Lottery. What would you do if you won?

[sliver]

Someone in Nebraska just won the powerball lottery. Grand prize of $365M. If you won that kind of money, what is the first crazy thing you would do? And where in the world would you chose to live?

[sliver]

Someone in Nebraska just won the powerball lottery. Grand prize of $365M. If you won that kind of money, what is the first crazy thing you would do? And where in the world would you chose to live?

[Nude in the North]

There must be some sort of mistake. I'm not in Nebraska. I'm sure I won. http://oakhurstonline.com/icon/confused.gif
Let me dream a little longer.....

I'm not sure what the first "Crazy" thing would be. But I know what the first Smart thing would be.
I'd tear the phone off the wall and make sure nobody could call. Of course that wouldn't matter anyway for the first year or so, because I'd be on a Nude world tour.

It would be fun to show up to the Press Conference Nude.

10% would be divided among my Relatives, along with a note telling them to "spend it wisely", It's all they are going to get. I'm not sure if I would include Aunts, Uncles, and Cousins. Inlaws, Nieces, Nephews, Siblings and Parents would make a pretty long list already.
Another 10% would be donated to Charity and Church. I would choose Humanitarian Charities over Research, making sure that I chose the ones that got the most out of the money.

I might even look for a nice section of beach where I could open a resort.A Nudist resort of course. C/O so we could bring our "reluctant spouses" with and insure that they would have a good time too.

I guess that's enough for now. I'm going back to Dreaming.

Steve

[alfredr]

It would take me a while to think of something crazy to do, but I have given some thought to the smart things one sould do.

Some years ago when I was living in Illinois, my home state, and the lottery got really big, a near-by town was having to sell like $10 million in bonds to build roads, etc to get a factory to locate there. It occured to me that with lottery winnings, one could make sure that such projects could get completed to build jobs in small communities.

Not to buy the whole bond issue, and probably not every one to come along. They would still have to be screened, just like the charities and relatives, but you could do a lot for small town development.

[cirram]

I have always said that if I win a nice amount in a lottery, I would buy a nice little deserted tropical island.

[shomymojo]

I can't believe that I didn't win....this means I have to send back the jet i was going to buy...( pouts)...LOL

[xgsft]

Buy a T-38 or F-5.

[naturalmanwa]

I would sit down and look at a list of good financial planners and then decide where I wanted to put it where it would do the most good on the return. I would give some of my family some of it and then spend some on my wife and self traveling.

[missouriboy]

One person won $365M, hey? Most people wish for this, but can't even comprehend how much money that really is. I can't either, but let's try...

The current top Federal tax rate is now 35%. That leaves $237.25M winnings.

Let's leave the principle intact, and just take the interest for a while. Right now, Fidelity Cash Reserves in Boston is paying 4.13%, which you can withdraw at will, with checking even. So, just the earnings on that principle is:

$9,798,425 per year.

That's so much money that it'll be again subject to the 35% Federal tax each year, which leaves:

$6,368,976 per year. Without reducing the principle!

How much do you now make per year? Month? Week? Day? Per hour? Let's compare to the new income you'll need to manage...

$530,748 per Month.

$122,480 per Week.

$24,496 per (work) Day.

$3,062 per HOUR. (8 hour workday.)

And that still leaves the $237,250,000.00 principle balance in your Money Market Fund, year after year, to be dealt with someday.

Would you know how to usefully manage $3,000 per HOUR?

I wouldn't. Too many headaches for me! That's why I don't even buy the silly tickets, which in reality are just an additional tax on the masses who don't understand the mathematical odds against ever winning.

[PascoDoug]

I think I would buy a sizeable piece of undeveloped land and start a naturist eco-village.

I would also construct a clothing optional (or perhaps even nude mandantory) family water fun park.

[shomymojo]

Just put me in coach...i will figure out what to do with the money once I win it...LOL

[Qikdraw]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by missouriboy:Would you know how to usefully manage $3,000 per HOUR? </div></BLOCKQUOTE>

Here's the answer I've said for years if I ever won the lottery... "Beer and prostitutes"

Of course my wife doesn't like that answer, she knows I would never do it, she just doesn't like me saying it. http://oakhurstonline.com/icon/happy.gif I just want to see them (teh lottery commision) print that! http://oakhurstonline.com/icon/beam.gif

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">which in reality are just an additional tax on the masses who don't understand the mathematical odds against ever winning. </div></BLOCKQUOTE>

The mathematical odds are worse if you don't play. A buck ain't much. As long as you don't count on winning, you're okay.

