CDZ Powerball jackpot is too high

[bodecea]

Sold the car, third mortgage on the house.


(actually, bought 20 tickets, 4 times my usual)

o dan 2 x 20 is 40 bucks.....i dont dream that big....

I have a lot of people to take care of if I win.

kids, grandkids, nieces, nephews, their kids, Swedish Bikini Team, the cast of Chorus Line, 3rd runner up and below of the Miss America Pageant.

So many future dependents, so few chances

Same here...family comes first.....just got my first grand niece....college all around.

 

[rightwinger]

I could eventually handle being a multimillionaire

Being a billionaire is out of my league

Payout, at the moment, is about $900 million, of which the feds take about 1/3.

State tax will hit you again.

My state has no income tax, so I would see about $600m cash, and split with the wife.

Like they say.....Half goes to the IRS, the other half goes to the MRS

 

[FA_Q2]

While the jackpot is 1.5B the actual winnings are nowhere near that. It really is not even close.

Of course, even that small fractions is waaaay more than anyone will ever need if they do not get stupid with the winnings (which most winners do get stupid with them).

 

[FA_Q2]

i might pick up a couple of quick picks......i am really not good at this....i thought you had to pick out a number from each column.....i got mocked....

meh.

How the numbers are picked is really irrelevant. The chances are the same and they are astronomical.

Something noteworthy, as I understand it these new massive jackpots are engineered. They recently dropped the odds of winning pretty massively by adding more numbers.

 

[Wyatt earp]

I could eventually handle being a multimillionaire

Being a billionaire is out of my league

Seriously? For a liberal to become a millionaire he or she would need to start off with at least a few billion dollars.

 

[FA_Q2]

well, you no longer have to worry - the powerball is now nowhere near 1.5 billion.

 

[rightwinger]

I hit the powerball
It was the other five numbers I got wrong

Looks like I won $2

Not enough to retire on though

 

[320 Years of History]

I hit the powerball
It was the other five numbers I got wrong

Looks like I won $2

Not enough to retire on though

Well, at least it paid for the ticket you bought. Breaking even is better than what most players achieved. Congrats.

 

[320 Years of History]

While the jackpot is 1.5B the actual winnings are nowhere near that. It really is not even close.

Of course, even that small fractions is waaaay more than anyone will ever need if they do not get stupid with the winnings (which most winners do get stupid with them).

Well, one would hope that the 1/3rd claim the three winners (I don't know if it's just three people who won) have is sufficient to allow them to reach $1.5B in net worth within the foreseeable future, that is if they want to achieve that extent of wealth.

 

[FA_Q2]

While the jackpot is 1.5B the actual winnings are nowhere near that. It really is not even close.

Of course, even that small fractions is waaaay more than anyone will ever need if they do not get stupid with the winnings (which most winners do get stupid with them).

Well, one would hope that the 1/3rd claim the three winners (I don't know if it's just three people who won) have is sufficient to allow them to reach $1.5B in net worth within the foreseeable future, that is if they want to achieve that extent of wealth.

Unlikely.

What's the tax bill on a $1.5B Powerball win?
The winnings were worth 930B in a lump sum. Federal tax takes a hair under 40%. State and local taxes can take up to 15%. Tallied up you are looking at less than 1/3 of the actual jackpot goes to the winners - 422 million. If there were 3 of them you are down to just over 140 million a piece. They better be really good with money if they want to make that a billion.

 

[320 Years of History]

While the jackpot is 1.5B the actual winnings are nowhere near that. It really is not even close.

Of course, even that small fractions is waaaay more than anyone will ever need if they do not get stupid with the winnings (which most winners do get stupid with them).

Well, one would hope that the 1/3rd claim the three winners (I don't know if it's just three people who won) have is sufficient to allow them to reach $1.5B in net worth within the foreseeable future, that is if they want to achieve that extent of wealth.

Unlikely.

What's the tax bill on a $1.5B Powerball win?
The winnings were worth 930B in a lump sum. Federal tax takes a hair under 40%. State and local taxes can take up to 15%. Tallied up you are looking at less than 1/3 of the actual jackpot goes to the winners - 422 million. If there were 3 of them you are down to just over 140 million a piece. They better be really good with money if they want to make that a billion.

Red:
Typo I presume....

Blue:
Check your math. (930 x .60 x .85)/3 = 474.3/3 = 158.1.

Green:
I don't think one need be particularly good with money to do so. Donald Trump, famously, began life with about $10M and has parlayed it into a billion or more. Since we know that the rich get richer quicker than the not rich get rich at all, one who comes into $150M quite plausibly can be a billionaire in a score of years or so, perhaps even sooner if they have a business idea to go with whatever financial investing wizardry they come by/create.

I'm sure you look at your own net worth or that of others whom you know well, you will find that it's increased dramatically from what it was when you began your life as an adult. I'd wager that even starting out with a modest foundation -- say ~$100K net worth as a 22 year old in 1980 -- many such individuals today have increased their net worth a hundred fold by now. That's not something they would have accomplished overnight, but 20-30 years for many folks qualifies as the "foreseeable future." It certainly doesn't take a one hundred fold increase on $150M to turn it into $1B+.