Someone currently unknown in South Carolina has won an eye watering one point six billion dollars on the lottery.
Apparently, "The winner can decide to take a cash payout of $913m after tax, or opt to have it paid out in instalments over 29 years.".
Which would you do?
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Bit irrelevant really. It such a vast sum of money thay there’s no way I could spend even one instalment in my lifetime. Toss a coin I guess.
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>> Bit irrelevant really. It such a vast sum of money thay there’s no way I could spend even one instalment in my lifetime.
But you could setup something to help so many others with that sum of money. You'd take the opportunity to help millions of others surely. It's not all about you.
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>> You'd take the opportunity to help millions of others surely.
Not a chance, its mine - me and family only
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>> >> You'd take the opportunity to help millions of others surely.
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>> Not a chance, its mine - me and family only
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Absolutely and I am not even sure about the family.
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Yep 99% to charity and the rest to the family. I can honestly say that already have enough money for my comparitively modesty needs.
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.....quite right, cousin....
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>> .....quite right, cousin....
Its Norfolk, everyone is related......
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...I'd overlooked the Norfolk connection. At least he'd be able to count his winnings on the fingers of both hands......
.....allegedly. ;-)
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>> ...I'd overlooked the Norfolk connection. At least he'd be able to count his winnings on
>> the fingers of both hands......
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>> .....allegedly. ;-)
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Careful, the sarcasm police will get you and a smiley won't get you off! :-)
(To quote a venerable member: "Yes, I always smile when I'm being sarcastic too:) But like many bad jokes it get's tedious when repeated everywhere.")
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...so it's a choice of giving up either the bad jokes or the smileys, then.....
;-) :-)
:-O
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Or realising there is a difference between Norfolk and Cambridgeshire:)
Smiley for effect!
Pat
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>> Or realising there is a difference between Norfolk and Cambridgeshire:)
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>> Smiley for effect!
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>> Pat
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It's all East Anglia :-D
(Remembers son is at UEA)
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Yep, I have to give you that one, but Norfolk is not the Fen!
Pat
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>> ...I'd overlooked the Norfolk connection. At least he'd be able to count his winnings on
>> the fingers of both hands......
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>> .....allegedly. ;-)
Fingers? in Norfolk?
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CA$H for me too.
Think of all the fun you could have and not having to worry about family, with that sort of cash you could even make sure that close friends were looked after as well.
You could do something useful with your time as well. I have always wanted to be involved with a particular local good cause and save for a few sponsored events, I don't have the free time to do more. I wouldn't mind being an unpaid volunteer for a few weeks a year if money weren't an issue.
A few problems with that sort of money exist though, there will likely be security issues - kidnap risks etc. and managing it all will be a full time job, but then you've got enough to employ someone to worry about that for you.
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Out of curiosity, what's the difference?
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who controls the investment decisions….
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>> Out of curiosity, what's the difference?
You might be dead before you can do something (hopefully good) with the £710m pounds.
>> with that sort of cash you could even make sure that close friends were looked after as well.
You could give all close friends and family a lot and still have a lot left over. Hence setting up something like a trust to do good long after we are all gone.
Last edited by: rtj70 on Wed 24 Oct 18 at 20:28
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I meant what's the difference money wise between the lump sum and the instalments?
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Lump sum = $913m
Instalments = $1.6bn/29 for 29 years.
So logically $686m.
To pay out the larger amount I assume that the lottery company is relying on investment and inflation.
Thus, pretty much down to who makes the investment decisions.
Last edited by: No FM2R on Wed 24 Oct 18 at 20:45
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I guess the installments aren't as taxed as heavily. Anyway I suppose it doesn't matter in such very large amounts of money.
I wonder what they'll buy first?
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Even if I won a million on the PBond monthly draw, I think I’d give 50% to charity. I’d spend time locating smaller charities, primarily staffed by unpaid volunteers, where a small amount such as £10K would make a difference.
I wouldn’t give a penny to friends. Maybe rent a nice large villa in Spain, May or late September where they could all do their own thing. Swimming, cycling, walking, lounging....all paid for as a one off except for personal spends.
