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What's the first thing you'd do if you won the Lottery?
Posted by: EthioMan ()
Date: February 23, 2012 09:48AM

Let's say u win $10 million (after all taxes). What's the first thing you'd do, and would you tell your family and friends about your win? Would u choose to receive it in installments or get it all?

Let's what u people would do with the money.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: smart people ()
Date: February 23, 2012 09:52AM

EthioMan Wrote:
-------------------------------------------------------
> Let's say u win $10 million (after all taxes).
> What's the first thing you'd do, and would you
> tell your family and friends about your win? Would
> u choose to receive it in installments or get it
> all?
>
> Let's what u people would do with the money.


1. Hire tax lawyer
2. Go with what he says in payment
3. Invest
4. Pay off debts
5. Donate to super pac
6. Cash in political favor
7. Repeat steps 5-6
8. Run for office

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 23, 2012 09:55AM

Id buy the board from Cary, find eesh's address and swiftly insert my boot up his ass! Ha!

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: NeedMore ()
Date: February 23, 2012 09:56AM

Family, yes. Friends, no. Payoff all debt, give some to family members, set up couple of trust funds for my 2 kids, maybe move to bigger, newer house; if not, then couple of major renovations to existing one, buy new car or two, invest the rest.

$10 million is not enough to retire on at my age.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: wonderingg ()
Date: February 23, 2012 09:57AM

Does VA lottery require for your picture to be taken before u can receive the money? or could you remain annon?

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 23, 2012 09:59AM

NeedMore Wrote:
-------------------------------------------------------
> Family, yes. Friends, no. Payoff all debt, give
> some to family members, set up couple of trust
> funds for my 2 kids, maybe move to bigger, newer
> house; if not, then couple of major renovations to
> existing one, buy new car or two, invest the
> rest.
>
> $10 million is not enough to retire on at my age.


Then you sir, are a financial retard.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: wonderingg ()
Date: February 23, 2012 10:03AM

I was reading something where they said most people who win the lottery end up broke and in debt few years later. Some even end up killing themselves, because of it. Why would someone who just won millions and millions of dollars be doing something like that? I never understood that. Wasn't there like a dude few years back in Virginia or somewhere who won like $300 million and his daughter end killing herself or something?

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: NeedMore ()
Date: February 23, 2012 10:04AM

JBass Wrote:
-------------------------------------------------------
>
> Then you sir, are a financial retard.

No, just a realist. By the time I shared some of it with my family, in today's economy, I would not get enough return on investment to live like I want to.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:04AM

Take 4 million and stick it in conservative investments for the future. Take another 4 million and put it in interest-producing investments that will provide an annual income of about $120K to $150K a year. Take $2 million and move to a place I really want to live, pay down any debts I may have and finish funding my kids' college education.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Farley ()
Date: February 23, 2012 10:06AM

WashingTone-Locian Wrote:
-------------------------------------------------------
> Take 4 million and stick it in conservative
> investments for the future. Take another 4 million
> and put it in interest-producing investments that
> will provide an annual income of about $120K to
> $150K a year. Take $2 million and move to a place
> I really want to live, pay down any debts I may
> have and finish funding my kids' college
> education.


Your kids are getting closer to college and you haven't fully funded their educational needs? If you haven't done it by now, you may be too late.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: EthioMan ()
Date: February 23, 2012 10:08AM

I am sure most people who lost it all, also had those ideas too WTL. If it's so simple, why did they loose it all? I am sure they had access to accountants and other smart people around to advice.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:13AM

Nobody is donating to charity? Smh FFXUZ

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 23, 2012 10:13AM

EthioMan Wrote:
-------------------------------------------------------
> I am sure most people who lost it all, also had
> those ideas too WTL. If it's so simple, why did
> they loose it all? I am sure they had access to
> accountants and other smart people around to
> advice.


You assume too much and give the general public WAY too much credit. I watched one of those lottery shows once and some snot nosed lil 19 year old kid blew his fortune "investing" into his own brand of WWE. Paid the wrestlers crew, set-up a studio. Complete retard.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Eli Khalife ()
Date: February 23, 2012 10:14AM

EthioMan Wrote:
-------------------------------------------------------
> Let's say u win $10 million (after all taxes).

