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My office pool decided to put in 40 bucks a person. I don't think they understand math. I wouldn't have done it but I can't be the only one left at work.
 
bodyman5000 and 1 said:
My office pool decided to put in 40 bucks a person. I don't think they understand math. I wouldn't have done it but I can't be the only one left at work.
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The more tickets everyone buys the lower your odds become of winning.
 
It doesn't make sense to buy tons of tickets. I believe the odds are 1 in 292 million. Why make it 40 in 292 million?

This lotto is a tax on us poor suckers. But when I win I'll be fine with that.
 
Further said:
wrong, just the more chance that there are multiple winners. If you are the only one buying a ticket or a billion people do, the odds don't change.
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If you buy twice the number of tickets, your odds double. From very near zero to 2x very near zero.
 
I have no problem winning and having a dozen other winners. I think I can get by with 50 mil after taxes. It would be rough, but I could manage.
 
I don't mind sharing the prize either but like....Do I want to post the winning numbers so that you guys can go buy a ticket and get in on it, or am I fine if somebody else happens to pick the same numbers as me?
 
Fonzthecpt1 said:
I don't mind sharing the prize either but like....Do I want to post the winning numbers so that you guys can go buy a ticket and get in on it, or am I fine if somebody else happens to pick the same numbers as me?
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Sharing is one thing, sharing with you fools is something different altogether. If I win I'll buy a gift for Mags wife, but thats it.
 
1-11-17-20-28 (5)*

*I am not liable for any losses!
 
Next payout estimate is 1.5 billion
The lump sum payout estimate is 930 million
Federal tax rate is 39.6

I live in WA which has no state tax on lottery

If I were the only winner, my after tax winnings would be $595,200,000. It has now reached sports franchise money. Not that I would do that, but a low level NBA team would be possible.


If I won, 25% would go to family, about 10% to long time friends, 10% to charities. That would leave me with over 300 mil. I'd start a winery and vineyard with some friends, and that's really the only big expenses aside from decent house and car and a fun time traveling. I would keep working but only at my own winery after a couple years of learning elsewhere.
 
Further said:
Next payout estimate is 1.5 billion
The lump sum payout estimate is 930 million
Federal tax rate is 39.6

I live in WA which has no state tax on lottery

If I were the only winner, my after tax winnings would be $595,200,000. It has now reached sports franchise money. Not that I would do that, but a low level NBA team would be possible.


If I won, 25% would go to family, about 10% to long time friends, 10% to charities. That would leave me with over 300 mil. I'd start a winery and vineyard with some friends, and that's really the only big expenses aside from decent house and car and a fun time traveling. I would keep working but only at my own winery after a couple years of learning elsewhere.
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You can't just give those amounts out to people. The gift tax exclusion amount is $14,000 per person. So for couples you could give them $28,000. Otherwise, you'd have to pay taxes on amounts you have gifted.

I've thought about this myself, and if I won by myself, I'd choose certain people to lay claim to the ticket with me to get around having to pay more taxes
 
Yeah, I'd split half with my bro take out a few hundred thousand and keep the rest locked up. When people ask for money I'll just tell them its locked in a trust and I'll blame my financial advisor.
 
JFizzleRaider said:
You can't just give those amounts out to people. The gift tax exclusion amount is $14,000 per person. So for couples you could give them $28,000. Otherwise, you'd have to pay taxes on amounts you have gifted.

I've thought about this myself, and if I won by myself, I'd choose certain people to lay claim to the ticket with me to get around having to pay more taxes
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Exactly what I was thinking. My brother would claim 10%, as would my sister. My parents I would just give access to about 5% but I would technically own anything they purchased. As far as my friends go, they would be fine paying taxes on 10 mil here and 5 mil there. Giving to charity I would have to do on a schedule in accordance with my financial advisors advise.
 
BlazerDuckSeahawkFan94 said:
If I won I'm deleting social media and changing my number.
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I think you would have to change your name every few months for the first couple years, then eventually you might be able to go back to your old name. But you don't need to do that if you feel comfortable telling people No
 
I'd definitely be out of the country for an extended period of time though.
 
