Roseburg Couple wins $10 million Lottery

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If you won $10 million what option would you take?

  • Lump sum, then after taxes

    Votes: 13 61.9%

  • 20 year payment option

    Votes: 8 38.1%
  • Total voters
    21
  • Poll closed .
Nate Dogg

Nate Dogg

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The roseburg couple won $10 million in the megabucks game. They decided to take the lump sum, spend some, and talked to a money consultant. After taxes they should have just over $3 million.
http://www.kgw.com/news/Roseburg-couple-wins-10-Megabucks-jackpot-79729442.html

What would your plans be? How much would they get per year if they took the 20 year payments instead?

I personally would take the 20 year payments because you always hear of all these people getting broke after the first year.

nate
 
Damn, lotto winners in the States get taxed like crazy.

Winnings are tax free in Canada.
 
You're taxed either way at some ridiculous percentage, right? Or if you take lump sum do you only get half?

If it's the same amount of money, I'd want a lump sum, b/c I think I could do better than inflation over the next 20 years and I'm not going to spend it all makin' it rain at the Dancing Bear. But if I have to take a discount to get a lump sum---show me the most money!
 
I'd be happy with either one.


You hear that lotto gods? I said I'd be happy!
 
Well, if you decide to take the 20 year, you are taxed on the state check that you receive?
 
It used to be many years ago as I recall that certain lottery winnings were not subject to state taxes.

Me, I'd take the lump sum and then immediately invest half of it in Euros so when the dollar tanks I'm still making a good return.
 
taxes take 7 million of 10 million? seriously? damn
 
I would pay off debt, probably send my parents some cash, buy a 20 footer boat and SUV.
 
I'd do the lump sum and put a bunch of it in a relatively stable investment such as precious metals or a very diversified mutual fund. The yearly payments may be like what....$300k/year for 20 years or so?

In 20 years, $300k a year may not be all that much.

I can't even fathom how a family of four, in today's age, can survive on $300k a year.

:ohno:
 
also, how about if you only lived like a year or two longer? You can sell your payment plan but you'll get further screwed.
 
20 year spread out does not give you inflation. Take the lump sum and invest most of it in a stock.
 
Homer Simpson = Would take the money

Frank Grimes = Would take the payments over many years
 
Buzz Killington said:
I'd do the lump sum and put a bunch of it in a relatively stable investment such as precious metals or a very diversified mutual fund. The yearly payments may be like what....$300k/year for 20 years or so?

In 20 years, $300k a year may not be all that much.

I can't even fathom how a family of four, in today's age, can survive on $300k a year.

:ohno:
Click to expand...

Scraping the barrel. They'll have to only replace the Corvette every OTHER year.
 
^ LOL, I was going to say... $300k a year is a fortune. Most families make due with much, much less.
 
It's bullshit that they tax your winnings. You've already paid taxes on the money you spent buying the lottery ticket.
 
BeerBoy said:
It's bullshit that they tax your winnings. You've already paid taxes on the money you spent buying the lottery ticket.
Click to expand...

Um, that's how the government makes money on the lottery. They make even more when nobody wins the prize. :cheers:
 
I think the scam is they only give you 50% of the winnings if you want the lump sum. Since everyone takes it... the lottery pockets that extra money right? So they get 1/2... then pay taxes on the 5 million... which is where the 2 million comes from.

I've always thought the lottery was really just a voluntary tax on poor people. Let me rephrase that... people we are not rich. (Which is most of us) If we really need that money to run our government... shouldn't it follow our normal tax laws?

Imagine if all the money spent on lottery tickets was spent in the economy (and respent and respent) Government still gets their share in taxes.
 
I am probably wrong with this, but if we pretend interest wasn't taxed and you didn't spend ANY of the money and you always earned 5% interest

Lump sum Installments
1 3,150,000.00 315,000.00
2 3,307,500.00 645,750.00
3 3,472,875.00 993,037.50
4 3,646,518.75 1,357,689.38
5 3,828,844.69 1,740,573.84
6 4,020,286.92 2,142,602.54
7 4,221,301.27 2,564,732.66
8 4,432,366.33 3,007,969.30
9 4,653,984.65 3,473,367.76
10 4,886,683.88 3,962,036.15
11 5,131,018.07 4,475,137.96
12 5,387,568.98 5,013,894.85
13 5,656,947.43 5,579,589.60
14 5,939,794.80 6,173,569.08
15 6,236,784.54 6,797,247.53
16 6,548,623.77 7,452,109.91
17 6,876,054.95 8,139,715.40
18 7,219,857.70 8,861,701.17
19 7,580,850.59 9,619,786.23
20 7,959,893.12 10,415,775.54
 
Last edited:
Paxil said:
I've always thought the lottery was really just a voluntary tax on poor people. Let me rephrase that... people we are not rich. (Which is most of us) If we really need that money to run our government... shouldn't it follow our normal tax laws?
Click to expand...

How doesn't it follow normal tax laws? Buying lottery tickets is, as you note, voluntary. This is an opt-in way for government to generate revenue.

It's like saying that raffles are a sneaky way for churches/clubs to tax their members. It's not particularly sneaky, it's an explicit attempt to make money. Just as buying a carton of milk is. In one case, you buy a small chance (vanishingly small in the case of state lotteries) to win something, in the other case you get a carton of milk. Your choice as to what you opt to buy.
 
Actually I believe some of the larger lotteries are now a 25 year payout, not 20.
 
Wow at some of the comments on that page. This person a little jealous?

veganpeace said on December 19, 2009 at 5:41 PMThis story only confirms the greed of the Neo-KKKons of Southern Oregon. Like all capitalists, in reading what they intend to do with their undeserved winnings, they plan on wasting it on Sultanic housing, a criminal fossil-fueled motor vehicle, and buying unconscionable "gifts" for themselves. Naturally, giving the proceeds to the marginalized citizens and undocumented Americans suffering as a result of the Bush/Cheney/Reagan Bruce Willis tyranny never occurred to these pitiless RethugliKKKans.
Click to expand...

And this coming from a person named veganpeace?!??!? This person is for peace?

People make me sick and I am so fucking tired of piss poor attitudes in the world.
 
BenDavis503 said:
Wow at some of the comments on that page. This person a little jealous?



And this coming from a person named veganpeace?!??!? This person is for peace?

People make me sick and I am so fucking tired of piss poor attitudes in the world.
Click to expand...

Sounds more like a right-winger trying to parody a left-winger. But it could be sincere. Just as there are insane right-wing nuts, there are insane left-wing nuts. This one, though, doesn't sound very real to me.
 
Minstrel said:
Sounds more like a right-winger trying to parody a left-winger. But it could be sincere. Just as there are insane right-wing nuts, there are insane left-wing nuts. This one, though, doesn't sound very real to me.
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Oh, okay. You think they were being funny? I hope so man, cuz the way things have been going lately, this kind of upset\depressed me. So many people are so angry these days and it is starting to get to me.
 
If you have self control and know how to manage money you ALWAYS take the lump sum
 
BenDavis503 said:
Wow at some of the comments on that page. This person a little jealous?



And this coming from a person named veganpeace?!??!? This person is for peace?

People make me sick and I am so fucking tired of piss poor attitudes in the world.
Click to expand...

Did you read that post? If that wasn't MARIS61, then my name is barfo.
 
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