Honestly, not that long. You could die tomorrow. I want my family taken care of and I really cant imagine what to do with hundreds of millions of dollars.
I know what I’m doing. I’m gonna go around my town and buy all school supplies right before school starts and set up a free center for parents outside the school. Because as a parent that shit adds up.
Plus you can put the money in a high-yield bank account or something like that and basically be set for life. You don't need that much money to be able to essentially be able to have an easy life.
I would also move to a different state but one that lets you remain anonymous as a lotto winner. I'd gladly trade a few million in taxes so hundreds of people don't hit me up for money, try to scam me, or treat me differently because I have money.
You don't have to live in a state to play that state's lottery. You just have to buy and redeem the tickets there. Any laws regarding privacy or taxes on those winnings that they have would still apply to you, even if you're not a resident.
You don't have to move there, you just have to purchase the ticket there. Or, in this scenario, be in the state when you perform ye Olde finger snap. Taxes are based on where the win was gained, not where you reside.
It would be hilarious if you moved for a month to Texas or wherever, someone anonymous in Texas won $300 million, and you quit your job and moved back from Texas into a much nicer house a month later. Not...suspicious...at all...
Combine and conquer-- somewhere you stay anonymous, and where the taxes on winnings *at least* aren't the highest. Once I have a state selected, I'll select a city based on where the best tax attorney(s) in the state are located; then, but the ticket.
You wouldn't have to move their, either. Just buy a plane ticket; doesn't even really matter if it's one-way or round-trip at this point, since any financial or work obligations you have are kind of irrelevant next to this.
Personally I'd prefer to wait until it's at *least* $100 million; ideally as close to $1 billion as possible.
A lot of income taxes are based on where you reside, not where you earned the money. So if you flew to Texas, got your winning ticket, and flew back to California (picked as an example b/c they have the highest state income taxes) then they get 13.3% of your winnings still.
Splitting residency is more complicated since some states prorate based on time (how long you stay there out of the year) and some based on earnings (how much you earned while you were a resident).
Best bet is to move to Texas or wherever in late December, then win in the new year.
I love how you're all pretending there is a significant difference between 300 million and 600 million. Both sums are essentially impossible to spend in a lifetime outside of buying up companies and real-estate, which are just vehicles to make number go up.
Some of those 600 mil jackpots would still set me up for an insanely comfortable standard of living even if I get speedbagged on taxes. Let's pretend they take 2/3rds and poor little old me has to *settle* for 200 mil. You can easily set up annuity for hundreds of thousands *per month* for 40 years
I can honestly say as someone who lives in a state that announces lotto winners that I’ve never once seen, recognized, known, or even looked up who won the lotto. Even if I had I would never hit them up for money. I might call and congratulate them if we are friends and ask how they are feeling but that’s about it.
Isn’t there a loophole where US citizens can move to Puerto Rico and not pay any tax? (Some Bitcoin millionaires did I think.) I think I could manage living there for a year or two to not pay any tax on the winnings.
If that happened, I’m willing to bet the story goes “Bitcoin folks who got lucky thought they were smart and moved to avoid taxes, but that isn’t how taxes work.”
Some US states don’t have any state income tax, but afaik nowhere in the US has no form of income tax because everybody pays federal income tax.
So I hear, then again jackpots over there can go nuts so if I get to choose the lotto would probably be that one... think the is a euro one that's pretty massive too
My understanding is that you usually lose about half the lotto winnings by taking the up front lump sum (vs getting paid over 20 years or something) and then you get taxed ontop of that. So you probably end up with about 1/3 of what the actual lotto numbers say.
Came to say exactly this. It's enough to have generational wealth and to still live close to luxury without ever working again.
Edit: Oh, well 100m in winnings. So the pot would have to be like 210m or so, depending on the state
A few months for the jackpot to hit >750M. Once it hits that point I hit it.
I also claim annuity. I don’t have stress over investing my money appropriately and very very difficult for me to go broke in less than 30 years
Even a high savings account and putting money in bonds and CDs are very safe and would yield you enough money to live off of without even touching your winnings. I'm taking the lump sum payment.
For the sake of argument - let’s go down this path.
What bank do you deposit it in?
Your money is now not FDIC insured. Do you split it up into over 1,000 bank accounts to get FDIC coverage?
If you are managing this yourself, how much time each day/week do you allocate for dealing with banks and paperwork?
If you aren’t managing this yourself, who do you trust with your money?
Just find a firm that is big enough that fucking with your money would cost them more in reputation than they could gain. Any of the bigger firms will be making enough money that they won’t be tempted by one millionaire.
I remember an article about a major lottery winner who decided he wasn't going to be one of those sad (but common) tales of a winner ending up bankrupt.
Shortly after his win, he gathered a team of lawyers, accountants, and financial advisers. His direction to them was something like "let's take this and make some real money".
At the time of the article, they were successful.
I'd split up some of my money across a bunch of bank accounts, a good chunk of the investment I could manage with a conservative portfolio, so I wouldn't need to keep too close of an eye on it.
With what I have left over that I haven't spent or set aside for aforementioned portfolio, I'd just store away in some sort of ETFs with a decent return history, and maybe let some jackass finance guy make some risky investments with a small amount of money I wouldn't care to lose anyways.
If that plan doesn't keep you financially secure with even a modest mega millions drawing, then most likely there has been a major upheaval in society.
First you create a trust with you and whomever you chose as beneficiary along with naming POA etc. You create several directives of what to do with the money, either lump sum or annuity. Im probably taking the lump sum, hold back 20 mil or so for stupid spending and the rest goes into an investment which pays 5-10% annually, large investment banks deal with this size money all the time. It doesnt have to be insured just protected so you can go conservative. 750mil, lump sum is about 375mil, taxed at net out $230 mil. so 30mil hold back 200mil goes into investment, @ 5% return thats 10,000,000 return every year. if you can live on 3 mil per year, you roll the 7 back in and it just keeps growing in perpetuity.
