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Would you sell your powerball ticket? (1 Viewer)

Would you sell your powerball ticket

  • Yes

    Votes: 52 66.7%

  • No

    Votes: 26 33.3%
  • Total voters
    78
C

comfortably numb

Footballguy
Powerball rule:If you match 5 numbers without the powerball number, your prize is 1M

So the drawing is live, you have hit your 1st 5 numbers and chet is standing next to you (along with Joe Pesci for some reason) with a brief case packed with 1.5M tax free dollars.

He offers to buy your ticket before the winning powerball number is announced.

(There are 26 powerball numbers)

Do you sell him your ticket?

If you sell the ticket you get a clean 1.5M tax free dollars.

If you do not sell the ticket, obviously you can win the trillion dollars but if you don't match the powerball number;

You will get a prize of 1M which you will pay taxes on.

If you take the lump sum prize you get $620K and then that is taxed at 39% and you walk away with roughly 375K

If you take the annuity you are looking at 33K/year which is then taxed you end up with 20K/year for 29 years (as per rules)

If you vote to NOT sell the ticket for 1.5M tax free dollars....how much would it take from chet for you to part with that ticket?

 
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Unless you already have 6 zeros in your account, I can't see many saying no to this.

 
Sold!

Sounds like a difference of $2.5M or so, more than enough life changing money for me to live comfortably and help some friends and family out.

 
Yes. But eV says it's a terrible play.

1.5m compared to (25/26 * .375m) + (1/26 * 520m) ... 360k + 20m

Doesn't matter... 1.5m is still life changing money. I'd like a better offer though.

 
Even with the numbers already matching and needing only one more the odds are very much against you. The payout for what you already have is prob around a few thousand. $1.5 million is more than enough to do all that I would want to do.

SOLD.

 
cockroach said:
I'd actually prefer 1.5 million over a billion dollars.
Click to expand...
crazy as it sounds, I agree. 1.5M = a beachhouse and comfortable living while maintaining an otherwise normal life with extra opportunities to give or travel, etc.

1B just seems like a headache and money loses almost all meaning.

 
Chadstroma said:
Even with the numbers already matching and needing only one more the odds are very much against you. The payout for what you already have is prob around a few thousand. $1.5 million is more than enough to do all that I would want to do.

SOLD.
Click to expand...
The payout for what you have in your hand is $387K after taxes

 
comfortably numb said:
Chadstroma said:
Even with the numbers already matching and needing only one more the odds are very much against you. The payout for what you already have is prob around a few thousand. $1.5 million is more than enough to do all that I would want to do.

SOLD.
Click to expand...
The payout for what you have in your hand is $387K after taxes
Click to expand...
I am not an expert mathematician but I am pretty sure $1.5 Million > $387K.

 
FUBAR said:
cockroach said:
I'd actually prefer 1.5 million over a billion dollars.
Click to expand...
crazy as it sounds, I agree. 1.5M = a beachhouse and comfortable living while maintaining an otherwise normal life with extra opportunities to give or travel, etc.

1B just seems like a headache and money loses almost all meaning.
Click to expand...
Im your man. I'll collect the winnings for you and I'll double the 1.5M, giving you a cool 3M. :hifive:

 
Chadstroma said:
Even with the numbers already matching and needing only one more the odds are very much against you. The payout for what you already have is prob around a few thousand. $1.5 million is more than enough to do all that I would want to do.

SOLD.
Click to expand...
Not to mention that your name stays off the media.

 
Chadstroma said:
comfortably numb said:
Chadstroma said:
Even with the numbers already matching and needing only one more the odds are very much against you. The payout for what you already have is prob around a few thousand. $1.5 million is more than enough to do all that I would want to do.

SOLD.
Click to expand...
The payout for what you have in your hand is $387K after taxes
Click to expand...
I am not an expert mathematician but I am pretty sure $1.5 Million > $387K.
Click to expand...
few thousand < 387K ?

 
There is a number, just not this number. I would need six million in cash, to be appointed to some post in Columbia where I had diplomatic immunity, and for Pesci to be my prank monkey for a weekend.

 
Cjw_55106 said:
FUBAR said:
cockroach said:
I'd actually prefer 1.5 million over a billion dollars.
Click to expand...
crazy as it sounds, I agree. 1.5M = a beachhouse and comfortable living while maintaining an otherwise normal life with extra opportunities to give or travel, etc.

