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  • #31
    Here's a quote by Tug McGraw regarding the $2 million he had when he retired from baseball:

    "Ninety percent I'll spend on good times, women and Irish Whiskey. The other ten percent I'll probably waste."

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    • #32
      Originally posted by booond View Post
      And then there are taxes. It's probably closer to 40%
      Canadians are crossing the border in droves to get tickets. They'd be taxed (IRS) only 30% as non-resident aliens, and the Canadian gov't doesn't tax lottery winnings at all.

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      • #33
        Originally posted by jazzcyclist View Post
        Here's a quote by Tug McGraw regarding the $2 million he had when he retired from baseball:

        "Ninety percent I'll spend on good times, women and Irish Whiskey. The other ten percent I'll probably waste."
        Met Tug at a conference once. Nice guy. Died young. Good times take their toll.

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        • #34
          Originally posted by booond View Post
          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.
          I am not sure of the rules, but that much money in Muni bonds would possibly cause the AMT (alternative minimum tax) to kick in and you would have taxes on the income, which would mean that the rate of return would be below normal because the equilibrium return on the bonds is based on not having the complication. In addition to the income taxes, you would have to count in the inheritance taxes, which might be non-trivial.

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          • #35
            One problem with the annual payments is that it leaves you vulnerable to serious inflation. We haven't had that here in several decades, but it did happen in our lifetime and could conceivably happen again. There are ways to invest money that can give you some protection against inflation. But if you're locked in to 30 equal annual payments, the value of those payments will be eroded by inflation, and there's not much you can do about it.

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            • #36
              Originally posted by tandfman View Post
              One problem with the annual payments is that it leaves you vulnerable to serious inflation. We haven't had that here in several decades, but it did happen in our lifetime and could conceivably happen again. There are ways to invest money that can give you some protection against inflation. But if you're locked in to 30 equal annual payments, the value of those payments will be eroded by inflation, and there's not much you can do about it.
              It leaves you vulnerable to everyday risk. Take the money and run.

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              • #37
                You guys are financially simple here. You can change one asset to another with various other transactions. For instance, you can simply buy an inflation hedge that will take off that risk for a modest cost. Basically, there is an implicit inflation assumption in the transformation between the fixed and annuity stream and that can be generalized and made in real terms (ever heard of inflation-adjusted bonds...).

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                • #38
                  No more phone calls, please - we have a winner!
                  Three actually. The winning tickets were bought in Cal, Tenn, and Fla.
                  Be interesting to see if the winners are outed. I sure wouldn't want anyone to know I won. Would attract all the loonies!

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                  • #39
                    Don't the lottery people require public disclosure of that info? I thought they did. I certainly agree that if I won that kind of money, I would not want everyone to know it.

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                    • #40
                      Originally posted by Atticus View Post
                      No more phone calls, please - we have a winner!
                      Three actually. The winning tickets were bought in Cal, Tenn, and Fla.
                      Be interesting to see if the winners are outed. I sure wouldn't want anyone to know I won. Would attract all the loonies!
                      The winning ticket in Florida was sold at a grocery store in Melbourne Beach where one of my friends shops. She confirmed that it was apparently a group ticket of employees at a local company.

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                      • #41
                        Originally posted by tandfman View Post
                        Don't the lottery people require public disclosure of that info? I thought they did. I certainly agree that if I won that kind of money, I would not want everyone to know it.
                        I would want to remain anonymous too, but very few people would be able to continue to live their lives in a way that didn't arouse suspicion from their families and friends. I think I could pull it off. Who else here thinks they could remain anonymous if that were allowed by the rules?

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                        • #42
                          There are at least 3 winning tickets...could be more.

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                          • #43
                            After explaining to my mother that the odds of winning were closer to zero than the odds of Tom Selleck stopping by to have dinner with us she still wanted me to pick up a powerball ticket for her.

                            Is it just me or is buying one of those at the convenience store one of the most embarrassing purchases ever.

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                            • #44
                              Originally posted by jazzcyclist View Post
                              I would want to remain anonymous too, but very few people would be able to continue to live their lives in a way that didn't arouse suspicion from their families and friends. I think I could pull it off. Who else here thinks they could remain anonymous if that were allowed by the rules?
                              I couldn't even though I'm not wowed by toys, I'd want to put money in trusts for family members and make sure they were taken care of. I guess that could be done on the sly but my wife and children would know and it would seep out. Big thing is not to come forward to collect until everything is in place. Then you have the check deposited and run from the world as quick as possible.

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                              • #45
                                Originally posted by jazzcyclist View Post
                                I would want to remain anonymous too, but very few people would be able to continue to live their lives in a way that didn't arouse suspicion from their families and friends. I think I could pull it off. Who else here thinks they could remain anonymous if that were allowed by the rules?
                                I cant imagine one thing changing in my life simply due to the amount of money in a bank account.

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