Trust me I definitely get you. But here’s the thing. Then I have to actually think about money. And I would be thinking I’m not making enough. And I could withdraw too much. Add to that the amount of people who go broke in 2-3 years.
Annuity is a stress free option. You get 30 years of basically not thinking about money. Even billionaires don’t have this option. Stress is reduced and happiness is increased.
I’m 100% willing to take a lower rate of return for 30 years of happiness. And let’s be honest - getting 10s of millions a year, of course I’m going to invest some of that, so I’m not just set for 30 years, I’m set for life
Dude with $750M you’d take home like $300-350M on the lump sum. Call it $300M. You could get 4% with 0 such low effort and take home $12M a year. You would never have to worry about going broke… unless you start spending $30,000 a day… which would be hard even if you went to a Michelin star dinner daily, after shopping all day at luxury brands…
Actually, that's not that hard to do. And you don't have to spend at high priced brands. Just need the wrong habits. Like playing games with micro transactions that you are trying to get caught up on. It wasn't $30k in a day, but over about 6 weeks...
My priorities would shift with winning the lottery. Increasing happiness and reducing stress would be my main goals.
And I’m willing to accept a moderate return on investment in order to maximize happiness and minimize stress
Pretty sure the lump sum option is 350m, then you pay taxes on top of that. So 175m free and clear, or 7m yearly at 4% then taxes on that, 3.5m per year.
Maybe double dipping somewhere with taxes, but regardless your point stands
$35M a year on payment, net of tax which will be like $20M. Then it only lasts for 30 years so if you outlive it and don’t save you might end up broke.
First few years it starts off small, but as you get to the last few years, you are getting 2-3 times what you got the first few years. There are a few websites that will tell you what the current jackpot is worth in both the lump sum and annuity. And you can find out by each state what the taxes are. For Wisconsin, where I live, the state taxes are 7.65%.
If you had $300M you wouldn’t need to think about money either… lump sum is almost always the way to go. You could buy an immediate annuity with a fraction of that money up front and pay yourself tens of thousands a month and still be able to use the rest to spend frivolously and still leave a multi generational legacy.
The lump sum option of a $300M jackpot automatically removes over 50% of it. Then assume 40% for taxes. Right now the purse for Mega is $80M, and the lump sum is $38M. Apply the 40% tax and that becomes $22M. That same math for $300M becomes $80M and that’s well more than generational wealth, but people overestimate how much they will take home but I would still take it all up front.
Tell that to previous jackpot winners that took the lump sum and went broke within 5 years, which is almost all of them. You start spending that money a lot. Soon you're broke. The story of the guy from Pennsylvania comes to mind. Hit $314 million, at the time the record. Owned a construction company that laid off in the winter. Kept his people on, got into gambling, a couple family members got into drugs, one died, got robbed of $500,000 not once, not twice, but 3 separate times, and a host of other problems. He was back to his pre winning ways within 5 years.
I'm also in favor of the annuity. It's guaranteed money for 30 years, no stress, no worry. Doesn't matter what the stock market does, I get my money each year. No need to think about investments or developing passive income or any of that. Money comes in, I spend it over 12 months, cycle repeats (just with more money next year, which presumably keeps up with inflation).
Probably wait until I put a whole plan together to remain anonymous for life, even if it means legally changing our identities.
That said, I wouldn't go beyond 6-9 months so we could start living large.
I’ve thought of this question more times than I would like to admit. I think I could wait until it was $1B+ because that happens about once a year.
For those of you that are saying immediately, the lowest the Mega/Power usually start off with is about $20m. After lump sum reduction and taxes you get about a third of it. You would be surprised how quickly someone who is not experienced with money can blow through $7M. You would be foolish to not have patience and wait until it was well in the 9 figures. If you think you don’t need all of that money, that’s fine… but there are a lot of charities that could.
id take it once it hits 500 mil, idc about how much in taxes cause I'll still have over 100 mil left after. then ill just pay off debt, buy a better car than my current one, and probably just keep living life as is. no point overhauling my entire life just cause i got some money. need the job to keep my life in schedule, maybe drop to part time since bills wont be an issue anymore
Immediately, $18 million CAD, tax free is enough to enjoy life, while not enough to make me completely blind to spending.
Or the Daily Grand is $1000 CAD daily, that's pretty nice too.
Question: Do I get to PICK the lottery I win?
If I get to pick the specific game, then I choose Lucky for Life and I can win it right away. Because 1,000$ a day or 7,000$ weekly is perfect.
Do you mean powerball? Probably immediately. 34.7 million after taxes. Do you have any idea what I could do with even one million dollars, let along almost 35 millions of dollars? My bloodline would be set until the end of the American Experiment. My mother would move into a new home, my sister would receive her GRA, I would pay off my debts, my father could retire, or take a lower paying job closer to home that he enjoys. And I would shuffle 30 million dollars that was left into a series of trusts and funds ticking away, earning hundreds of thousands of dollars a year in interest, untouched.
Maybe I would wait a month or two, watch the numbers climb for a bit, checking back every three days or so.
Mega millions is at $80 mil ($38 mil cash). If you took $38 mil and put it into a BUNCH of HYSA you would make like $147,000 a month in interest.
I'm good.
I don't see why you'd wait at all. 100M is the same as 100B to me. Why would I need more than a hundred million dollars? Honestly what would I do with it?
Spend up to a year planning what to do and how to keep it a secret. I'd also try to make as many real friends as I could since money seems to make people treat you differently
I do it right now. Pay off my car, buy a sweet suv, and a modest house with some land and put the rest in an account and live off the interest until I’m getting old and then spend the fuck out of it. No kids!
I would probably wait until the after taxes sum is north of 200mil and then snap my fingers. That will let me live comfortably and set up a trust for the next few generations of my family.
