Tuesday, January 12, 2016

What To Do With Your Powerball Winnings

A little more money would be good. Even a a couple of million that I could invest and take an annual draw from might be nice.

The kind of money the Powerball has reached would not be a gift or a blessing.

I know I would do better than this, I know you would do better than this, but I still know it would not be a good thing.


12 comments:

drjim said...

And every single "relative" you have, or didn't know you have, would come crawling out of the woodwork with their hand out!

R.K. Brumbelow said...

The first thing I would do is form a c Corp, get an ein number assigned and hire an attorney. I would then pay off my debts, arrange for a trust for family members where I would place 10% of my after tax winnings. The trustee can deal with the family members if any show up, and the c Corp would be the recipient of the lottery winnings, not me. Lastly I would hire a good national financial manager for the company.

1.5 Billion is probably $500 Million after taxes and cash option losses, I figure I should be able to live very comfortably on $100 k a year especially if I had no debt/ mortgage etc.

It is nice to dream for a bit, but in all honesty, I know the lottery is a voluntary tax on people who cannot do maths, so unless someone has figured out how I can win w/o buying a ticket, all it is is a dream, but at the least it would mean I would not have to worry about paying for my schooling and medical expenses.

ASM826 said...

R.K., you are so right, the lottery is a tax on the math and statistically challenged.

Borepatch said...

ASM826, it's a tax on hope.

USCitizen said...

I would probably see that my immediate family is provided for through a trust fund with 10% of the amount.

Set aside 10% for stupid stuff.

Then, put the remaining 80% in an endowment to support the NRA.

Old NFO said...

Agree with RK...

MoBoondocks said...

I only buy a ticket a week to make my 76yr. old mother happy. It's worth it.

burt said...

Frankly, it's a $2 bet. Yeah, a sucker bet... but I don't have easy access to OTB where I can place $2 on the nose of a filly - lol...

1.5 *BILLION* dollars. Sharks with fricking laser beams.

burt said...

Frankly, it's a $2 bet. Yeah, a sucker bet... but I don't have easy access to OTB where I can place $2 on the nose of a filly - lol...

1.5 *BILLION* dollars. Sharks with fricking laser beams.

R.K. Brumbelow said...

Look ultimately at the expected return, if I put in 2 and have a 1 in 300,000,000 chance of winning, to break even I need to be able to get 600,000,000 from it just to break even. Anything else is literally a bad investment. If you do the math, the likely payout is coming close to that, but you also have to look at possible splits and other negative factors.

That's right, for the first time in history, the lottery is coming close to a reasonable risk to reward number. It has still not made it there, and likely will not, but it is getting close.

You should also look at what tends to happen to winners of large jackpots, for the most part they re less happy after winning than before, so why even buy ticket?

matism said...

Why even buy the ticket, R.K. Brumbelow? To make the BATFags VERY miserable.

What more reason could anyone need???

R.K. Brumbelow said...

Make BATF miserable? No thanks, they already can come in w/o a warrant once a year and inspect me, I have no desire to annoy them further.

However, with 600,000,000 I could probably buy enough merchandise to get a benelli dealership lol.

It is far better to know a gun dealer than to be a gun dealer, sad but true.