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What would you do if you won Powerball? (1 Viewer)

RedmondLonghorn said:
Well, $750 mm over 30 years is $25 mm per year. I think the final cash option value was $444 mm, so that means the discount rate they use is 3.8%, I think.

If you accepted the annuity stream and then sold it off, you would probably do a little better than that, but not "a few points" better, I don't think.

Since the odds of winning on a single ticket are only slightly better than having your name picked out of a giant hat that has every US resident's name in it, I think we both have already spent far too much time thinking about it.
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I just read you have 60 days to get a better offer.  I did not know that.  So if there was a better offer out there I would most likely want it presented as early as possible and make the decision as late as possible in the option period.

For powerball they pay you your 1st of 30 payments as soon as you turn in the ticket.  The 29 remaining payments are then at your option for 60 days in trust.  

This seems more fair to me than just having a check box on a ticket without full knowledge of the risks and benefits of both options.

 
culdeus said:
I just read you have 60 days to get a better offer.  I did not know that.  So if there was a better offer out there I would most likely want it presented as early as possible and make the decision as late as possible in the option period.

For powerball they pay you your 1st of 30 payments as soon as you turn in the ticket.  The 29 remaining payments are then at your option for 60 days in trust.  

This seems more fair to me than just having a check box on a ticket without full knowledge of the risks and benefits of both options.
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That is pretty reasonable. I had no idea.

The fact that period exists means that the actual terms are probably pretty close to market terms. 

 
I would take it but not sure I would be comfortable winning that amount and all that comes with it. I would probably have to move out a home I love living in due to the notoriety and people treating you different. I would be very worried about my family and security.

Would rather just win 15 million or so without anyone knowing.

 
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Da Guru said:
I would take it but not sure I would be comfortable winning that amount and all that comes with it. I would probably have to move out a hom I love living in due to the notoriety and people treating you different. I would be very worried about my family and security.

Would rather just win 15 million or so without anyone knowing.
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Nobody has to know. If you aren't into conspicuous consumption then you could probably keep it on the down low.

 
OC Zed said:
PSA: FDIC insurance only covers you up to $250,000 for each account vesting relationship per financial institution.  You'll need to spread that money around far and wide.  
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You can put the money elsewhere that is safe besides banks

 
munga30 said:
Is this true?  Seems to me the lottery suffers significantly re publicity and reputation if a faceless LLC collects.
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Currently, only six states allow lottery winners to stay anonymous: Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina.

 
Mookie said:
I lost.

When I win, I will take about $10-20 mill off the top to buy a nice house, pay for my kids school, pay off debts, and create a stable income stream.  I would put the rest into a 501(c)(3), hire me and several of my closest friends to be directors, and develop a process for giving away the income generated from the 501(c)(3) to worthy causes.  I'd live very well, surround myself with my closest friends, and have something meaningful to keep me engaged. 
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This is a more detailed explanation of what I would do. Without drive to do anything, having that much money is very bad for you, for your kids, and so on. My goal would be to make the world better and spend the rest of my life giving that money away. 

 
Da Guru said:
I thought Powerball posts your name and picture with the check?
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Pretty much all of them do. So if you have the winning ticket, you are going to need to get some things lined up before you come forward with it. Like a temporary place to live and maybe even some security before you let them have the press conference. 

 
I'd wait til just before the deadline to come forward (which is 90 days to a year depending on the selling jurisdiction). During that time Id legally change my name, grow my hair and facial hair like a damn mountain man, and when I showed up to claim the jackpot Id be wearing shades, a hat, and clothes 2 sizes too big. Nobody would recognize me. All anyone would know is some scruffy guy named Steve Smith just won the lottery.

Then after I have the money Id clean myself up, go to some Podunk town in North Dakota, change my name back, and live my life with my moneys.

Suck it, leeches and moochers.

 
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Wingnut said:
I'd wait til just before the deadline to come forward (which is 90 days to a year depending on the selling jurisdiction). During that time Id legally change my name, grow my hair and facial hair like a damn mountain man, and when I showed up to claim the jackpot Id be wearing shades, a hat, and clothes 2 sizes too big. Nobody would recognize me. All anyone would know is some scruffy guy named Steve Smith just won the lottery.

Then after I have the money Id clean myself up, go to some Podunk town in North Dakota, change my name back, and live my life with my moneys.

Suck it, leeches and moochers.
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Legally change your name, interesting idea I hadn't thought of.  But, aren't name change records public?

 
If the lump sum was around 10 million or more, I would split it with my brother and my son. Definitely get in touch with an attorney to make sure we get it right and ensure privacy.

I would cease being an employee and probably try to create a business that can employ others.

Allocate some amount for charity stuff.

Consider buying income property.

Move someplace warm.

Travel. Only fly first class.

Have a drink with an little umbrella in it.