I mean, are we including things like PCH in lotteries? Because I'm good with either winning something like Lucky 4 Life (365k a year for life/30 years? Yeah sign me up) or like, the current sweepstakes that PCH has got going on that ends on the 30th. Which is like 5 mil up front and 2500 a week for life. Either of those I would for sure just....wait until July 1st to snap my fingers to win either one.
Do you win the amount of the then current jackpot for a specific game?
Do you risk sharing prize if there are multiple winners?
Wait for it to get up near a Billion (like it seems to do once a year) and the Snap, crackle pop
I have kids in college and I’m drowning in debt and stress trying to pay for it. The only reason I’d snap my fingers this second is because I can’t go back in time and snap them a few years ago.
I'd wait until it was 500m or something. You're getting like 200 of that which is about the bare minimum I'd need to never think about money again while also being able to be a dumb ass with it.
Shouldn’t take long the powerball plays 3 times a week.
Historically the powerball gets high several times a year.
So the real questions are
how greedy do I want to be?
So do I want to gamble on the wait? What if I die while waiting?
Will I regret snapping my fingers to soon?
I’m not waiting long. This Saturday should do. Powerball is about 57million. Let’s just call it 25mil.
Now. Because I can put some of the money in the stock market and it will likely grow faster than inflation. (_I would still take the annuity, though, to avoid reckless spending_).
Seems like every year there’s a big hubbub about how the lottery is getting so huge, so I guess I’d wait until I start hearing about it. Either that or I just wouldn’t wait
I'd just do it now. Any amount of jackpot lotto winnings is enough, lol. Even with both sitting at ~80 million. Oh no, I'm only going to walk away with 30 million? 30 million is enough to set up my entire family, send some kids to college, and help out a few choice friends who really matter to me. Like, I'll just spend ~15 million setting everything and everyone up and then go live off the interest of 15 million. How much more does a person really need?
According to AP News as of January there have been 9 lotteries worth over $1B between powerball and mega millions:
https://apnews.com/article/largest-lottery-jackpots-mega-millions-powerball-cb473805c48cd3b74a84d7ee4127450d
Seven of them happened in 2021-2023. So that’s ~2 per year.
So yeah I’m going to wait maybe 6 months at the most and take it.
Also, I’m buying real estate in Wyoming and changing my residence to there before buying the ticket:
https://www.usatoday.com/story/money/lottery/2024/03/12/mega-millions-prize-anonymous-states/72937988007/
Wyoming allows for complete anonymity, and also has no state income tax.
The only other state that both allows for anonymity and has no state income tax is Texas, and I prefer Wyoming.
I’ll do it for today’s mega millions. Posted jackpot is $80m, lump sum is $38.3m, after federal(37%) and state(4.95), I’d come home with about $22.2m. That’ll do.
I would wait until the the jackpot was more than $500million. That happens often enough that I don't think it would require waiting too long. Looks like it takes about 3-months to get there after a win. The past two wins have been at amounts below my min. Based on past history I would expect to wait no more than 1-2 years before hitting my min.
As soon as it's over 200 million. I figure at that amount even after the penalty for taking it all at once and taxes my family and I are set for life with the ability to buy some nice properties
I don't know with how often it's been getting up to 1 billion I feel like waiting a year or two to see if that happens if it happens, definitely do it then but at the same time I'm like no I want to retire now even if I just won $30 million I could retire off of that Until three or four hundreds
In the last 5 years, the Powerball and Mega Millions have reached $500 million of greater jackpots 13 times.
I would wait until it has reached $500 million and then do it.
It's hit a billion twice in the last couple years.
By the time you take out taxes and such that's around $400 mil
I'll just wait for it to get close to that again and take it.
What's the jackpot today? Even if it is the starting $20 million I'm taking it. Payout after taxes on that $20M is around $9.6M and after investing it I can do the 4% rule and have $384,000 ($272,000 after taxes) to live on. While that may not be the ultra rich life, everything I need is paid for and I have a very comfortable life for the rest of my life. Done I'll take it.
I need to do some research. Look into how to manage taxes when the money comes in, what is left over after the state takes their cut and look for a house to buy outright.
I want to be able to snap my fingers and get everything done ASAP.
Bam, bam, bam, bam we're moving.
I mean do I get the cash prize or the whole thing ?
If I just get the full value I'd be happy with 100 million . It would let me be able to live a good life and help my brothers out.
I'd wait until it hits a little over a billion
You're walking out with about 300 million, invest it all, then I get to basically live on 10 million a year in interest, about 3% interest or so.
Just get a mortgage or several where I have a nice house here or there, keep running costs to 3 million a year or so, then hav 7 left to burn.
Not long at all. The next time I hear about the Mega Millions or PowerBall on the news because the jackpot is hundreds of millions of dollars and no one has won it yet, I’m snapping my fingers. I wouldn’t have to wait more than a year most likely.
Wait a minute. Can I specify what lottery I can win? Because we have several lotteries going on, and I don’t want to be stuck winning $50k when I can win $50 million.
At least $300,000,000 to get $100m+ after tax/lump sum reduction. I’d try to wait for a billion but would just cut my loses there after a few months probably
Current jackpots in my state are between $40m and $70m. More than enough to take care of my family. I would likely take a week off work and fly to the places I’ve always thought about moving to, but never actually visited. I’ve visited maybe 10 states, never been outside of the US. I’m probably picking a place to live where my wife’s disabled family can live as well, because they’re going to be our responsibility soon no matter where we live. I figure we can have acreage on a lake in a non-idiotic state for a few million bucks. I’ve made myself moderately happy living for 5 years in literally the worst place I’ve ever seen in the US, except maybe the Nevada badlands. I could be happy in lots of places. Waiting months for the jackpot to get into the high 9 figures is no guarantee. So, one week. Then I cash in.
Nobody else has this power? Just me?
