll eventually get that higher number.

If you want an annuity, you could buy one yourself. The tax difference doesn't matter much (except maybe in CA where they have a million dollar bracket), you are way into the top bracket either way, and if you take the annuity, maybe they raise taxes in 10 years.

If the lottery winner is either dumb, a spendthrift, or weak-willed enough to be taken advantage of, they should do the annuity. If the winner is smart, they should take the cash.
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Old 05-18-2013, 09:10 PM   #119
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Old 05-18-2013, 09:13 PM   #120
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