OT - Lottery dreaming...

oldgeezeystax

Real Answer:

1. I'd collect the money anonymously (you can do that in MD and it seems you can do it in any state by first setting up a trust and making yourself beneficiary) 
2. Hire up some professionals and do something like what @Gulfcoastguy said, with a jackpot this high, everyone in the inner circle is gonna eat...
3. Consult with the best tax people to figure out the best place to have my 'primary residence' 
4. Pack up the family and hit the road. I'd probably spend a few days daydreaming about the bender I would have went on if this happened 27+ months ago (my little girl just turned 18 months)

I've been thinking in general, if money wasn't a factor, where is the best place to live in the world? So many factors to consider like natural disasters, social stability, topography for hobbies, etc. 

TEXASBGE2018

oldgeezeystax said:

Real Answer:

I've been thinking in general, if money wasn't a factor, where is the best place to live in the world? So many factors to consider like natural disasters, social stability, topography for hobbies, etc. 

For me that's an easy choice. Central Texas Hill Country on a 1,000 acre ranch. Very little chance for frequent tornado's compared to North Texas, amazing topography, Best BBQ on planet earth within an hour drive in any direction. Plus, we have no state income tax.

Other than that I'm moving to somewhere in the Carolina's. I was gonna say Charleston but given recent developments I'm thinking Asheville. 

New Zealand would be a close 3rd.

frazzdaddy

All of the above financial moves mentioned. Good call @oldgeezeystax on the reverse trust. Didn't know that. Anonymity is important in that situation. 
After that, I would buy most of my neighbors farms. Move my kids closer. I can't think of any where else I would want to live. Really love our place. Probably buy another place somewhere in rual NOVA to visit the ones that can't move closer.
I'd like to have a really nice Sport Fisher. Used to spend a lot of time in the Gulf Stream in my younger days. Add to the art collection. Form a philanthropy organization, help some folks realize their dreams. It would be cool to do in the background for folks that never asked. Buy another XL and cook more Wagyu beef. Travel more.

DoubleEgger

I’d knock a big chunk off of this ultimate travel list. 

https://whc.unesco.org/en/list/

bucky925

Our family would be taken care of and St. Jude's Childeren's Hospital would have a new wing named after a few very special kids.

TEXASBGE2018

I got another idea. Buy previously mentioned 1,000 acre ranch. Maybe even make it 2,000-3,000 acres. Bring in genuine Wagyu beef cattle from Japan. Breed and raise said cattle and sell Wagyu products to you fine folks for severely discounted pricing. I'll require just enough to cover my cost. No mark up. Consider it charity.

TN_Egger

maybe buy a yeti dog bowl

WeberWho

Sea2Ski said:

WeberWho said:

My parents neighbor/sisters best friend family won the lottery. I think it was around 185 million.....
Sisters best friend didn't change at all. Most people had no clue her family won the lottery. Which is cool

@WeberWho
Ever think of making a move on that? I have to admit, I would have back then.....

Haha! There's a good gap in age between my youngest sister and I. Would have been very very creepy. Even if she's worth millions. Still a no now a days if I was single. 

alaskanassasin

Buy a ridiculous rv and tour the country. The bar is pretty low but that kind of cash is unfathomable.  

alaskanassasin

Oooo and I would send @SGH a semi trailer loaded with shaving soap. 
 Or maybe a trailer load of Mach 3s just to mess with him...

SGH

alaskanassasin said:

Oooo and I would send @SGH a semi trailer loaded with shaving soap. 

I would be eternally grateful for that^^^^^


 Or maybe a trailer load of Mach 3s just to mess with him...

I would never ever forgive you for such

  

Ozzie_Isaac

Welp, I managed to avoid every number drawn.  Guess I will be back to work Monday.

DMW

If I played the lottery (I don’t, it’s a tax on the statistically challenged), I would set up trusts to ensure my childrens’ higher education would be taken care of. After that I would set aside enough to take of house upkeep and property taxes. And then I’d travel a bit. And then I would invest all that is left to launch a political movement with its sole goal to give a voice to the frustrated majority disenfranchised with the current state of US politics. 

Eoin

Apart from not actually buying lottery tickets (same reason as @DMW), I'd pass my current business over to the employees and then buy myself a large workshop / storage unit so I could buy / run / work on whatever cars / motorcycles I want to. Plenty of travel as well. And some more Eggs to complete the collection.

HeavyG

First thing I'd buy would be a house next door to @nolaegghead so he could occasionally feed me.

Most of the rest of the money I'd just donate to do-gooders. Seriously, being able to mail out million dollar checks to hundreds of organizations doing positive things would probably be the best high I could ever experience.

CPFC1905

Good thread. Everyone's favourite daydream, right?

My son-in-law has experience of advising lottery winners over here.  He is a tax expert, so not investment advice. He says the cheque takes away a lot of problems,  then immediately replaces them with new ones. 

I have worked in the aid/charity sector.  I would never stop someone donating, but would ask what they were intending to achieve.  Big charities often have massive reserves, small charities can struggle to achieve impact.  Also, is the charity an ethical employer and investor?   That said I would drop a bunch of cash on some animal rescue charities.

What's interesting is how, or if, people's mindsets change.  I think the default is that people 'upgrade' their current lifestyle.  Any stories of massive wholesale changes (for the positive - so not broke and crack addicted in three months)?  

Markarm4119

Well so much for dreaming of cornering the Spam and Cheez Whiz market !
New fantasy would be to set up trust to fund charities like food banks, animal rescues, the learn to play the guitar and attend fine woodworking classes.

