Powerball Winner Now Broke

[MylesKnight]

$113 Mill, gone. Damn.


http://news.yahoo.com/s/ap/20070112/ap_on_re_us/powerball_winner_problems

CHARLESTON, W.Va. - A man beset by problems since winning a record lottery jackpot says he can't pay a settlement to a casino worker because thieves cleaned out his bank accounts.
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Powerball winner Jack Whittaker gave that explanation in a note last fall to a lawyer for Kitti French, who accused him of assaulting her at the Tri-State Racetrack and Gaming Center, a slots-only casino near Charleston, according to a motion French's lawyer filed this week demanding payment of the confidential settlement.

Whittaker won a nearly $315 million on Christmas 2002, then the largest undivided lottery prize in U.S. history. He took his winnings in a lump sum of $113 million after taxes.

Since then, he has faced his granddaughter's death by drug overdose; he has been sued for bouncing checks at Atlantic City, N.J., casinos; he has been ordered to undergo rehab after being arrested on drunken driving charges; his vehicles and business have been burglarized; and he has been sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house.

In the latest lawsuit, Whittaker told French's lawyer, John Barrett, that "a team of crooks" cashed checks in September at 12 City National Bank branches and "got all my money," according to the motion Barrett filed Wednesday in state court.

"I intend to pay but can't without any money," Whittaker wrote, according to the motion.

An official with City National Bank said Friday the bank is investigating "small discrepancies" in Whittaker's accounts.

Calls to Whittaker and his lawyers Friday were not immediately returned.

[Lorena]

113 million dollars gone in 4 years? Jeez, what'd I'd give to have just a tiny, minuscule chunk of that to get rid of our debt.

Unbelievable.

[Fidatelo]

Winning the lottery can often be one of the worst things that can happen to someone.

[JPhillips]

Every time I drive past the Pink Pony on the way to my in-laws I think of how that guy carried $100,000 in cash to a strip club in Nitro, WV.

This guy would have ended up in debt regardless. As it was he got to blow 113 million on the way there.

[KevinNU7]

Winning the lottery can often be one of the worst things that can happen to someone.
This is a dumb statement that I hear all the time. Winning the lottery is bad for these people because they were morons before they ever even bought the ticket

[EagleFan]

Winning the lottery can often be one of the worst things that can happen to someone.

No, it can be the worst thing to happen to someone who has no clue how to handle it. That idiot brought it all on himself (other than the death of the granddaughter). Bounced checks? How the hell do you bounce a check with 113 million in the bank? Other than writing one out for 113,000,001....

Maybe they need to test these idiots that buy the tickets to see if they really have a clue. Setup a trust fund for my daughters, setup and account for their education, some cash gifts to immediate family members (dependant upon the amount won), setup a diversified account to be able to live on the interest and retire.

Other things that would depend on amount would be things like getting a house and a car, setting up a scholarship fund for the school that I went to and then setting up some sort of charity fund. Seems like it's pretty easy, just need to have an idea ahead of time what to expect.

[Subby]

I am pretty sure that kind of money would probably ruin almost everyone on this board.

[NoMyths]

Maybe they need to test these idiots that buy the tickets to see if they really have a clue. Setup a trust fund for my daughters, setup and account for their education, some cash gifts to immediate family members (dependant upon the amount won), setup a versified account to be able to live on the interest and retire.
How much poetry should one generate for their versified accounts, and is this a job market I should be exploring?

Alternately: perhaps one should be more certain of the specifics of one's financial planning before hauling out the "test these idiots" flamethrower. :)

[stevew]

If this guy had just listened to WrongWay, and taken the installment payments, he would still have money.

[Lorena]

The guy has a page on wikipedia, one of the quotes: Whittaker told a TV station after he was charged with drunken driving, "It doesn't bother me because I can tell everyone to kiss off."

Sounds like he had it coming, class act there Whittaker.

Wikipedia page: http://en.wikipedia.org/wiki/Jack_Whittaker_(lottery_winner)

[Draft Dodger]

I am pretty sure that kind of money would probably ruin almost everyone on this board.

you are correct

[JimmyWint]

Why would you continue to gamble after you win that much money! There is no way you could ever win a jackpot close to that amount. I would hire a few personal assistants and live off the interest.

[JonInMiddleGA]

I am pretty sure that kind of money would probably ruin almost everyone on this board.

And yet I bet I'm not anywhere near alone in saying that I would willingly, nay, even gleefully, take that risk.

[MylesKnight]

Check out this paragraph (from Wikipedia)...


On August 5, 2003, thieves broke into his car while it was parked at the Pink Pony, a strip club in Cross Lanes, West Virginia. The thieves went away with $545,000 in cash [1][2]. Two employees at the same club were later arrested and charged with a plot to put drugs in Whittaker's drinks and then rob him. On January 25, 2004, thieves once again broke into his car, this time making off with an estimated $100,000 in cash.

[Klinglerware]

I think a big problem is the publicity--the nature of collecting on a big prize like that is very public. Everyone knows you now have money, and that makes you a target. Average joe schmo is probably less able to adjust to that then your typical wealthy celeb (who probably have people in place to help keep the great unwashed masses at arms length)...

[st.cronin]

I think a big problem is the publicity--the nature of collecting on a big prize like that is very public.

I agree. I think I read somewhere that it's virtually impossible to collect one of these prizes anonymously. I don't know how you would go about protecting yourself from predators.

[BrianD]

This guy sounds pretty dumb if he was carrying around that much cash. With all of the stories about lottery winners losing all of their money, you would think people would throw all of the money in an account they couldn't touch and just live off of the interest for a while. Having that much money is a major adjustment and people should work into that slowly.

[bulletsponge]

I am pretty sure that kind of money would probably ruin almost everyone on this board.

it wouldnt ruin me, probaby because im a simple man who hates shoping for anything. id just put it somewhere safe (not my freaking car!) invest part of it and pay off bills.


BTW Subby in your sig, its the Invisable man, not invincable

[jeff061]

Some of these winners get a lawyer, an accountant and a plan before even acknowledging they won. That's what I'd do, take my irresponsible self out of the equation.

[cartman]

I am pretty sure that kind of money would probably ruin almost everyone on this board.

Actually, I'm working on my second $113 million. I gave up on the first $113 million.

:D

[cartman]

I agree. I think I read somewhere that it's virtually impossible to collect one of these prizes anonymously. I don't know how you would go about protecting yourself from predators.

It's not impossible to do if you take a little time before cashing the ticket in. You can set up a corporation that "owns' the ticket and then go from there to obscure who actually has the money. If you set it up correctly, the taxes for the corporation might actually be cheaper than the personal taxes.

[JonInMiddleGA]

Some of these winners get a lawyer, an accountant and a plan before even acknowledging they won. That's what I'd do, take my irresponsible self out of the equation.

All of that, and then some, has been included in my contingency planning for years.

