(01-12-2016 06:00 PM)Fo Shizzle Wrote:  

(01-12-2016 04:38 PM)200yrs2late Wrote:  

(01-12-2016 04:36 PM)UTSAMarineVet09 Wrote:  

(01-12-2016 04:31 PM)200yrs2late Wrote:  

(01-12-2016 09:54 AM)ECUGrad07 Wrote:  Seriously...

If I won the Powerball and got the $800M+ cash lump sum, I would put it into a Money Market account. The Vanguard Prime Money Market fund is currently yielding 0.30% annually. If you put the entire $800M into the account, even with such a tiny yield, you would still earn $2.4M, risk-free in the first year...

I could easily live off $2.4M in a year, without touching the principal.

After taxes you would be looking at roughly $550 million, not $800 million.

My probably spending:
-$550 million
My 50 closest friends and family members would be looking at a cool $2 million a piece
-$450 million
St. Jude's Children Hospital would get $100 million
-$350 million
ECU athletics and the university would get $25 million to split
-$325 million
$25 million to local churches and food shelters
-$300 million
$50 million to Ronald McDonald House Charities
-$250 million
$50 million to one of the Wounded Warrior Charities
-$200 million
$50 million for trust funds for nephew/nieces, real estate, hobbies, business ventures, investment opportunities
$150 million left in the hands of people much wiser than I to continue to grow.

My understanding is that they already take the taxes out from the grand prize, which is $1.5bil right now, so after taxes it would be close to $900mil

You don't get the entire amount in a lump sum. You end up with a little over half, which is then taxed at 39.6%. At least that's what I understand.

The annuity is 1.5billion(30 payments...backloaded initial payment 15.6million....Cash is 930million-25%fed tax = 697,500,000 -(whatever you state tax rate is..in NC 5.75...2,875,000)=644,025,000 net payout. You still would own another 14% Federal tax in April. They only deduct 25% up front....so total? 606,003,562 total payout after all taxes.

Walking away with over 600 million clear is some crazy schit.

http://www.vocativ.com/news/269884/how-g...powerball/

Quote:No matter where you live, the federal government will receive 25 percent of your winnings automatically. Your winnings will already have been cut down to $868 million if you choose the lump sum option over annuity (an annual payout spread over 30 years). After that automatic 25 percent is taken out, you’ll still owe more. The federal tax rate at which a lump sum will be taxed is 39.6 percent, so after you pay the remaining 14.6 percent come tax time, you’ll be left with a substantially reduced, but still not-too-shabby $524 million. (Many lottery winners forget this extra tax burden, and end up bankrupt as a result).

That excludes state tax as well, which applies to most of us.

wouldn't claim it for a few months. Would set up the appropriate trusts and the such to protect my assets for when people throw themselves in front of my car. All of it goes into the trust and the income from various bonds and the such would be my salary. Principal is never touched.

(01-13-2016 10:52 AM)fsquid Wrote:  wouldn't claim it for a few months. Would set up the appropriate trusts and the such to protect my assets for when people throw themselves in front of my car. All of it goes into the trust and the income from various bonds and the such would be my salary. Principal is never touched.

Curious...

So what kind of income do you think you'd be throwing off of it every year?

(01-13-2016 10:53 AM)HeartOfDixie Wrote:  

(01-13-2016 10:52 AM)fsquid Wrote:  wouldn't claim it for a few months. Would set up the appropriate trusts and the such to protect my assets for when people throw themselves in front of my car. All of it goes into the trust and the income from various bonds and the such would be my salary. Principal is never touched.

Curious...

So what kind of income do you think you'd be throwing off of it every year?

5% but I haven't looked at the rates on AAA and Munis very closely. I may be off.

http://www.marketwatch.com/story/these-w...2016-01-13

(01-13-2016 03:55 PM)UTSAMarineVet09 Wrote:  http://www.marketwatch.com/story/these-w...2016-01-13

and the first idiot quoted was a 55 yr old male, 13 yr bartender that, "...felt like getting punched in the stomach...."

thank you for giving me a spit on the screen chuckle!

(01-13-2016 06:45 AM)Fo Shizzle Wrote:  

(01-12-2016 10:22 PM)randaddyminer Wrote:  show me the money. I'd donate some to Trumps education, that mofo needs it, and probably more than I'd win

..and yet that dummy is a billionaire and you are on a msg. board. Go figure.

where you at?

(01-12-2016 04:31 PM)200yrs2late Wrote:  

(01-12-2016 09:54 AM)ECUGrad07 Wrote:  Seriously...

If I won the Powerball and got the $800M+ cash lump sum, I would put it into a Money Market account. The Vanguard Prime Money Market fund is currently yielding 0.30% annually. If you put the entire $800M into the account, even with such a tiny yield, you would still earn $2.4M, risk-free in the first year...

I could easily live off $2.4M in a year, without touching the principal.

After taxes you would be looking at roughly $550 million, not $800 million.

