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Last post 20 months ago by Mr. Jones. 19 replies replies.
The winners of the July Mega Millions finally came forward to claim their prize.
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RiverRatRuss Offline
#1 Posted: Wed, Sep 21 2022, 10:48 AM EST
Joined: 09-02-2022
Posts: 1,035
What would you do with all that Cash?

https://www.wcia.com/news/national/2-winners-of-illinois-1-34b-mega-millions-jackpot-come-forward/?fbclid=IwAR2Qr9JeJxq3ZtkrgNttI5giVmDZKUwbEgnuNgAOxRebN-Qh5ioGTiV2lXU
Gene363 Offline
#2 Posted: Wed, Sep 21 2022, 12:07 PM EST
Joined: 01-24-2003
Posts: 30,797
Wow, good for them, I hope it brings them happiness

Prolly never happen, I've only bought a handful of lottery tickets, and then it was was a big prize, the store owners would benifit and I knew the store owner. If it did, my first call would be to a financial advisor I trust.
HockeyDad Offline
#3 Posted: Wed, Sep 21 2022, 12:12 PM EST
Joined: 09-20-2000
Posts: 46,119
I buy lottery tickets and don’t even scratch them. I just toss them in trash cans.
Palama Offline
#4 Posted: Wed, Sep 21 2022, 12:48 PM EST
Joined: 02-05-2013
Posts: 23,621
HockeyDad wrote:
I buy lottery tickets and don’t even scratch them. I just toss them in trash cans.


LOL
Gene363 Offline
#5 Posted: Wed, Sep 21 2022, 1:06 PM EST
Joined: 01-24-2003
Posts: 30,797
HockeyDad wrote:
I buy lottery tickets and don’t even scratch them. I just toss them in trash cans.


The odds are with you for not losing a thing except what you spent on the tickets.

I might just "invest' in $50 of lottery tickets. Our retiree association gives away some Shell gasoline gift cards at the aanual meeting. I won a $50 card, however there are no Shell stations nearby other than some Circle K stations that sell "Shell" gasoline but not diesel.
Mr. Jones Offline
#6 Posted: Wed, Sep 21 2022, 5:07 PM EST
Joined: 06-12-2005
Posts: 19,410
#3 H.D. ' s C.O.N.F.I.D.E.N.T. SCRATCH OFF LOTTERY PLAYER POST ....

Tank you!!!


Tank you!!!


Tank you !!!

I KNEW THERE WERE PEOPLE OUT THERE LIKE YOU!!!

πŸ€£πŸ€£πŸ€£πŸ€£πŸ€£πŸ€‘πŸ€‘πŸ€‘πŸ€‘πŸ—£οΈπŸ—£οΈπŸ—£οΈπŸ—£οΈπŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘
tonygraz Offline
#7 Posted: Wed, Sep 21 2022, 7:58 PM EST
Joined: 08-11-2008
Posts: 20,230
Tank's not here man.
plinytheelder Offline
#8 Posted: Thu, Sep 22 2022, 1:34 PM EST
Joined: 10-24-2006
Posts: 8,836
I saw a show about winning the lottery/powerball.
The amount of money, after taxes and without the annuity, was about 20% of what they were reported to have won.

After dividing amongst the 10people that were in their "team" they each won something like $350k
rfenst Offline
#9 Posted: Thu, Sep 22 2022, 1:50 PM EST
Joined: 06-23-2007
Posts: 39,251
RiverRatRuss wrote:
What would you do with all that Cash?
s
https://www.wcia.com/news/national/2-winners-of-illinois-1-34b-mega-millions-jackpot-come-forward/?fbclid=IwAR2Qr9JeJxq3ZtkrgNttI5giVmDZKUwbEgnuNgAOxRebN-Qh5ioGTiV2lXU

It takes a long time to get an accountant, lawyers, financial planners and the like properly working together, in line and all on the same page. If you take the money before setting up trusts and chit, it could be taxable and have further detrimental implications. For example, if you take the money directly as opposed to the lottery division paying it directly in to trust(s), there may be taxation and other critical issues that can't be resolved after the fact.
Stogie1020 Offline
#10 Posted: Thu, Sep 22 2022, 2:49 PM EST
Joined: 12-19-2019
Posts: 5,307
rfenst wrote:
It takes a long time to get an accountant, lawyers, financial planners and the like properly working together, in line and all on the same page. If you take the money before setting up trusts and chit, it could be taxable and have further detrimental implications. For example, if you take the money directly as opposed to the lottery division paying it directly in to trust(s), there may be taxation and other critical issues that can't be resolved after the fact.