Call #1 -- to my financial adviser/planner
Call #2 -- to a friend in the personal security business
Call #3 -- to my attorneys
Call #4 -- to a travel agent

[st.cronin]

It's not impossible to do if you take a little time before cashing the ticket in. You can set up a corporation that "owns' the ticket and then go from there to obscure who actually has the money. If you set it up correctly, the taxes for the corporation might actually be cheaper than the personal taxes.

Yeah, there was a winner in New Mexico who tried to do that, but his name was still in the paper. I'm not sure why.

[molson]

This happens surprisingly often. If you spend like you have unlimited money, I imagine it's pretty easy to burn through $113 million.

[JPhillips]

This guy wasn't at all trying to stay anonymous. By all accounts he relished the high roller lifestyle. He quite willingly and knowingly threw away millions. I guarantee there were nights of debauchery the likes of which were never before seen in Nitro.

I wish this guy were smarter and I really wish he hadn't been robbed, but the biggest problem he had was that he just wasn't very bright. If you're stupid before you win the lottery chances are you'll be stupid afterward.

[molson]

I knew someone who inherited some money, and then hid about $100k in cash in a backyard after being sued in some kind of wrongful death lawsuit. I wonder if this guy is being completely truthful.

[Subby]

BTW Subby in your sig, its the Invisable man, not invincable
Hey, thanks.

[Raiders Army]

Yeah, there was a winner in New Mexico who tried to do that, but his name was still in the paper. I'm not sure why.

I believe it's a trend now to do this. As it was said above, there are certain tax advantages to this:

http://img120.imageshack.us/img120/4125/winnerkennethdonnellep5.jpg
On behalf of the Kenneth Donnell Trust, Graham’s Kenneth Donnell claimed the top prize – $5,000 per week for 20 years – in the Set For Life scratch-off game on October 30, 2006.

[stevew]

All of that, and then some, has been included in my contingency planning for years.

Call #1 -- to my financial adviser/planner
Call #2 -- to a friend in the personal security business
Call #3 -- to my attorneys
Call #4 -- to a travel agent

I'm not quite that detailed, but I'm at least on step #1, which would be contacting an accountant whom I trust. I figure the worst sort of initial calls would be to friends/extended family members and tell them the good news. Which invariably would lead to some problems quickly. I would probably set up the shell corporation as anonymity would be key.

[cartman]

I've already got a couple of names picked out for the entity that will claim the lottery winnings on my behalf. It'll either be G.F.Y. or S.T.F.U. & G.B.T.W.

[Young Drachma]

I'm sure Wyoming will cite this again in the current legislative session as more ammunition against allowing a lottery here or refusing to let people play Powerball in Wyoming, saying that "if they want to cross the border, let 'em". Of course, there is no open container law and conceal carry is perfectly okay too with a permit.

Aah, yes. Priorities.

[Young Drachma]

And yet I bet I'm not anywhere near alone in saying that I would willingly, nay, even gleefully, take that risk.

Word.

[QuikSand]

BTW Subby in your sig, its the Invisable man, not invincable

Hey, thanks.

I am pretty much doubling over at this exchange.

[duckman]

I believe it's a trend now to do this. As it was said above, there are certain tax advantages to this:

http://img120.imageshack.us/img120/4125/winnerkennethdonnellep5.jpg
On behalf of the Kenneth Donnell Trust, Graham’s Kenneth Donnell claimed the top prize – $5,000 per week for 20 years – in the Set For Life scratch-off game on October 30, 2006.

This is exactly what a person did in Oklahoma when he/she won $119 million prize. It didn't mentioned the name of the person only the name of the trust.

[JHandley]

I've been wondering about something. The people who have detailed plans about what they'd do after winning $100M in the lottery, how many tickets do you buy annually?

The reason I'm asking is, I've always assumed that people who know tax law, how to set up a corporation, how to set up a trust, have an accountant, have a lawyer, etc, were too smart to put too much money into lotteries because they knew their chances of winning. Therefore, the next assumption was that people who actually did win have very little idea of how to handle finances and money to begin with. Just because you have more money, doesn't mean you handle it any better. It just means you're allowed to write bigger checks.

I think this is why you see a high percentage of lottery winners still end up with financial problems.

[panerd]

Maybe they need to test these idiots that buy the tickets to see if they really have a clue.


Who is it that you think actually plays the lottery? Sure all of us dabble a dollar or two here and there but who do you think the lottery preys on? I will give you a hint... they probably have never passed a statistics class (probably not even Algebra I)

[cartman]

I've been wondering about something. The people who have detailed plans about what they'd do after winning $100M in the lottery, how many tickets do you buy annually?

The reason I'm asking is, I've always assumed that people who know tax law, how to set up a corporation, how to set up a trust, have an accountant, have a lawyer, etc, were too smart to put too much money into lotteries because they knew their chances of winning. Therefore, the next assumption was that people who actually did win have very little idea of how to handle finances and money to begin with. Just because you have more money, doesn't mean you handle it any better. It just means you're allowed to write bigger checks.

I think this is why you see a high percentage of lottery winners still end up with financial problems.

I buy $5 worth each time the amount goes above $30 million. I consider it as another investment, and put it in the "ultra high risk" investment pool. :D

[Icy]

I've already got a couple of names picked out for the entity that will claim the lottery winnings on my behalf. It'll either be G.F.Y. or S.T.F.U. & G.B.T.W.

Sorry but GFY is already taken, gfy.com is the biggest adult webmasters board :)

[molson]

I've been wondering about something. The people who have detailed plans about what they'd do after winning $100M in the lottery, how many tickets do you buy annually?

The reason I'm asking is, I've always assumed that people who know tax law, how to set up a corporation, how to set up a trust, have an accountant, have a lawyer, etc, were too smart to put too much money into lotteries because they knew their chances of winning. Therefore, the next assumption was that people who actually did win have very little idea of how to handle finances and money to begin with. Just because you have more money, doesn't mean you handle it any better. It just means you're allowed to write bigger checks.

I think this is why you see a high percentage of lottery winners still end up with financial problems.

Fair enough, but I think responsible people look at the lottery like a casino or sports gambling. They aren't investments, they're an amusing diversion that, even if one doesn't win, have a monetary entertainment value in their own right.

[EagleFan]

I put very little into lotteries, I could probably count the number of times I play in any given year on one hand. But I still have a contingency plan just in case, and yes call number one is to a financial planner. As tempting as it would be, I would not even collect until all my ducks were in line. Hell, I wouldn't even leave my job until everything was ready (actully, I would have fun with that ;) ).