1B just seems like a headache and money loses almost all meaning.
Click to expand...
Im your man. I'll collect the winnings for you and I'll double the 1.5M, giving you a cool 3M. :hifive:
Click to expand...
then again, if the opportunity arises, I can probably find an island somewhere.

 
No. The regret from giving up a 1.4 billion dollar lotto ticket (if my number were drawn) would be devastating, your life would turn into a constant "what if" as you realize the order of magnitude of what you gave up. Much more so than the much-more-likely-but-much-less-severe disappointment of going from getting the 1.5M tax free offer to the 1M taxed prize that you get for the 5 numbers and you could always use EV to justify that decision. 1.5M isn't enough for me to retire risk free, so it'd take something in that "retire risk free" range to pull the trigger. The website shows 868M lump sum right now, I'm figuring that ends up being ~$600M after-tax and based on the scenario you described you have a 1/26 shot of winning, so the EV is a hair over 23M. I'd definitely do 23M without much thought but I suspect my sweet spot is between 10-15M based on the numbers we know right now.

 
Rooster said:
No. The regret from giving up a 1.4 billion dollar lotto ticket (if my number were drawn) would be devastating, your life would turn into a constant "what if" as you realize the order of magnitude of what you gave up. Much more so than the much-more-likely-but-much-less-severe disappointment of going from getting the 1.5M tax free offer to the 1M taxed prize that you get for the 5 numbers and you could always use EV to justify that decision. 1.5M isn't enough for me to retire risk free, so it'd take something in that "retire risk free" range to pull the trigger. The website shows 868M lump sum right now, I'm figuring that ends up being ~$600M after-tax and based on the scenario you described you have a 1/26 shot of winning, so the EV is a hair over 23M. I'd definitely do 23M without much thought but I suspect my sweet spot is between 10-15M based on the numbers we know right now.
Click to expand...
More or less how I have it figured. Obviously I am placing 17 million dollars of value in having a diplomatic post (salary included obviously) in Columbia with diplomatic immunity (Potential for much cash there), and in the comedic factor of having pesci as a two day prank monkey (Priceless).

 
heckmanm said:
comfortably numb said:
heckmanm said:
Hoosier16 said:
The 2nd place is lump sum, full amount, no annuity.
Click to expand...
Which would mean you're holding ~$600K rather than $387K

I'd probably still take the $1.5M but might try to haggle for $2M
Click to expand...
Your ticket is worth 600K and then you pay taxes on it and clear 387K
Click to expand...
If Hoosier16 is correct (2nd place is $1M lump sum), then my ticket is work $1M and I would pay taxes on that, clearing ~600K
Click to expand...
hmmm..ok very possible i messed that up. The site I was on said it was 1M with a lump sum down to 600K and then taxes

 
heckmanm said:
comfortably numb said:
heckmanm said:
Hoosier16 said:
The 2nd place is lump sum, full amount, no annuity.
Click to expand...
Which would mean you're holding ~$600K rather than $387K

I'd probably still take the $1.5M but might try to haggle for $2M
Click to expand...
Your ticket is worth 600K and then you pay taxes on it and clear 387K
Click to expand...
If Hoosier16 is correct (2nd place is $1M lump sum), then my ticket is work $1M and I would pay taxes on that, clearing ~600
Click to expand...
It is.

 
avoiding injuries said:
FUBAR said:
cockroach said:
I'd actually prefer 1.5 million over a billion dollars.
Click to expand...
crazy as it sounds, I agree. 1.5M = a beachhouse and comfortable living while maintaining an otherwise normal life with extra opportunities to give or travel, etc.

1B just seems like a headache and money loses almost all meaning.
Click to expand...
Crazy indeed.
Click to expand...
ThisThe jackpot is enough to not only set-up all your good friends and family well but also make a pretty substantial difference in the lives of a lot of other people (if you so choose). 1.5M isn't even enough for me to retire. I know which I would rather have.

 
I'm trying to understand the headache thing. Lets say I win. I immediately contact the two or three biggest law firms in the area specializing in financial matters, with tax guys, financial and investment planners, and accountants galore on staff. I ask which is going to give me the better sex should I become their client.

