Originally posted by Marlow
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Oops, a winner, but not here....I could cry 3/3/09
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Originally posted by Jack SlocombeOh, soooo close. But on the good side, there was no winner so the cash jackpot goes to $95.2 million on Wed, the 24th. Hang in there.
You can have that one as long as I win the one that's available in NY.
Next Jackpot: $145 million
Next Drawing: Tues, Feb 24
How about a deal--we agree to split the prize if either one of us wins! (but don't hold me to that if I'm the winner)
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Walt........we are not collaberators, we are competitors. We are vying for the same lottery, "Mega-Millions".
Your $145 million is paid out in 26 annual payments, so you need to ask yourself, "How long am I gonna live"? On the other hand, I, at the age of 68 have decided to go out in a blaze of glory and opt to take the $95.2 million cash payout which will net me a little over $51 million after taxes. This amount will be reduced slightly after small payments to Marlowe and Squackee, my newest and finest friends.
Now, back to designing the humble new 10,000 sqft waterfront home in Picton NZ.
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Originally posted by Jack SlocombeWalt........we are not collaberators, we are competitors. We are vying for the same lottery, "Mega-Millions".
Your $145 million is paid out in 26 annual payments, so you need to ask yourself, "How long am I gonna live"? On the other hand, I, at the age of 68 have decided to go out in a blaze of glory and opt to take the $95.2 million cash payout which will net me a little over $51 million after taxes. This amount will be reduced slightly after small payments to Marlowe and Squackee, my newest and finest friends.
Now, back to designing the humble new 10,000 sqft waterfront home in Picton NZ.
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I never check the single payment option. For a number of reasons, I think it makes more sense to take the annual payments. But if you really want to overanalyze the issue, try this:
http://www.straightdope.com/columns/rea ... an-annuity
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I know an elderly woman that purchased a solid blue chip company that was conservative in their business model: BAC. This old woman living on a pension just found out that her 100k nest egg she was hoping to pay off her mortgage with is now worth less than 7k. She then found out that the reason was that BAC has been gobbling up bad debt from people that couldnt pay their mortgage. She lived through the depression can she live through her life savings going to pay the mortgage of those who chose not to save and pay for theirs? If I know her she can, she as an SSN check and a retirement account that gives her roughly 14k per year.
The lottery would have been a better bet.... nothing really ever changes my friend, new lines for old, new lines for old.
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Paul......heres how u do it. Like Lonewolf says.....take the cash, appx $51 mil after taxes, slip some to Marlowe and Squackee then move to NZ. Take the cash with you. Become a Kiwi. With the exchange rate, you will have about $95 mil Kiwi bucks. Live happily ever after.
Oh also...learn to drive on the rong side.
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One of the problems with that approach is that after you've bought that house and furnished it, you'll still have to figure out how to invest an awful lot of money. These days, there seem to be more wrong ways than right ways to do that. But if you take the annual payments, you basically have a fixed income from that jackpot, guaranteed by the state, paying a decent rate of interest. And you defer the taxation until you receive the money each year (whereas your way, you pay taxes on the $95 million, and then you pay taxes again on whatever income your investment produces--unless you put it all in tax-exempt bonds).
This thinking, of course, may not work in New Zealand. I've no idea what their tax structure is like.
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I don't know if it will work in NZ but I have a couple of friends who inherted obscene amounts of money who have carried retirement to the ultimate in carefree existence.
After buying all the houses, cars and polo ponies they could ever consume, they invested the balance of their windfall in tax free municipals and hired one secretary to clip the coupons and deposit the money. They could undoubtably earn more with a little thought and effort but that is the point, it is TAX FREE and requires no effort, leaving time for endless safaris and cruises.
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