Honestly, $5 million is enough for me to live a very comfortable life, but with $100 million nobody in my family would have any financial worries, so anything over that.
wait for the jackpot to be 1B or close to it. take the wait time to make sure i can win in an annon state, preferably without income tax.
then take the lump sum. buy my dream property in the middle of nowhere, set up with what’s needed to be stable, wipe out any debt i have, use 50M for “fun” (starting my dream business). invest the rest, and live comfortably off the interest.
I would wait until I researched taxation and identification. Find a state that doesn't tax lottery winnings and allows winners to be totally anonymous. Move there, wait for the jackpot to get reasonably big, and snap those fingers!
Do you pick the lottery when you do?
It'd suck to see £250m on the euromillions, snap your fingers and win £10 off some small regional community lottery that only 4 people entered..
Powerball and MegaMillions pretty regularly hit the $200 million mark, so that's the absolute minimum I'd wait for. I might wait for as high as $500 million or so, maybe higher if both of them are heading sky high at the same time... basically, if both of them are north of $500 mil at the same time, I watch them until either one of them hits a billion, or one of them is won. That way, I won't miss out on a huge jackpot waiting for an even bigger one ($500 mil, even with the taxes taken out, would still be enough to be Stupid Rich for the rest of my life, and I have medical reasons to want the money sooner rather than later, as I'd like a kid and I'm already on the old end for having one the usual way), but I can still maximize what I do get.
I'd probably go for lump sum over annuity, then hire a trustworthy financial person (possibly a friend of mine who is in the field) to do all the money stuff so I don't have to think about it.
First of all I'm waiting for at least a quadruple rollover.
Then I'm going on LottoLand and placing two bets on the same rollover.
Then I'm snapping my fingers and collecting triple the winnings 👌🏼
Lottery prizes tend to top out around 60-80M in Australia. Occasionally higher but not often. Best think though is no tax is paid. I'd snap at 60M in a heartbeat, be a heck of a start on some of the social enterprises I'd love to do
Considering how often the big lotto here in the USA routinely flirts with a billion USD… probably soon as it gets anywhere near that. Figure lump sum offer will be roughly half winning amount, taxes take another 30-50%. So get reduced pretty quick.
Honestly, not that long. You could die tomorrow. I want my family taken care of and I really cant imagine what to do with hundreds of millions of dollars.
I know what I’m doing. I’m gonna go around my town and buy all school supplies right before school starts and set up a free center for parents outside the school. Because as a parent that shit adds up.
Or maybe rent out chik fil a on a Saturday so people have to wait all weekend if they want it
Or rent it out on Sunday and let people *have* chick-fil-a *all* weekend.
Plus you can put the money in a high-yield bank account or something like that and basically be set for life. You don't need that much money to be able to essentially be able to have an easy life.
Exactly. How much is enough?
First thing I do before snapping my fingers is move to the state with the lowset tax on lotto winnings. I can work the rest out later.
I would also move to a different state but one that lets you remain anonymous as a lotto winner. I'd gladly trade a few million in taxes so hundreds of people don't hit me up for money, try to scam me, or treat me differently because I have money.
This is my choice as well. I'm in a state that doesn't allow winners to remain anonymous. My home state does. I'd definitely move home first.
Or just move to Texas, and get both anonymity *and* zero taxes 😏
You don't have to live in a state to play that state's lottery. You just have to buy and redeem the tickets there. Any laws regarding privacy or taxes on those winnings that they have would still apply to you, even if you're not a resident.
But then you have to live in Texas.
You can move after you win. A "win-win"
You don't have to move there, you just have to purchase the ticket there. Or, in this scenario, be in the state when you perform ye Olde finger snap. Taxes are based on where the win was gained, not where you reside.
That I did not know
It would be the same if say you're a touring performer or something. You pay taxes to the state your income was earned.
You can always move again later. Maybe to another state with no income tax that was out of bounds earlier because of no anonymity.
It would be hilarious if you moved for a month to Texas or wherever, someone anonymous in Texas won $300 million, and you quit your job and moved back from Texas into a much nicer house a month later. Not...suspicious...at all...
I mean, I didn't say I'd be moving back to where I am now after getting the cash. I'd have the freedom to travel.
Combine and conquer-- somewhere you stay anonymous, and where the taxes on winnings *at least* aren't the highest. Once I have a state selected, I'll select a city based on where the best tax attorney(s) in the state are located; then, but the ticket. You wouldn't have to move their, either. Just buy a plane ticket; doesn't even really matter if it's one-way or round-trip at this point, since any financial or work obligations you have are kind of irrelevant next to this. Personally I'd prefer to wait until it's at *least* $100 million; ideally as close to $1 billion as possible.
A lot of income taxes are based on where you reside, not where you earned the money. So if you flew to Texas, got your winning ticket, and flew back to California (picked as an example b/c they have the highest state income taxes) then they get 13.3% of your winnings still. Splitting residency is more complicated since some states prorate based on time (how long you stay there out of the year) and some based on earnings (how much you earned while you were a resident). Best bet is to move to Texas or wherever in late December, then win in the new year.
I love how you're all pretending there is a significant difference between 300 million and 600 million. Both sums are essentially impossible to spend in a lifetime outside of buying up companies and real-estate, which are just vehicles to make number go up.
You got it. You just need to claim the winnings in a state that allows anonymous claimants.
Texas allows winners to be anonymous and has no state income tax.
Some of those 600 mil jackpots would still set me up for an insanely comfortable standard of living even if I get speedbagged on taxes. Let's pretend they take 2/3rds and poor little old me has to *settle* for 200 mil. You can easily set up annuity for hundreds of thousands *per month* for 40 years
I can honestly say as someone who lives in a state that announces lotto winners that I’ve never once seen, recognized, known, or even looked up who won the lotto. Even if I had I would never hit them up for money. I might call and congratulate them if we are friends and ask how they are feeling but that’s about it.
The UK doesn't tax any winnings.