What I would really do though is start up a video game company. I've got some ideas I'd like to see made.

Qikdraw

[pahjo2]

first, i would take the payout, then there is no way i could ever spend that much money in my life time. i would make my family with out worry of finances for their of their lives. we only have two daughters & one grand daughter. then i would find where i could make the most difference in jobs for people who wanted to work and not live on welfare. with the balance my wife and i would travel to all the places i have always wanted to see but haven't had the money.
stay nude & stay happy---i'm always happier when i'm nude--pahjo

[Nude in the North]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">The current top Federal tax rate is now 35%. That leaves $237.25M winnings </div></BLOCKQUOTE>

I think your math is off a bit. And mine might not be any better.
There are 2 options (I think) at least there used to be.
You can take the payout over 20 years. Which would be 18.25 Mil before taxes. Or roughly 10 million a year after taxes.
Or you can take "Quick Cash" payment of 1/2 of the total. That would be 182.5 million before tx. That should leave you around 120 million after tax.
Just rough figures, but as you can see the final total is nowhere near the advertized prize.
I think it's a huge Ripoff that the lottery/government taxes you 3 times on the money you spend.
But I'd take it anyway.

And about Managing $3,000 an hour? It's a problem I wish I had.

Steve

[nudeM]

First, pay off all the bills, go out and purchase new vehicles, 'give' this house to a family member and travel around and try to meet most of the members here.

For those of you who said it's impossible to live with that much, just give me a chance at it. http://oakhurstonline.com/icon/yes.gif

[Tampanude]

We would donate a lage portion of it to children's educational scholarships for arts and academics, after the necessary investments, then establish our own corporation "Nudeco" and appoint ourselves heads of the department in charge of parking our naked buts on the beach.

[Sol-Searcher]

Personally, I would buy Arkansas and open the whole state to nudist. With the change I would make a down payment on Alabama.

Yur friend,
Randy

[Naturist Mark]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">you can take "Quick Cash" payment of 1/2 of the total. That would be 182.5 million before tx. That should leave you around 120 million after tax. </div></BLOCKQUOTE>

The winner lives in Nebraska where there is a 5% state tax rate. So the lump sum payment after federal and state taxes would be approximately $124,343,333.

-Mark

[karrenlandry]

I'd keep my mouth shut and hire a good lawyer.

karrenlandry

[RalphVa]

First, I'd notify my financial advisor regarding what to do with it. He'd be thrilled, because he could likely retire from just his yearly commission on it.

Then we'd go about figuring out how we could help some families we know who are in need, without them knowing necessarily where it came from.

Then, we'd pay full price to buy my neighbor's 80 acres, letting her live on it in the meantime. It's probably worth a measly 4 or 5 million. Then, we'd maybe privitize this one a bit more or maybe build another house on this side of the creek on what's now her property to get a more private situation.

Of course, I'd offer to buy my Mom a new place in OK or out here, whatever she wanted.

[usuallylurk]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Naturist Mark:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">you can take "Quick Cash" payment of 1/2 of the total. That would be 182.5 million before tx. That should leave you around 120 million after tax. </div></BLOCKQUOTE>

The winner lives in Nebraska where there is a 5% state tax rate. So the lump sum payment after federal and state taxes would be approximately $124,343,333.

-Mark </div></BLOCKQUOTE>

I live in Massachusetts but would declare residency in New Hampshire before cashing it in.

New Hampshire has no state income tax. Massachusetts has one of 5.35 percent.

Purchase a primary residence at Waterville Valley NH. Another one in Florida. And another one (condo) in Boston, up on Beacon Hill.

[nacktman]

Get that mountain valley in the Southern Appalachians I've had my eye on for a couple of years now.
And watch the sun rise over one ridgeline and set over another.

[fred950]

Assuming $124,000,000, I would set up a 2million annuity for for both of my daughters, pointing out that is 2million more than thier grandfather left me. Then I'd find a place where it is both socially and climaticly acceptable to be 100% naked 100% of the time. Plus a car collection and a KILLER Lionel set-up. Guesstimated cost, 20-25 million. the rest, give it away.