[KevinNU7]

Seriously folks, it is impossible to lose this kind of money of you have any level of intelligence

<table x:str="" style="border-collapse: collapse; width: 368pt;" border="0" cellpadding="0" cellspacing="0" width="491"><col style="width: 79pt;" width="105"> <col style="width: 48pt;" width="64"> <col style="width: 5pt;" width="7"> <col style="width: 48pt;" width="64"> <col style="width: 54pt;" width="72"> <col style="width: 54pt;" width="72"> <col style="width: 80pt;" width="107"> <tbody><tr style="height: 13.5pt;" height="18"> <td class="xl26" style="height: 13.5pt; width: 79pt;" x:str="Prize" height="18" width="105"> Prize </td> <td class="xl26" style="width: 48pt;" x:str="%" width="64"> % </td> <td class="xl24" style="width: 5pt;" width="7">
</td> <td class="xl26" style="width: 48pt;" x:str="Per Day" width="64"> Per Day </td> <td class="xl26" style="width: 54pt;" x:str="Per Week" width="72"> Per Week </td> <td class="xl27" style="width: 54pt;" width="72">Per Month</td> <td class="xl28" style="width: 80pt;" x:str="Yearly Interest" width="107"> Yearly Interest </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.01" align="right">1%</td> <td class="xl24">
</td> <td class="xl24" x:num="3095.8904109589039" x:fmla="=(A2*B2)/365"> 3,096 </td> <td class="xl24" x:num="21730.76923076923" x:fmla="=(A2*B2)/52"> 21,731 </td> <td class="xl24" x:num="94166.666666666672" x:fmla="=(A2*B2)/12"> 94,167 </td> <td class="xl24" x:num="1130000" x:fmla="=A2*B2"> 1,130,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.02" align="right">2%</td> <td class="xl24">
</td> <td class="xl24" x:num="6191.7808219178078" x:fmla="=(A3*B3)/365"> 6,192 </td> <td class="xl24" x:num="43461.538461538461" x:fmla="=(A3*B3)/52"> 43,462 </td> <td class="xl24" x:num="188333.33333333334" x:fmla="=(A3*B3)/12"> 188,333 </td> <td class="xl24" x:num="2260000" x:fmla="=A3*B3"> 2,260,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.03" align="right">3%</td> <td class="xl24">
</td> <td class="xl24" x:num="9287.6712328767117" x:fmla="=(A4*B4)/365"> 9,288 </td> <td class="xl24" x:num="65192.307692307695" x:fmla="=(A4*B4)/52"> 65,192 </td> <td class="xl24" x:num="282500" x:fmla="=(A4*B4)/12"> 282,500 </td> <td class="xl24" x:num="3390000" x:fmla="=A4*B4"> 3,390,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.04" align="right">4%</td> <td class="xl24">
</td> <td class="xl24" x:num="12383.561643835616" x:fmla="=(A5*B5)/365"> 12,384 </td> <td class="xl24" x:num="86923.076923076922" x:fmla="=(A5*B5)/52"> 86,923 </td> <td class="xl24" x:num="376666.66666666669" x:fmla="=(A5*B5)/12"> 376,667 </td> <td class="xl24" x:num="4520000" x:fmla="=A5*B5"> 4,520,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl29" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl30" x:num="0.05" align="right">5%</td> <td class="xl29"> </td> <td class="xl29" x:num="15479.452054794521" x:fmla="=(A6*B6)/365"> 15,479 </td> <td class="xl29" x:num="108653.84615384616" x:fmla="=(A6*B6)/52"> 108,654 </td> <td class="xl29" x:num="470833.33333333331" x:fmla="=(A6*B6)/12"> 470,833 </td> <td class="xl29" x:num="5650000" x:fmla="=A6*B6"> 5,650,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.06" align="right">6%</td> <td class="xl24">
</td> <td class="xl24" x:num="18575.342465753423" x:fmla="=(A7*B7)/365"> 18,575 </td> <td class="xl24" x:num="130384.61538461539" x:fmla="=(A7*B7)/52"> 130,385 </td> <td class="xl24" x:num="565000" x:fmla="=(A7*B7)/12"> 565,000 </td> <td class="xl24" x:num="6780000" x:fmla="=A7*B7"> 6,780,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.07" align="right">7%</td> <td class="xl24">
</td> <td class="xl24" x:num="21671.232876712333" x:fmla="=(A8*B8)/365"> 21,671 </td> <td class="xl24" x:num="152115.38461538462" x:fmla="=(A8*B8)/52"> 152,115 </td> <td class="xl24" x:num="659166.66666666674" x:fmla="=(A8*B8)/12"> 659,167 </td> <td class="xl24" x:num="7910000.0000000009" x:fmla="=A8*B8"> 7,910,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.08" align="right">8%</td> <td class="xl24">
</td> <td class="xl24" x:num="24767.123287671231" x:fmla="=(A9*B9)/365"> 24,767 </td> <td class="xl24" x:num="173846.15384615384" x:fmla="=(A9*B9)/52"> 173,846 </td> <td class="xl24" x:num="753333.33333333337" x:fmla="=(A9*B9)/12"> 753,333 </td> <td class="xl24" x:num="9040000" x:fmla="=A9*B9"> 9,040,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.09" align="right">9%</td> <td class="xl24">
</td> <td class="xl24" x:num="27863.013698630137" x:fmla="=(A10*B10)/365"> 27,863 </td> <td class="xl24" x:num="195576.92307692306" x:fmla="=(A10*B10)/52"> 195,577 </td> <td class="xl24" x:num="847500" x:fmla="=(A10*B10)/12"> 847,500 </td> <td class="xl24" x:num="10170000" x:fmla="=A10*B10"> 10,170,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.1" align="right">10%</td> <td class="xl24">
</td> <td class="xl24" x:num="30958.904109589042" x:fmla="=(A11*B11)/365"> 30,959 </td> <td class="xl24" x:num="217307.69230769231" x:fmla="=(A11*B11)/52"> 217,308 </td> <td class="xl24" x:num="941666.66666666663" x:fmla="=(A11*B11)/12"> 941,667 </td> <td class="xl24" x:num="11300000" x:fmla="=A11*B11"> 11,300,000 </td> </tr> </tbody></table>

At 5% Interest (Which is pretty conservative) you are getting $470,000 per month in interest! Wait a month or two to do anything with your money and suddenly you are making major purchases without even touching the $113M you started with.

[KevinNU7]

And if anyone is curious here is the chart at "only" $5M and $2M where you still earn $250,000 and $100,000 at 5%.

I think $250,000 per year is where my wife and I would say SEE YA to work.