Invest in CD that pays a fixed rate of 2% which would give myself a salary of $200,000/year.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:18AM

EthioMan Wrote:
-------------------------------------------------------
> I am sure most people who lost it all, also had
> those ideas too WTL. If it's so simple, why did
> they loose it all? I am sure they had access to
> accountants and other smart people around to
> advice.


Because they are fucking stupid and have never worked with money before. I have.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:19AM

Farley Wrote:

>
>
> Your kids are getting closer to college and you
> haven't fully funded their educational needs? If
> you haven't done it by now, you may be too late.


Do you know my kids' age? I have time. If you don't think I do, you have the wrong person...again.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:21AM

JBass Wrote:
-------------------------------------------------------

>
>
> You assume too much and give the general public
> WAY too much credit. I watched one of those
> lottery shows once and some snot nosed lil 19 year
> old kid blew his fortune "investing" into his own
> brand of WWE. Paid the wrestlers crew, set-up a
> studio. Complete retard.


There's a show about lottery winners on some network like TLC and about half the people seem to invest wisely and the other half do the kind of shit you are talking about. This one guy signed on as a guarantor on a loan for a hotel with a guy he barely knew and lost everything. Fucking idiot.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: TheMeeper ()
Date: February 23, 2012 10:22AM

I'd buy condos in a few cities that I'd like to live in and spend my seasons living in different locations. Nothing luxurious, just a place to call home, away from bad weather. The rest I'd invest to produce a six figure income. I'd probably travel around alot.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Les ()
Date: February 23, 2012 10:28AM

I'd look into ways of maintaining my anonymity. All kids of sleaze, related and unrelated, are going to come looking for you.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: TheMeeper ()
Date: February 23, 2012 10:31AM

Les Wrote:
-------------------------------------------------------
> I'd look into ways of maintaining my anonymity.
> All kids of sleaze, related and unrelated, are
> going to come looking for you.


I wouldn't tell anyone, at least not for a few years. I could actually do that and feasibly get away with it.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Ben Stiller's Dad ()
Date: February 23, 2012 10:32AM

I'd let it sit in the bank and live off the interest. 0.65% interest at Capitol One Bank.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 10:34AM

I would move to Dubai City.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 10:34AM

.65%? you could find MUCH better interest with that amount of money.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: mememememe ()
Date: February 23, 2012 10:39AM

buy a new house
get lots of pretty girls pregnant.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Les ()
Date: February 23, 2012 10:39AM

I think his name is Jerry Stiller. His mom is Ann Meara.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Stillen ()
Date: February 23, 2012 10:42AM

Stop spreading shit you fucktard.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: February 23, 2012 10:51AM

Current Powerball pre-tax lump sum is $43.3 million, current Megamillions pre-tax lump sum is $60.4 million:

http://www.powerball.com/pb_home.asp

http://www.megamillions.com/

The total fed+(VA)state tax rate for such a lump sum is about 40.75%, plus or minus - that is, you get to keep, after all is said and done, about 59.25% of the lump sum, plus or minus (Virginia takes an immediate 28% before you get anything, but you're still on the hook for the rest of the taxes at tax time).

So your in-the-pocket bucks after getting hit with taxes is about $25.5 million for the current Powerball and about $35.5 million for the current Megamillions, noise level change ignored.

Either one of those buckets of cash place you in the "uber wealthy" category, I believe (which I think someone somewhere defines as starting at about $30 million in assets).

So...the SECOND thing you do - and you should ALREADY have done it if you buy lottery tickets - is to Google for "What do you do if you win the lottery"...there are LOTS of useful links off such a search, including at least a few to books on what to do if you are suddenly wealthy!

The FIRST thing you do, of course, is sign the lottery ticket, make (digital) copies of front of back, distribute those copies to more than one remote site, make hardcopies of front and back, and put the ticket in a safe deposit box IMMEDIATELY.

You do NOT tell friends or relatives (other than spouse) ANYTHING.

