[Leczyslaw]

The lottery is pernicious idiocy.

[7kitthuptarill]

By the way, the powerball jackpot is at $240 million.

[Arratherimi]

Did he at lewast buy a sub??

JM

[ggdfgtdfffhfyj]

What a moron.

[Mugflefusysef]

eep.

[Metalhead]

I wouldn't blow through that much money in 4 years if I were given it

Then again, the finance minister in conspiracy with warm weather could have taken a huge chunk of it

[SashaLionx]

Originally posted by Zkribbler
Yeah, they could have the money paid out over time and have a comfortable life guaranteed, but they grab it all, exclaiming, "I can do better investing it myself!" Well, if you are smart about it, you can. You can make far more money with a lump sum in the market than you would make taking the installment payments.

But we aren't talking about folks who'll invest 90% of a $113mil lump sum.

[fabrizioitwloch]

Originally posted by DanS
By the way, the powerball jackpot is at $240 million.
which states ?

west coast US about 15 million

[cewIdeatovace]

theres powerball and megamillions, which are seperate but similar in nature: multistate lotteries

[rammossyAcron]

Originally posted by Rufus T. Firefly
While this guys story is sad (drug overdoses, shady "friends,' etc.), I remember reading a story a few years back about another lottery winner who blew through it all in a few years, and regretted nothing. His logic was, basically, that he could have harvested it and been comfortable for the rest of his life, but comfort was for p*ssies. Instead he had lived HUGE for a few short years, and that was worth it.

Can't say I disagree. Or he could lived slightly less than "HUGE" for all of his life. Idiot.

[kabelshik]

I want to know where the other $202 million went. Taxes?

[VladFal]

Originally posted by Rufus T. Firefly


It's the difference between having a lovely home, nice things, and a great inheritance to leave the kids First, since he wants to live as good as possible we can assume that the kids get nothing.

Even with a less than reasonable return rate, he could've gotten at least 2-3 millions per year.

So ok, the money from the first few years goes on building a great house and buying a yacht and whatnot. But later on, with 2-3 millions per year you can do whatever you want. I mean, people live reasonable, average lives with 50k a year and even less, we're talking about 3 millions. So you can't have a pool full of caviar and refill it every day, but besides that, is the difference between a 10k$ bottle of champagne and a 1k$ really worth it? Or the difference between a 1k$ blowjob and a 10k$ one?

[sisimelanyk]

I'll be too paranoid to trust the damn company, country or anything to last for 20 years.

[freevideom]

Originally posted by DanS
In another article, it was said that 90% of lottery winners blow through their winnings in 5 years. Amazing. My father is an investment advisor... he and his colleagues have countless stories of lottery winners blowing up their wealth. It's not always a case of people not receiving proper advice, but actually not listening to it...

[Svatudjw]

There should probably be a mandatory counseling service for lottery winners of >$1m ... not that they have to take the advice, but at least that way they could get the advice, and have it put in a serious way...

Seriously though, $315 million over 20 years is over $15m a year. Say $8m after taxes... even in Chicago, you could buy a GREAT house with the first year's money (and even could get a two-year or three-year mortgage just to split it across a couple of payments), and then have 20 years' worth of $8m to spend each year, and KNOW that you will have 20 years of comfort. Why take the money in a lump sum, unless you plan to invest to beat the ~20-30% penalty?

Oh, and Imran, I wouldn't recommend taking the lump sum even though you do make slightly more as long as you can make over about 4% annually over it. At 5%, you end the 20 year period with $275m or so taking 8m a year (post-tax), and $305m or so taking it in a lump sum $115m. The extra 30m is nice, but given the risk [of being stupid and over-spending it] it's probably not a good idea.

[gardeniyas]

I would buy a nice house, furnish it well, then invest at least 50% of it. Just to be on the safe side in order to avoid temptation and blowing it all I don't think I'd get it as a lump sum. True wisely investing it can net more but 90% of the winners can't seem to do that.

[grofvuri]

70%+ to Charity. Give me a call if you win the lottery. I know a really good charity that will be glad to take the 70%.

Or in other words, I think you're a sucker.

[Vomekayafboke]

Originally posted by Arrian
2) Build dream home in dream location. Two, actually. One here in the US, one in New Zealand. Do you have an unhealthy interest in sheep?

[SergeyLisin]

Do you have an unhealthy interest in sheep? That's between me and Sindee the love ewe.

Ahem.

Actually, it's just a really cool place and I'd love to spend several months per year there.

-Arrian

[Thunderzee]

Originally posted by Rufus T. Firefly


It's the difference between having a lovely home, nice things, and a great inheritance to leave the kids

versus

3 solid years of grade-A "escorts" and top-shelf tequila, 24/7.

Each man must choose... While I see the merits of that plan, I would still suggest 2.5 years of living HUGE, and that last sixth being devoted to living comfortably for the rest of your life.