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Not certain what the lottery jackpot is


shootingstar

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So I kicked in a tiny amount of money for a group work lottery..of 6 people or something like that.

I'm not even sure what the jackpot amount is.... several hundred million $$$$.  I'm that clueless.  A co-worker picked the numbers for us.  We were joking that winning so much money, one wouldn't even know what to do with it properly. 

That's how little I believe in my/our luck.  Yea, just a few wks. ago...I won a work raffle...um 2 glasses with corporate logo.  Whoopee.

On the Internet news, there have been a decent amount of group lottery winners,...often for a group of workers who pooled in a few bucks.

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13 minutes ago, ChrisL said:

All over the news now. 1.6 Billion... Yes Billion with a B...

Yeah what do you do with that kind of money? It'd be a nice problem to have tho....

If one person won the $1 billion and took the lump sum, they would only get about $380 million after federal and state taxes (depending on their state). Then they would have to pay excise, sales, and gas guzzler taxes (assuming buying a Rolls or something similar) on what they buy. That brings the winnings down to a paltry $300 plus or minus a few million.

Now that it's up to $1.6B, you'd only win about $500 million. Small change. I bet Bill Gates gardener has that much.

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3 minutes ago, shootingstar said:

As a Canadian in CAnada, I probably can't play that game. 

You don't have to be a US citizen to play or win. You just need to jump across the border to a US state that has the Powerball game.

If you did win, wouldn't that be something like 2 billion Loonies? that would be heavy. 

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19 minutes ago, JerrySTL said:

If one person won the $1 billion and took the lump sum, they would only get about $380 million after federal and state taxes (depending on their state). Then they would have to pay excise, sales, and gas guzzler taxes (assuming buying a Rolls or something similar) on what they buy. That brings the winnings down to a paltry $300 plus or minus a few million.

Now that it's up to $1.6B, you'd only win about $500 million. Small change. I bet Bill Gates gardener has that much.

Dearie just told me now, that Canadians winning a Canadian lottery, don't have pay any Canadian tax on the winning amount.  I guess I better do something about all this.  :desk:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/amounts-that-taxed.html

However Revenue Canada warns heavily:  Note:  Income earned on any of the above amounts (such as interest you earn when you invest lottery winnings) is taxable(Well duh, are people that stupid?)

I knew I had the right citizenship and place of residence.  ?  This confirms it.

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27 minutes ago, JerrySTL said:

If one person won the $1 billion and took the lump sum, they would only get about $380 million after federal and state taxes (depending on their state). Then they would have to pay excise, sales, and gas guzzler taxes (assuming buying a Rolls or something similar) on what they buy. That brings the winnings down to a paltry $300 plus or minus a few million.

Now that it's up to $1.6B, you'd only win about $500 million. Small change. I bet Bill Gates gardener has that much.

Only a half a billion dollars?

I'd try to struggle by, but I'd have to economise, only a 100 million for the home. I'd try to keep a stiff upper lip...

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The MegaMillions Tuesday drawing is around $1.6 billion.  I'm going to get tickets though I've refrained from doing so in recent months.

I only get tickets when there's a huge amount, a few times a year on avg., and when I think of the $30 (3 x $10) I throw away each year, $300 per decade, I wonder if I'm getting enough of a thrill checking the numbers.

But, I remember a very wise local-TV financial advisor who pointed out that missing something like $10 was NOT going to change his lifestyle, but winning the lottery would: so he bought tickets.

Still, I wish they still had the small, $1-$3 million state lottery where your odds were much better than the 300 million:1 on the Megamillions.

I'd be happy with $1M and don't think more would greatly add to my happiness - I already have more guaranteed retirement income than the avg. American worker, spend less than I earn, and am mostly stress-free.  With the $300M or $400M I'd clear with the lump sum + taxes on a $1.6 billion win, I'd have far more than enough to increase my happiness.  I'd work it out so that the taxes applied before giving $1M each to 100 friends, relatives, and charities and a little more to close ones.

 

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5 hours ago, JerrySTL said:

If one person won the $1 billion and took the lump sum, they would only get about $380 million after federal and state taxes (depending on their state). Then they would have to pay excise, sales, and gas guzzler taxes (assuming buying a Rolls or something similar) on what they buy. That brings the winnings down to a paltry $300 plus or minus a few million.

Now that it's up to $1.6B, you'd only win about $500 million. Small change. I bet Bill Gates gardener has that much.

I'd be fine with "only" $500 million.  I might have to temper my spending habits a bit tho... ?

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1 hour ago, 12string said:

I'm gonna play those numbers just so you are assured of winning no more than $800 million

Good!  I want to become a "Don't let this happen to you" story.  I want to be a case study of how to fuck up a huge lottery jack pot.  Chapter 1 will be sharing my numbers on the cycling chat cite were someone else picked the same numbers cutting my winnings in half.  Not that it would matter anyway.  If I can piss away $800,000, I can easily piss away $1.6 billion.

We can be the Goofus and Gallant of lottery winnings.   I'll be Goofus.

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36 minutes ago, Mr. Silly said:

Good!  I want to become a "Don't let this happen to you" story.  I want to be a case study of how to fuck up a huge lottery jack pot.  Chapter 1 will be sharing my numbers on the cycling chat cite were someone else picked the same numbers cutting my winnings in half.  Not that it would matter anyway.  If I can piss away $800,000, I can easily piss away $1.6 billion.

We can be the Goofus and Gallant of lottery winnings.   I'll be Goofus.

 

6 minutes ago, 12string said:

I'm not doing it for me, I'm only thinking of your well being.  Last thing I would want is for you to have your life messed up like like that, and if I have to take on 800 million of your problems to save you, that's a small sacrifice to save you.  See, I can be Gallant!

Fine, Silly is Goofus, strings is Gallant and I am Kevin!

Image result for goofus gallant and kevin

 

Image result for goofus gallant and kevin

 

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@shootingstar and other that buy work lottery tickets.

How is it split up between the folks who put in? If someone pays more into it then another person does that person get more then a person who payed less??  Also do you have it in writing that you payed into the pot and what your cut will be?? 

 

Also if I happen to win, I'm buying the SW forum and making this place super fun again... SW's dry humor cuz made this place uncomfortably weird.

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14 minutes ago, jsharr said:

 

Fine, Silly is Goofus, strings is Gallant and I am Kevin!

Image result for goofus gallant and kevin

 

Image result for goofus gallant and kevin

 

If you take a nest of fireants from their location and dump them onto another fireant hill they will fight til one ant is left standing. 

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15 hours ago, 12string said:

I'm not doing it for me, I'm only thinking of your well being.  Last thing I would want is for you to have your life messed up like like that, and if I have to take on 800 million of your problems to save you, that's a small sacrifice to save you.  See, I can be Gallant!

I didn't win last night.  I'll need that $800 million you promised me.  It would be unfortunate if Kevin buried you up to your neck and and had a fire ant battle royale on your face.  Don't you think?

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6 hours ago, Mr. Silly said:

I didn't win last night.  I'll need that $800 million you promised me.  It would be unfortunate if Kevin buried you up to your neck and and had a fire ant battle royale on your face.  Don't you think?

I'm not worried, there's only one fire ant left now

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