 
Bull Dozier said:
Legally change your name, interesting idea I hadn't thought of.  But, aren't name change records public?
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I think so, but is anyone gonna go checking records for name changes to Steve Smith? And for what purpose, to expose the true identity of the winner? Thats sone leg work with no payoff. If by chance they DO find out, I'll be long gone by the time they do.

ETA: or I might just hit the black market for a new identity before I claim my jackpot instead of going the legal route. Non traceable.

 
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culdeus said:
Well that's with the cash option.  The reality is the lottery is an annuity so you are paying a huge fee to get all your money at once.  

The government has made out like a bandit with everyone choosing the cash option.  There's no question you'd get a better offer on the free market and claw back a few points.  
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You see what's going on in IL?  Lottery winners aren't getting paid because the state is broke.  Taking the money while you know it's there.

 
Mookie said:
I lost.

When I win, I will take about $10-20 mill off the top to buy a nice house, pay for my kids school, pay off debts, and create a stable income stream.  I would put the rest into a 501(c)(3), hire me and several of my closest friends to be directors, and develop a process for giving away the income generated from the 501(c)(3) to worthy causes.  I'd live very well, surround myself with my closest friends, and have something meaningful to keep me engaged. 
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Like boobies? Lots and lots of boobies?

 
I know a PowerBall winner. Worked with him. Pretty sure I posted about him a little before. 60m. Lump sum 20m and change. Took the lump sum based on math and age. Said most people over 48 should take it up front. Who wants final payments in your 80s? Stayed anonymous in a state that doesn't allow it because he only had to give his name, which is fairly common. The state could not legally force a photograph and he had attorneys run interference. Literally signed the necessities in disguise far far from his home and laid low for a full year. Said he needed the time to be damned sure what he wanted to do. Worked his regular job the full year announcing his retirement six months in advance admitting it was early in his 50s, but wth. I didn't find out about the winnings (like several people who know him) until several years later. He's trying to save reefs and clean the ocean. Follows professional surfing, golf and tennis around the planet. Has a great boat. Lives on an island. His wife lives in California. They're happy. Offered his morbidly obese son a million to do 90 days at a fat farm and continue the weight loss for a year. The son said no, the kind of no that starts with fyoudad. So he offered his three grand kids a million each if their dad did this. He did it. There's some other clever stories, but this is tl;dr.

 
Parrothead said:
hire lawyer

hire accountant

hire security

stay anonymous for as long as possible
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This is what I would try to do but I believe Colorado is one of the places you actually have to pick up the check in person and so the world knows who you are.

I would immediately fear for my wife and kids being kidnapped--people are kidnapped for a heck of a lot less money

i would love to stay in my current house, but again security concerns living right in the middle of a subdivision would probably dictate moving--not to mention long lost "friends" showing up from out of the woodwork, would necessitate moving. 

 
The single ticket winner went to a 53 year old woman who's worked for 30 something years at a hospital.  Good for her.   :thumbup:

 
Chaos Commish said:
I know a PowerBall winner. Worked with him. Pretty sure I posted about him a little before. 60m. Lump sum 20m and change. Took the lump sum based on math and age. Said most people over 48 should take it up front. Who wants final payments in your 80s? Stayed anonymous in a state that doesn't allow it because he only had to give his name, which is fairly common. The state could not legally force a photograph and he had attorneys run interference. Literally signed the necessities in disguise far far from his home and laid low for a full year. Said he needed the time to be damned sure what he wanted to do. Worked his regular job the full year announcing his retirement six months in advance admitting it was early in his 50s, but wth. I didn't find out about the winnings (like several people who know him) until several years later. He's trying to save reefs and clean the ocean. Follows professional surfing, golf and tennis around the planet. Has a great boat. Lives on an island. His wife lives in California. They're happy. Offered his morbidly obese son a million to do 90 days at a fat farm and continue the weight loss for a year. The son said no, the kind of no that starts with fyoudad. So he offered his three grand kids a million each if their dad did this. He did it. There's some other clever stories, but this is tl;dr.
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Sounds like he did it right!

 
When I was very little, I always said I would get enough homes for all the stray animals. While that might be a stretch for even a multi-millionaire, some type of really good spay and neuter program would be great. Bob Barker

 
I'm not sure what exactly I would do with FU money, other than a couple of material items that I have always wanted, but man, it would be fun to figure it out. Whatever it turned out to be would include a lot of travel and very little responsibility. 

 
id be out in the mountains so fast it would make your head spin and id get there in a souped up dodge charger blasting brandy by looking glass out of a sweet sound system and by the time i got there all of my relatives and buddies would be getting notices from there banks that some mysterious brohanefactor had paid off there mortgages and credit card bills and then when i got there id buy myself a nice little pad not anything to big because you the bigger the shack the more maintenance costs you have so nice but not ridiculous and then i would set up a trust or whatever to just pay me enough to get by easily every month and then spin off any extra to charities espeshully those for kids and people with debilitating diseases take that to the bank brochachos 

 
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