<table x:str="" style="border-collapse: collapse; width: 368pt;" border="0" cellpadding="0" cellspacing="0" width="491"><col style="width: 79pt;" width="105"> <col style="width: 48pt;" width="64"> <col style="width: 5pt;" width="7"> <col style="width: 48pt;" width="64"> <col style="width: 54pt;" width="72"> <col style="width: 54pt;" width="72"> <col style="width: 80pt;" width="107"> <tbody><tr style="height: 13.5pt;" height="18"> <td class="xl26" style="height: 13.5pt; width: 79pt;" x:str="Prize" height="18" width="105"> Prize </td> <td class="xl26" style="width: 48pt;" x:str="%" width="64"> % </td> <td class="xl24" style="width: 5pt;" width="7">
</td> <td class="xl26" style="width: 48pt;" x:str="Per Day" width="64"> Per Day </td> <td class="xl26" style="width: 54pt;" x:str="Per Week" width="72"> Per Week </td> <td class="xl27" style="width: 54pt;" width="72">Per Month</td> <td class="xl28" style="width: 80pt;" x:str="Yearly Interest" width="107"> Yearly Interest </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.01" align="right">1%</td> <td class="xl24">
</td> <td class="xl24" x:num="136.98630136986301" x:fmla="=(A2*B2)/365"> 137 </td> <td class="xl24" x:num="961.53846153846155" x:fmla="=(A2*B2)/52"> 962 </td> <td class="xl24" x:num="4166.666666666667" x:fmla="=(A2*B2)/12"> 4,167 </td> <td class="xl24" x:num="50000" x:fmla="=A2*B2"> 50,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A2" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.02" align="right">2%</td> <td class="xl24">
</td> <td class="xl24" x:num="273.97260273972603" x:fmla="=(A3*B3)/365"> 274 </td> <td class="xl24" x:num="1923.0769230769231" x:fmla="=(A3*B3)/52"> 1,923 </td> <td class="xl24" x:num="8333.3333333333339" x:fmla="=(A3*B3)/12"> 8,333 </td> <td class="xl24" x:num="100000" x:fmla="=A3*B3"> 100,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A3" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.03" align="right">3%</td> <td class="xl24">
</td> <td class="xl24" x:num="410.95890410958901" x:fmla="=(A4*B4)/365"> 411 </td> <td class="xl24" x:num="2884.6153846153848" x:fmla="=(A4*B4)/52"> 2,885 </td> <td class="xl24" x:num="12500" x:fmla="=(A4*B4)/12"> 12,500 </td> <td class="xl24" x:num="150000" x:fmla="=A4*B4"> 150,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A4" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.04" align="right">4%</td> <td class="xl24">
</td> <td class="xl24" x:num="547.94520547945206" x:fmla="=(A5*B5)/365"> 548 </td> <td class="xl24" x:num="3846.1538461538462" x:fmla="=(A5*B5)/52"> 3,846 </td> <td class="xl24" x:num="16666.666666666668" x:fmla="=(A5*B5)/12"> 16,667 </td> <td class="xl24" x:num="200000" x:fmla="=A5*B5"> 200,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl29" style="height: 12.75pt;" x:num="5000000" x:fmla="=A5" height="17"> 5,000,000 </td> <td class="xl30" x:num="0.05" align="right">5%</td> <td class="xl29"> </td> <td class="xl29" x:num="684.93150684931504" x:fmla="=(A6*B6)/365"> 685 </td> <td class="xl29" x:num="4807.6923076923076" x:fmla="=(A6*B6)/52"> 4,808 </td> <td class="xl29" x:num="20833.333333333332" x:fmla="=(A6*B6)/12"> 20,833 </td> <td class="xl29" x:num="250000" x:fmla="=A6*B6"> 250,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A6" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.06" align="right">6%</td> <td class="xl24">
</td> <td class="xl24" x:num="821.91780821917803" x:fmla="=(A7*B7)/365"> 822 </td> <td class="xl24" x:num="5769.2307692307695" x:fmla="=(A7*B7)/52"> 5,769 </td> <td class="xl24" x:num="25000" x:fmla="=(A7*B7)/12"> 25,000 </td> <td class="xl24" x:num="300000" x:fmla="=A7*B7"> 300,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A7" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.07" align="right">7%</td> <td class="xl24">
</td> <td class="xl24" x:num="958.90410958904124" x:fmla="=(A8*B8)/365"> 959 </td> <td class="xl24" x:num="6730.7692307692323" x:fmla="=(A8*B8)/52"> 6,731 </td> <td class="xl24" x:num="29166.666666666672" x:fmla="=(A8*B8)/12"> 29,167 </td> <td class="xl24" x:num="350000" x:fmla="=A8*B8"> 350,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A8" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.08" align="right">8%</td> <td class="xl24">
</td> <td class="xl24" x:num="1095.8904109589041" x:fmla="=(A9*B9)/365"> 1,096 </td> <td class="xl24" x:num="7692.3076923076924" x:fmla="=(A9*B9)/52"> 7,692 </td> <td class="xl24" x:num="33333.333333333336" x:fmla="=(A9*B9)/12"> 33,333 </td> <td class="xl24" x:num="400000" x:fmla="=A9*B9"> 400,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A9" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.09" align="right">9%</td> <td class="xl24">
</td> <td class="xl24" x:num="1232.8767123287671" x:fmla="=(A10*B10)/365"> 1,233 </td> <td class="xl24" x:num="8653.8461538461543" x:fmla="=(A10*B10)/52"> 8,654 </td> <td class="xl24" x:num="37500" x:fmla="=(A10*B10)/12"> 37,500 </td> <td class="xl24" x:num="450000" x:fmla="=A10*B10"> 450,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="5000000" x:fmla="=A10" height="17"> 5,000,000 </td> <td class="xl25" x:num="0.1" align="right">10%</td> <td class="xl24">
</td> <td class="xl24" x:num="1369.8630136986301" x:fmla="=(A11*B11)/365"> 1,370 </td> <td class="xl24" x:num="9615.3846153846152" x:fmla="=(A11*B11)/52"> 9,615 </td> <td class="xl24" x:num="41666.666666666664" x:fmla="=(A11*B11)/12"> 41,667 </td> <td class="xl24" x:num="500000" x:fmla="=A11*B11"> 500,000 </td> </tr> </tbody></table>

