Powerball is $600 Million. If you win, do you still post on Chiefsplanet?

[Mr. Flopnuts]

Originally Posted by jspchief

Yeah, I think of the things I waste money on... Red Bull, Beer, eating out, etc. None them come with a chance of winning a million dollars. It's a small use of my disposable income.

Yep.

[Beef Supreme]

I'd do two chicks at the same time.

[Bowser]

It would be great winning it, but man would it suck paying those taxes. NOT WORTH IT. /Guru

[Rain Man]

For the stats guys, the expected value of a $2 ticket is up to $1.68 after taxes, and $2.51 before taxes. That means it's almost free to play. If no one wins it this time, we need to group together and buy $175 million worth of tickets and we'll guarantee a profit.

[Stanley Nickels]

Originally Posted by Rain Man

For the stats guys, the expected value of a $2 ticket is up to $1.68 after taxes, and $2.51 before taxes. That means it's almost free to play. If no one wins it this time, we need to group together and buy $175 million worth of tickets and we'll guarantee a profit.

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..

[Rain Man]

Originally Posted by Stanley Nickels

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.

[BigRedChief]

Originally Posted by Rain Man

Hmm, good point. That might change the breakeven point.

Has any millionaires tried to win the lottery?

[Bowser]

Originally Posted by BigRedChief

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.

[Rain Man]

Originally Posted by BigRedChief

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/

[alnorth]

Originally Posted by Stanley Nickels

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.

[Bowser]

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.

[Hydrae]

Originally Posted by Bowser

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.

[alnorth]

Originally Posted by Bowser

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.

[Pepe Silvia]

Yes, I would post from my yacht.

[TribalElder]

Welp shit