My probably spending:
-$550 million
My 50 closest friends and family members would be looking at a cool $2 million a piece
-$450 million
St. Jude's Children Hospital would get $100 million
-$350 million
ECU athletics and the university would get $25 million to split
-$325 million
$25 million to local churches and food shelters
-$300 million
$50 million to Ronald McDonald House Charities
-$250 million
$50 million to one of the Wounded Warrior Charities
-$200 million
$50 million for trust funds for nephew/nieces, real estate, hobbies, business ventures, investment opportunities
$150 million left in the hands of people much wiser than I to continue to grow.

You forgot uncle Barack. I'll probably just buy my own bowl game.

(01-13-2016 08:13 PM)firmbizzle Wrote:  

(01-12-2016 04:31 PM)200yrs2late Wrote:  

(01-12-2016 09:54 AM)ECUGrad07 Wrote:  Seriously...

If I won the Powerball and got the $800M+ cash lump sum, I would put it into a Money Market account. The Vanguard Prime Money Market fund is currently yielding 0.30% annually. If you put the entire $800M into the account, even with such a tiny yield, you would still earn $2.4M, risk-free in the first year...

I could easily live off $2.4M in a year, without touching the principal.

After taxes you would be looking at roughly $550 million, not $800 million.

My probably spending:
-$550 million
My 50 closest friends and family members would be looking at a cool $2 million a piece
-$450 million
St. Jude's Children Hospital would get $100 million
-$350 million
ECU athletics and the university would get $25 million to split
-$325 million
$25 million to local churches and food shelters
-$300 million
$50 million to Ronald McDonald House Charities
-$250 million
$50 million to one of the Wounded Warrior Charities
-$200 million
$50 million for trust funds for nephew/nieces, real estate, hobbies, business ventures, investment opportunities
$150 million left in the hands of people much wiser than I to continue to grow.

You forgot uncle Barack. I'll probably just buy my own bowl game.

ecu did it... they called it the virtual bowl... didn't they play you this year?

Winning ticket sold in Chino hills, ca

(01-13-2016 09:56 AM)200yrs2late Wrote:  

(01-12-2016 06:00 PM)Fo Shizzle Wrote:  

(01-12-2016 04:38 PM)200yrs2late Wrote:  

(01-12-2016 04:36 PM)UTSAMarineVet09 Wrote:  

(01-12-2016 04:31 PM)200yrs2late Wrote:  After taxes you would be looking at roughly $550 million, not $800 million.

My probably spending:
-$550 million
My 50 closest friends and family members would be looking at a cool $2 million a piece
-$450 million
St. Jude's Children Hospital would get $100 million
-$350 million
ECU athletics and the university would get $25 million to split
-$325 million
$25 million to local churches and food shelters
-$300 million
$50 million to Ronald McDonald House Charities
-$250 million
$50 million to one of the Wounded Warrior Charities
-$200 million
$50 million for trust funds for nephew/nieces, real estate, hobbies, business ventures, investment opportunities
$150 million left in the hands of people much wiser than I to continue to grow.

My understanding is that they already take the taxes out from the grand prize, which is $1.5bil right now, so after taxes it would be close to $900mil

You don't get the entire amount in a lump sum. You end up with a little over half, which is then taxed at 39.6%. At least that's what I understand.

The annuity is 1.5billion(30 payments...backloaded initial payment 15.6million....Cash is 930million-25%fed tax = 697,500,000 -(whatever you state tax rate is..in NC 5.75...2,875,000)=644,025,000 net payout. You still would own another 14% Federal tax in April. They only deduct 25% up front....so total? 606,003,562 total payout after all taxes.

Walking away with over 600 million clear is some crazy schit.

http://www.vocativ.com/news/269884/how-g...powerball/

Quote:No matter where you live, the federal government will receive 25 percent of your winnings automatically. Your winnings will already have been cut down to $868 million if you choose the lump sum option over annuity (an annual payout spread over 30 years). After that automatic 25 percent is taken out, you’ll still owe more. The federal tax rate at which a lump sum will be taxed is 39.6 percent, so after you pay the remaining 14.6 percent come tax time, you’ll be left with a substantially reduced, but still not-too-shabby $524 million. (Many lottery winners forget this extra tax burden, and end up bankrupt as a result).

That excludes state tax as well, which applies to most of us.

Also, don't forget about the good ole gift tax...

(01-13-2016 08:04 PM)randaddyminer Wrote:  

(01-13-2016 06:45 AM)Fo Shizzle Wrote:  

(01-12-2016 10:22 PM)randaddyminer Wrote:  show me the money. I'd donate some to Trumps education, that mofo needs it, and probably more than I'd win

..and yet that dummy is a billionaire and you are on a msg. board. Go figure.

where you at?

I'm not the one with the ***** envy.

3 winners - in California, Tennessee and Florida. Maybe Carly Fiorina, Rand Paul (I know - he's from Kentucky but he went across the border to buy a ticket) and Jeb Bush. They all need a shot in the arm.

Dang it, I lost.

(01-14-2016 09:16 AM)EverRespect Wrote:  Dang it, I lost.

Who'd of thunk it?

I got the first three numbers correct. Only for the fourth to stab me in the heart and the fifth to take a **** in the hole the fourth one made.