Give it to homeless shelters, soup kitchens and food pantries. Give it to sheltered workshops for the less-than-physically abled.

Oh, yes one last thing. I would disguise myself as "Michael Anthony" and tell 5 Forum regulars that I have a 'gift' for them. Those of us over 45 should know exactly what I am talking about. http://oakhurstonline.com/icon/greedy.gif

[namedun]

Let's see, with $365 I think I'd probably first invest it in low risk portfolios, pay off my student loans, probably finish university, and then begin touring the world. I love travelling, and of course I also want to find a nice warm quiet place to live. I'd build a fairly nice home at said location (probably some tropical paradise), give some money out to family and friends, and give the rest to environmental/animal protection charities.

[OZJames]

Sorry to be such a party pooper, but I think $365 Million is an obscene amount to win. It should not be possible for any one person to win that amount. Hands up all those who would be over the top with JOY if you won say, $10 million. http://oakhurstonline.com/icon/beam.gif

I think that these large sums probably destroy the life of the winners. probably their marriages breakup, they spoil their children rotten, and drink and party themselves to an early death.

All I want is to be able to retire in comfort, pay off the kids home mortgages and spend a bit more around our home, such as, tar our drive, get a better water supply for the garden, fix a few falling down fences and then travel around Australia a bit - $5 to $10 million would easily cover that.

http://oakhurstonline.com/icon/beam.gif <span class="ev_code_RED">JAMES</span> http://oakhurstonline.com/icon/beam.gif

[missouriboy]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Oh, yes one last thing. I would disguise myself as "Michael Anthony" and tell 5 Forum regulars that I have a 'gift' for them. Those of us over 45 should know exactly what I am talking about. </div></BLOCKQUOTE>In one of those episodes, the recipient's (screen) name was exactly the same as my own real name. Everyone watching had a real good ha-ha that night! http://oakhurstonline.com/icon/beam.gif

5 Forum regulars, huh? Give us some hints! http://oakhurstonline.com/icon/beam.gif http://oakhurstonline.com/icon/beam.gif

[missouriboy]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Naturist Mark:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">you can take "Quick Cash" payment of 1/2 of the total. That would be 182.5 million before tx. That should leave you around 120 million after tax. </div></BLOCKQUOTE>

The winner lives in Nebraska where there is a 5% state tax rate. So the lump sum payment after federal and state taxes would be approximately $124,343,333.

-Mark </div></BLOCKQUOTE>Sure, every situation is different, and would yield different numbers. The purpose of my post was to show how to get your mind to grasp the enormity of such a life-changing event, no matter what the actual numbers are. Then, also, to contemplate whether you'd even welcome such a change in your life, as I have done. As OZJAMES said, it's obscene!

[missouriboy]

However, since that post yesterday I've been reminded of where I'd put the lion's share of such a windfall. I spent a couple hours "catching up" on reading the latest developments at the We The People Foundation, which I couldn't do while in Texas for the winter. They are doing work with which I agree, and they (among others) could use some really BIG donations.

LINK. (http://www.givemeliberty.org/) If you're seriously interested in what you see there, be prepared to spend hours reading it. And they're non-partisan.

[Ren]

I bought one ticket and had zero numbers, but had I won, I would have shared the wealth with friends and family so that they could make their lives easier. $365 million is obscene if you're going to sit on it, but if you're going to spread it around, I don't think it's that bad. Coming from working class roots, none in my family and few of my friends have had a relaxing life. It's always been about working to stay afloat. So, it would be nice to reward the hard work with something besides hard work.

[pahjo2]

there was a report in the paper this morning that another lottery ticket was sold in Ardmore, Ok.
it may have had all the numbers except the power ball. it is worth about $667,000. hasn't been claimed yet. i wouldn't complain if i had that one. stay nude & stay happy---i'm always happier when i'm nude---pahjo

[TANZ]

Considering that 365 million is about 500 million in our money,I would build a huge garage and fill it with American muscle cars,starting with a convertible 1970 426 hemi cuda,and american and british bikes.

Naturally Kiwi

[Qikdraw]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by TANZ:
Considering that 365 million is about 500 million in our money </div></BLOCKQUOTE>

How are the laws in NZ? Are you taxed on your winnings? In Canada, unless its changed recently, you get to keep the whole thing, you just get taxed on your income from the interest. And what you buy of course.

