Powerball Jackpot Reaches $1.5 Billion, Largest Lottery in U.S. History - Polidicks

[QUOTE=RenegadeCop;49492574]Actually, that's the average amount everyone spends in their lifetime, family included. So it would be exactly enough to life the rest of your days, and plus whatever you earn throughout your life. You would be well off.[/QUOTE] Spending $2 million over 50 years implies that you start off spending roughly $18,000 a year right now, given an inflation rate of 3%. That's really little, although I suppose depending on where you live it might be possible.

[QUOTE=agentfazexx;49492516]What about normal people with money issues? Why older couples?[/QUOTE] They've probably got nothing better to do than sit around and enter the lottery all the time, while younger people have the mindset of "Oh, I'm never going to win big, I might as well just do one ticket and stop entirely." But honestly, I don't know, perhaps it's just some strange coincidence.

Living off 2 million for a lifetime would be far from affluent unless you invested it heavily for the first half.

It would be great to win, now that the Playboy mansion is up for sale.

[QUOTE=OvB;49492648]Living off 2 million for a lifetime would be far from affluent unless you invested it heavily for the first half.[/QUOTE] I feel like not enough people recognise the attritional effect that inflation has on their wealth. Compound interest cuts both ways.

75% of all winnings would go into the bank as long term savings and my new salary would consist of the interest. 2.5% would go into investing in volatile stocks, just to see if they ever actually mature. The other 2.5% would go into more stable investments. The remaining 20% would remain directly accessible through the bank and would go towards property purchase and maintenance, the car and general expenses. I'd love to startup my own public hackspace with a multimedia theme. I'm sure the idea of freely accessible video, photo and sound studios in a Place like Vancouver would be great.

the pot will reach 1.3 billion if no one wins tonight

[QUOTE=pentium;49492702]75% of all winnings would go into the bank as long term savings and my new salary would consist of the interest. 2.5% would go into investing in volatile stocks, just to see if they ever actually mature. The other 2.5% would go into more stable investments. The remaining 20% would remain directly accessible through the bank and would go towards property purchase and maintenance, the car and general expenses. I'd love to startup my own public hackspace with a multimedia theme. I'm sure the idea of freely accessible video, photo and sound studios in a Place like Vancouver would be great.[/QUOTE] Banks pay a pittance on deposits. Better to invest in Treasury securities if you want a risk-free asset, or a basket of blue-chip stocks.

[QUOTE=Headhumpy;49492726]Banks pay a pittance on deposits. Better to invest in Treasury securities if you want a risk-free asset, or a basket of blue-chip stocks.[/QUOTE] It might just be better overall to discuss the situation with a financial advisor. But living off the interest of even $10 million is totally viable.

My mom, dad and I each bought our own tickets with the goal of winning the $7 minimum prize. Since we bought a total of 3 tickets at $2 each, we're considering it mission success if one of them wins the basic $7 prize. If that happens, everyone gets their $2 back and whoever got the actual prize gets the $1 profit. :v:

[QUOTE=cani;49492477]Was going to get a couple tickets yesterday, put it off till today. On way to work today wife said lines are massive, compared it to Black Friday.[/QUOTE] How could there possibly be a line for lottery tickets? You can buy powerball tickets [i]literally anywhere[/i]. Gas stations, supermarkets, walmart, quick-serve shops, liquor stores, tobacco stores, hell there's even a mexican restaurant down the street from me that sells tickets too. [editline]9th January 2016[/editline] [QUOTE=RenegadeCop;49492530]Imagine if this money was spread between like 500 people instead of given to just a few[/QUOTE] If there are multiple winning tickets, the pot is divided equally. I doubt we'll ever see anywhere near a hundred winning tickets drawn at once but I've seen splits as high as 8 ways before.

It's entertaining because I don't need to win millions. If I could just land 100k (which is still a lot) so I could pay for school I'd be very content. But I'd be excited to win any non-trivial sum, $50 would be cool.

[QUOTE=OvB;49492648]Living off 2 million for a lifetime would be far from affluent unless you invested it heavily for the first half.[/QUOTE] With smart investment it would be a handy nest egg injection for sure. That said it depends on whether or not you get into any unexpected tragedies. Both my grandparents suffer from really bad dementia, and my grandma Parkinsons as well. So in the past few years they easily blew through a million in assisted care and assisted living costs, on top of medical expenses. Not meaning to make a pity party for myself, just giving an example that unforeseen circumstances can and will make you burn through seemingly unlimited amounts of money pretty instantly.

