Mega Millions

[powerplay]

I'm going to buy a ticket for the $500 million, but realize it will only improve my chance slightly over not buying one at all.

Last night my 86 year old dad told me he couldn't buy a ticket because if he won he'd get writer's cramp writing out all the checks for the $$ everyone would want. Happy he can still maintain a sense of humor and even after just having surgery a few days ago.

 

[NW-Bound]

When I was with megacorp, a few times when the grand prize got this big, I would organize a pool. Nearly everyone in the department bought in, including the department manager.

Quite a few told me that they would not count on winning, but just to hedge the risk that in the remotest chance that we won, they would not be left behind at work, sitting lonely among vacant cubicles. Of course, the department manager would have the most to fear.

 

[Redbugdave]

If the payout is about 500 million...(minus taxes and cash payout, etc), I wonder what the total take in would be? 700 million? That's a lot of cash inflow going somewhere. Any idea on what kind of money the lottery brings in?

I haven't bought tickets in 3 years. But I bought 5 dollars worth today. If I won, I would still post on this site to help all you little guys...

 

[JOHNNIE36]

The tickets are not sold in Florida, but I have thought many times about what I would do. Here's my plan for when I win the big one, say $500M.
First of all because of my age, I would take a single payout. Pay the taxes. Go down to my local church and pay off the entire debt. Call my two kids together, tell them what happened and give them $100M each.
Send DW's brother and sisters and my my siblings each a plane ticket and an invitation to a big party. At the party, of course I'm buying, I present each sibling a check for $5M. I tell them of our good fortune and tell everyone to treat the money carefully and don't get stupid. Then, since I'm so happy and on top of the world, I crawl into a corner and decide what to do about my three kids from my first marriage who have disowned me. See, money isn't everything. There may still be a void in your life.

 

[W2R]

As you all know, I have been so very extremely content lately. Honestly, I can't think of any way in which I would want to change my life, or anything I would buy that I wouldn't otherwise buy. I do not live "the lifestyles of the rich and famous", and I have no wish to do so. All it would mean to me would be that Vanguard would finally make me a Flagship member and the numbers in my account would be bigger.

SO - - life being as it is, I am thinking that if I bought a ticket now, I'd probably win whereas I wouldn't have won when I needed it. Hmmm.... I could do like Khan and donate it to charity. The Salvation Army did some wonderful work here after Hurricane Katrina, that we will never forget.

 

[Redbugdave]

Then, since I'm so happy and on top of the world, I crawl into a corner and decide what to do about my three kids from my first marriage who have disowned me. See, money isn't everything. There may still be a void in your life.

Don't worry about your 3 disowned kids. They would certainly show up and come around... Then you will wonder if it was the money or they really did love you... (Sarcasm).

 

[ShortInSeattle]

I admit I like to buy the occasional MM ticket. I consider it the price of admission to spend a few fun days playing the "what if?" game. Granted, our fantasies are pretty dull. No yachts or mansions, just faster ER, more travel, and fully funded college accounts for our nieces & nephews.

One buck for several hours of pleasurable speculation. Beats a fancy cup of coffee any day.

SiS

 

[travelover]

I've never bought a single lottery ticket. I understand statistics enough to know that I'd probably not win, but that if I did win, it would probably screw up my life thoroughly.

 

[RunningBum]

I had never ever played the lottery, but this winter I decided to do a 3 month subscription for Mega Millions. I know I could fantasize for free, but I thought I'd just do it for $26.

I'm a lot like W2R, I have everything I need and a lot of what I want. Having already owned 2 places before, I don't think I want to own more real estate, though I could see doing a seasonal ski rental at a different place every year. It would be great to bypass commercial airlines with NetJets, but that seems so environmental unfriendly I might just opt for 1st class. I'd probably get a small RV for tailgating at ballgames and trail running events, and I'd definitely travel more to run marathons and stay at the most convenient place for the race. I'd upgrade my cars, but I wouldn't want a $400K car that would attract attention and probably get me killed either driving it too fast or getting carjacked. My list pretty quickly tapers down to things like an iPad or big green egg grill which are hardly life changing.

Would I move? I already live at a nice resort, and being 5 days post knee surgery, I've found I have a lot of friends I can count on. I don't know that I'd risk leaving that for something else which may not work out to be better.

Family gifts, for sure, but I think over $13K/yr hits gifts taxes, but you maybe can get around that with trusts, or creating jobs for them.

Charities, definitely. I think I'd see about setting up a charity foundation which I think (without bothering to look at details to closely--I mean, why fantasize about the hassles of the money?) would offset some of the taxes while not immediately having to decide how to distribute it. I'd see if my son wanted to help run it, which would give him a useful job and a way to transfer more money to him, and also be something we could do together.

I think I'd probably rather win a $20M jackpot than the $500M it is now. Seems like you could stay under the radar a lot easier. The thing I worry most about is having to worry about personal/family safety, and always dealing with people with their hand out.

 

[redduck]

I haven't bought a lottery ticket in at least a year--maybe...but, who keeps track? But, because I heard so much about the winning prize, I went out and bought $6.00 worth. I have told family, friends, neighbors and now you guys: if I win, I'm not sharing. Nada. Well, maybe I'll share with Dex, but nobody else.