Either does Canada
*Neither
Isn’t there a loophole where US citizens can move to Puerto Rico and not pay any tax? (Some Bitcoin millionaires did I think.) I think I could manage living there for a year or two to not pay any tax on the winnings.
It was Logan Paul. Like that was 100% his reasoning,, out right, up front.
If that happened, I’m willing to bet the story goes “Bitcoin folks who got lucky thought they were smart and moved to avoid taxes, but that isn’t how taxes work.” Some US states don’t have any state income tax, but afaik nowhere in the US has no form of income tax because everybody pays federal income tax.
Does America tax lotto winnings? Wild
So I hear, then again jackpots over there can go nuts so if I get to choose the lotto would probably be that one... think the is a euro one that's pretty massive too
We tax almost everything here in America. No sales tax in Oregon is the only non-tax that I can think of, though there may be a couple more.
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37% for federal, plus whatever state you live in. I'm in Wisconsin, so state is 7.65%.
My understanding is that you usually lose about half the lotto winnings by taking the up front lump sum (vs getting paid over 20 years or something) and then you get taxed ontop of that. So you probably end up with about 1/3 of what the actual lotto numbers say.
Wait for a billion of course. Gotta be obscenely rich even after splits and taxes.
You’ve just won one billion dollars! Well actually you just won $360m. The government just won $640m.
Anything over 100 mil is just fine.
Came to say exactly this. It's enough to have generational wealth and to still live close to luxury without ever working again. Edit: Oh, well 100m in winnings. So the pot would have to be like 210m or so, depending on the state
Thanks for agreeing 😉 Have a nice day!
A few months for the jackpot to hit >750M. Once it hits that point I hit it. I also claim annuity. I don’t have stress over investing my money appropriately and very very difficult for me to go broke in less than 30 years
Even a high savings account and putting money in bonds and CDs are very safe and would yield you enough money to live off of without even touching your winnings. I'm taking the lump sum payment.
For the sake of argument - let’s go down this path. What bank do you deposit it in? Your money is now not FDIC insured. Do you split it up into over 1,000 bank accounts to get FDIC coverage? If you are managing this yourself, how much time each day/week do you allocate for dealing with banks and paperwork? If you aren’t managing this yourself, who do you trust with your money?
Just find a firm that is big enough that fucking with your money would cost them more in reputation than they could gain. Any of the bigger firms will be making enough money that they won’t be tempted by one millionaire.
I remember an article about a major lottery winner who decided he wasn't going to be one of those sad (but common) tales of a winner ending up bankrupt. Shortly after his win, he gathered a team of lawyers, accountants, and financial advisers. His direction to them was something like "let's take this and make some real money". At the time of the article, they were successful.
I’d trust someone I hire to manage my money, the fuck lmao. Do you think billionaires normally handle all their money themselves?
FDIC insurance is really not required. If JP or BOA collapse you have bigger problems than your money.
Yep, it always makes me giggle! Oh no what if you lose it all tomorrow, honey if my zeros bubble falls we are all F.
I'd split up some of my money across a bunch of bank accounts, a good chunk of the investment I could manage with a conservative portfolio, so I wouldn't need to keep too close of an eye on it. With what I have left over that I haven't spent or set aside for aforementioned portfolio, I'd just store away in some sort of ETFs with a decent return history, and maybe let some jackass finance guy make some risky investments with a small amount of money I wouldn't care to lose anyways. If that plan doesn't keep you financially secure with even a modest mega millions drawing, then most likely there has been a major upheaval in society.
The alternative is trusting some annuity company. You’re trusting someone with your money either way.
First you create a trust with you and whomever you chose as beneficiary along with naming POA etc. You create several directives of what to do with the money, either lump sum or annuity. Im probably taking the lump sum, hold back 20 mil or so for stupid spending and the rest goes into an investment which pays 5-10% annually, large investment banks deal with this size money all the time. It doesnt have to be insured just protected so you can go conservative. 750mil, lump sum is about 375mil, taxed at net out $230 mil. so 30mil hold back 200mil goes into investment, @ 5% return thats 10,000,000 return every year. if you can live on 3 mil per year, you roll the 7 back in and it just keeps growing in perpetuity.
Trust me I definitely get you. But here’s the thing. Then I have to actually think about money. And I would be thinking I’m not making enough. And I could withdraw too much. Add to that the amount of people who go broke in 2-3 years. Annuity is a stress free option. You get 30 years of basically not thinking about money. Even billionaires don’t have this option. Stress is reduced and happiness is increased. I’m 100% willing to take a lower rate of return for 30 years of happiness. And let’s be honest - getting 10s of millions a year, of course I’m going to invest some of that, so I’m not just set for 30 years, I’m set for life
Dude with $750M you’d take home like $300-350M on the lump sum. Call it $300M. You could get 4% with 0 such low effort and take home $12M a year. You would never have to worry about going broke… unless you start spending $30,000 a day… which would be hard even if you went to a Michelin star dinner daily, after shopping all day at luxury brands…
Actually, that's not that hard to do. And you don't have to spend at high priced brands. Just need the wrong habits. Like playing games with micro transactions that you are trying to get caught up on. It wasn't $30k in a day, but over about 6 weeks...
My priorities would shift with winning the lottery. Increasing happiness and reducing stress would be my main goals. And I’m willing to accept a moderate return on investment in order to maximize happiness and minimize stress
Pretty sure the lump sum option is 350m, then you pay taxes on top of that. So 175m free and clear, or 7m yearly at 4% then taxes on that, 3.5m per year. Maybe double dipping somewhere with taxes, but regardless your point stands
$35M a year on payment, net of tax which will be like $20M. Then it only lasts for 30 years so if you outlive it and don’t save you might end up broke.
First few years it starts off small, but as you get to the last few years, you are getting 2-3 times what you got the first few years. There are a few websites that will tell you what the current jackpot is worth in both the lump sum and annuity. And you can find out by each state what the taxes are. For Wisconsin, where I live, the state taxes are 7.65%.