<table x:str="" style="border-collapse: collapse; width: 368pt;" border="0" cellpadding="0" cellspacing="0" width="491"><col style="width: 79pt;" width="105"> <col style="width: 48pt;" width="64"> <col style="width: 5pt;" width="7"> <col style="width: 48pt;" width="64"> <col style="width: 54pt;" width="72"> <col style="width: 54pt;" width="72"> <col style="width: 80pt;" width="107"> <tbody><tr style="height: 13.5pt;" height="18"> <td class="xl26" style="height: 13.5pt; width: 79pt;" x:str="Prize" height="18" width="105"> Prize </td> <td class="xl26" style="width: 48pt;" x:str="%" width="64"> % </td> <td class="xl24" style="width: 5pt;" width="7">
</td> <td class="xl26" style="width: 48pt;" x:str="Per Day" width="64"> Per Day </td> <td class="xl26" style="width: 54pt;" x:str="Per Week" width="72"> Per Week </td> <td class="xl27" style="width: 54pt;" width="72">Per Month</td> <td class="xl28" style="width: 80pt;" x:str="Yearly Interest" width="107"> Yearly Interest </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.01" align="right">1%</td> <td class="xl24">
</td> <td class="xl24" x:num="54.794520547945204" x:fmla="=(A2*B2)/365"> 55 </td> <td class="xl24" x:num="384.61538461538464" x:fmla="=(A2*B2)/52"> 385 </td> <td class="xl24" x:num="1666.6666666666667" x:fmla="=(A2*B2)/12"> 1,667 </td> <td class="xl24" x:num="20000" x:fmla="=A2*B2"> 20,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A2" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.02" align="right">2%</td> <td class="xl24">
</td> <td class="xl24" x:num="109.58904109589041" x:fmla="=(A3*B3)/365"> 110 </td> <td class="xl24" x:num="769.23076923076928" x:fmla="=(A3*B3)/52"> 769 </td> <td class="xl24" x:num="3333.3333333333335" x:fmla="=(A3*B3)/12"> 3,333 </td> <td class="xl24" x:num="40000" x:fmla="=A3*B3"> 40,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A3" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.03" align="right">3%</td> <td class="xl24">
</td> <td class="xl24" x:num="164.38356164383561" x:fmla="=(A4*B4)/365"> 164 </td> <td class="xl24" x:num="1153.8461538461538" x:fmla="=(A4*B4)/52"> 1,154 </td> <td class="xl24" x:num="5000" x:fmla="=(A4*B4)/12"> 5,000 </td> <td class="xl24" x:num="60000" x:fmla="=A4*B4"> 60,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A4" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.04" align="right">4%</td> <td class="xl24">
</td> <td class="xl24" x:num="219.17808219178082" x:fmla="=(A5*B5)/365"> 219 </td> <td class="xl24" x:num="1538.4615384615386" x:fmla="=(A5*B5)/52"> 1,538 </td> <td class="xl24" x:num="6666.666666666667" x:fmla="=(A5*B5)/12"> 6,667 </td> <td class="xl24" x:num="80000" x:fmla="=A5*B5"> 80,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl29" style="height: 12.75pt;" x:num="2000000" x:fmla="=A5" height="17"> 2,000,000 </td> <td class="xl30" x:num="0.05" align="right">5%</td> <td class="xl29"> </td> <td class="xl29" x:num="273.97260273972603" x:fmla="=(A6*B6)/365"> 274 </td> <td class="xl29" x:num="1923.0769230769231" x:fmla="=(A6*B6)/52"> 1,923 </td> <td class="xl29" x:num="8333.3333333333339" x:fmla="=(A6*B6)/12"> 8,333 </td> <td class="xl29" x:num="100000" x:fmla="=A6*B6"> 100,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A6" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.06" align="right">6%</td> <td class="xl24">
</td> <td class="xl24" x:num="328.76712328767121" x:fmla="=(A7*B7)/365"> 329 </td> <td class="xl24" x:num="2307.6923076923076" x:fmla="=(A7*B7)/52"> 2,308 </td> <td class="xl24" x:num="10000" x:fmla="=(A7*B7)/12"> 10,000 </td> <td class="xl24" x:num="120000" x:fmla="=A7*B7"> 120,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A7" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.07" align="right">7%</td> <td class="xl24">
</td> <td class="xl24" x:num="383.56164383561645" x:fmla="=(A8*B8)/365"> 384 </td> <td class="xl24" x:num="2692.3076923076924" x:fmla="=(A8*B8)/52"> 2,692 </td> <td class="xl24" x:num="11666.666666666666" x:fmla="=(A8*B8)/12"> 11,667 </td> <td class="xl24" x:num="140000" x:fmla="=A8*B8"> 140,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A8" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.08" align="right">8%</td> <td class="xl24">
</td> <td class="xl24" x:num="438.35616438356163" x:fmla="=(A9*B9)/365"> 438 </td> <td class="xl24" x:num="3076.9230769230771" x:fmla="=(A9*B9)/52"> 3,077 </td> <td class="xl24" x:num="13333.333333333334" x:fmla="=(A9*B9)/12"> 13,333 </td> <td class="xl24" x:num="160000" x:fmla="=A9*B9"> 160,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A9" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.09" align="right">9%</td> <td class="xl24">
</td> <td class="xl24" x:num="493.15068493150687" x:fmla="=(A10*B10)/365"> 493 </td> <td class="xl24" x:num="3461.5384615384614" x:fmla="=(A10*B10)/52"> 3,462 </td> <td class="xl24" x:num="15000" x:fmla="=(A10*B10)/12"> 15,000 </td> <td class="xl24" x:num="180000" x:fmla="=A10*B10"> 180,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="2000000" x:fmla="=A10" height="17"> 2,000,000 </td> <td class="xl25" x:num="0.1" align="right">10%</td> <td class="xl24">
</td> <td class="xl24" x:num="547.94520547945206" x:fmla="=(A11*B11)/365"> 548 </td> <td class="xl24" x:num="3846.1538461538462" x:fmla="=(A11*B11)/52"> 3,846 </td> <td class="xl24" x:num="16666.666666666668" x:fmla="=(A11*B11)/12"> 16,667 </td> <td class="xl24" x:num="200000" x:fmla="=A11*B11"> 200,000 </td> </tr> </tbody></table>

[st.cronin]

Seriously folks, it is impossible to lose this kind of money of you have any level of intelligence