Plus, the bank won't really cash that giant cardboard check...
Gene363 Offline
#11 Posted: Thu, Sep 22 2022, 2:51 PM EST
Joined: 01-24-2003
Posts: 30,797
Stogie1020 wrote:
Plus, the bank won't really cash that giant cardboard check...


What! d'oh!
MACS Offline
#12 Posted: Thu, Sep 22 2022, 3:04 PM EST
Joined: 02-26-2004
Posts: 79,741
1.34 billion divided by 2 winners is 670 million each. After state and federal tax you'll likely get half that, which is 335 million. When the lottery takes their cut for the cash payout you're probably looking at a mere 200 million.

Which I am sure you, your family, and your current close friends could live on quite well for a couple generations.
Gene363 Offline
#13 Posted: Thu, Sep 22 2022, 3:13 PM EST
Joined: 01-24-2003
Posts: 30,797
MACS wrote:
1.34 billion divided by 2 winners is 670 million each. After state and federal tax you'll likely get half that, which is 335 million. When the lottery takes their cut for the cash payout you're probably looking at a mere 200 million.

Which I am sure you, your family, and your current close friends could live on quite well for a couple generations.


Maybe, those coke and hooker bills pile up fast. OTOH, invested and spent judiciously, it might last for indefinitely.
frankj1 Offline
#14 Posted: Thu, Sep 22 2022, 6:39 PM EST
Joined: 02-08-2007
Posts: 44,211
heard they each cleared $369mm.

when I was in Jr High, circa 1967, the parents of a buddy of mine won one of if not the first 1mm prize in Massachusetts.
When interviewed by local news stations, his mother said, "my husband wants to retrace his steps in Italy during WWII. I want new broadloom".
Mr. Jones Offline
#15 Posted: Sat, Sep 24 2022, 6:48 PM EST
Joined: 06-12-2005
Posts: 19,410
They should all (10) give me ...
"One meeeaaalllion dollars"...
It's only fair...

(⁠*⁠_⁠*⁠)(⁠+⁠_⁠+⁠)8⁠-⁠)^⁠_⁠^Shhh⁠$Shhh⁠$Shhh⁠$:⁠-⁠[Shhh⁠$
Gene363 Offline
#16 Posted: Sat, Sep 24 2022, 7:33 PM EST
Joined: 01-24-2003
Posts: 30,797
Mr. Jones wrote:
They should all (10) give me ...
"One meeeaaalllion dollars"...
It's only fair...

(⁠*⁠_⁠*⁠)(⁠+⁠_⁠+⁠)8⁠-⁠)^⁠_⁠^Shhh⁠$Shhh⁠$Shhh⁠$:⁠-⁠[Shhh⁠$


I second this.
8trackdisco Offline
#17 Posted: Sat, Sep 24 2022, 8:28 PM EST
Joined: 11-06-2004
Posts: 60,065
RiverRatRuss wrote:
What would you do with all that Cash?

https://www.wcia.com/news/national/2-winners-of-illinois-1-34b-mega-millions-jackpot-come-forward/?fbclid=IwAR2Qr9JeJxq3ZtkrgNttI5giVmDZKUwbEgnuNgAOxRebN-Qh5ioGTiV2lXU


- pocket 10 million for myself.
- whittle that down to 5 million helping out friends and family.
- start vetting charities, with lower expense ratio and highly rated charities related to veterans.
- quietly, with no fanfare makes small donations to worthy causes until all but the five million is left.

Figure it out from there.
J&K11 Offline
#18 Posted: Sat, Sep 24 2022, 8:41 PM EST
Joined: 08-20-2021
Posts: 55
Take it home in $20s and $50s and have a swim in it like Scrooge McDuck. Then figure out what to do with it later.
Mr. Jones Offline
#19 Posted: Sat, Sep 24 2022, 10:25 PM EST
Joined: 06-12-2005
Posts: 19,410
Thank you GENE !!!

πŸ‘πŸ‘πŸ‘
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