Oops, a winner, but not here....I could cry 3/3/09

[Jack Slocombe]

Oh, 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.

I have infinite faith in you, Jack. Eye on the prize, man. Keep playing till our inevitable triumph! By the way, no pressure or anything, but I have resumed my wastrel spending habits again, in anticipation of my soon-to-be riches.

Gotta be positive.....we can do it. Keep up the spending. I'm busy designing our humble 10,000 sq ft home in New Zealand. On the water of course in the nifty town of Picton on the north end of the south island. We selected NZ because the exchange rate is so good.

[Walt Murphy]

Oh, 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)

[Jack Slocombe]

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.

[skiboo]

Would anyone sponsor an indoor meet with the big win?

[Jack Slocombe]

Would anyone sponsor an indoor meet with the big win?

Sure*, at the new Slocombe Sports Arena in Picton, NZ.

*Field events only, no sweaty runny events. Indoor hammer, jav. and discus will be a real hoot. Should keep those Kiwi's on their toes.

[Walt Murphy]

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.

You're right--I also checked off the single payment option!

[Marlow]

You're right--I also checked off the single payment option!

Walt, I love Jack like a brother, but you are also my dear, dear friend. I love you too, man. 8-)

[tandfman]

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

[paulthefan]

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.

[lonewolf]

Take the cash. Pay the taxes. Then you know where the remainder is. You can spend it, invest it or piss it off but at least you are reasonably certain it will not evaorate,.. unless you invest with Bernie Madoff

[paulthefan]

Take the cash....

take what cash?.. there is none.

[Jack Slocombe]

Take the cash....

take what cash?.. there is none.

You are not a believer!!!! It's for the chillins.

[Jack Slocombe]

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.

[tandfman]

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.

[lonewolf]

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.