<table x:str="" style="border-collapse: collapse; width: 368pt;" border="0" cellpadding="0" cellspacing="0" width="491"><col style="width: 79pt;" width="105"> <col style="width: 48pt;" width="64"> <col style="width: 5pt;" width="7"> <col style="width: 48pt;" width="64"> <col style="width: 54pt;" width="72"> <col style="width: 54pt;" width="72"> <col style="width: 80pt;" width="107"> <tbody><tr style="height: 13.5pt;" height="18"> <td class="xl26" style="height: 13.5pt; width: 79pt;" x:str="Prize" height="18" width="105"> Prize </td> <td class="xl26" style="width: 48pt;" x:str="%" width="64"> % </td> <td class="xl24" style="width: 5pt;" width="7">
</td> <td class="xl26" style="width: 48pt;" x:str="Per Day" width="64"> Per Day </td> <td class="xl26" style="width: 54pt;" x:str="Per Week" width="72"> Per Week </td> <td class="xl27" style="width: 54pt;" width="72">Per Month</td> <td class="xl28" style="width: 80pt;" x:str="Yearly Interest" width="107"> Yearly Interest </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.01" align="right">1%</td> <td class="xl24">
</td> <td class="xl24" x:num="3095.8904109589039" x:fmla="=(A2*B2)/365"> 3,096 </td> <td class="xl24" x:num="21730.76923076923" x:fmla="=(A2*B2)/52"> 21,731 </td> <td class="xl24" x:num="94166.666666666672" x:fmla="=(A2*B2)/12"> 94,167 </td> <td class="xl24" x:num="1130000" x:fmla="=A2*B2"> 1,130,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.02" align="right">2%</td> <td class="xl24">
</td> <td class="xl24" x:num="6191.7808219178078" x:fmla="=(A3*B3)/365"> 6,192 </td> <td class="xl24" x:num="43461.538461538461" x:fmla="=(A3*B3)/52"> 43,462 </td> <td class="xl24" x:num="188333.33333333334" x:fmla="=(A3*B3)/12"> 188,333 </td> <td class="xl24" x:num="2260000" x:fmla="=A3*B3"> 2,260,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.03" align="right">3%</td> <td class="xl24">
</td> <td class="xl24" x:num="9287.6712328767117" x:fmla="=(A4*B4)/365"> 9,288 </td> <td class="xl24" x:num="65192.307692307695" x:fmla="=(A4*B4)/52"> 65,192 </td> <td class="xl24" x:num="282500" x:fmla="=(A4*B4)/12"> 282,500 </td> <td class="xl24" x:num="3390000" x:fmla="=A4*B4"> 3,390,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.04" align="right">4%</td> <td class="xl24">
</td> <td class="xl24" x:num="12383.561643835616" x:fmla="=(A5*B5)/365"> 12,384 </td> <td class="xl24" x:num="86923.076923076922" x:fmla="=(A5*B5)/52"> 86,923 </td> <td class="xl24" x:num="376666.66666666669" x:fmla="=(A5*B5)/12"> 376,667 </td> <td class="xl24" x:num="4520000" x:fmla="=A5*B5"> 4,520,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl29" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl30" x:num="0.05" align="right">5%</td> <td class="xl29"> </td> <td class="xl29" x:num="15479.452054794521" x:fmla="=(A6*B6)/365"> 15,479 </td> <td class="xl29" x:num="108653.84615384616" x:fmla="=(A6*B6)/52"> 108,654 </td> <td class="xl29" x:num="470833.33333333331" x:fmla="=(A6*B6)/12"> 470,833 </td> <td class="xl29" x:num="5650000" x:fmla="=A6*B6"> 5,650,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.06" align="right">6%</td> <td class="xl24">
</td> <td class="xl24" x:num="18575.342465753423" x:fmla="=(A7*B7)/365"> 18,575 </td> <td class="xl24" x:num="130384.61538461539" x:fmla="=(A7*B7)/52"> 130,385 </td> <td class="xl24" x:num="565000" x:fmla="=(A7*B7)/12"> 565,000 </td> <td class="xl24" x:num="6780000" x:fmla="=A7*B7"> 6,780,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.07" align="right">7%</td> <td class="xl24">
</td> <td class="xl24" x:num="21671.232876712333" x:fmla="=(A8*B8)/365"> 21,671 </td> <td class="xl24" x:num="152115.38461538462" x:fmla="=(A8*B8)/52"> 152,115 </td> <td class="xl24" x:num="659166.66666666674" x:fmla="=(A8*B8)/12"> 659,167 </td> <td class="xl24" x:num="7910000.0000000009" x:fmla="=A8*B8"> 7,910,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.08" align="right">8%</td> <td class="xl24">
</td> <td class="xl24" x:num="24767.123287671231" x:fmla="=(A9*B9)/365"> 24,767 </td> <td class="xl24" x:num="173846.15384615384" x:fmla="=(A9*B9)/52"> 173,846 </td> <td class="xl24" x:num="753333.33333333337" x:fmla="=(A9*B9)/12"> 753,333 </td> <td class="xl24" x:num="9040000" x:fmla="=A9*B9"> 9,040,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.09" align="right">9%</td> <td class="xl24">
</td> <td class="xl24" x:num="27863.013698630137" x:fmla="=(A10*B10)/365"> 27,863 </td> <td class="xl24" x:num="195576.92307692306" x:fmla="=(A10*B10)/52"> 195,577 </td> <td class="xl24" x:num="847500" x:fmla="=(A10*B10)/12"> 847,500 </td> <td class="xl24" x:num="10170000" x:fmla="=A10*B10"> 10,170,000 </td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl24" style="height: 12.75pt;" x:num="113000000" height="17"> 113,000,000 </td> <td class="xl25" x:num="0.1" align="right">10%</td> <td class="xl24">
</td> <td class="xl24" x:num="30958.904109589042" x:fmla="=(A11*B11)/365"> 30,959 </td> <td class="xl24" x:num="217307.69230769231" x:fmla="=(A11*B11)/52"> 217,308 </td> <td class="xl24" x:num="941666.66666666663" x:fmla="=(A11*B11)/12"> 941,667 </td> <td class="xl24" x:num="11300000" x:fmla="=A11*B11"> 11,300,000 </td> </tr> </tbody></table>

At 5% Interest (Which is pretty conservative) you are getting $470,000 per month in interest! Wait a month or two to do anything with your money and suddenly you are making major purchases without even touching the $113M you started with.


There is no way I could spend 470,000 a month. Maybe when I was in my early 20s, I could have spent 1/10 of that, but not now.

[Fidatelo]

I buy $5 worth each time the amount goes above $30 million. I consider it as another investment, and put it in the "ultra high risk" investment pool. :D

I've never understood this logic (of buying tickets only when it goes above x-million dollars). Is 28mil not enough? The more it goes up, the lower your odds of winning, or especially getting a 'clean win' (no tiesies).

Maybe someone can show some math on this, but I'd guess that if you took that 5 bucks and used it at a lower point in the lotto trajectory (like shortly after it has reset to whatever it's low-value is), your projected ROI would probably be higher.

[Fighter of Foo]

Feeling philosophical today...

"Only the man who does not need it, is fit to inherit wealth— the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve that mind that cannot match it."

Ayn Rand - Atlas Shrugged

[wade moore]

I've never understood this logic (of buying tickets only when it goes above x-million dollars). Is 28mil not enough? The more it goes up, the lower your odds of winning, or especially getting a 'clean win' (no tiesies).

Maybe someone can show some math on this, but I'd guess that if you took that 5 bucks and used it at a lower point in the lotto trajectory (like shortly after it has reset to whatever it's low-value is), your projected ROI would probably be higher.

When I took a stats course we went through this. There is a definite cost/benefit barrier where the risk of buying tickets is more worth it. And I mean, statistically speaking - not just because it sounds cool.

[JPhillips]

The more it goes up, the lower your odds of winning, or especially getting a 'clean win' (no testies).

Let me go on record saying I don't want a 'clean win'.

[Celeval]

Actually, my #1 call/trip is to the bank to rent a safety deposit box (after a photocopy and signing).

[molson]

There is no way I could spend 470,000 a month. Maybe when I was in my early 20s, I could have spent 1/10 of that, but not now.

I couldn't either, but I see how it could be done.

Imagine a month traveling around the world, buying last minute, first class airfares every few days. Staying in 5 star hotels, living off room service, drinking only expensive wine. Maybe you want to bring some friends - so you rent out the 10 most expensive suites everywhere you go. And you're not driving - hired drivers and limos everywhere you go. And you stop at a casino or two and play in the VIP high rollers room (and lose). It'd be way easy to blow a couple million a month.

