Mega Millions
Poll
 | 1 vote (3.7%) | ||
| | 11 votes (40.74%) | ||
| | 5 votes (18.51%) | ||
| | 1 vote (3.7%) | ||
| | 4 votes (14.81%) | ||
| | 2 votes (7.4%) | ||
| | 1 vote (3.7%) | ||
| | 2 votes (7.4%) | ||
| | 7 votes (25.92%) | ||
| | 9 votes (33.33%) |
27 members have voted
July 29th, 2022 at 8:38:22 AM
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Quote: OnceDearQuote: gordonm888
Personally, the rule I would most advocate for is one against "taunting."
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Taunting does happen. Some moderators are guilty of that and I agree it's a bad optic, when members or moderators taunt or deride each-other. But we have plenty of rules. Moderators can and sometimes do keep each-other in check privately.
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I wasn't being cute or chiding other moderators when I mentioned "taunting." I think a lot of the aggressive, attacking behavior in the forum falls under the category of "taunting." You know, trying to make other people feel bad about themselves by repeatedly blasting them for things that they did indeed actually post in the past. Some people consider that "holding other people accountable" - I get it. But to me it's like the people who say that they are just being 'brutally honest' - and then proceed to be more brutal than honest. A lot of the "feuding" that we lament could be more clinically defined as "taunting."
LOL, we're probably guilty of hijacking this megamillions thread.
So many better men, a few of them friends, are dead. And a thousand thousand slimy things live on, and so do I.
July 29th, 2022 at 8:59:06 AM
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Wiz, I took it in the light/joking way you intended and just asked a light/joking rhetorical question in return. I really don't think I was called a sucker, and would take no offense even if I was.Quote: WizardQuote: JoemanBTW, I just contributed $6 to our office pool for tomorrow's drawing, but like I said above, this is an insurance policy against me being the only one who has to show up for work on Monday! Am I a sucker?
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I can't answer "yes," not to say that I would, and stay within forum rules against personal insults.
Since there seem to be some sensitivity about my remark, let me try to explain. I've been saying for years that certain bets, namely side bets and the lottery are "sucker bets." By extension, the one buying lottery tickets becomes a sucker for that purchase. I am not saying lottery players are suckers in general, unless they do it to an excessive degree. Whenever I speak of sucker bets, I do so in a light and joking way. However, it is difficult to convey that sentiment in writing.
I invite anyone who feels offended at my remark to press charges with any moderator besides myself and I will happily serve whatever time they deep appropriate. I shall also be self-reporting the incident to all active moderators.
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ETA
Sorry about that, I'll try yo get us back on track:Quote: gordonm888LOL, we're probably guilty of hijacking this megamillions thread.
This morning one of my co-workers gave me a copy of two more tickets bought for the pool. It seems that, after getting 78 Quick Picks for the group, there were 2 Mega Ball numbers that weren't covered. A few people weren't happy about this; so they bought 2 more tickets with the 2 missing MB numbers. They did this with their own money, so my sucker bet may be turning into an AP move! ;)
"Dealer has 'rock'... Pay 'paper!'"
July 29th, 2022 at 9:29:19 AM
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Quote: WizardI hope there isn't a winner as it will mean more suckers buying tickets for the next drawing, which means more revenue for the government.
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I would like to thank my fellow moderators for taking the time to review the quote above. While nobody ever pressed formal charges, as far as I know, the comment certainly did ruffle some feathers.
The comment was intended to be made in a light-hearted way and consistent with what I have been saying for decades that side bets and the lottery are sucker bets, which nobody has ever complained about.
However, moderators are held to a higher standard and I'm held to the highest standard of them all.
Before pronouncing sentence on myself, I would like to apologize to all lottery players. No offense or insult was ever intended, but rather a friendly jab. However, text does not convey tone very well. I take full responsibility for my words and truly say "I'm sorry" to any lottery players offended.
That said, weighing the opinions of my fellow moderators, I sentence myself to seven days.
As a reminder, admin powers override being on suspension. However, you have my word I will not post and handle only admin duties by PM behind the scenes until I have served my time.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
July 29th, 2022 at 9:36:53 AM
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Quote: WizardQuote: WizardI hope there isn't a winner as it will mean more suckers buying tickets for the next drawing, which means more revenue for the government.
link to original post
Before pronouncing sentence on myself, I would like to apologize to all lottery players. No offense or insult was ever intended, but rather a friendly jab. However, text does not convey tone very well. I take full responsibility for my words and truly say "I'm sorry" to any lottery players offended.
