The lottery

A friend gets me one ticket when he gets his. Friday's MM is one Billion dollars. I think of all the good you can do to help folks that need it. I buy one ticket a week. All I would like is a small 3 bedroom, two bath house that has handicap accessories. I would help family with their needs and set up a foundation to help folks that need it. I have no need for large houses, fancy cars, etc.
 
I would like to buy some little islands and build villages for the homeless and drug addicts, where they could live comfortably and not worry about bothering anyone else. There would be a ferry to the mainland, they wouldn't be prisoners, but all their essentials would be met, with a health clinic, free cafeteria, laundromat etc.
 
Nathan said:
I've heard that it is advisable to:
1. Tell NO one.
2. go into hiding immediately.
3 Tell NO one.
4. Hire a law firm, have them bring in financial advisers.
5. Tell NO one.
6. No high profile spending(mansions, yachts, aircraft) However, buying and re-locating to a small desert island is O.K.
7. Tell NO one.
8. In case it hasn't been mentioned before- Tell NO one.
Enjoy being filthy rich! šŸ„³
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I don't think a winner can " Tell no one ". At least here in Canada, you MUST be identified by name , and for any prize more than $500,000 you will be photographed while receiving your prize at the Provincial Lottery HQ. And the photos are published weekly . In the case of group buyers, the entire group will be required to attend the Lottery HQ, to be photographed and receive their individual cheques. Jimb.
 
rgp said:
OK, so no one hit the correct numbers last night. The pot is now $800,000,000 [hope that number is correct] {eight hundred millon} . My question is , seriously ... What would ones first move be if they actually won the darn thing ?? Attorney ? Finance advisor ? Favorite bar ? ;)
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Probably heart attack or stroke. Dead in 6 months for sure!
 
jimintoronto said:
I don't think a winner can " Tell no one ". At least here in Canada, you MUST be identified by name , and for any prize more than $500,000 you will be photographed while receiving your prize at the Provincial Lottery HQ. And the photos are published weekly . In the case of group buyers, the entire group will be required to attend the Lottery HQ, to be photographed and receive their individual cheques. Jimb.
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I really hate what they do in Canada by taking your photo and then everyone who reads the paper knows. Then the crazies come out and they are after you. I would quickly leave the country for 2 years and come back with a new name and a new ID.
 
I would give a large portion to animal rescues. These poor animals ask nothing except to be loved and now the shelters are over run with pandemic pets because some people did not take the time to understand the implications regarding ownership of a pet. How one can return a cat because they are going back to work is beyond me. Sorry pet peeve.
 
RobinWren said:
I would give a large portion to animal rescues. These poor animals ask nothing except to be loved and now the shelters are over run with pandemic pets because some people did not take the time to understand the implications regarding ownership of a pet. How one can return a cat because they are going back to work is beyond me. Sorry pet peeve.
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For every "jackpot" won, I think there is thirty families made homeless by gambling, with all or any pets they have. Want to support the lottery doing that ?
 
Now it is up to a Billon + dollars this coming Friday ? Those numbers are actually scary. I doubt most people are actually equipt [mentally/emotionally] to deal with that much money. I would be concerned with children's/G/children's safety, kidnapping & such .

Now I did hear that someone [two someones] <grin> in the N/East won one & two million each ..... Now that's the amount I'd luv to win ...... plenty of money after taxes , and IMO not so much hounding / out stretched hands.
 
jimintoronto said:
I don't think a winner can " Tell no one ". At least here in Canada, you MUST be identified by name , and for any prize more than $500,000 you will be photographed while receiving your prize at the Provincial Lottery HQ. And the photos are published weekly . In the case of group buyers, the entire group will be required to attend the Lottery HQ, to be photographed and receive their individual cheques. Jimb.
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I would hire a makeup artist to change my appearance. I will never forget when my daughter was in a play. Her character was an old woman, and she looked like one. She did her makeup herself.
 
You have a 1 in 302,575,350 chance of winning the main Mega Millions jackpot by matching all six numbers.

The current population of the United States of America is 335,014,623.

Odds of getting struck by lightening in any given year are less than 1 in a million.

Feeling lucky? Truly hope some really needy folks win it with very good legal and financial counsel.
 
Not much of a lottery player myself but I'm pretty sure there's differences in the way lotteries work here in Canada vs. in the U.S.

Do they pay the winnings out all at the same time after you win like they do in Canada or is it monthly/annual installments that are paid? And, what's the tax rate that's charged for lottery winnings in the U.S. or is it just considered taxable income in the year(s) you are paid?
 
MrPants said:
Not much of a lottery player myself but I'm pretty sure there's differences in the way lotteries work here in Canada vs. in the U.S.

Do they pay the winnings out all at the same time after you win like they do in Canada or is it monthly/annual installments that are paid? And, what's the tax rate that's charged for lottery winnings in the U.S. or is it just considered taxable income in the year(s) you are paid?
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https://www.foxbusiness.com/lifesty...ing-ticket-sold-illinois-1-28-billion-jackpot
 
Thanks for the article @PamfromTx ! It explained a lot. That's a huge hit when you take it all up front - 40% :oops:

Not sure how the total taxes would be if you took installments for 30 years though. Might be the same or close?

What I didn't see an explanation of is what happens if you take the installment route and then die say 10 years into the 30 year payout? Does your estate then continue to get paid until it's all paid out or do the payments stop upon death?

At the age most of are on this forum, the answer to that question is critical in making the payout decision most of us will never have to make - lol!
 
In my early 20's, I discovered that I could easily develop a gambling addiction. It was a one-time experience with a one-armed bandit that swallowed all my quarters - and then, all of the quarters of my friends that I hit up. We ended up penniless and ran out of gas far from home. So, I don't buy lottery tickets or indulge in any gambling activities.

BUT, if I did and I did win big money... I'd set up a financial security blanket for my grandkids and great-grandkids...not enough for them to sit on their butts, but a system to dole out for necessities and emergencies. Then, I'd open shelters for people and animals. Oops - but first, I'd buy myself a safer car!
 

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