Then you contact an Asset Protection Attorney and arrange a fee-only use of that attorney's services. Same applies to Financial Planner(s). In each case, the people you contract with should be familiar/experienced with handling the affairs of the uber-wealthy - the CPA/FP you use for your current taxes is probably NOT the one you want to use anymore since you are now in an entirely different financial world.

==========

Since you're going to be signing VERY costly contracts with the above, you should retain an attorney who will be used simply to review and approve those and other contracts BEFORE you sign them.

==========

Either of the two dollar amounts mentioned above should EASILY earn MUCH more than a million dollars (pre-tax) per year WITHOUT touching the principal amount.

==========

After you have collected the bucks and stashed MOST of it away in safe havens as decided by your asset protection attorney and financial planner, you should plan on spending about 10% for anything at all. The theory with this is - hey! You may die tomorrow! Spend while you can and ENJOY that winning as if there literally is no tomorrow! Party party party!

Your steady state income will be relatively huge - think about how that income will be used. Think of what your most valuable asset is - typically "time" to most people - and use that income to save you the most time. You and your spouse, for example, are rather unlikely to do any laundry, cleaning, most shopping, possibly driving, just about any of the day-to-day tasks that non-uber-wealthy folks have to do.

The odds of winning are way against anyone - but if you DO win, do it right.

[I'm thinking of that poor winner who got himself murdered because he pretty much continued to live his former life, including former "friend" type...bad move!]

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Stinkfist ()
Date: February 23, 2012 11:02AM

Pay off my parents mortgage.

Buy a nice vacation home (probably in OBX) where I could have large family gatherings.

Fund a lacrosse program at an all black school.

Buy some incredible suits..perfectly tailored.

Invest my money.

Work at a non-profit agency.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 23, 2012 11:07AM

People who claim they would keep working are the biggest bullshitters out of all of us. Complete hogwash.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:08AM

JBass Wrote:
-------------------------------------------------------
> People who claim they would keep working are the
> biggest bullshitters out of all of us. Complete
> hogwash.


+1

Fuck that shit.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Stinkfist ()
Date: February 23, 2012 11:10AM

Im not burned out yet

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: February 23, 2012 11:11AM

Stinkfist Wrote:
-------------------------------------------------------
> Pay off my parents mortgage.

Ya know, that's pretty much something similar to what I was thinking awhile back about first use of bucks...but at THAT level of wealth it become problematic because of liabilities!

You pay off someone's mortgage either you end up owning the home, thus are liable for law suits against that property, or the now-paid-off owners have a massive tax bill to pay because of your "gift".

Sometimes things aren't straight-forward.

[e.g., the first thing I would do with the spare change is pay off my own mortgage - but I'd probably set up an LLC or something FIRST that ONLY owned the property in question - that way any law suits against that property couldn't get to MY money but only the "broke" LLC...etc etc etc]

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: TheMeeper ()
Date: February 23, 2012 11:12AM

JBass Wrote:
-------------------------------------------------------
> People who claim they would keep working are the
> biggest bullshitters out of all of us. Complete
> hogwash.


+1

Guarantee I wouldn't be working. I guess it's nice to think that you'd remain productive and hardworking, but trust me, the very first time something shitty happened at work, you'd realize you have millions of dollars and you'd be out the door pronto.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:20AM

I genuinely like what I do, so I'd keep working, but only part time or on call of whatever.

I'd buy a house... and travel.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Hay Zeus ()
Date: February 23, 2012 11:21AM

I would buy the entire town of clifton and make it a great place to party.Nothing like being a big fish in a small pond.

I also enjoy what i do and would keep working, otherwise your mind goes to waste and you'll die in your 60's because you will lack purpose in life.



Edited 2 time(s). Last edit at 02/23/2012 11:36AM by Hay Zeus.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 11:24AM

Oh yeah, I would buy that house Elle Diabla and Puddin Taine are renting in Manassas Park and evict them. I would hire a couple of people standing outside a 7-11 to go into that home and throw all their belongings onto the street while I sit outside in a lawn chair laughing my head off.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 11:26AM

Hay Zeus Wrote:
-------------------------------------------------------

> I also enjoy what i do and would keep working,
> otherwise your mind goes to waste and you'll die
> in your 60's because you will lack purpose in
> life.





