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Further to "A question for the folks planning to play the lottery tonight..."


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You win.

  • 30 years (~$30M/year) or all at once ($628M)?
  • Me? Prolly $30M a year for 30 years. Somewhat easier to get my head around.

What do you do with all that money?

  • One-time pay off everything for all my family.
  • Trusts for the 2 children & 1 grandchild.
  • New house here.
  • House in T-Town to be near the GC
  • A couple (at least) cars
  • Set up a NP to provide money & resources to local/regional NPs that deal directly with their targeted populations
  • Travel
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I won't live 30 more years.  Would probably take AAO option.

Pay off everything for my family.  There are only a few of us, so probably less than a million to get everyone debt free, including houses. one brother, my parents, one aunt, two cousins on my side of the family.  A few cousins on Martha's side.

Would sell our house and buy new in our hood, or rent and do a TOTAL redo on our house.

Trusts for both boys

Modest new vehicles for wife and boys

Work with a financial advisor to invest and use interest to live, make donations, etc.

Once the boys are out of high school talk to the BSA and find a Scout camp to be a camp ranger at.
 

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35 minutes ago, jsharr said:

I won't live 30 more years.  Would probably take AAO option.

Pay off everything for my family.  There are only a few of us, so probably less than a million to get everyone debt free, including houses. one brother, my parents, one aunt, two cousins on my side of the family.  A few cousins on Martha's side.

Would sell our house and buy new in our hood, or rent and do a TOTAL redo on our house.

Trusts for both boys

Modest new vehicles for wife and boys

Work with a financial advisor to invest and use interest to live, make donations, etc.

Once the boys are out of high school talk to the BSA and find a Scout camp to be a camp ranger at.
 

Would also probably buy the older son a modest house in our area.  Would be great to start life with no rent and equity in property.

Would do same for younger son.

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I believe we would split it 4 ways to begin with so everybody has their own share.  Certainly not the 30 year method, even I don't expect to live to 104.

 

Maybe I would go back to Singapore and live at the Sands.  :P  At least long enough to watch the F1 race.

 

For sure I'd have enough money to be allowed to emigrate to Singapore or Japan or possibly even Monaco.

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1 minute ago, Longjohn said:

I probably won’t win, I don’t play.

I get emails all the time telling me that I won lotteries that I had never entered. I think that it would be unethical for me to collect the winnings when I never paid for a ticket. Therefore I just delete the emails. 

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There have been some media articles pointing out that the odds of winning Powerball and MegaMillions on it huge days is the same as on its small days, but the odds are you will split the huge lotteries with enough winners that your share will be smaller than the odds when the lotteries are small and the bets aren't rising exponentially.

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17 minutes ago, MickinMD said:

There have been some media articles pointing out that the odds of winning Powerball and MegaMillions on it huge days is the same as on its small days, but the odds are you will split the huge lotteries with enough winners that your share will be smaller than the odds when the lotteries are small and the bets aren't rising exponentially.

However I think that there has been only one PB or MM duplicate winning numbers for the big prize in the last 3 years. 

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45 minutes ago, dennis said:

I've never played the lottery, I'm not even sure if we can here.

Could someone explain this to me. Why do people play more when the winnings are big like vs when it's just a few million? You're set for life either way.

In my case it's a way to not waste so much money. If I would play one time every Powerball, that would be about $210 a year. Same goes for the MegaMillions. Chances of even breaking even during that year are slim. Now if I only start playing when the big prize reaches $500 million a year, I will waste less money. 

I recently read a book which claimed the poorest people often play all the big lottery games all the time in the hope of getting out of poverty. People like me are more selective. Therefore the poor are the people who initially grow the jackpots. Those who can least afford it spend a larger percentage of their money than the rich and middle class.

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34 minutes ago, JerrySTL said:

In my case it's a way to not waste so much money. If I would play one time every Powerball, that would be about $210 a year. Same goes for the MegaMillions. Chances of even breaking even during that year are slim. Now if I only start playing when the big prize reaches $500 million a year, I will waste less money. 

I recently read a book which claimed the poorest people often play all the big lottery games all the time in the hope of getting out of poverty. People like me are more selective. Therefore the poor are the people who initially grow the jackpots. Those who can least afford it spend a larger percentage of their money than the rich and middle class.

This doesn't make sense to my little brain. Aren't the odds always the same? You need to pick six or seven numbers to win. The only difference is the amount you win, correct? It seems like you are saying, it's only worth the gamble if you win big and not worth it to win just a couple of million dollars. 

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2 hours ago, MickinMD said:

My sister picked up a state lottery scratch-off when she bought big-lottery tickets for last Friday.

She won $10,000 with the scratch-off!  She didn't the big ones but she was still happy!

Her life might be healthier and happier to deal with a smaller amount...and less strangers /people after her.

If I won xxx million, I would consider small portion for a scholarship fund that would be self-funding via smart investments.   

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