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$270 Million: Mega Millions lottery jackpot raised againReply
A few comments: Did you all see the sweet second prize that the California 5+0 winner got? If not, you should check out the USA Mega drawing information page. I really like those parimutuel prizes in California (at least for the higher tiers). Sometimes the winners don't get as much, but they also have a shot at a much higher amount, as happened last night. Hopefully those looking for after-tax amounts are checking out the Jackpot Analysis page. Don't guess how much you'd get look it up! For
Feb 20, 2008, 3:07 pm - Todd - Lottery News

Lump Sum or payments?Reply
Yes, but you have to figure out how long it will take you to make back the 50% or more that you gave up selecting the lump sum. At least in FL many of the payouts are often as high as 60%. Their 20 yr annuity (MegaMoney) is 70%. (a woman who just won $2M got $1.4M) I don't think it's a no-brainer. Depends on the jackpot. Also, celebrities can blow everything and make just one movie to earn millions. Rock stars can go broke and go on tour and make more than you'll ever see in a lifetime. When
Feb 19, 2008, 6:40 pm - justxploring - Lottery Discussion Forum

Lump Sum or payments?Reply
Now I would put all of my money in one place...invested with me! Yeah, I too would change my life after winning any type of jackpot...of course, the change would be much bigger with say a $100 million cash value jackpot win than say a $7 million cash jackpot win (yeah, as you can see there would be no annuity option for this kid so I don't even get caught up in the advertised annuitized jackpot prize amount). But I would definitely purchase a Bentley and a Maserati. The Bentley would be my g
Feb 12, 2008, 12:05 pm - OldSchoolPa - Lottery Discussion Forum

Lump Sum or payments?Reply
Justxploring I'm figuring that anyone who won a jackpot would pay cash for a house - instead of taking on amortgage and paying for it three times over - you know, the heat, eat, and taxes approach - the house (and everything else) is paid for and the only bills are groceries, utilities, and property taxes. So, if someone had won a lotto years ago, and was getting annual payments in the $200,000 to $300,000 range, and was going to pay cash for a house, there goes that year's annui
Feb 10, 2008, 1:39 am - Coin Toss - Lottery Discussion Forum

Ontario lottery to investigate 'suspicious' $24.5M winReply
There have been quite a few slogans that have become popular in our time like, NO JUSTICE, NO PEACE, or JUST SAY NO TO... Well, I put a lottery spin on them that goes like this: LOTTERY POOL, NO PEACE and JUST SAY NO TO LOTTERY POOLS. I see the appeal of lottery pools...the average Joe or Jane figures he or she could just throw in a couple bucks in several different pools, thereby imperceptably but psychologically increasing their chances of winning the big jackpot. But that is where the sch
Feb 3, 2008, 3:38 am - OldSchoolPa - Lottery News

Payout of winnings less than jackpotReply
Bagent No, only 5 + 1 prizes, the top jackpot, are reduced if the winners opts for cash instead of an annuity. For the prizes under that (they're called lower tier) there is no option, it's thecash amount, and then taxed. 5 + 0 (no Powerball) is $200,000 pre-tax.
Jan 8, 2008, 6:29 pm - Coin Toss - Lottery Discussion Forum

Large Jackpot in 2008 PB and/or MMReply
The cash prize comes from sales like all games. Currently considering the low post cash value most jackpot games offer compared to the odds it's better to spend your gambling dollars in Vegas or at a reservation considering the money spend, the potential post tax prize and the odds. This ratio gets worse when taxes are rased for public health care. The amount gained from taxing Jackpots is low since the total amount given out in Jackpots is low compared to total sales. The money spent on jac
Dec 31, 2007, 2:51 pm - dvdiva - Jackpot Games Forum

You win the mega millions $163 million on tuesday.Reply
I would love to be forced to attend such a press conference, as long as I'm the guest of honor. Ideally, it would be for a huge, record breaking jackpot, and attract enormous amounts of attention. I don't know that I'd say anything bad, but I would like to hold up the big check after I've crossed out the fake annuity value and filled in what they're really giving me. As far as the possible attention, I wonder if a press conference might potentially be beneficial. I'm guessing that many of the
Dec 21, 2007, 6:31 pm - KY Floyd - Lottery Discussion Forum

Payment of Lottery PrizesReply
I know more than 1 person who paid good money to a tax professional who made errors. Fortunately they were able to send in an amended tax return. It's amazing how many people are unfamiliar with the lottery rules anyway. I know a very intelligent, successful financial advisor who hasn't a clue about lump sum payments, etc. The amount of jackpot winners in Florida are maybe 7 or 8 a year, right? So how many times do you actually think an accountant or attorney will have a client that won the
Dec 20, 2007, 3:41 pm - justxploring - Lottery Discussion Forum

Most lottery players never see big payoffReply
A 401(k) is only risky if the employee invests in the company stock (like Enron) or a mutual fund that doesn't perform well and his portfolio isn't adequately diversified. Usually he/she has a choice and can pick a fixed annuity and/or bonds as well. Even if the investment is conservative, 4% or 5% over time is better than nothing, especially if a company offers to match contributions. A little more risky, but relatively conservative, portfolio of stocks will usually average 8% over 25 years.
Dec 17, 2007, 7:44 pm - justxploring - Lottery News