Having said that, vapid cunts like Paris Hilton and the Bush twins will probably live past 90.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: digitalpoop ()
Date: February 23, 2012 11:28AM

JBass Wrote:
-------------------------------------------------------
> People who claim they would keep working are the
> biggest bullshitters out of all of us. Complete
> hogwash.

Haha I somewhat agree but here's what happened to me. Now keep in mind it wasn't 10 million dollars but it was a lot of money. So stupid VA Lottery had this world series of poker scratcher with a top prize of 150 grand. It was a texas hold em type of set up. So I scratch the first spot and reveal a pocket pair of aces and the rest of cards reveal another ace. The dealer's hand had a 3 of a kind but it was jacks. I scratch the prize and see $150,000 and nearly shit my pants! I put the ticket under the lottery scanner and it says winner. I am shaking and my first thought actually wasn't quitting my career rather how this will enhance my career. I was actually worried that it would complicate things. These thoughts of course were mixed with the paint job I was gonna get on my new Shelby GT500. Anyways the cashier was like "wow," scanned the ticket and gave me my $5! Yeah apparently me being the poker dumbass I am, and VA Lottery for being the biggest crooks in the state, it was a 3 of a kind but a straight at the same time!!! So, yeah, $5 off a new Mustang

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:33AM

eesh Wrote:
-------------------------------------------------------
> Oh yeah, I would buy that house Elle Diabla and
> Puddin Taine are renting in Manassas Park and
> evict them. I would hire a couple of people
> standing outside a 7-11 to go into that home and
> throw all their belongings onto the street while I
> sit outside in a lawn chair laughing my head off.


+1000000000

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: puddin tard ()
Date: February 23, 2012 11:37AM

I thought that they bought that house?? He posted that they bought a house on a "big piece of land".

betterthanyoubitch Wrote:
-------------------------------------------------------
> eesh Wrote:
> --------------------------------------------------
> -----
> > Oh yeah, I would buy that house Elle Diabla and
> > Puddin Taine are renting in Manassas Park and
> > evict them. I would hire a couple of people
> > standing outside a 7-11 to go into that home
> and
> > throw all their belongings onto the street while
> I
> > sit outside in a lawn chair laughing my head
> off.
>
>
> +1000000000

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Hay Zeus ()
Date: February 23, 2012 11:37AM

Hay Zeus Wrote:
-------------------------------------------------------
> I would buy the entire town of clifton and make it
> a great place to party.Nothing like being a big
> fish in a small pond.
>
Maybe even hire JBass to play the town drunk

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:37AM

What about hiring a nanny for Chuck so his mom can get out of the house alone sometimes?

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:39AM

eesh Wrote:
-------------------------------------------------------
> Oh yeah, I would buy that house Elle Diabla and
> Puddin Taine are renting in Manassas Park and
> evict them. I would hire a couple of people
> standing outside a 7-11 to go into that home and
> throw all their belongings onto the street while I
> sit outside in a lawn chair laughing my head off.


Lmao

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: MrMephisto ()
Date: February 23, 2012 11:40AM

1. Fake my own death.

2. Disappear.

3. Hookers.

--------------------------------------------------------------
There is no such thing as innocence, only degrees of guilt.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:40AM

Tax-free municipal bonds. Look it up.

-----------------------------------------------

"...your suffering will be legendary even in Hell!"

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:43AM

puddin tard Wrote:
-------------------------------------------------------
> I thought that they bought that house?? He posted
> that they bought a house on a "big piece of land".


Can someone repost that meme? I'm on my phone right now :/ or just pretend I did

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:43AM

On second thought, I'd by 10 million lotto tickets!

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 11:46AM

betterthanyoubitch Wrote:
-------------------------------------------------------
> What about hiring a nanny for Chuck so his mom can
> get out of the house alone sometimes?






