Winning $425 Million Powerball Lottery Ticket Sold in Milpitas

Discussion in 'The Cocktail Lounge' started by admin, Feb 20, 2014.

  1. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Not a disgusting question at all. I think that you should keep as much of your $ as legally possible. The less any and all of us have to fork over to big brother the better!

    Look at muni bonds and investments such as Roth IRA & 401k and variable universal life insurance. There are also tax-deferred products such as non-Roth IRAs, 401ks, and annuities.
     
  2. uggonen

    uggonen Well-Known Member

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    425m$ lottery? Crap if I only had won it :D Too bad we only have pots of like 12m€ in Finland. Euro Jackpot is the biggest winning lottery you can play in Finland and it can be played all over in the Europe.
     
  3. dianethare

    dianethare Senior Investor

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    So the money had to be taxed huh?:confused: Caesar{tax office} couldn't see how Steve Tran of Northern California could part with all of it huh? Well either way, his life has changed completely, i do hope though, he'll get to spend that money wisely and keep an emergency fund for a rainy day...i know i would!
     
  4. mark973

    mark973 Well-Known Member

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    Too bad they never know what to do with the money and end up spending it all in a crazed shopping spree.
     
  5. mark973

    mark973 Well-Known Member

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    But still, that's an enormous sum of money. I'm sure he didn't care about every single million he could have taken. I'm just wondering how he plans of spending all that money.
     
  6. Silver

    Silver Active Member

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    He doesn't need to plan. If he said his name on the news you can bet that everyone and their mother who heard it has plans for it themselves. Lost lost cousins coming out of the woodwork and investment schemes that will "help him" maintain his wealth.

    If you win the lottery, don't tell anyone anything and you'll be better off.
     
  7. nashvilleshelby

    nashvilleshelby Active Member

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    I would take the lump sum as well. If you do your money the right way and place the money in cash cow investments then you can be sure to grow it. I get leery about the cash installments. I have this paranoia that at some point the money will not be there during that time period that I would be expecting installments.

    The taxes are really hefty, but you are either going to pay it over time or all at once.
     
  8. uggonen

    uggonen Well-Known Member

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    Don't you think it would be bad ass to take the money as 1$ bills? :D That would be hilarious!
    OT: If I won that kind of money I would definitely invest like 90% of it. With wise investments they will grow some percentage per year and you would never have to worry about anything again!
     
  9. ColonelMustard

    ColonelMustard Member

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    Haha, That would be great, in that case he could buy a pool AND fill it with 1$ bills. Like a real life Scrooge McDuck.

    But seriouly, if I had won that crazy amount of money I would't have told anyone. I think your life is so much better that way, otherwise everybody looks at you as "that guy with that crazy amount of money on his bank account". Unless you want to make some fake friends of course, in that case I would tell it to people.
     
  10. JaydonTyler

    JaydonTyler Well-Known Member

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    Best thing to do would be to tell people that the money you did receive was taxed down and then buy a nice house/car/etc - making it seem like you have enough to live comfortable, but you are not super rich. Either that or just ignore all free loaders and possibly move away.
     

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