Well, shit, I might buy a ticket.

[QUOTE=mini me;49492476]yeah that's why i'm confused as to why there's a fuckhuge line at every lottery place[/QUOTE] Apparently the lotto in the UK is profitable to play this drawing. Everyone wins £4 if no one wins or some shit while a ticket costs £2

Remember: A huge cut is taken out of winnings! You wouldn't get the full winnings.

[QUOTE=Map in a box;49495876]Remember: A huge cut is taken out of winnings! You wouldn't get the full winnings.[/QUOTE] It's at 900 Million now which is based on the annuity payout. So if you took the lump sum it would be less than half. I honestly don't know who'd be stupid enough to take a lump sum of $400 million versus a yearly $30 million... for 30 years.

[QUOTE=Firo;49496094]It's at 900 Million now which is based on the annuity payout. So if you took the lump sum it would be less than half. I honestly don't know who'd be stupid enough to take a lump sum of $400 million versus a yearly $30 million... for 30 years.[/QUOTE] Why do you lose so much though? I understand taxes and shit but you lose like millions from what you "win."

[QUOTE=agentfazexx;49496130]Why do you lose so much though? I understand taxes and shit but you lose like millions from what you "win."[/QUOTE] It's much much easier for the lottery to pay off $30 million a year instead of $900 million all at once.

[QUOTE=The freeman;49496148]It's much much easier for the lottery to pay off $30 million a year instead of $900 million all at once.[/QUOTE] What are they paying off though? Don't lottery winnings come from people buying tickets for the most part?

[QUOTE=The freeman;49496148]It's much much easier for the lottery to pay off $30 million a year instead of $900 million all at once.[/QUOTE] I think the real prize is the smaller one, but the big number is how much it's estimated value would be invested and payed out over 30 years. I don't know much about investing so that's my guess.

[QUOTE=Firo;49496182]I think the real prize is the smaller one, but the big number is how much it's estimated value would be invested and payed out over 30 years. I don't know much about investing so that's my guess.[/QUOTE] Also depends on if it's split or not. Still a fuck ton of money.

[QUOTE=Firo;49496094]It's at 900 Million now which is based on the annuity payout. So if you took the lump sum it would be less than half. I honestly don't know who'd be stupid enough to take a lump sum of $400 million versus a yearly $30 million... for 30 years.[/QUOTE] 46%, from taxes. Having so much income on your income taxes also hurts. It skyrockets your position in the tax bracket for that year.

[QUOTE=Map in a box;49496253]46%, from taxes. Having so much income on your income taxes also hurts. It skyrockets your position in the tax bracket for that year.[/QUOTE] Yeah, government loves getting money. I lose around $1000 a paycheck on taxes.

[QUOTE=Firo;49496094]It's at 900 Million now which is based on the annuity payout. So if you took the lump sum it would be less than half. I honestly don't know who'd be stupid enough to take a lump sum of $400 million versus a yearly $30 million... for 30 years.[/QUOTE] IMO anyone who takes payments vs lump sum is the stupid one. You have literally no guarantee that you will continue to get $30,000,000 a year for 30 years. Literally anything could happen between your first payment and the last. Not only that but if you take the lump sum you can get close to if not surpass the yearly payout amount with smart investments. Plus if everything goes to shit, you still have your money. Lottery system crumbles and people stop getting payments? You already got yours. New taxes levied against gambling winnings? You already have your money, no new taxes on you.

[QUOTE=Firo;49496094]It's at 900 Million now which is based on the annuity payout. So if you took the lump sum it would be less than half. I honestly don't know who'd be stupid enough to take a lump sum of $400 million versus a yearly $30 million... for 30 years.[/QUOTE] Dude, it's stupid not to take the lump sum. Inflation + the chance of the lottery not being able to pay out in the future is worse

Anybody get anything?

I'd take the lump sum. Getting 300 million or so after taxes is still more than I'd ever see in my life otherwise. And smart investing would get you a bigger cut than the payments.

32-16-19-57-34 and Powerball 13. I won!!!!!!!!!!! A whole lot of nothing. Not even $4.

For an example of just how much money that is, Elon Musk started/built Tesla Motors and SpaceX with less. That's an incredible amount of money.