I would start a college fund for his daughter, since Chuck already spent what he saved up on cigarettes and porn sites.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 23, 2012 11:50AM

Hay Zeus Wrote:
-------------------------------------------------------
> Hay Zeus Wrote:
> --------------------------------------------------
> -----
> > I would buy the entire town of clifton and make
> it
> > a great place to party.Nothing like being a big
> > fish in a small pond.
> >
> Maybe even hire JBass to play the town drunk

If you think Im the drunk of that town..... There are some ol timers that put me to shame!

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: get some ()
Date: February 23, 2012 11:56AM

Review my and if needed get liability insurance, if I decided to quit work look into a good health insurance, believe it or not that money could go with multiple illnesses in the family.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: tomahawk ()
Date: February 23, 2012 08:01PM

That most lottery winners can't handle money and blow it and kill themselves isn't surprising; there's a reason they play the lottery in the first place.

eesh Wrote:
-------------------------------------------------------
> Oh yeah, I would buy that house Elle Diabla and
> Puddin Taine are renting in Manassas Park and
> evict them. I would hire a couple of people
> standing outside a 7-11 to go into that home and
> throw all their belongings onto the street while I
> sit outside in a lawn chair laughing my head off.

LOL /thread. Spite is the best thing to spend money on.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: rich and filthy ()
Date: February 23, 2012 08:05PM

I would hire a guy to do nothing all day except respond to WTLs numerous posts.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Vexxxed ()
Date: February 23, 2012 08:16PM

rich and filthy Wrote:
-------------------------------------------------------
> I would hire a guy to do nothing all day except
> respond to WTLs numerous posts.


4 more years II already has that job.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Iwould ()
Date: February 23, 2012 08:19PM

I would get lots of asian women pregnant and buy a large house to house all my kids and future babies.

Everyday sex with chinese and japanese and korean

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: graymoose1 ()
Date: February 23, 2012 08:19PM

Buy a small farm, maybe 20 acres. Raise a couple steers, hogs, and sheep. Build a big place for our dog rescue and start trust funds for the grandkids.
And buy a Jeep.

---------------------------------------------------
W.W.S.D. what would Scooby Doo

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Odor May Vary ()
Date: February 23, 2012 08:21PM

Move to Wasilla.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 08:26PM

hell, i'd buy mike tyson's old place

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: loveit ()
Date: February 23, 2012 08:29PM

rich and filthy Wrote:
-------------------------------------------------------
> I would hire a guy to do nothing all day except
> respond to WTLs numerous posts.


LOL.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: friskydingo ()
Date: February 23, 2012 08:32PM

If it was just 10 million, I'd pretty much do what most people here have described.. Unfortunately, I feel like 10 mil ain't that much.


Don't tell anyone

Hire specialized attorney, accountant, wealth management

Probably buy a decent house and a couple cars

Invest in Bonds and high paying dividend stocks mostly

Realistically expect 2.5-5% interest

Live within my means of 250k a year from interest.

Maybe open my own small business to occupy my time

 

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: friskydingo ()
Date: February 23, 2012 08:33PM

OR

spend six months in a Las Vegas pent house and come back broke and with an even worse substance abuse problem.

 

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: friskydingo ()
Date: February 23, 2012 08:39PM

Some states allow winners to collect anonymously through corporations or trusts that the winner sets up to receive the money, to maintain anonymity.

Unfortunately Virginia does not allow this.

 

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 08:42PM

friskydingo Wrote:
-------------------------------------------------------
> Some states allow winners to collect anonymously
> through corporations or trusts that the winner
> sets up to receive the money, to maintain
> anonymity.
>
> Unfortunately Virginia does not allow this.


I really think that is retarded... you have to change your whole life around because of that if you win. People are going mail you a bunch of bullshit non-stop trying to get money... On that show everyone is talking about there was a guy in Florida who got packages made out to "powerball winner" no address or anything. That would just get scary. You don't know what kind of freaks are out there.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 08:45PM

friskydingo Wrote:
-------------------------------------------------------
> Some states allow winners to collect anonymously
> through corporations or trusts that the winner
> sets up to receive the money, to maintain
> anonymity.
>
> Unfortunately Virginia does not allow this.





