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$2.04 billion Powerball winner sold in Altadena, CA.


CentralChamps21
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9 minutes ago, CentralChamps21 said:

@CaliSoxFanViaSWsidewhen you buy the Sox, can I be head of analytics?

Ha wasn't me . I'm not in Altadena anymore but close enough being in Pasadena and  I'm in Altadena every couple of weeks to do grocery shopping and hit my favorite thrift shop. Plus I hardly ever buy lottery tickets but I should have given that massive amount !

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The $2 billion is if you take the thirty year annuity which earns about 5% annually (which no one has picked in years). The cash value is about half, then 34% or so in federal taxes, your state taxes (zero in Texas), and any lotto specific taxes (NY has the highest). 

 

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4 hours ago, Texsox said:

The $2 billion is if you take the thirty year annuity which earns about 5% annually (which no one has picked in years). The cash value is about half, then 34% or so in federal taxes, your state taxes (zero in Texas), and any lotto specific taxes (NY has the highest). 

 

Even if you take the 30 year annuity, after taxes you're getting something like $20 million per year, which is overwhelming on its own.

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29 minutes ago, CentralChamps21 said:

Even if you take the 30 year annuity, after taxes you're getting something like $20 million per year, which is overwhelming on its own.

Older Americans spend more on lottery tickets so it could be assumed they win more often. Anyone over 50 might not live long enough to connect that last check. Although it does go to their estate. 

But that's one hell of a direct deposit each year. Imagine living pay check to pay check with that as your check lol

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2 hours ago, pettie4sox said:

Yeah you take the 20 mil a year and build generational wealth every time.   Do you want 100K now or a penny doubled every day for 30 days?  I'm sure I'm butchering it but yall get the point.

I think if you take the lump sum you end up with like 600 mil? That should probably take care of a few generations lol

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41 minutes ago, Tony said:

I think if you take the lump sum you end up with like 600 mil? That should probably take care of a few generations lol

If it were me, I'd take the lump sum, buy a house and car, then put the rest into a very long term annuity that paid me monthly income until age 80. If I live past 80, then Social Security it is.

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53 minutes ago, Tony said:

I think if you take the lump sum you end up with like 600 mil? That should probably take care of a few generations lol

This.  You could instantly invest like $500 million of it, and still live off of the returns, even after blowing the last $100 million on absolute nonsense or something.

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39 minutes ago, southsider2k5 said:

This.  You could instantly invest like $500 million of it, and still live off of the returns, even after blowing the last $100 million on absolute nonsense or something.

Not going to tell anyone how to spend their hundreds of millions, lol...but the idea of "not" having generational wealth by taking the lump sum is pretty funny. 

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9 minutes ago, Tony said:

Not going to tell anyone how to spend their hundreds of millions, lol...but the idea of "not" having generational wealth by taking the lump sum is pretty funny. 

It is patently absurd.  With any discipline at all, this is multi-generational wealth.

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I've always figured that for me, $10 million free and clear would do me just fine for the rest of my life. Even if I live another 50 years that's $200,000/year.  Once all my debt is gone, that would be more than enough every year.

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Was bummed I lost this. Absolutely was planning on buying a media blitz pressuring JR to sell team, forming acquisition group, showing them my annual spreadsheet to convince them I should be chairman.

 

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On 11/8/2022 at 1:05 PM, CaliSoxFanViaSWside said:

Ha wasn't me . I'm not in Altadena anymore but close enough being in Pasadena and  I'm in Altadena every couple of weeks to do grocery shopping and hit my favorite thrift shop. Plus I hardly ever buy lottery tickets but I should have given that massive amount !

Pasadena? We almost neighbors, I lived in Encino many yrs ago

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Since this thread is still active, something I often wonder about.  Say you win a huge jackpot like this, where do you keep / put the money?  You wouldn't just deposit it at Bank of America, or something. (talking about the money you receive, not investments done with it)

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You guys can have your 600 million, I want my 2.04B 😃

 

1 hour ago, Big Hurtin said:

Since this thread is still active, something I often wonder about.  Say you win a huge jackpot like this, where do you keep / put the money?  You wouldn't just deposit it at Bank of America, or something. (talking about the money you receive, not investments done with it)

You invest most of it if I'm correct.  Holding f*** you money like that in a bank is dumb as it won't make any money at all.

Edited by pettie4sox
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13 hours ago, Big Hurtin said:

Since this thread is still active, something I often wonder about.  Say you win a huge jackpot like this, where do you keep / put the money?  You wouldn't just deposit it at Bank of America, or something. (talking about the money you receive, not investments done with it)

I think you absolutely go to a high-end firm, meet with some people and figure out a plan, where things are held, how to set certain things up. I wouldn't know exactly what to do either. It's easy to just say "invest" but obviously it's more complicated than that.

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13 hours ago, Big Hurtin said:

Since this thread is still active, something I often wonder about.  Say you win a huge jackpot like this, where do you keep / put the money?  You wouldn't just deposit it at Bank of America, or something. (talking about the money you receive, not investments done with it)

I think there are special bank accounts for the ultra-wealthy that you can put it in.

First step would be to hire some lawyers/accountants/financial advisors/etc that know how to deal with that kind of stuff.

Edited by Iwritecode
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I read his question as being about like, where do you tell them to put the lump sum first, and yeah I think there are special accounts that exist for that and you'd first want to get your house in order with a wealth management lawyer and accountant before even claiming it.

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I've also always thought about how you handle that with family/friends. In a case like this, I would guess you really run the risk of creating weird situations with people that are hitting you up for things, expect something from you because of all this new wealth. I would very much want to help those around me, but at the same time, those awkward situations would suck with people asking for handouts. 

I've always thought I'd sit down and determine how much I would give someone, be generous but explain that "This is it. I'm giving you $500,000 but this is it."

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4 hours ago, Tony said:

I've also always thought about how you handle that with family/friends. In a case like this, I would guess you really run the risk of creating weird situations with people that are hitting you up for things, expect something from you because of all this new wealth. I would very much want to help those around me, but at the same time, those awkward situations would suck with people asking for handouts. 

I've always thought I'd sit down and determine how much I would give someone, be generous but explain that "This is it. I'm giving you $500,000 but this is it."

If I were to ever win, I'm remaining anonymous, and giving people money anonymously.

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