 

[powerplay]

I haven't bought a lottery ticket in at least a year--maybe...but, who keeps track? But, because I heard so much about the winning prize, I went out and bought $6.00 worth. I have told family, friends, neighbors and now you guys: if I win, I'm not sharing. Nada. Well, maybe I'll share with Dex, but nobody else.

Hey if you win it's your money and your rules for how to use it.

I just heard that the jackpot is now at $540 million, maybe it will even go higher!

 

[Zero]

I just bought $40 for some folks who have no access and I also gave the concierge a $5 ticket, and now I keep wondering, "If he won, would I truly be happy for him?"

 

[W2R]

I just bought $40 for some folks who have no access and I also gave the concierge a $5 ticket, and now I keep wondering, "If he won, would I truly be happy for him?"

And if he lost, would he truly remember the gift with any gratitude?

 

[NW-Bound]

W2R, you are not even going to move without bothering to sell your existing home? Don't you still want to move? Anywhere in the US (not the world since you do not care to travel) that you want?

As you all know, I have been so very extremely content lately. Honestly, I can't think of any way in which I would want to change my life, or anything I would buy that I wouldn't otherwise buy. I do not live "the lifestyles of the rich and famous", and I have no wish to do so. All it would mean to me would be that Vanguard would finally make me a Flagship member and the numbers in my account would be bigger.

SO - - life being as it is, I am thinking that if I bought a ticket now, I'd probably win whereas I wouldn't have won when I needed it. Hmmm.... I could do like Khan and donate it to charity. The Salvation Army did some wonderful work here after Hurricane Katrina, that we will never forget.

But, you see, that's the same reason you should not cry "Wh***" every so often, because we all know "a watched pot never boils".

OK, OK, I do watch my pot, but this is how I do it.

Well, maybe I'll share with Dex, but nobody else.

Dex? Dex is certainly a nice guy, but you do not even know where he is! Nobody knows where Dex is.

How about me? I am the guy who showed some concern about you, as evidenced by this post here. I cannot tell you how happy I am to see you post.

 

[misanman]

If I were to win I would like to stay anonymous but I guess that would be impossible to do with an amount like $500M.

 

[Zero]

After giving away that $5 ticket, I'm starting to feel like Fred C. Dobbs in Treasure of the Sierra Madre.

 

[JohnDoe]

It would be nice to vacation without worrying about costs.

$1000 a night room would be no big deal. I would stay at the best places in the best rooms.

I only need 1 million, though, not 500mm.

 

[NW-Bound]

Hopefully, you already have a big stash. Else, the $1M at 3.5% WR only gets you 35 nights/yr at $1K/night. Or you can only stay 7 nights, and that is already 20% of your annual WR.

 

[tmm99]

I don't care what you guys say. If someone is staring a lottery pool at work, there is NO WAY I will not join!

If you won mega millions, how would you spend it? Get your car tuned up? Get some nice clothes?? No, seriously, if you were gifted with mega millions, what kind of non-profit organizations do you think you would start? (I am talking a few hundred million dollars here.) It doesn't have to be "wo*k"; you can just get someone to start it for you, but what would you start?

 

[NW-Bound]

About how to spend it, either on myself or charities, I dunno now. I seem to have everything that I need, and my "want" list is small (only business class airfare is on the list right now).

Still, I will not refuse more money. More is always better or at least the same as less, when it comes to money. I will figure out something later. Maybe like this.

PS. I have not bought any lottery ticket for a while. Most likely will not this time either.

 

[haha]

The winner would still be posting on here asking if they have enough to quit their job or if they should stay on for "just one more year."

If I win, I promise I won't be back.

Ha

 

[Major Tom]

If I were to win I would like to stay anonymous but I guess that would be impossible to do with an amount like $500M.

I was thinking that if I won, it would be hard to resist posting in the "What Did You Do Today" thread, "Won the lottery."

 

[okapi]

I would finally get rid of the donut in my trunk,and buy a real spare tire.

 

[BigNick]

As others have eluded to, the odds for a lottery are never in your favor... because as the prize goes up the number of people playing does also. If anyone could ever prove a statistical advantage (payout of 0.0001 for every 1$ bet on average...) then a billionaire would just buy up one of every single ticket and walk away with a 0.01% guaranteed return on investment.

That's true, for a single drawing. Things get interesting if the jackpot rolls over for several weeks running. There have been documented cases of syndicates attempting to purchase every possible combination of numbers to guarantee winning a jackpot which is, say, 3 times the total stake. Their risk, of course, is that there are 4 or more winning tickets that week, but that's offset somewhat by the fact that they will also win all of the minor prizes too. See for example here.

 

[farmerEd]

The number one thing I would do, would be to purchase a few new homes in places I like to visit. Europe and the Bahamas come to mind....and not just a house, really, really nice homes. I could do that on about $10M in extra cash.

With about $250M after taxes, one could have a LOT of fun helping out various causes, especially if there was any way to stay anonymous.