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Wiz, I accept your apology, though personally I do not think it necessary. I am not a lottery player, in general, though I am throwing a few bucks after this one. I accept that it is a poor play. However, what if...goes through my brain. I have not had the opportunity to go to Las Vegas over the past three years (COVID reigns) so this is my one shot at curing the gambling Jones. I understand what you are saying and took no offense, as I would expect a number of others.
Never count your winnings at hour 23 of a 24-hour drive.
July 29th, 2022 at 10:26:05 AM
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Calling people suckers for playing the lottery who cares. This place is way over moderated as it is. Maybe we should just list the things that are ok to say. I am sure it would be a smaller list than the suspendable things. People complaining to get other people suspended reminds me of kindergarten. Let’s be adults here.
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
July 29th, 2022 at 12:42:43 PM
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Moving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
July 29th, 2022 at 1:13:28 PM
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Quote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
You can split up the $600 million into 2400 separate FDIC insured accounts at 2400 separate banks for $250,000 each.
July 29th, 2022 at 1:25:30 PM
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They bumped it up again. At this point, they were off by 24% when they first estimated (602.5 to 747.2). We could see a billion present-day, pre-tax value if it doesn't hit.
Edit: In terms of present-day value, this is #4.
Edit: In terms of present-day value, this is #4.
Last edited by: ahiromu on Jul 29, 2022
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
July 29th, 2022 at 1:41:17 PM
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i would split into the top 3 low cost brokrages ($200M each):Quote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
vanguard
fidelity
schwab
every single one of them i'm buying Target funds.
they automatically re-balance and will shift more into bonds as you approach your Target age.
easy passive automated management.
and brokerage going bankrupt (very unlikely) wont affect you financially since you own the mutual fund/etf.
the brokerage is like the holding company.
plus 4 banks with $250k each:
- 2 highly rated brick and mortar with branches near where you WILL move to
- 2 highly rated online only with ATM reimbursement
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 29th, 2022 at 1:45:53 PM
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Nevada does not participate or have a lottery because they want to protect the casinos. So thousands of Nevadans flee to the borders of California and Arizona and pump millions of our dollars into those states economy to purchase these dream ticket’s.
I don’t think having our state participation in a national lottery will hurt the casinos. If anything the money generated could go back to support state run programs like education, and so forth.
A single person with no dependents living in Nevada with no state income tax will net 380 million after all the federal taxes. If you’re lucky to live in a state that has a state income tax, your net winnings will be even less. But at that point who cares, you won.
I don’t think having our state participation in a national lottery will hurt the casinos. If anything the money generated could go back to support state run programs like education, and so forth.
A single person with no dependents living in Nevada with no state income tax will net 380 million after all the federal taxes. If you’re lucky to live in a state that has a state income tax, your net winnings will be even less. But at that point who cares, you won.
July 29th, 2022 at 2:12:58 PM
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That's how the operators and politicians spin it, but the reality is quite different. When a state gets more $ from gambling taxes, they reduce taxes in other areas (usually corporate taxes), so there's no "extra" money for education, or other programs. Nevada gets a tremendous amount of gambling tax $ but is 44th out of 50 states in spending per student. Almost all states that have adopted lotteries have seen education spending remain flat or even decrease.Quote: VegasriderIf anything the money generated could go back to support state run programs like education, and so forth.
Presidential Election polls and odds: https://2605.me/p
July 29th, 2022 at 4:41:37 PM
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I bought some tickets when I was in Washington last week, even paid for the subsequent drawing if Tuesdays did not hit. I know it is a waste of money, a terrible wager and will get the same outcome as if I set that $20 bill on fire. If I did win I would plan on giving most of it away and keeping a bit to live off of.
July 29th, 2022 at 5:15:03 PM
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Probably not. You've bought lotto tickets but you haven't set $20 bills on fire (it seems). Likely because the former delivers a significant buzz while the latter does not.Quote: NicksGamingStuffI know...will get the same outcome as if I set that $20 bill on fire.