Qikdraw

[shomymojo]

I won $4...LOL

[NudistGuy47]

If I were to dream, I would do the following:
<UL TYPE=SQUARE><LI>Set ups a fund to care for my parents and in-laws if they needed extra care during their latter years; <LI>Do a few projects around the house like a kitchen revamp, bathroom update, and terrace in the backyard;
<LI>Set up a fund to help the SMEs in the area improve thrier performance and remain globally competitive; and
<LI>Travel some to see more of the world I have not seen/experienced.[/list]

[Jay473]

With that money I would go live in the nude city. I'm sure you guys have heard of it. Than I would buy my parents a nice house on the beach and I would invest a lot too.

[FireProf]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by OZJames:
Sorry to be such a party pooper, but I think $365 Million is an obscene amount to win. It should not be possible for any one person to win that amount. Hands up all those who would be over the top with JOY if you won say, $10 million. http://oakhurstonline.com/icon/beam.gif

I think that these large sums probably destroy the life of the winners. probably their marriages breakup, they spoil their children rotten, and drink and party themselves to an early death.

All I want is to be able to retire in comfort, pay off the kids home mortgages and spend a bit more around our home, such as, tar our drive, get a better water supply for the garden, fix a few falling down fences and then travel around Australia a bit - $5 to $10 million would easily cover that.

http://oakhurstonline.com/icon/beam.gif <span class="ev_code_RED">JAMES</span> http://oakhurstonline.com/icon/beam.gif </div></BLOCKQUOTE>

both of our hands are up on this one. Why not 365 1 million dollar winners! You could pay off bills, your house, cars, save some, still work and be productive, put a little away for your kids, invest some and your life will change a little but for the better.

I'd much rather see smaller amounts and lots more winners. http://oakhurstonline.com/icon/wink3.gif

[Qikdraw]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by shomymojo:
I won $4...LOL </div></BLOCKQUOTE>

Do you have plans for your winnings? http://oakhurstonline.com/icon/beam.gif

Qikdraw

[fred950]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by missouriboy:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Oh, yes one last thing. I would disguise myself as "Michael Anthony" and tell 5 Forum regulars that I have a 'gift' for them. Those of us over 45 should know exactly what I am talking about. </div></BLOCKQUOTE>In one of those episodes, the recipient's (screen) name was exactly the same as my own real name. Everyone watching had a real good ha-ha that night! http://oakhurstonline.com/icon/beam.gif

5 Forum regulars, huh? Give us some hints! http://oakhurstonline.com/icon/beam.gif http://oakhurstonline.com/icon/beam.gif </div></BLOCKQUOTE>

If I were to do the Michael Anthony bit more than likely I'd just take a list of members that are logged on and draw names from a hat. What, you thought I had an 'A' list?

[Nude in the North]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Why not 365 1 million dollar winners </div></BLOCKQUOTE>

Or better yet. 365 Million , $1 winners.
I've heard of some people that have won $4 on one ticket. Talk about Greedy. They should share all that wealth with the rest of us.
http://oakhurstonline.com/icon/rolleyes2.gif

Steve

[FireProf]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Nude in the North:
Or better yet. 365 Million , $1 winners.
I've heard of some people that have won $4 on one ticket. Talk about Greedy. They should share all that wealth with the rest of us.
http://oakhurstonline.com/icon/rolleyes2.gif

Steve </div></BLOCKQUOTE>

http://oakhurstonline.com/icon/rolleyes2.gif

[Naturist Mark]

If I had a million dollars ... (http://www.wea.com/b2b/perl/clip.pl?file=093624639329_011_G2.ram)
I'd be rich! (http://www.slangcity.com/songs/a_million_dollars.htm)


-Mark

[grl66]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Nude in the North:
I've heard of some people that have won $4 on one ticket. Talk about Greedy. They should share all that wealth with the rest of us. </div></BLOCKQUOTE>

Oh no, now I have guilt. I once won $5 and spent the lot. http://oakhurstonline.com/icon/embarassed.gif

At least when you convert that to USD I wasn't quite as greedy as THAT guy! http://oakhurstonline.com/icon/snobby.gif

[Swimguy]

I have always convinced myself that if I were to come into a lot of money, I would share the wealth on worthy causes. The test is to see if I would really do that. So, if anyone has the money, test me, please http://oakhurstonline.com/icon/laugh.gif

[Longhairbear]

I have always maintained that a gazillion bucks would not change me until I told a friend that I would probably want to take a private jet to my vacation spots. Other than that I would buy a property that was home nudist friendly, get my Chevy painted, pay off all my friends' mortgages, and give more to the charities I already support.
I even might buy some new (gasp) clothes.