Probably has something to do with be able to evade taxes.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: friskydingo ()
Date: February 23, 2012 08:46PM

I'm not sure why Virginia requires a real human to receive the prize money.. I'd say it was for tax purposes, but I'm pretty sure Virginia does not tax lottery winnings. If you win in VA, you only have to pay federal taxes.

EDIT: You would have to pay future Virginia income taxes on money generated from the initial prize

Im not completely sure tho

 



Edited 1 time(s). Last edit at 02/23/2012 08:48PM by friskydingo.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Les ()
Date: February 23, 2012 09:11PM


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Re: What's the first thing you'd do if you won the Lottery?
Posted by: itchy ()
Date: February 23, 2012 10:50PM

Pay lizzy to stop posting

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Elli khalife ()
Date: February 23, 2012 10:54PM

I would masturbate while shoving my wife's vibrator up my ass.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: eesh ()
Date: February 23, 2012 10:56PM

Les Wrote:
-------------------------------------------------------
> Set up a blind trust.
>
> http://www.ehow.com/how-does_5616648_blind-trust-w
> ork-lottery-winners_.html






Great job using a content farm as a source.

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Re: What's the first thing you'd do if you won the Lottery?
Date: February 23, 2012 11:00PM

Elli khalife Wrote:
-------------------------------------------------------
> I would masturbate while shoving my wife's
> vibrator up my ass.


Do you really need $10 million for that?

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Hatemotor ()
Date: February 23, 2012 11:16PM

eesh Wrote:
-------------------------------------------------------
> Oh yeah, I would buy that house Elle Diabla and
> Puddin Taine are renting in Manassas Park and
> evict them. I would hire a couple of people
> standing outside a 7-11 to go into that home and
> throw all their belongings onto the street while I
> sit outside in a lawn chair laughing my head off.


I'm pretty sure you could sell tickets to that event,,,

One please,,,

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: kleenex ()
Date: February 24, 2012 01:27AM

JBass Wrote:
-------------------------------------------------------
> NeedMore Wrote:
> --------------------------------------------------
> -----
> > Family, yes. Friends, no. Payoff all debt,
> give
> > some to family members, set up couple of trust
> > funds for my 2 kids, maybe move to bigger,
> newer
> > house; if not, then couple of major renovations
> to
> > existing one, buy new car or two, invest the
> > rest.
> >
> > $10 million is not enough to retire on at my
> age.
>
>
> Then you sir, are a financial retard.

And, you sir, are a snotty bitch.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Nothing different ()
Date: February 24, 2012 06:49AM

If you don't need to report your name in the newspaper I would not tell a soul.

I would still work since I own my own company. I would fly first class and take a couple more vacations. Right now I take five weeks a year.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: February 24, 2012 10:51AM

friskydingo Wrote:
-------------------------------------------------------
> I'm not sure why Virginia requires a real human to
> receive the prize money.. I'd say it was for tax
> purposes...

I believe Virginia's Learned Assembly made this the law back when, I think, an Australian (?) corporation entered one of the large lotteries with a HUGE number of tickets - and won (*). The Braindead cried "Unfair!" so Virginia's Learned, of course, made a law against it without worrying about other consequences.

> ...but I'm pretty sure Virginia does not
> tax lottery winnings. If you win in VA, you only
> have to pay federal taxes.

Nah, you're on the hook for the entire Virginia tax hit of 5.75% for this high a prize; I actually asked the Lottery folks because the wording of the law is somewhat ambiguous:

--------
§ 58.1-4025. Exemption of lottery prizes and sales of tickets from state and local taxation.

Except as provided in Chapter 3 of Title 58.1 and § 58.1-4011, no state or local taxes of any type whatsoever shall be imposed upon any prize awarded or upon the sale of any lottery ticket sold pursuant to the State Lottery Law.
--------

http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+58.1-4025

That sure looks like there is no tax other than Fed, but that "Except..." part is where the gotcha comes in.

==============

(*) When I read what that corporation had done - bought something like half the possible tickets or something equally ridiculous like that - I just gasped and said "But what if there had been TWO winners!?".