Presidential Election polls and odds: https://2605.me/p
July 29th, 2022 at 5:46:38 PM
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i bought 2 tickets.
the 2nd ticket halves my odds.
So it's 50/50 chance now.
I either win or I don't.
(Common core math...)
the 2nd ticket halves my odds.
So it's 50/50 chance now.
I either win or I don't.
(Common core math...)
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 29th, 2022 at 6:40:59 PM
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Do you think one has a better chance to win Mega millions or get hit with the 23 ton Chinese booster rocket falling to Earth July 31?
What about both? Hit the lottery, then killed by rocket junk.
What about both? Hit the lottery, then killed by rocket junk.
There's no secret. Just know what you're talking about before you open your mouth.
July 29th, 2022 at 7:20:19 PM
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Quote: SOOPOOQuote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
You can split up the $600 million into 2400 separate FDIC insured accounts at 2400 separate banks for $250,000 each.
link to original post
How about deposit all into one bank account and use the interest, approximately $3m, to purchase insurance from the FDIC to cover the full amount?
tuttigym
July 29th, 2022 at 7:29:43 PM
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Quote: MichaelBluejayThat's how the operators and politicians spin it, but the reality is quite different. When a state gets more $ from gambling taxes, they reduce taxes in other areas (usually corporate taxes), so there's no "extra" money for education, or other programs. Nevada gets a tremendous amount of gambling tax $ but is 44th out of 50 states in spending per student. Almost all states that have adopted lotteries have seen education spending remain flat or even decrease.Quote: VegasriderIf anything the money generated could go back to support state run programs like education, and so forth.
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Ok but reducing taxes by the amount of lottery revenue is Pareto efficient. Lotto is a voluntary transaction.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
July 29th, 2022 at 7:32:34 PM
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Quote: 100xOddsi would split into the top 3 low cost brokrages ($200M each):Quote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
vanguard
fidelity
schwab
every single one of them i'm buying Target funds.
they automatically re-balance and will shift more into bonds as you approach your Target age.
easy passive automated management.
and brokerage going bankrupt (very unlikely) wont affect you financially since you own the mutual fund/etf.
the brokerage is like the holding company.
plus 4 banks with $250k each:
- 2 highly rated brick and mortar with branches near where you WILL move to
- 2 highly rated online only with ATM reimbursement
link to original post
What is "low cost" (define in terms of % fees)?
I personally have never had a brokerage fund, so how flexible are they to use to withdraw, distribute, and disperse funds, plus I believe the growth is tax deferred, but all withdrawals would be taxable with immediate growth (LIFO). Wouldn't a foundation be a better approach?
tuttigym
July 29th, 2022 at 7:38:37 PM
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I mentioned to my wife that the mega millions was over a billion now, and she said that I should get some tickets. She even made a list of numbers for 5 and said to use quick picks for the other 5.
I told her I would pick them up on the way back from the gym, but decided to get them before. I had no idea if there would be some long line of people as it grew closer to the drawing time and wasn't even sure what time the drawing was. I have never bought a lotto ticket before in my life. I had told her that if there was a long line I wasn't going to get any tickets at all.
At the convenience store (something I rarely enter as well) I stood in a short line then asked the clerk if I could just give him some numbers. He directed me to a booth with a pen and play slips. I had actually stopped there after entering but wasn't sure if that was required. So I went back and eventually found a slip that said Mega Millions and filled it out, mostly approximating the numbers my wife had given me, but even she had not done this in many years, and she had less than the requisite six numbers for each ticket so I improvised.
I did read something in this thread about tickets that locked in first prize only, but that was too much to consider for this lotto ticket virgin.
Anyway, I bought ten tickets - $20.
What does that $20. get me? Did I think about winning a billion during my workout? Yes, but only for a few seconds. Mostly I just assumed that I would not win and that nothing would come from this. How much anticipation and excitement derives from knowing that I have a chance at winning a billion? Not much, certainly less than even a table minimum bet at a blackjack or baccarat table, however, this very low level of juice flow is lasting longer than it takes to deal a hand of cards in that I bought the tickets around 5pm and turns out the drawing is at 8.
It seems that the mobile app is the easiest way to determine a win. I can't see myself going back to any store to scan the tickets, and I don't feel like running all the numbers past every row. On the other hand, I don't want to have to register anything to use the app. I could just give them to my wife and let her play with them after 8pm.