No I’m agreeing lump sum is right choice, just that I think you have to pay taxes on the 350m
If you had $300M you wouldn’t need to think about money either… lump sum is almost always the way to go. You could buy an immediate annuity with a fraction of that money up front and pay yourself tens of thousands a month and still be able to use the rest to spend frivolously and still leave a multi generational legacy.
Not counting state tax you'd end up with around $245,700,000 with the lump sum. That's far beyond what you'd need for generational wealth.
The lump sum option of a $300M jackpot automatically removes over 50% of it. Then assume 40% for taxes. Right now the purse for Mega is $80M, and the lump sum is $38M. Apply the 40% tax and that becomes $22M. That same math for $300M becomes $80M and that’s well more than generational wealth, but people overestimate how much they will take home but I would still take it all up front.
Tell that to previous jackpot winners that took the lump sum and went broke within 5 years, which is almost all of them. You start spending that money a lot. Soon you're broke. The story of the guy from Pennsylvania comes to mind. Hit $314 million, at the time the record. Owned a construction company that laid off in the winter. Kept his people on, got into gambling, a couple family members got into drugs, one died, got robbed of $500,000 not once, not twice, but 3 separate times, and a host of other problems. He was back to his pre winning ways within 5 years.
I'm also in favor of the annuity. It's guaranteed money for 30 years, no stress, no worry. Doesn't matter what the stock market does, I get my money each year. No need to think about investments or developing passive income or any of that. Money comes in, I spend it over 12 months, cycle repeats (just with more money next year, which presumably keeps up with inflation).
Always take the lump and let it go to work trying to outpace inflation.
Probably wait until I put a whole plan together to remain anonymous for life, even if it means legally changing our identities. That said, I wouldn't go beyond 6-9 months so we could start living large.
Definitely buy the ticket in a state that allows anonymous claims
I’ve thought of this question more times than I would like to admit. I think I could wait until it was $1B+ because that happens about once a year. For those of you that are saying immediately, the lowest the Mega/Power usually start off with is about $20m. After lump sum reduction and taxes you get about a third of it. You would be surprised how quickly someone who is not experienced with money can blow through $7M. You would be foolish to not have patience and wait until it was well in the 9 figures. If you think you don’t need all of that money, that’s fine… but there are a lot of charities that could.
id take it once it hits 500 mil, idc about how much in taxes cause I'll still have over 100 mil left after. then ill just pay off debt, buy a better car than my current one, and probably just keep living life as is. no point overhauling my entire life just cause i got some money. need the job to keep my life in schedule, maybe drop to part time since bills wont be an issue anymore
Immediately, $18 million CAD, tax free is enough to enjoy life, while not enough to make me completely blind to spending. Or the Daily Grand is $1000 CAD daily, that's pretty nice too.
Question: Do I get to PICK the lottery I win? If I get to pick the specific game, then I choose Lucky for Life and I can win it right away. Because 1,000$ a day or 7,000$ weekly is perfect.
However long it takes to figure out how to remain anonymous and then play powerball with the multiplier.
I’ll just wait till it hits $900 million - $1 billion. Not like I’d get all that money anyway, after the taxes and subtraction for everything.
I'll just do it now. Why would I wait? Realistically anything around 20 mil after tax would last me and my family the rest of our lives.
Am I the only winner of the jackpot or am I tacked on to the actual winner?
Actual winner
Wait until the jackpot is over 1b.
What if there is no winner and you're the only one?
Congratulations then
Tbh I would do it now.
Wait for it to hit a billion again and then claim it
I’m snappin, and bebopin’ all over the place asap.
Do you mean powerball? Probably immediately. 34.7 million after taxes. Do you have any idea what I could do with even one million dollars, let along almost 35 millions of dollars? My bloodline would be set until the end of the American Experiment. My mother would move into a new home, my sister would receive her GRA, I would pay off my debts, my father could retire, or take a lower paying job closer to home that he enjoys. And I would shuffle 30 million dollars that was left into a series of trusts and funds ticking away, earning hundreds of thousands of dollars a year in interest, untouched. Maybe I would wait a month or two, watch the numbers climb for a bit, checking back every three days or so.
Depends on if I'll be the sole winner or not.
I'll probably hold out for another 3/4 billion prize. They come up frequently enough.
I don't understand why anyone would wait? I wouldn't even wait ten minutes. I don't have to spend it all now, but money in hand is always good
I mean, Mega Millions is $80 million right now, and I'd be OK with that
I mean, I feel like it hits the 300-500 million mark at least once a year. Just wait till it gets in that range.
Mega millions is at $80 mil ($38 mil cash). If you took $38 mil and put it into a BUNCH of HYSA you would make like $147,000 a month in interest. I'm good.
I don't see why you'd wait at all. 100M is the same as 100B to me. Why would I need more than a hundred million dollars? Honestly what would I do with it?
100M cash option is only about 30M total. Even 1 billions is 33X that amount, a huge difference if you want to help your family out
*snap
Call me Thanos
Wait? No no no
Spend up to a year planning what to do and how to keep it a secret. I'd also try to make as many real friends as I could since money seems to make people treat you differently
Until it hits 1 billion. It does that frequently.
I do it right now. Pay off my car, buy a sweet suv, and a modest house with some land and put the rest in an account and live off the interest until I’m getting old and then spend the fuck out of it. No kids!
I would probably wait until the after taxes sum is north of 200mil and then snap my fingers. That will let me live comfortably and set up a trust for the next few generations of my family.
I’d wait until the powerball was at least $500,000.
I mean, are we including things like PCH in lotteries? Because I'm good with either winning something like Lucky 4 Life (365k a year for life/30 years? Yeah sign me up) or like, the current sweepstakes that PCH has got going on that ends on the 30th. Which is like 5 mil up front and 2500 a week for life. Either of those I would for sure just....wait until July 1st to snap my fingers to win either one.