[alfredr]

I have given some thought to what I would buy under the crazy category: Two Mercedes 300SL's, one roadster and one gullwing. There is nothing more classic than those.

[TANZ]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Qikdraw:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by TANZ:
Considering that 365 million is about 500 million in our money </div></BLOCKQUOTE>

How are the laws in NZ? Are you taxed on your winnings? In Canada, unless its changed recently, you get to keep the whole thing, you just get taxed on your income from the interest. And what you buy of course.

Qikdraw </div></BLOCKQUOTE>

It is the same here as far as I know,when I win somting big enough I'll let you know for sure http://oakhurstonline.com/icon/greedy.gif

Naturally Kiwi

[grl66]

It's the same here in OZ, but then the money has already been taxed twice before you get it anyway.

Once on the income of the players before they buy their tickets and once on the prize pool before the total pool is declared.

Does the American government get their hands on it three times or do they not take a slice of the prize pool prior to it being distributed?

[Naturist Mark]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by grl66:
Does the American government get their hands on it three times or do they not take a slice of the prize pool prior to it being distributed? </div></BLOCKQUOTE>

Of course the income of anyone who buys tickets is supposed to be taxed. So that's 1

In the US lotteries are run by the States, not the national government. Even the big multi-state lotteries are run by the states - they share the 'take' from the sales. That's 2

The winner then has BOTH Federal and State (if there is a State income tax in that state) taken out BEFORE they see the money. They may also have to pay local income taxes on the winnings. So that's 3 and 4 (or so)

In America you get taxed at nearly every turn. But keep in mind that we also have just about the lowest tax rates in the industrialized world, so we aren't really any worse off.

Now, IF you give any of your winnings away to friends and family, and the total is over $12,000, then THEY also have to pay taxes on what you gave them. So never gift anyone more than $11,999 per year.

One way around that limitation is to include them as original winners. Most states allow you to divide your winnings EVENLY among as many people as you wish - it is very common for co-workers to play as part of a lottery pool and the States want to encourage this. However note that in every case I am aware of, the division must be equal, you can't have your share be half and give two quarter shares to two other people.

Another possibility, untested as far as I know, is to create a trust corporation as an "equal partner". Due to the vagaries and outright idiocy of American legal precedent, a corporation is legally considered a "person", so presumedly a "corporate person" could win the lottery just like a "meat person". You could then assign shares of the trust company to anyone you please in any amounts. Maybe.

-Mark

[walknude]

The Nebraska lottery director stated that the winner has contacted his office. The press conference will be at the Cornhusker Marriott 10am 2/22/2006.
I sure hope that they're some of my best friends.
I'd go to Paris for dinner tomorrow night.
still wishing I guess

[missouriboy]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">...it is very common for co-workers to play as part of a lottery pool and the States want to encourage this. However note that in every case I am aware of, the division must be equal, you can't have your share be half and give two quarter shares to two other people. </div></BLOCKQUOTE>In this case, it would seem logical to be allowed to allocate the winnings based on the number of entries purchased, not by the number of pool members. Any word on that?

[Captain Curmudgeon]

365 Million? 365 days in the year?

I think the answer is obvious: spend a million a day for a year so I can resume my normal life.

[sliver]

Since I posted this topic, I'll try to bring closure to it. The winners were 8 co-workers from a meat processing plant. Each of them recieved a personal check for 22.1M CNN carried the video tape. I'm glad for them and wish them the best. And hope they use their winnings responsibly. Nuff said. Rick

[walknude]

I heard through the grape vine that some of them were getting together after the press conference and having a party this afternoon. Sounded like they were going to get their drink on. Friends of friends that I don't know personally but what I know that they tike to party.
Good for them
Congrats to the new millionares of Lincoln, Nebraska.....no more working at Con Agra foods processing ham.
May their lives be better