[cartman]

I've never understood this logic (of buying tickets only when it goes above x-million dollars). Is 28mil not enough? The more it goes up, the lower your odds of winning, or especially getting a 'clean win' (no tiesies).

Maybe someone can show some math on this, but I'd guess that if you took that 5 bucks and used it at a lower point in the lotto trajectory (like shortly after it has reset to whatever it's low-value is), your projected ROI would probably be higher.

When I took a stats course we went through this. There is a definite cost/benefit barrier where the risk of buying tickets is more worth it. And I mean, statistically speaking - not just because it sounds cool.

Yep, it's a statistical thing. The Mega Millions odds of winning the jackpot are about 175,000,000:1. So at $30 mil, buying 5 numbers gives you about 35,000,000 to 1 odds. Maybe I need to wait until the jackpot grows another $5 mil before buying. :)

[Fidatelo]

Yep, it's a statistical thing. The Mega Millions odds of winning the jackpot are about 175,000,000:1. So at $30 mil, buying 5 numbers gives you about 35,000,000 to 1 odds. Maybe I need to wait until the jackpot grows another $5 mil before buying. :)

But don't the odds get worse as the jackpot grows, precisely because more people buy tickets as the number gets larger?

[cartman]

But don't the odds get worse as the jackpot grows, precisely because more people buy tickets as the number gets larger?

The odds don't change based on the number of tickets sold. Each $1 pick has the same 175 mil:1 odds. The chances of someone having the same picks as you, however, is what increases as more tickets are sold. So there is a slight negative trend between $35 mil and $70 mil. I can't recall there ever being a 3 way split for a jackpot, so that occurrence is so rare that if it happens, it is what it is.

[Surtt]

I usually but a ticket for each drawing, you can't win if you don't play
So I spend a little over $100.00 a year.

[BrianD]

In reality, I don't think buying tickets only when the odds/payout are in your favor really matter in this case. Over the course of a person's life, they aren't going to spend more than the jackpot on tickets, so there won't be a case of a winner having spent more to get the prize than the prize was worth.

[Pumpy Tudors]

I just bought 75 tickets at $2 apiece for some lottery in Wales. I hope I win!!

[lordscarlet]

I've been wondering about something. The people who have detailed plans about what they'd do after winning $100M in the lottery, how many tickets do you buy annually?

The reason I'm asking is, I've always assumed that people who know tax law, how to set up a corporation, how to set up a trust, have an accountant, have a lawyer, etc, were too smart to put too much money into lotteries because they knew their chances of winning. Therefore, the next assumption was that people who actually did win have very little idea of how to handle finances and money to begin with. Just because you have more money, doesn't mean you handle it any better. It just means you're allowed to write bigger checks.

I think this is why you see a high percentage of lottery winners still end up with financial problems.

I probably spend about $10/year.

[Pumpy Tudors]

Seriously, I'd guess that I spend about $100/year on Powerball tickets, give or take $20. I don't know exactly what I'd do if I won the big bucks, but I'm aware that you have to be smart with it, so that puts me ahead of a lot of people, apparently.

Powerball is one thing, but those damned scratch-off tickets? Shit, I probably spend $10/week on those things. At least I get a portion of my money back from them, but I spend several times more on scratch-offs than Powerball.

[Young Drachma]

I buy a scratch off ticket every once in a while if I'm in Colorado or another state that has them. Just for the heck of it.

[cartman]

I buy a scratch off ticket every once in a while if I'm in Colorado or another state that has them. Just for the heck of it.

I was working in New Mexico the summer I turned 18. On a trip to Colorado I bought my first set of scratch-offs. I thought I won $50, but it turned out I won $10,000. I was stunned. It ended up being $7,200 after taxes. That bought a lot of beer and an engagement ring. What do I have to show for that 7 grand today? I'm single and have a bit of a beer belly. :)

[Ksyrup]

My wife loves the scratch-offs and usually buys $5 worth every couple of weeks. I see an added value to that, though, in playing the games. With lotto, there's nothing more to it than just having the piece of paper and hoping you win. At least if my wife only wins a buck on $5 worth of scratch-offs, she was entertained for the 2 minutes it took her to see if she won anything.

I'll go on record as saying there's no way I could or would spend that much money. No way I'd spend money on multiple cars, ridiculous toys, etc. I'd set my kids up for life with trust funds, take care of our retirement, take care of (certain) family members, give some to charity, and set my wife and I up with some sort of hobby/business to keep us busy during our immediate retirement, and live off the interest on the remaining money. Fairly simple.

Now, someone please give me the opportunity to test my plan out. :)

[st.cronin]

My wife loves the scratch-offs and usually buys $5 worth every couple of weeks. I see an added value to that, though, in playing the games. With lotto, there's nothing more to it than just having the piece of paper and hoping you win. At least if my wife only wins a buck on $5 worth of scratch-offs, she was entertained for the 2 minutes it took her to see if she won anything.

I'll go on record as saying there's no way I could or would spend that much money. No way I'd spend money on multiple cars, ridiculous toys, etc. I'd set my kids up for life with trust funds, take care of our retirement, take care of (certain) family members, give some to charity, and set my wife and I up with some sort of hobby/business to keep us busy during our immediate retirement, and live off the interest on the remaining money. Fairly simple.

Now, someone please give me the opportunity to test my plan out. :)

That would be the key to my strategy, as well. Open up a specialty bookshop or art supply store or something, and who cares if it makes money.

[BrianD]

That would be the key to my strategy, as well. Open up a specialty bookshop or art supply store or something, and who cares if it makes money.

I'd probably turn to movie/game reviewing. I'd probably have to give the reviews to papers/magazines for free for them to have any interest, but I wouldn't care.

I would also set a little bit of "mad money" aside to blow on random stuff, but the bulk of the money would go somewhere untouchable (by me) so I could live off of the interest.

[lordscarlet]

I'd probably turn to movie/game reviewing. I'd probably have to give the reviews to papers/magazines for free for them to have any interest, but I wouldn't care.

I would also set a little bit of "mad money" aside to blow on random stuff, but the bulk of the money would go somewhere untouchable (by me) so I could live off of the interest.

I would create a web development company to make what I want (something that could be profitable potentially, like youtube) and hire my friends that I know are good developers/designers.

[Pumpy Tudors]

If I had that much money, I'd buy a hooker. A really expensive hooker. I'd buy her some bowling lessons and send her out on the PBA tour. She'd be more popular than Pete Weber and Walter Ray Williams, Jr., combined.

Then I'd laugh at all you poor stupid asses who don't have hookers on the PBA tour.

[spleen1015]

If I had that much money, I'd buy a hooker. A really expensive hooker. I'd buy her some bowling lessons and send her out on the PBA tour. She'd be more popular than Pete Weber and Walter Ray Williams, Jr., combined.