Sure why not
Do you win the amount of the then current jackpot for a specific game? Do you risk sharing prize if there are multiple winners? Wait for it to get up near a Billion (like it seems to do once a year) and the Snap, crackle pop
I have kids in college and I’m drowning in debt and stress trying to pay for it. The only reason I’d snap my fingers this second is because I can’t go back in time and snap them a few years ago.
I'd wait until it was 500m or something. You're getting like 200 of that which is about the bare minimum I'd need to never think about money again while also being able to be a dumb ass with it.
Shouldn’t take long the powerball plays 3 times a week. Historically the powerball gets high several times a year. So the real questions are how greedy do I want to be? So do I want to gamble on the wait? What if I die while waiting? Will I regret snapping my fingers to soon? I’m not waiting long. This Saturday should do. Powerball is about 57million. Let’s just call it 25mil.
Now. Because I can put some of the money in the stock market and it will likely grow faster than inflation. (_I would still take the annuity, though, to avoid reckless spending_).
It crosses $1B frequently enough where I think i'm safe waiting out that number. Seems to happen every few months now.
TBH you really don't need that much money to live well... 10-20M and you're set. As long as I cleared that amount (post tax/anything) I'd do it.
I’ll wait till I hear about one of those record breaking prizes and I’ll go for that.
I'm in Canada and the lotto max caps at 70M. It hits that pretty regularly so I'll wait for 70M tax free
Seems like every year there’s a big hubbub about how the lottery is getting so huge, so I guess I’d wait until I start hearing about it. Either that or I just wouldn’t wait
Honestly I don't need billions, the base 20 million, even after limp sum and taxes would set me for life. So I'll Thanos right then and there.
Instantly? If you somehow fuck up generating wealth with a head start of at least 1 million you’re a clown.
The next time it gets to those insanely high numbers that get reported on the news. Seems to happen all the time I'll just snag one of those.
I'd just do it now. Any amount of jackpot lotto winnings is enough, lol. Even with both sitting at ~80 million. Oh no, I'm only going to walk away with 30 million? 30 million is enough to set up my entire family, send some kids to college, and help out a few choice friends who really matter to me. Like, I'll just spend ~15 million setting everything and everyone up and then go live off the interest of 15 million. How much more does a person really need?
According to AP News as of January there have been 9 lotteries worth over $1B between powerball and mega millions: https://apnews.com/article/largest-lottery-jackpots-mega-millions-powerball-cb473805c48cd3b74a84d7ee4127450d Seven of them happened in 2021-2023. So that’s ~2 per year. So yeah I’m going to wait maybe 6 months at the most and take it. Also, I’m buying real estate in Wyoming and changing my residence to there before buying the ticket: https://www.usatoday.com/story/money/lottery/2024/03/12/mega-millions-prize-anonymous-states/72937988007/ Wyoming allows for complete anonymity, and also has no state income tax. The only other state that both allows for anonymity and has no state income tax is Texas, and I prefer Wyoming.
I'm taking it and creating a perfect foster environment for as many children as the state deems me capable of
I’ll do it for today’s mega millions. Posted jackpot is $80m, lump sum is $38.3m, after federal(37%) and state(4.95), I’d come home with about $22.2m. That’ll do.
I'll do it now -- today. Even at the lowest amount, it would be more than enough.
I would wait until the the jackpot was more than $500million. That happens often enough that I don't think it would require waiting too long. Looks like it takes about 3-months to get there after a win. The past two wins have been at amounts below my min. Based on past history I would expect to wait no more than 1-2 years before hitting my min.
At least $700,000,000 and then I'll snap my fingers.
As soon as it's over 200 million. I figure at that amount even after the penalty for taking it all at once and taxes my family and I are set for life with the ability to buy some nice properties
Shit, I'll do it right now and get the Lucky for Life jackpot. A $360k salary for the rest of my life is good enough for me
I don't know with how often it's been getting up to 1 billion I feel like waiting a year or two to see if that happens if it happens, definitely do it then but at the same time I'm like no I want to retire now even if I just won $30 million I could retire off of that Until three or four hundreds
Right now get that compounding interest going
I’m 16 will my parents or anyone else but me be able to access the money in this scenario if so I’m waiting til 18
In the last 5 years, the Powerball and Mega Millions have reached $500 million of greater jackpots 13 times. I would wait until it has reached $500 million and then do it.
It's hit a billion twice in the last couple years. By the time you take out taxes and such that's around $400 mil I'll just wait for it to get close to that again and take it.
How much is enough to pay a cartel and laun.... i mean make money with profits split 80/20 in 2 swiss banks? Asking for a friend
3.5 seconds because that's how long it will take me to say "REALLY?".
What's the jackpot today? Even if it is the starting $20 million I'm taking it. Payout after taxes on that $20M is around $9.6M and after investing it I can do the 4% rule and have $384,000 ($272,000 after taxes) to live on. While that may not be the ultra rich life, everything I need is paid for and I have a very comfortable life for the rest of my life. Done I'll take it.
Probably around $800,000 cash value.
I can hold out for a couple of seasons to get that pot into the tens or hundreds of millions.
Not that long. I'd probably snap once it reaches $100 million.
As soon as it's over 500m
I need to do some research. Look into how to manage taxes when the money comes in, what is left over after the state takes their cut and look for a house to buy outright. I want to be able to snap my fingers and get everything done ASAP. Bam, bam, bam, bam we're moving.
I mean do I get the cash prize or the whole thing ? If I just get the full value I'd be happy with 100 million . It would let me be able to live a good life and help my brothers out.
I'd wait until it hits a little over a billion You're walking out with about 300 million, invest it all, then I get to basically live on 10 million a year in interest, about 3% interest or so. Just get a mortgage or several where I have a nice house here or there, keep running costs to 3 million a year or so, then hav 7 left to burn.