I go in. I'm hustled into a very nice conference room where smart and important men will have smart and semi-important lackeys(young, hot, and female) fawning on me, catering to my every need. "Why yes, a drink would be nice. I'll have a 24 year old single malt served from the hand of a 18 year old Ann Margaret clone and a bunch of Tipsy McStagger's best pulled pork. You don't know this Tipsy, well you have about 5 minutes to figure it out, go!"

I will have these men file suit to attempt to get a Court to draft an Order forbidding the Lottery board from disclosing my I.D. for safety purposes. I don't care if I win, much, though it would be nice, but I want to see the law firm work.

I would then describe my needs, including the fact that I do not want to be troubled with the headaches and mechanics of worrying about my taxes or actively managing my money. I would want very safe, conservative, monthly income from which I could construct a budget which would not come close to stressing that figure. I would have them take care of the mundane, day to day headaches. That's what they are for. I want less responsibility than Dudley Moore had in the film "Arthur".

About once a month or so I would meet with one of the more senior partners, likely in a suite or a box at a sporting event, one where they have one or more hotties with more ambition than moral qualms waiting on us, and I would have him update me, briefly, on the status of my money.

I don't see the headaches.

 
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Look, no way am I selling a 1 in 26 chance at a $1,500,000,000 annuity for a measly $1,500,000 tax free.

I'd say its worth about $40M, tax free.

I'd probably sell it @ $10M though.

$1.5M just isn't life changing enough for me. I'm going to earn much more than that in the remainder of my career, so its not like that is even retire immediately money for me.

 
Ditkaless Wonders said:
There is a number, just not this number. I would need six million in cash, to be appointed to some post in Columbia where I had diplomatic immunity, and for Pesci to be my prank monkey for a weekend.
Click to expand...
last I checked NYC doesn't have diplomatic immunity, regardless of which university you're working for.

 
El Floppo said:
Ditkaless Wonders said:
There is a number, just not this number. I would need six million in cash, to be appointed to some post in Columbia where I had diplomatic immunity, and for Pesci to be my prank monkey for a weekend.
Click to expand...
last I checked NYC doesn't have diplomatic immunity, regardless of which university you're working for.
Click to expand...
I am spelling challenged. If it started to bother me I might hire a hot woman to spell check my work. Probably not. Feel free to change the "u" to an "o".

 
I voted yes, but I'm holding out for 1.6 MIL.

With the tax free angle, I'm now pretty confident I can retire within 5 years, which sounds great.

 
Wait.. even the million bucks for 5 numbers is a GD annuity?

The million is really more like 600k and then you clear 375?

I had no idea.. that's depressing.

I mean it would still rock.. i could pretty much buy my next home outright... but I thought that was a cool million instantly with just the taxation... so like a free and clear 600k

 
The after tax value of that ticket before the powerball is drawn is about $30 million. I would need something closer to $5 million.

 
Ditkaless Wonders said:
El Floppo said:
Ditkaless Wonders said:
There is a number, just not this number. I would need six million in cash, to be appointed to some post in Columbia where I had diplomatic immunity, and for Pesci to be my prank monkey for a weekend.
Click to expand...
last I checked NYC doesn't have diplomatic immunity, regardless of which university you're working for.
Click to expand...
I am spelling challenged. If it started to bother me I might hire a hot woman to spell check my work. Probably not. Feel free to change the "u" to an "o".
Click to expand...
sorry gb... it's my alma mater, and I'm also a fan of the country's soccer team (eta: and their women). the mistake happens so much, the low hanging fruit aspect has almost lost its flavor.

but either way, I don't think it's spelled "oniversity".

 
Last edited by a moderator:
El Floppo said:
Ditkaless Wonders said:
El Floppo said:
Ditkaless Wonders said:
There is a number, just not this number. I would need six million in cash, to be appointed to some post in Columbia where I had diplomatic immunity, and for Pesci to be my prank monkey for a weekend.
Click to expand...
last I checked NYC doesn't have diplomatic immunity, regardless of which university you're working for.
Click to expand...
I am spelling challenged. If it started to bother me I might hire a hot woman to spell check my work. Probably not. Feel free to change the "u" to an "o".
Click to expand...
sorry gb... it's my alma mater, and I'm also a fan of the country's soccer team (eta: and their women). the mistake happens so much, the low hanging fruit aspect has almost lost its flavor.

but either way, I don't think it's spelled "oniversity".
Click to expand...
:D :lmao: :suds: :clap:

 
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