In any case, as KGB said to Mike, "It will all be over soon."
I do think that the most brilliant line the CA Lotto ever came up with was, "You can't win if you don't play." Finally, well into my adulthood, that line got to me. But I'd add that, neither can you lose.
I told her I would pick them up on the way back from the gym, but decided to get them before. I had no idea if there would be some long line of people as it grew closer to the drawing time and wasn't even sure what time the drawing was. I have never bought a lotto ticket before in my life. I had told her that if there was a long line I wasn't going to get any tickets at all.
At the convenience store (something I rarely enter as well) I stood in a short line then asked the clerk if I could just give him some numbers. He directed me to a booth with a pen and play slips. I had actually stopped there after entering but wasn't sure if that was required. So I went back and eventually found a slip that said Mega Millions and filled it out, mostly approximating the numbers my wife had given me, but even she had not done this in many years, and she had less than the requisite six numbers for each ticket so I improvised.
I did read something in this thread about tickets that locked in first prize only, but that was too much to consider for this lotto ticket virgin.
Anyway, I bought ten tickets - $20.
What does that $20. get me? Did I think about winning a billion during my workout? Yes, but only for a few seconds. Mostly I just assumed that I would not win and that nothing would come from this. How much anticipation and excitement derives from knowing that I have a chance at winning a billion? Not much, certainly less than even a table minimum bet at a blackjack or baccarat table, however, this very low level of juice flow is lasting longer than it takes to deal a hand of cards in that I bought the tickets around 5pm and turns out the drawing is at 8.
It seems that the mobile app is the easiest way to determine a win. I can't see myself going back to any store to scan the tickets, and I don't feel like running all the numbers past every row. On the other hand, I don't want to have to register anything to use the app. I could just give them to my wife and let her play with them after 8pm.
In any case, as KGB said to Mike, "It will all be over soon."
I do think that the most brilliant line the CA Lotto ever came up with was, "You can't win if you don't play." Finally, well into my adulthood, that line got to me. But I'd add that, neither can you lose.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
July 29th, 2022 at 8:25:16 PM
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If your wife does any grocery shopping just give her the ticket and there is probably a scanner at the customer service desk. You just run it under the scanner yourself; don't need to ask for service.
There's no secret. Just know what you're talking about before you open your mouth.
July 29th, 2022 at 8:40:27 PM
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Well I didn't win, that's for sure
July 29th, 2022 at 8:46:56 PM
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I downloaded the app. No account or login is needed. There is a Check-a-Ticket link near the bottom. It kept saying that results were not in yet, but just a few minutes ago came back with
for both tickets.
Big strike in Silver City. Beat the dealer and go home rich. Why not? I stopped at the Money Wheel and dropped a dollar on Thomas Jefferson - a $2 bill, the straight Freak ticket, thinking as always that some idle instinct bet might carry the whole thing off.
But no. Just another two bucks down the tube. You bastards!
My wife commented that she can't believe that 67 was one of the numbers, also that 14 would be the sixth number. Not sure why she thinks those two numbers could not have been predicted.
Did someone win? The billion I mean.
for both tickets.
Big strike in Silver City. Beat the dealer and go home rich. Why not? I stopped at the Money Wheel and dropped a dollar on Thomas Jefferson - a $2 bill, the straight Freak ticket, thinking as always that some idle instinct bet might carry the whole thing off.
But no. Just another two bucks down the tube. You bastards!
My wife commented that she can't believe that 67 was one of the numbers, also that 14 would be the sixth number. Not sure why she thinks those two numbers could not have been predicted.
Did someone win? The billion I mean.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
July 29th, 2022 at 9:00:01 PM
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After losing, I feel like the whole thing was rather...desperate,
and I feel a tad silly for having been sucked into it.
But beforehand I was thinking, There's a chance.
and I feel a tad silly for having been sucked into it.
But beforehand I was thinking, There's a chance.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
July 29th, 2022 at 9:02:03 PM
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Quote: MDawgDid someone win? The billion I mean.
Results still pending.
