Power Ball jackpot is now worth winning

[lonewolf]

I think everyone recognizes the astronomical odds of winning a mega-jackpot. I think they (we) are just buying a $2 fantasy of "what if."

[KDFINE]

When I wrote of taking it in annual payments I was referring to New York's biggest lottery. I've never purchase a powerball ticket.

Interesting piece in today's New York "Newsday" about a 300+ million dollar winner who lost it all, money and family.

[Atticus]

I think everyone recognizes the astronomical odds of winning a mega-jackpot. I think they (we) are just buying a $2 fantasy of "what if."

Indeed. I have never bought a lottery ticket, but I might buy one today, just to say I was "part" of the largest lottery prize in history. I can afford the $3 to be part of the Insanity. If I win, expect to see me face large in Hayward Field as the title sponsor of the Olympic Trials!! :-)

"Ladies and gentleman, welcome to the Atticus Olympic Trials for Track & Field, brought to you by Atticus, your host for the next 10 days. Let's have a big round applause for the man himself, Atticus!" Then a big pyrotechnic salute to me as I walk to mid-field amidst the tumultuous and thundering standing ovation I receive. :-)

[tandfman]

When I wrote of taking it in annual payments I was referring to New York's biggest lottery. I've never purchase a powerball ticket.

The annual payment option is apparently available for Powerball. Here's a NYTimes article that suggests that this is the better option to take:

http://www.nytimes.com/2016/01/13/upshot/dear-powerball-winner-take-our-advice-and-take-the-annuity.html

[tandfman]

Indeed. I have never bought a lottery ticket, but I might buy one today, just to say I was "part" of the largest lottery prize in history. I can afford the $3 to be part of the Insanity.

It's only $2, Atticus. Buy two of them!

[Atticus]

It's $3 with the Power Play. That's how the smart money plays it . . . ;-)

[tandfman]

Wallace Spearmon Jr. tweeted that if he wins, he'll give $1K to each of his Twitter followers. That's no small offer. He's got 25,100 followers, so he'd be paying $25,100,000 in total. Also, he'd probably have to hire a few people to manage the payout process. You can't just tweet a transfer of $1,000 to your followers.

My first choice would still be that I win, and my second choice would be Mrs. tandfman. But Spearmon is now in third place on my list. :-)

[Atticus]

My wife better not win - she'd give it all away.

[tandfman]

It's $3 with the Power Play. That's how the smart money plays it . . . ;-)

I'd never heard of the Power Play (except in ice hockey). Now, having looked it up, I'll stick with the $2 ticket. As I understand it, the Power Play doesn't affect the jackpot payout.

[tandfman]

My wife better not win - she'd give it all away.

I suspect that a good law dude would be able to help you stop her from doing that. :-)

[bad hammy]

Semi-seriously, I saw a piece on the news claiming that 70% of all big lottery winners wind up broke.

Me, I'm generally a doof about money. With my simpleton financial mind I'd take that $1.5 billion and put it in a bunch of tax-free muni bonds funds and live off of the tax-free interest. Minimize money worries (stupid investment schemes, taxes, etc.), and if I get 3% interest I'd have $45,000,000 tax-free every year to play with without touching the principle.

I know I must be missing something and hope to have the opportunity to experience the problem firsthand.

[lonewolf]

The clerk who sold me my ticket said the extra $ doubles lesser prizes.

[booond]

Me, I'm generally a doof about money. With my simpleton financial mind I'd take that $1.5 billion and put it in a bunch of tax-free muni bonds funds and live off of the tax-free interest. Minimize money worries (stupid investment schemes, taxes, etc.), and if I get 3% interest I'd have $45,000,000 tax-free every year to play with without touching the principle.

I know I must be missing something and hope to have the opportunity to experience the problem firsthand.

It's actually more like 1/3rd of that in cash but still I'd hope you could live off the 15-20 mil or so you'd draw.

[bambam1729]

It's actually more like 1/3rd of that in cash but still I'd hope you could live off the 15-20 mil or so you'd draw.

Its actually about 70% of it in cash, and that's how you're supposed to take it, as its a better deal if you invest it than the government collecting the interest and dripping it out to you a year at a time.

As to wives and money, two best lines ever - from 1970s and Sports Illustrated. They told the story of Ilie Nastase mentioning he had lost his American Express card, "But I'm not reporting it. Whoever stole it is spending less than she does."

And some other guy telling me about a house he built. He was pretty well off. "I gave my wife and unlimited budget - and she exceeded it."

[booond]

Its actually about 70% of it in cash, and that's how you're supposed to take it, as its a better deal if you invest it than the government collecting the interest and dripping it out to you a year at a time.

And then there are taxes. It's probably closer to 40%