Lotto winner in CA

[starkvegasdawg]

We all have to go to work tomorrow.

[Dawgface]

Probably a Silicon Valley Fortune 500 CEO who was already a billionaire.

[Dallas_Dawg]

Was in Chino Hills...
Also read there was a winning ticket sold in Tennessee and Florida

[Statecoachingblows**]

Someone said the CA winner was wealthy and dropped $30k on tickets, not sure if true

[Big4Dawg]

Probably a Silicon Valley Fortune 500 CEO who was already a billionaire.

It actually was. He was a hedge fund manager. Already one of the richest under 30 list

[Political Hack]

I hate it when I don't win the lotto.

[Dawgbite]

I hate it when I don't win the lotto.

Me too! I'd hate it even worse if I actually spent money on tickets...... Bunch of losers********

[State82]

I am ecstatic that there is at least one winner because I am sick of hearing about it constantly.

[starkvegasdawg]

It would suck to think you just won 900 million to find out you "only" won 300 million because two other people picked the same numbers you did.

[ScoobaDawg]

It would suck to think you just won 900 million to find out you "only" won 300 million because two other people picked the same numbers you did.

It was actually 1.5 billion and if they take the Cash option it would drop to 930 million... with a take home after taxes (all 3 are in states that don't tax lottery winnings) of "ONLY"...$187.2 million

Still no way in hell I would take the Cash option.

[Johnson85]

It was actually 1.5 billion and if they take the Cash option it would drop to 930 million... with a take home after taxes (all 3 are in states that don't tax lottery winnings) of "ONLY"...$187.2 million

Still no way in hell I would take the Cash option.

I'd have to see how the payments are guaranteed. I would really dislike having an asset that dwarfs everything else I have subject to counterparty risk with one person and would be willing to pay some money to avoid it. If I couldn't insure a big chunk of it at a reasonable cost, I'd probably take the hit and then spread it out among several different institutions and asset classes, two of which would probably be land and ammo.

[Political Hack]

I'd have to see how the payments are guaranteed. I would really dislike having an asset that dwarfs everything else I have subject to counterparty risk with one person and would be willing to pay some money to avoid it. If I couldn't insure a big chunk of it at a reasonable cost, I'd probably take the hit and then spread it out among several different institutions and asset classes, two of which would probably be land and ammo.

I'm not sure buying 187 million dollars worth of ammo is the kind of attention you'd want to garner. Land, yes please.

[Johnson85]

I'm not sure buying 187 million dollars worth of ammo is the kind of attention you'd want to garner. Land, yes please.

I probably wouldn't buy more than $1M of ammo. And maybe a tank or an armored vehicle. Nothing that would bring attention.**

[Political Hack]

Lol. A few RPGs for hog hunting would be fun.

[Dawg61]

It was actually 1.5 billion and if they take the Cash option it would drop to 930 million... with a take home after taxes (all 3 are in states that don't tax lottery winnings) of "ONLY"...$187.2 million

Still no way in hell I would take the Cash option.

I would never take the cash option so that I can protect myself against myself ****ing up somehow plus aren't you getting the full $1.5 billion spread over 25 years that way? Voluntarily giving up $600 million dollars in order to get the rest up front? **** that. Give me all $1.5 billion please.

[Blackout]

I would never take the cash option so that I can protect myself against myself ****ing up somehow plus aren't you getting the full $1.5 billion spread over 25 years that way? Voluntarily giving up $600 million dollars in order to get the rest up front? **** that. Give me all $1.5 billion please.

Wrong wrong wrong. Who knows what the economic circumstances are that far out. Entitlements alone are going to mean huge inflation. Take it now and secure yourself.

There's a reason the Mets are still paying Bobby Bonilla. It worked out great for them.

[Dawg61]

Wrong wrong wrong. Who knows what the economic circumstances are that far out. Entitlements alone are going to mean huge inflation. Take it now and secure yourself.

There's a reason the Mets are still paying Bobby Bonilla. It worked out great for them.

Yourself is the biggest risk over any "economic circumstance". Yourself with an extra 25 years to figure out how to **** it up. Consider it an allowance each year of $50 million.

[Johnson85]

Yourself is the biggest risk over any "economic circumstance". Yourself with an extra 25 years to figure out how to **** it up. Consider it an allowance each year of $50 million.

You don't need the lottery to protect yourself from 17ing up. You can take the money immediately and set up spendthrift trusts at ten different organizations and be much more protected than having all of it tied to the lottery (depending on how the lottery is guaranteed).

Also, you are not giving up $600M just to take it up front. If you take the 960 million, pay 45% in taxes, and then earn 3% a year after taxes for the next 25 years you'll end up at something like 1.1B collected after tax.

If you take the $60M per year, and pay around 45% in taxes on it each year, and invest it and get a 3% annual return after taxes for the 25 years you receive the payment, you'll end up at something like 1.2B collected after tax. If you earn 4% after taxes, you come out slightly ahead taking the lump sum. This ignores the lower rate you'll pay on the first ~$400k each year, but you're probably talking another million or three over the 25 years. A lot, but on a percentage basis, a pretty small amount to pay in order to diversify and spread out some of your risk.