July 29th, 2022 at 10:47:24 PM
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Quote: tuttigymQuote: SOOPOOQuote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
You can split up the $600 million into 2400 separate FDIC insured accounts at 2400 separate banks for $250,000 each.
link to original post
How about deposit all into one bank account and use the interest, approximately $3m, to purchase insurance from the FDIC to cover the full amount?
tuttigym
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I was unaware an individual could purchase insurance from the FDIC. I know the insurance on accounts up to $250,000 is free.
It’s not what I’d do. I’d put a few million in FDIC accounts. Then the rest in various brokerages. I’d be 80+% in stocks. No need to be conservative when I’d only need a few percent of the total to take care of everything I’d want.
July 29th, 2022 at 11:01:57 PM
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I was hoping I'd win even though I didn't buy a ticket. The odds of winning without a ticket are 0, and with a ticket are (1/300M=) 0.00000000333333, which is essentially zero (it certainly rounds off to zero), so there's not much difference in your chances between having a ticket or not having a ticket, so I was still hoping.
Presidential Election polls and odds: https://2605.me/p
July 29th, 2022 at 11:19:46 PM
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If your house is bugged, the lotto ping pong balls will find a way to make you feel utterly unwelcome.
July 30th, 2022 at 4:42:12 AM
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Quote: MichaelBluejayI was hoping I'd win even though I didn't buy a ticket. The odds of winning without a ticket are 0, and with a ticket are (1/300M=) 0.00000000333333, which is essentially zero (it certainly rounds off to zero), so there's not much difference in your chances between having a ticket or not having a ticket, so I was still hoping.
link to original post
Just think of all the things you're going to buy with the $2 you saved.
There's no secret. Just know what you're talking about before you open your mouth.
July 30th, 2022 at 6:40:36 AM
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Anyone from Illinois?
July 30th, 2022 at 7:25:20 AM
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Quote: SOOPOOIt’s not what I’d do. I’d put a few million in FDIC accounts. Then the rest in various brokerages. I’d be 80+% in stocks. No need to be conservative when I’d only need a few percent of the total to take care of everything I’d want.
You mean $600m all by itself would not "take care of everything I need"?
How about $5m "in various accounts" (20 accts.) with 20 debit cards to access those accounts.? Sound reasonable.
tuttigym
July 30th, 2022 at 7:50:43 AM
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20 people won 1 million
6 won 2 million
6 won 2 million
There's no secret. Just know what you're talking about before you open your mouth.
July 30th, 2022 at 8:03:30 AM
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Quote: rxwine20 people won 1 million
6 won 2 million
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One person in California won $4,234,962 (because the non-Jackpot prizes in California are based on a percentage of the ticket sales within the state - "the version I heard was," some judge interpreted the state's Constitution to say that the lottery is not allowed to offer any game where it is possible for the total prizes to exceed the amount taken in).
July 30th, 2022 at 8:27:55 AM
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What would really boggle my mind would be looking at that small slip of paper the next day that was suddenly worth so much. I'd immediately develop obsessive-compulsive neurosis of checking and double and triple checking it was where it was when I last saw it. Even if I had a bolted down safe to put it in, I'd probably have to open the door a couple times to see if it was still there, until I got the security as the recognized payee.
But otherwise, I'd be normal as ever.
But otherwise, I'd be normal as ever.
There's no secret. Just know what you're talking about before you open your mouth.
July 30th, 2022 at 8:45:47 AM
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Quote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
If it should be my problem, I intend to take the annuity payment.
I think I can manage to stash $20m a year more easily than $600m at once.
When the long lost relatives appear with sob stories and questionable charities come calling with inspiring tales of hope, I can honestly say that this year's budget has been allocated, but I can consider their request in the next cycle.
I really hope the members of my immediate family inclined to collect bric-a-brac can keep it under the $55k/day hard limit, so we don't trend negative.
Maybe next time. I saved the $2.
May the cards fall in your favor.
July 30th, 2022 at 8:51:31 AM
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Quote: DieterQuote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
If it should be my problem, I intend to take the annuity payment.
I think I can manage to stash $20m a year more easily than $600m at once.
When the long lost relatives appear with sob stories and questionable charities come calling with inspiring tales of hope, I can honestly say that this year's budget has been allocated, but I can consider their request in the next cycle.
I really hope the members of my immediate family inclined to collect bric-a-brac can keep it under the $55k/day hard limit, so we don't trend negative.
