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(05-19-2013 11:12 AM)Matrix Wrote:  

(05-19-2013 11:05 AM)LightEmUp70 Wrote:  

(05-19-2013 10:43 AM)Matrix Wrote:  

(05-18-2013 10:50 AM)Matrix Wrote:  I just have a feeling that only one person is going to claim that prize when the lucky numbers are called. And it's going to be someone who resides in a lottery state. I've yet to see an occurrence where someone from a non-lottery state ventures to a state where the lottery is played and emerge in an entirely different tax bracket & socio-economic status. Not that I'm aware of, that is...Anyway, good luck to those of you here that are playing.

Behold, "Exhibit A"... One person in florida just won that powerball jackpot and is a damn near billionaire now...."sigh..." Figures...

Not quite. By the time taxes take over he or she will take home maybe 40% of the listed jackpot. And statistically speaking he or she will be close to bankrupt in the next few years.

Uncle Sam's a greedy, inglorious bastage, I grant you that. I thought Florida didn't tax income (maybe I got my states mixed up), isn't this considered income? And if you were in this person's shoes, how would you go about not becoming a "statistic?" I have seen some lottery horror stories, one of them I know of, his good fortune cost him his life. But I have also seen triumphant lottery stories too, where the winners ride off into the sunset enjoying their winnings and still haven't gone back to the poor house. Tell you what, most of us wouldn't mind having that kind of "problem".

I just want to experience the feeling firsthand, and go from there. Who was it that said, better to have had and lost, than to have never had at all?!!!

Florida doesn't tax income, but it's still high enough they won't come home with anywhere near what they think they'll get.

The best thing for the person to do in my opinion is absolutely nothing for the next year or two. Find a good investment adviser and park the money while you learn how to be rich. That's the problem with rags to riches stories such as lottery winners and athletes. They don't know how to save and invest.