Further said:
Exactly what I was thinking. My brother would claim 10%, as would my sister. My parents I would just give access to about 5% but I would technically own anything they purchased. As far as my friends go, they would be fine paying taxes on 10 mil here and 5 mil there. Giving to charity I would have to do on a schedule in accordance with my financial advisors advise.
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Gift tax is paid by the payor not the payee. So you would be taxed on the amounts you gave to your friends above $14,000. any amount paid to someone above that amount gets tallied and added up until you reach your lifetime exclusion amount of 5.43 million. So you could get around with smaller amounts until you reach that amount. Then you would have to pay tax on any amounts given over that amount.

If I paid that much in taxes, I wouldn't want to be taxed on already taxed income ya'know
 
JFizzleRaider said:
Gift tax is paid by the payor not the payee. So you would be taxed on the amounts you gave to your friends above $14,000. any amount paid to someone above that amount gets tallied and added up until you reach your lifetime exclusion amount of 5.43 million. So you could get around with smaller amounts until you reach that amount. Then you would have to pay tax on any amounts given over that amount.

If I paid that much in taxes, I wouldn't want to be taxed on already taxed income ya'know
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I'd be ok paying some extra taxes as long as the bulk of it I did correctly. outside of my winery and a house I'd have no other large expenditure. The thing I'd like the most is helping friends and not having to think about daily costs. I might have two cars instead of one, and I'd fly first class, but I wouldn't buy a jet, a submarine, a chateaux or expensive jewelry. Fuck worrying over if you payed a couple extra mil in taxes when you still have a quarter billion or more invested.
 
Further said:
I think you would have to change your name every few months for the first couple years, then eventually you might be able to go back to your old name. But you don't need to do that if you feel comfortable telling people No
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I just don't wanna be contacted by people I barely know. Wait, if you win can you go under an alias when they announce the winner?
 
BlazerDuckSeahawkFan94 said:
I just don't wanna be contacted by people I barely know. Wait, if you win can you go under an alias when they announce the winner?
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Set up a blind trust and an executor with a non-disclosure agreement, and have the executor claim the winnings on behalf of the trust.
 
Just legally change your name, cash the winnings and do all interviews under the name Denny Crane. Then legally change your name to magnifier and bang his wife. Then change your name a few more times till you end up back where you started.
 
Last edited:
I hate billionaires so I'm glad I won't quite make it that far. Just read what Mark Cuban said we should do. Tell all our friends and family NO.

Fuck you Mark Cuban.
 
bodyman5000 and 1 said:
I hate billionaires so I'm glad I won't quite make it that far. Just read what Mark Cuban said we should do. Tell all our friends and family NO.

Fuck you Mark Cuban.
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He's got a point. When will it stop? I can tell you, some of the people I know would stand with hands out until I was broke and never think of repaying me or helping me if I needed help. You'd have to establish a cut off point.

And the easy cut off point is using the tax code to your advantage. People dislike paying taxes so they are more likely to understand if you don't want to pay taxes on already taxed money.

And $14,000 per person per year is more than enough to aid them in life.
 
JFizzleRaider said:
He's got a point. When will it stop? I can tell you, some of the people I know would stand with hands out until I was broke and never think of repaying me or helping me if I needed help. You'd have to establish a cut off point.

And the easy cut off point is using the tax code to your advantage. People dislike paying taxes so they are more likely to understand if you don't want to pay taxes on already taxed money.

And $14,000 per person per year is more than enough to aid them in life.
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We have differing ideas of friends and especially family I can tell you that.

Hey Mom, keep on typing away until you die.

People are so fucking greedy that we act like Bill Gates giving away bazillions of dollars while he still has more than 99.9999999999999999999 percent of the Earth is some kind of unbelievable sacrifice.

If I have a "friend" that I think is the type of person to fuck me over I'll stop being friends with him tomorrow. Money doesn't change that for me.
 
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