DoubleEgger

No winners. $1.6B next time. Wowza

Sea2Ski

DoubleEgger said:

No winners. $1.6B next time. Wowza

Yep.  My plan just changed a little bit.... not much though. 

stlcharcoal

Isn't this when they start reducing the main jackpot and increasing the secondary jackpots?  They used to do that in certain lotteries when the jackpot exceeding the odds.  There was a fund in another country (Australia maybe ?) that would take investors,  then buy all the numbers when the jackpot beat the odds by a certain margin.  It was a sure win, but you had to bet that someone else didnt win too......otherwise it cut your return by 50%, 75%, etc.  They had it structured pretty well.  But apparently that's what they started capping the jackpot.....to stop investors.

If its 1.6 billion, they're saying it's a $900 cash out option after taxes.  Its 1:300million, and if you sink another $300 million into it by buying all the numbers, then that's going to increase the jackpot by half that.....so add about $75m to the cash out?  So even if you have to split with someone or two people, you're still making money.

I would love to see the ROI on this because at some point it has to make sense to do.

Edit.......scratch that......I see its $2 a ticket now, so that screws up my math.  When did that happen?  Either way, there's still a magic number 

DoubleEgger

I don’t think a group of people could physically buy 300+ million lotto tickets before next Friday. 

dmchicago

The 900 mil cash option is BEFORE taxes. Even if you assume 40% it's still more than I have in the bank today.

stlcharcoal

DoubleEgger said:

I don’t think a group of people could physically buy 300+ million lotto tickets before next Friday. 

Basically it would have to be a big investment company.  They would have to fill out the cards then deploy to get the tickets.  Gotta factor in the manpower into the ROI.  Thousands of people to get it done in 4 days.  Then you have to worry someone else isn't doing the same thing.  

Yeah probably near impossible, but you know some company somewhere has a plan for this.  Even if it is insurnountable, I would love to read the plan.

Eoin

No tax on lottery winning here, or any gambling winnings. The logic is that if you tax the profit as income, you have to allow the loss against income tax. Over the gambling population, this gives a net tax payout, so isn't worth doing.

TN_Egger

You're right @STL...good story about it here...

https://highline.huffingtonpost.com/articles/en/lotto-winners/

Acn

stlcharcoal said:

DoubleEgger said:

I don’t think a group of people could physically buy 300+ million lotto tickets before next Friday. 

Basically it would have to be a big investment company.  They would have to fill out the cards then deploy to get the tickets.  Gotta factor in the manpower into the ROI.  Thousands of people to get it done in 4 days.  Then you have to worry someone else isn't doing the same thing.  

Yeah probably near impossible, but you know some company somewhere has a plan for this.  Even if it is insurnountable, I would love to read the plan.

I’m pretty sure that during one of the previous huge lottery jackpots that this would be impossible.  Clerks and stores wouldn’t physically be able to type in all the possible numbers in time, and they don’t have enough backup ink and paper to print all of them during the time between last night and Tuesday’s next drawing.

Ozzie_Isaac

stlcharcoal said:

Isn't this when they start reducing the main jackpot and increasing the secondary jackpots?  They used to do that in certain lotteries when the jackpot exceeding the odds.  There was a fund in another country (Australia maybe ?) that would take investors,  then buy all the numbers when the jackpot beat the odds by a certain margin.  It was a sure win, but you had to bet that someone else didnt win too......otherwise it cut your return by 50%, 75%, etc.  They had it structured pretty well.  But apparently that's what they started capping the jackpot.....to stop investors.

If its 1.6 billion, they're saying it's a $900 cash out option after taxes.  Its 1:300million, and if you sink another $300 million into it by buying all the numbers, then that's going to increase the jackpot by half that.....so add about $75m to the cash out?  So even if you have to split with someone or two people, you're still making money.

I would love to see the ROI on this because at some point it has to make sense to do.

Edit.......scratch that......I see its $2 a ticket now, so that screws up my math.  When did that happen?  Either way, there's still a magic number 

I would do that, but not buy one number.  Would make it a bit more exciting.

ColtsFan

I'm no mathematician, but I believe this is the the total number of combinations available. 5 sets of numbers (1-70) and a mega number (1-25)

Ozzie_Isaac

ColtsFan said:

I'm no mathematician, but I believe this is the the total number of combinations available. 5 sets of numbers (1-70) and a mega number (1-25)

I think the calculation is ... disregard

stlcharcoal

Acn said: 

stlcharcoal said:

DoubleEgger said:

I don’t think a group of people could physically buy 300+ million lotto tickets before next Friday. 

Basically it would have to be a big investment company.  They would have to fill out the cards then deploy to get the tickets.  Gotta factor in the manpower into the ROI.  Thousands of people to get it done in 4 days.  Then you have to worry someone else isn't doing the same thing.  

Yeah probably near impossible, but you know some company somewhere has a plan for this.  Even if it is insurnountable, I would love to read the plan.

I’m pretty sure that during one of the previous huge lottery jackpots that this would be impossible.  Clerks and stores wouldn’t physically be able to type in all the possible numbers in time, and they don’t have enough backup ink and paper to print all of them during the time between last night and Tuesday’s next drawing.

We are not taking about going to one gas station......this would be a huge planned and mobilized effort on behalf of an investment company with thousands of employees.  You already have all those scannable number sheets ready to go (or do they not use those anymore? )  They used to have 5 picks each.  They deploy this morning with those sheets to thousands of places across the country for the next 3 days.  Its possible with proper planning