Maybe next time. I saved the $2.
link to original post
I get the appeal of that. But I wouldn’t be able to pick the annuity with such a low implied IRR.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
July 30th, 2022 at 9:03:54 AM
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Quote: unJon
I get the appeal of that. But I wouldn’t be able to pick the annuity with such a low implied IRR.
Agreed. For this jackpot it was around 3.2%. I could put it in T-Bills and get more than that.
July 30th, 2022 at 9:25:44 AM
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Quote: DieterQuote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
If it should be my problem, I intend to take the annuity payment.
I think I can manage to stash $20m a year more easily than $600m at once.
When the long lost relatives appear with sob stories and questionable charities come calling with inspiring tales of hope, I can honestly say that this year's budget has been allocated, but I can consider their request in the next cycle.
I really hope the members of my immediate family inclined to collect bric-a-brac can keep it under the $55k/day hard limit, so we don't trend negative.
Maybe next time. I saved the $2.
link to original post
1. One would have to live long enough to collect the total amount. Premature death would be a bummer.
2. Your beneficiary provisions might create extensive problems with family members or actual dispersals.
3. As needs and life goals change, the restrictions of the annuity contract might interfere because there is no flexibility within the annuity contract.
4. The funds within the annuity would not grow while your lump sum amount could be directed to charitable trusts, living trusts, or other monetary vehicles that would remain in perpetuity as a legacy to be forever remembered.
5. The Dieter Foundation.
tuttigym
July 30th, 2022 at 9:53:41 AM
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Quote: unJonI get the appeal of that. But I wouldn’t be able to pick the annuity with such a low implied IRR.
link to original post
I understand and appreciate your point of view.
At $20m/year base, I hope to be able to fade the shortcomings of the specific vehicle.
May the cards fall in your favor.
July 30th, 2022 at 9:59:16 AM
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Quote: tuttigymQuote: DieterQuote: tuttigymMoving on. Two practical questions:
1. Where does one deposit $600m for future use?
2. How does one INSURE $600m while determining how to disperse funds for whatever?
tuttigym
link to original post
If it should be my problem, I intend to take the annuity payment.
I think I can manage to stash $20m a year more easily than $600m at once.
When the long lost relatives appear with sob stories and questionable charities come calling with inspiring tales of hope, I can honestly say that this year's budget has been allocated, but I can consider their request in the next cycle.
I really hope the members of my immediate family inclined to collect bric-a-brac can keep it under the $55k/day hard limit, so we don't trend negative.
Maybe next time. I saved the $2.
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1. One would have to live long enough to collect the total amount. Premature death would be a bummer.
2. Your beneficiary provisions might create extensive problems with family members or actual dispersals.
3. As needs and life goals change, the restrictions of the annuity contract might interfere because there is no flexibility within the annuity contract.
4. The funds within the annuity would not grow while your lump sum amount could be directed to charitable trusts, living trusts, or other monetary vehicles that would remain in perpetuity as a legacy to be forever remembered.
5. The Dieter Foundation.
tuttigym
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1. It goes to the trust, if I can swing it.
2. It goes to the trust, if I can swing it.
3. If my life goals exceed $50k/day, I think that's nature's way of telling me to dial it back a notch.
4. Why would I want the lump sum in the trust, exposed to malfeasance and shrink, instead of receiving 30 years of income? I know that any financial manager I hire is going to be sneakier and sharper than I am, or I wouldn't have hired her.
5. DieterCo seeks infamy, not fame.
May the cards fall in your favor.
July 30th, 2022 at 2:07:23 PM
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Take home 470 million after Illinois taxes
July 30th, 2022 at 2:56:10 PM
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Gosh, just take the cash and "bet it all on red."
"What, me worry?"
July 30th, 2022 at 4:05:34 PM
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Quote: MDawgAfter losing, I feel like the whole thing was rather...desperate,
and I feel a tad silly for having been sucked into it.
But beforehand I was thinking, There's a chance.
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Don’t feel too bad about losing, after all, you were a lottery virgin and didn’t know any better… Now you know that everyone always buys just one ticket!
Expectation is the root of all heartache.
July 30th, 2022 at 5:20:55 PM
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buy 2.Quote: camaplDon’t feel too bad about losing, after all, you were a lottery virgin and didn’t know any better… Now you know that everyone always buys just one ticket!