Then I'd laugh at all you poor stupid asses who don't have hookers on the PBA tour.

That hooker better be less than 12 years old. There's now way you could take a full grown adult hooker and turn her into a pro bowler.

[Pumpy Tudors]

That hooker better be less than 12 years old. There's now way you could take a full grown adult hooker and turn her into a pro bowler.
This sounds like a challenge. I'm calling Mark Burnett right now and getting this shit turned into a reality TV show.

[Pumpy Tudors]

This sounds like a challenge. I'm calling Mark Burnett right now and getting this shit turned into a reality TV show.
Ah, well. He said no. Fuck it.

[BrianD]

Ah, well. He said no. Fuck it.

The show idea, or the hooker?

[st.cronin]

You know, I had a similiar idea, but I was going to hire Pumpy Tudors and train him up to join the Women's Beach Volleyball circuit.

[Pumpy Tudors]

The show idea, or the hooker?
Yes.

You know, I had a similiar idea, but I was going to hire Pumpy Tudors and train him up to join the Women's Beach Volleyball circuit.
We can continue to explore this.

[path12]

That would be the key to my strategy, as well. Open up a specialty bookshop or art supply store or something, and who cares if it makes money.

Game shop and some small-potatoes racehorse ownership here.

[Mota]

I agree. I think I read somewhere that it's virtually impossible to collect one of these prizes anonymously. I don't know how you would go about protecting yourself from predators.

Well first I'd suggest he doesn't keep half a million in cash in his car.

[sterlingice]

There's no way I'd be able to spend that kind of cash either.

That said, if I won some sort of super lottery, my dream crazy thing I'd never do because it might actually cost a lot of money would be my fully interactive History of Video Games museum :)

SI

[Izulde]

I'd live off the interest with that kind of money.

Not sure what all I'd do with it. I've always wanted to found my own four-year university or create my own sovereign nation, though.

[Ksyrup]

That would be the key to my strategy, as well. Open up a specialty bookshop or art supply store or something, and who cares if it makes money.

Yep, my wife would likely do some sort of online art/candy store and I would set up a recording studio that would provide discount rates for local acts and my favorite artists. Who cares if I lose money, if bands I love are able to put out music? It would be win-win.

[albionmoonlight]

Before North Carolina got the lottery about 6 months ago, I would always buy a ticket whenever I was travelling into Virginia or South Carolina.

Now that we have a lottery, I have not bought a ticket--either here or out of state.

There really is something to the forbidden fruit syndrome.

[Subby]

I think the biggest mistake you can make is setting your kids up for life. Pay for their education, sure - but having everything they want without having to work for it seems unhealthy.

[sterlingice]

I think the biggest mistake you can make is setting your kids up for life. Pay for their education, sure - but having everything they want without having to work for it seems unhealthy.

Agreed 100%. Makes for spoiled, rotten kids. Then again, how do you tell them they need to work for things in life when mom and dad just had a fortune drop in their lap due to luck?

SI

[Ksyrup]

I agree with you, Subby. In my case, I'm referring to a trust fund they can't touch that would provide education and basic living expenses and give me, my wife, or our deisgnated trustee complete discretion over the disbursement of funds for any other purpose. When I say "set up for life," I'm thinking more along the lines of retirement and not having to worry about living expenses should they fall on hard times. Certainly not anything where they would know they don't have to work.

I would expect them to go to college and get jobs as if they had no "extra" money, but I certainly wouldn't withhold some nice perks along the way if they deserved it.

[spleen1015]

I would invest in a bowling center. I like SI's idea of a video game museum though. I might have to do that.

[JPhillips]

When I was on tour in the mid-90s there was a video game museum in downtown St. Louis.

[st.cronin]

I am bumping this thread because I just remembered what I would do if I ever won the lottery: Find the best knee surgeon in the country, and fix my damn joint. I took a wrong step yesterday and today I am in agonizing pain. :(

[flere-imsaho]

First step? Pow-wow with a lawyer and an accountant. Thankfully I have one of each I trust.

[st.cronin]

This is not a new injury.

[Kodos]

I am pretty sure that kind of money would probably ruin almost everyone on this board.


Oh yeah? Prove it. I cannot be ruined! I won't accept it!

[KWhit]

You won't accept a ruining?

[Kodos]

Exactly. If they ruin me, I shall come back more powerful than they can possibly imagine.

[KevinNU7]

Well my wife got 100 straight Mega Million drawings for a B-Day gift, start tonight!

[Raiders Army]

Well my wife got 100 straight Mega Million drawings for a B-Day gift, start tonight!

That's a pretty nice gift!

[KevinNU7]

Reviewing over again it starts tomorrow... every Tuesday/Friday.

$65MM this week :)

[Raiders Army]

The best is that it lasts about an entire year.

[SFL Cat]

I've always wondered. It is better to play static (the same numbers) time after time or quick picks (randomly picked by a computer)?

As far as how much. Probably less than $50 a year. I'll play a couple of dollars worth every now and then, and do the occasional office pool.

[sabotai]

I've always wondered. It is better to play static (the same numbers) time after time or quick picks (randomly picked by a computer)?

Doesn't matter, they both have the same odds. There's nothing inherent that prevents the same numbers from being picked multiple drawings in a row, so continuely picking the same numbers will not ensure they will get drawn at better odds than randomly picked numbers. IOW, any combination of numbers has the same odds of winning as every other combination of numbers in every drawing.

Someone who always picks the numbers that just won has the same odds of winning as someone who always plays the same numbers.

[Schmidty]

I would retire to Northern Michigan and never leave.

I would wake up, go fishing on my lake from 6 a.m. - 9 a.m. After that, I would eat breakfast at the local diner, and then at 10 a.m., I would go golfing until 1 p.m. Then I would come home and eat lunch with my family until 2 p.m. Next, I would either drive to the beach at Ludington (summer), or else I would ride my snowmobile through the woods (winter). At 4 or 5 p.m., I would come home and spend an hour cooking a nice meal, and then eat it with my family. At 6 or 7 p.m., I would play games on my computer, cruise the internet, watch movies with the family, play basketball in my gym, or whatever other relaxing activity I can think of. I would probably go to bed at like midnight. On occasion, we'd go on a trip to some interesting, family-centered area in the world.

I would never have to see non- friend/family people again, and I would never have to work. I could finally write my book, and could have as much quality time with my family as possible.

That was really long, and a collosal waste of time.

[SunDevil]

And you forgot the part when you would learn how to spell colossal correctly and then because you are so rich, continue to misspell it.

[SunDevil]

And damn it, you changed your signature but you were the one that said "do not fuck with me".... ok this will be the only time. :D

[Schmidty]

And you forgot the part when you would learn how to spell colossal correctly and then because you are so rich, continue to misspell it.

As an english major, I must say that I'm embarrassed. On the other hand, even great writers have editors for a reason.