Winning mega bucks could bring lots of problems.
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Cash - I'd keep a lot of it and buy what I want. But I would be interested in setting up some sort of social enterprise thing with a view to promoting local businesses to encourage young people to want to stay in the area. I'd be really keen to do that, some sort of lasting legacy. Something to do some good on a self help basis...that and an Aston.
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I'm not convinced I'd actually buy a supercar even if I was in a position to do so. I'd love to have go in one from time to time of course, but for a daily driver, I think I'd want something a bit more below the radar.
Probably.
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I know someone who has a Ferrari, he has to have it garaged elsewhere because it wont go over the speed humps on the private road to his house. The residents committee said he could pay to have the entire road resurfaced.
Last edited by: Zero on Thu 25 Oct 18 at 10:26
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I know a guy who has a Lamborghini, but he runs about in an Astra van "to keep the miles down on the Lamborghini"
Eh?
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>> I know a guy who has a Lamborghini, but he runs about in an Astra
>> van "to keep the miles down on the Lamborghini"
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>> Eh?
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Practicality beats vanity every time. :-)
I know several city dwelling people who drive old up market cars and consider them disposable.
Last edited by: Old Navy on Thu 25 Oct 18 at 11:35
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Sooty ->
www.megamillions.com/difference-between-cash-value-and-annuity
Typically it is taxed as normal income, depending on the State.
Last edited by: No FM2R on Wed 24 Oct 18 at 23:16
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Lump sum or annuity?
I wouldn't worry too much about that dilemma until the need arises.
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I, too, have enough - for now - but I am concerned over what expenses might arise if I have to go into go into "care" later on, in order to avoid those establishments where you get starved, robbed, beaten up and otherwise abused. That problem allowed for, I would a use a very big win to found scholarships for talented children, regardless of colour, gender, social background or any other factor but keep back funds to build couple of life boats for the RNLI, to be named after my grandchildren.
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>> I, too, have enough - for now - but I am concerned over what expenses
>> might arise if I have to go into go into "care" later on, in order
>> to avoid those establishments where you get starved, robbed, beaten up and otherwise abused. That
>> problem allowed for, I would a use a very big win to found scholarships for
>> talented children, regardless of colour, gender, social background or any other factor but keep back
>> funds to build (A) couple of life boats for the RNLI, to be named after my
>> grandchildren.
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Sorry Ambo. It's a pet hate of mine. It's (a couple). NOT couple. Ruddy lazy American/internet speak. Even my privately edumactaed Daughter does it and she is seriously threatened with removal from the Will. :-)
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& in the UK there is no tax on lottery winnings, but there would be on an annuity. So for a UK resident you are always better off taking the lump sum (provided you don't spend it all at once, of course).
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....and you can find somewhere safe to put it..IIRC if a bank customer has a large and unexpected windfall the full amount is covered for a period of time. Although I'm sure the banking system would gulp a bit at compensation of £1Bn !
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I quite fancy taking as readies, just to see the size of it!
I was a millionaire once, for about a day, as we paid for our first place in Spain in pesetas - readies, to avoid paying lots of money for a bank draft. The Notary and the vendor's abogado were not amused at having to count it all!
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I was a millionaire too once upon a time. I won over a million Zloty in a casino in Sopot up on the Baltic coast near Dansig (Gdansk)
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"I won over a million Zloty in a casino in Sopot"
Before 1990 or after? A million zlots will get you a nice car and a lovely semi-detached house in the capital now, but you'd have been lucky to get a bag of spuds for that in 1989.
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>>Before 1990 or after?
Bout '92 or there abouts. I was with a German woman, she won most of the Zloty, and gave it to me :)
I remember the street sellers (young gals) robbed me of barrow loads of the stuff when I bought something or other.
Margot, the German woman (wealthy) just larfed.
:o}
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Take the lump sum - always. What guarantee do you have that those paying will keep their side of the bargain ? Investment funds or wherever the payments are coming from can go bust or be run by crooks. RBS and Equitable spring to mind as a couple of cases and there are many more.
Well anyway, that's what I did with my millions.
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Winning the lottery - Bobby