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that 2nd ticket cuts your odds of winning by half!
diminishing returns for additional tickets
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 30th, 2022 at 5:34:02 PM
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Quote: 100xOddsbuy 2.
that 2nd ticket cuts your odds of winning by half!
diminishing returns for additional tickets
Except for me that buys two with the same numbers. That way I will only have to split it with myself.
At my age, a "Life In Prison" sentence is not much of a deterrent.
July 30th, 2022 at 7:55:19 PM
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Are lottery winners generally people who play consistently? or are there examples of the guy who never bought a ticket before and suddenly won? I always assumed that the winners you read about have poured money into it all their lives.
Like big slots winners, I assume big slots jackpot winners have been playing regularly all their lives too.
Like big slots winners, I assume big slots jackpot winners have been playing regularly all their lives too.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
July 30th, 2022 at 8:49:28 PM
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Quote: MDawgAre lottery winners generally people who play consistently? or are there examples of the guy who never bought a ticket before and suddenly won? I always assumed that the winners you read about have poured money into it all their lives.
Like big slots winners, I assume big slots jackpot winners have been playing regularly all their lives too.
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If memory serves, I have heard the I rarely play winners story more than a few times.
Years ago several short documentaries were/are on YouTube about how most
lottery winners go broke. It boils down to if you give poor people money
in short time they will be poor again, there is a reason they are poor.
July 31st, 2022 at 8:08:36 AM
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there are beginner's luck stories.Quote: MDawgAre lottery winners generally people who play consistently? or are there examples of the guy who never bought a ticket before and suddenly won? I always assumed that the winners you read about have poured money into it all their lives.
Like big slots winners, I assume big slots jackpot winners have been playing regularly all their lives too.
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at a casino, they advertised a young looking guy winning $600k on a BlackJack sidebet.
turns out it was his 21st bday.
i bet you over his lifetime, he will lose more than $600k on BJ sidebets.
Now for the winner of the $1B lotto, i shudder to think of him/her losing $1B over their lifetime buying lotto/gambling in general.
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Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 31st, 2022 at 8:13:16 AM
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i shudder to think of the $1B winner going broke!Quote: rainmanYears ago several short documentaries were/are on YouTube about how most
lottery winners go broke.
It boils down to if you give poor people money:
in short time they will be poor again, there is a reason they are poor.
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if i would have won, i would do a real life Brewster's Millions.
Force myself to spend $30M in a month with following the same rules from the movie.
and if somehow my identity was leaked about being the $1B winner, then film daily my Brewster's Millions run just to see how much i would make from views.
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 31st, 2022 at 8:43:12 AM
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It is said that the majority of big lotto winners are broke, dead or in jail within 5 years of the big win, but I don't know how carefully that majority has been calculated.
As far as walking away from "big wins" a pretty young guy took a couple thousand to over a million at Baccarat in Vegas, and vowed never to return. A pit boss I know said he saw the guy again in the casino about six months later but that was told that he was just visiting not there to play.
It's not that hard to lose a fortune gambling, think of Terrance Wattanabe (-$204M over a couple? of years) or Omar Siddiqui (-$162M over 3 years), but as far as lotto winners getting into trouble I don't think it necessarily stems from gambling, just, somehow, many end up in bad situations as a result of not being able to handle the sudden life changes.
As far as walking away from "big wins" a pretty young guy took a couple thousand to over a million at Baccarat in Vegas, and vowed never to return. A pit boss I know said he saw the guy again in the casino about six months later but that was told that he was just visiting not there to play.
It's not that hard to lose a fortune gambling, think of Terrance Wattanabe (-$204M over a couple? of years) or Omar Siddiqui (-$162M over 3 years), but as far as lotto winners getting into trouble I don't think it necessarily stems from gambling, just, somehow, many end up in bad situations as a result of not being able to handle the sudden life changes.
Last edited by: MDawg on Jul 31, 2022
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
July 31st, 2022 at 10:15:45 AM
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Those maladaptations to sudden life changes are another reason I suggest the annuity payout.
Yeah, you might be hard up for 11 months after stocking up on fish eggs and flashy cars, but you can sort it back out again next year after learning your lesson.
Yeah, you might be hard up for 11 months after stocking up on fish eggs and flashy cars, but you can sort it back out again next year after learning your lesson.
May the cards fall in your favor.