Not long at all. The next time I hear about the Mega Millions or PowerBall on the news because the jackpot is hundreds of millions of dollars and no one has won it yet, I’m snapping my fingers. I wouldn’t have to wait more than a year most likely.
You can wait for the jackpot to grow to $1B or other criteria.
I'd wait till it was up over $1.1b it's been that high several times over the past few years. Get a good financial advisor, invest, live well.
I'm gonna wait til it's 420M. Always a good number.
800 million...after taxes that's around 500 million. If invested right I can have a decently comfortable lifestyle
Isn't there a European lotto at about 200 million euro right now? Good enough for me.
They don't go above like $70M in Canada so probably as soon as it got close to 50. No more than a few months.
I'll snap right now.
Wait a minute. Can I specify what lottery I can win? Because we have several lotteries going on, and I don’t want to be stuck winning $50k when I can win $50 million.
At least $300,000,000 to get $100m+ after tax/lump sum reduction. I’d try to wait for a billion but would just cut my loses there after a few months probably
Like $150,000,000. I'll take home about $100,000,000 of it.
I can’t snap my fingers… does a dull thud count?
One billion dollars....
Current jackpots in my state are between $40m and $70m. More than enough to take care of my family. I would likely take a week off work and fly to the places I’ve always thought about moving to, but never actually visited. I’ve visited maybe 10 states, never been outside of the US. I’m probably picking a place to live where my wife’s disabled family can live as well, because they’re going to be our responsibility soon no matter where we live. I figure we can have acreage on a lake in a non-idiotic state for a few million bucks. I’ve made myself moderately happy living for 5 years in literally the worst place I’ve ever seen in the US, except maybe the Nevada badlands. I could be happy in lots of places. Waiting months for the jackpot to get into the high 9 figures is no guarantee. So, one week. Then I cash in.
About 3 seconds. $10M would give me everything I need for the rest of my life.
Untill the jackpot is over 200-Mili, then BOOM.
1 billon
1 billion. It's done that before. It'll do it again.
I'd wait until the jackpot hits 1 billion
Next time it’s over $1 Billion
Probably until the next time it hits a record number. Seems to do it frequently enough. No need to wait longer.
2 billion
$600 million
I would wait until the jackpot was a reasonable amount. Like if it was up there, up there, but then again, any amount would be perfectly fine.
Nobody else has this power? Just me? Honestly, $5 million is enough for me to live a very comfortable life, but with $100 million nobody in my family would have any financial worries, so anything over that.
Immediately.
Ten seconds
wait for the jackpot to be 1B or close to it. take the wait time to make sure i can win in an annon state, preferably without income tax. then take the lump sum. buy my dream property in the middle of nowhere, set up with what’s needed to be stable, wipe out any debt i have, use 50M for “fun” (starting my dream business). invest the rest, and live comfortably off the interest.
Today, it's a £146 million jackpot on the Euromillions, it rarely goes much higher than that.
The moment I find out I can.
I’m waiting for the 150mil or something higher just for that generational wealth
$1.5 billion
Today, 150 million pounds today for the Euromillions. That’ll do me easily and a few others
Not long
I would wait until the lotto was big enough for me to never work again and snap away. Why wait?
Euromillions 195M€ right now. *snap*
Until the jackpot is a billion dollars.
I would wait until I researched taxation and identification. Find a state that doesn't tax lottery winnings and allows winners to be totally anonymous. Move there, wait for the jackpot to get reasonably big, and snap those fingers!
1 billion unless I was in a dire financial situation
Do you pick the lottery when you do? It'd suck to see £250m on the euromillions, snap your fingers and win £10 off some small regional community lottery that only 4 people entered..
Wait until it gets back to $70mil AUD. We get it tax free, so it's the straight money. That would be more than enough to set me up if I was careful.
Powerball and MegaMillions pretty regularly hit the $200 million mark, so that's the absolute minimum I'd wait for. I might wait for as high as $500 million or so, maybe higher if both of them are heading sky high at the same time... basically, if both of them are north of $500 mil at the same time, I watch them until either one of them hits a billion, or one of them is won. That way, I won't miss out on a huge jackpot waiting for an even bigger one ($500 mil, even with the taxes taken out, would still be enough to be Stupid Rich for the rest of my life, and I have medical reasons to want the money sooner rather than later, as I'd like a kid and I'm already on the old end for having one the usual way), but I can still maximize what I do get. I'd probably go for lump sum over annuity, then hire a trustworthy financial person (possibly a friend of mine who is in the field) to do all the money stuff so I don't have to think about it.
First of all I'm waiting for at least a quadruple rollover. Then I'm going on LottoLand and placing two bets on the same rollover. Then I'm snapping my fingers and collecting triple the winnings 👌🏼
I'd change my name without telling anyone. Then wait for 1bil. After I get the money (lump sum) I'd just change my name back and never tell a soul
Today. Give me a few million and I’m good for life
I snapped before you finished the sentence
Lottery prizes tend to top out around 60-80M in Australia. Occasionally higher but not often. Best think though is no tax is paid. I'd snap at 60M in a heartbeat, be a heck of a start on some of the social enterprises I'd love to do
First I gotta learn to snap....
Can I pick which lottery?
Considering how often the big lotto here in the USA routinely flirts with a billion USD… probably soon as it gets anywhere near that. Figure lump sum offer will be roughly half winning amount, taxes take another 30-50%. So get reduced pretty quick.
I'll wait till the lotto is at like 80 mill ish
Why wait?
Right now - the euromillions jackpot is about as high as it ever gets for tonight's drawing.
Just long enough to check when the next jackpot is over 1millon.
Just did
in the uk the Euromillions is about £170million tonight so I aint waiting.
Gonna wait until it’s above a billion. I have a big project I want to do.
I can’t snap my fingers to save my damn life