Randomness Dos

Post by **nocera** » Wed Mar 27, 2024 12:29 pm

Hopefully the winner has seen this Reddit thread.

I think about this advice a lot for somebody who never plays the lottery.

Post by **MalkinIsMyHomeboy** » Wed Mar 27, 2024 12:47 pm

Kane wrote: ↑Wed Mar 27, 2024 12:24 pm $300mm is still more than you'd know what to do with.

I understand but also marketing it as 1.1 billion is false by ~300% which is...a lot...

Post by **NTP66** » Wed Mar 27, 2024 12:54 pm

nocera wrote: ↑Wed Mar 27, 2024 12:29 pm Hopefully the winner has seen this Reddit thread.

I think about this advice a lot for somebody who never plays the lottery.

Give me $300m and I'll take my chances.

Post by **blackjack68** » Thu Mar 28, 2024 6:43 pm

Ad@m wrote: ↑Wed Mar 27, 2024 11:13 am @blackjack68 ???

Sadly, very sadly, not me. About 1.5 hours away from me.

Post by **Shyster** » Thu Mar 28, 2024 11:12 pm

Japanese pizza companies at it again.

Post by **LITT** » Fri Mar 29, 2024 9:49 am

MalkinIsMyHomeboy wrote: ↑Wed Mar 27, 2024 12:47 pm
Kane wrote: ↑Wed Mar 27, 2024 12:24 pm $300mm is still more than you'd know what to do with.
I understand but also marketing it as 1.1 billion is false by ~300% which is...a lot...

whats your point

Post by **MalkinIsMyHomeboy** » Fri Mar 29, 2024 10:17 am

that 1.1 billion and 300 million are significantly different and it’s lame that they’re able to market it as the former

Post by **mikey** » Fri Mar 29, 2024 10:20 am

$100,000 salary in NYC is actually only $23...but employers can still "market" it that way...

Post by **MalkinIsMyHomeboy** » Fri Mar 29, 2024 10:22 am

I agree that that’s annoying too

Post by **MR25** » Fri Mar 29, 2024 10:23 am

Yeah but if you take the annuity option you end up netting roughly double your lump sum payout (at least, in PA).

Sure, you don't get as much up front, but your first check (with taxes and everything) is a cool $14MM, which is still like $13.9MM more than I would know what to do with.

Post by **dodint** » Fri Mar 29, 2024 10:23 am

I'll help you.

Post by **count2infinity** » Fri Mar 29, 2024 10:35 am

Yeah... in this instance, the 300 million is only if you take the lump sum in NJ. If you do the annuity, it's double that.

And it's not like the lottery is keeping the rest of the prize if you take the annuity. It goes to taxes. Fed and State. The advertised Jackpot is accurate. The fact that you don't get to keep all of it is just the way life works.

Post by **mikey** » Fri Mar 29, 2024 10:36 am

Maybe MIMH has finally come around on the notion that "taxation is theft"

Post by **Rylan** » Fri Mar 29, 2024 10:47 am

I think when the money gets that high, I would take the annuity. I get the whole "you can beat that and make more by investing." but also, I am not going to be responsible. Who the hell am i kidding...

Post by **count2infinity** » Fri Mar 29, 2024 10:54 am

As Randall pointed out... you get like 14 or 19 million your first year depending on where you live, and then millions on millions each year after that. Either way (300 up front or 600 spread over the years), you're set for life as long as you're not a complete and total dumbass.

Post by **MalkinIsMyHomeboy** » Fri Mar 29, 2024 11:03 am

Post by **Pavel Bure** » Fri Mar 29, 2024 11:05 am

IMO you still take the 300 up front, because if you die that’s it, no generational wealth. Stay out of the market and just invest in relatively high interest short term CDs. Just a quick glance shows some 7 month CDs at a 5 to 5.5% interest rate. A cool 50k on every million and you’re golden.

Post by **MR25** » Fri Mar 29, 2024 11:07 am

If you put the annuity in a blind trust I feel like that has to continue to pay out regardless of your possible demise, no?

Post by **Pavel Bure** » Fri Mar 29, 2024 11:09 am

MR25 wrote: ↑Fri Mar 29, 2024 11:07 am If you put the annuity in a blind trust I feel like that has to continue to pay out regardless of your possible demise, no?

Should have googled, yes an annuity typically goes to the heirs of the person. Make sure you have a solid will drafted in that case.

Post by **NTP66** » Fri Mar 29, 2024 11:09 am

Pavel Bure wrote:Source of the post Stay out of the market

Post by **Pavel Bure** » Fri Mar 29, 2024 11:09 am

NTP66 wrote: ↑Fri Mar 29, 2024 11:09 am
Pavel Bure wrote:Source of the post Stay out of the market

Hey, I have no idea what I’d be doing. If you do, then go for it.

Post by **NTP66** » Fri Mar 29, 2024 11:09 am

Pavel Bure wrote:Source of the post Make sure you have a solid will drafted

Make sure you have this regardless, IMO.

Post by **dodint** » Fri Mar 29, 2024 11:10 am

Pavel Bure wrote: ↑Fri Mar 29, 2024 11:09 am
MR25 wrote: ↑Fri Mar 29, 2024 11:07 am If you put the annuity in a blind trust I feel like that has to continue to pay out regardless of your possible demise, no?
Should have googled, yes an annuity typically goes to the heirs of the person. Make sure you have a solid will drafted in that case.

This would be a surefire way for my wife's nieces and nephews to stop blowing her off for dinner.

Post by **NTP66** » Fri Mar 29, 2024 11:11 am

Pavel Bure wrote: ↑Fri Mar 29, 2024 11:09 am
NTP66 wrote: ↑Fri Mar 29, 2024 11:09 am
Pavel Bure wrote:Source of the post Stay out of the market

Hey, I have no idea what I’d be doing. If you do, then go for it.

I'd be throwing a significant amount of money into VTSAX, just like I do now. That said, I do agree on high interest CDs, etc. for the rest.

Post by **Pavel Bure** » Fri Mar 29, 2024 11:26 am

NTP66 wrote: ↑Fri Mar 29, 2024 11:11 am
I'd be throwing a significant amount of money into VTSAX, just like I do now. That said, I do agree on high interest CDs, etc. for the rest.

I’m also of the view that when big players hear there’s a new rich person looking to invest it’s hard to separate the sharks from the chum if you will. Trust the wrong money manager/investment professional and get ****. While they just look at it as another day and you’re just another fish to help them get their nut.