I believe the corporation either had to sue to try to claim their prize or is STILL suing to claim their prize.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: JBass ()
Date: February 24, 2012 11:00AM

Olde Farte, I remember hearing about this like 15 years ago. It was a casino, if Im not mistaken and they were trying to buy every single possible number combination to juarantee a win. The prize must have been more than the total number of tickets and expenses to take on such a feat.

They fell short on obtaining all of them in the time between drawings and luckily found that they did indeed have the ticket.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Red Croutons ()
Date: February 24, 2012 11:45AM

Buy my soul back and get a time machine to see if I can correct them past mistakes

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: March 24, 2012 04:15PM

Current Megamillions is now about $150 million AFTER taxes (in Virginia) if you take the "lump sum" prize.

That's worth a buck gamble, huh?

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lucky Dube ()
Date: March 25, 2012 07:21PM

Pool 100 members to put in $20 bucks each.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Invest in Meade$$$$$$$$$ ()
Date: March 25, 2012 07:30PM

Invest in a Meade extravaganza call it "Meadeapolouza 2012". I see some untapped wealth there for a man with vision, all he needs is the publicity and a gimmick to strike it rich.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: March 25, 2012 08:16PM

Lucky Dube Wrote:
-------------------------------------------------------
> Pool 100 members to put in $20 bucks each.

Odda are about 180,000,000:1

(or is that 1:180,000,000?)

With 2000 tickets you're not even scratching the surface...

BTW - based on the number of SECOND place winners I would guess the first place is going to be won REAL soon - there are, like, 45 or so possible 2nd place combos that DON'T win 1st place and they've essentially all been used up the last two drawings.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lester ()
Date: March 25, 2012 09:07PM

It looks like the last drawing paid out roughly 23 million dollars in prizes and rolled over an additional 50 million dollars in cash for the grand prize. State lotteries pay out rougly 50%. Probably close to 150 million tickets being purchased.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: March 26, 2012 07:51AM

Lester Wrote:
-------------------------------------------------------
> It looks like the last drawing paid out roughly 23
> million dollars in prizes and rolled over an
> additional 50 million dollars in cash for the
> grand prize. State lotteries pay out rougly 50%.
> Probably close to 150 million tickets being
> purchased.

Ah, cool - I was wondering about total ticket sales - be interesting to look at Powerball to see if their recent change was worth it, or some of the apparent-to-this-viewer losers like "Win for Life" that seem to have no winners (thus probably few players) at all.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: iwoulddothis ()
Date: March 26, 2012 08:19AM

0. get monthly installments as they last longer.
1. Make my house look like new inside and out.
2. get a new car.
3. pay off all bills.
4. decide hwo much to give to family members.
5. Buy out the townhouses to the left and right of me and merge the homes together AKA smashing down the walls.
6. Since I am single I woudl rent out the rooms only to very pretty girls dirt cheap. Advertise rooms to rent only in non english newspapers. this will keep out most of the american low lifes.

7. upgrade the house to modern standards. which means also each room will have a CAT6 internet. Buy Solar cells to replace the shingles with them.(VERY EXPENSIVE!)

8. One side of the house will be just for working out and will have hottub and sauna in the basement. Get myself on the local HOA and kick out the undesirables. such as kicking people out who stores tires outside their front door.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: res ()
Date: March 26, 2012 10:39AM

WashingTone-Locian Wrote:
-------------------------------------------------------
> Take 4 million and stick it in conservative
> investments for the future. Take another 4 million
> and put it in interest-producing investments that
> will provide an annual income of about $120K to
> $150K a year. Take $2 million and move to a place
> I really want to live, pay down any debts I may
> have and finish funding my kids' college
> education.


I would do the opposite..... 4 mil in Growth oriented investments for 10+ years from now, and 4 mil in conservative investements to live off of.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Duh? ()
Date: March 26, 2012 12:39PM

Fund the murder of my enemies.

Isn't that what everyone would do?

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lester ()
Date: March 26, 2012 07:24PM

Sales appear to exceed the last drawing. The cash value has already jumped another 4 million plus (and 7 million more to the annuity).

http://www.marketwatch.com/story/mega-millions-jackpot-increased-to-363-million-third-largest-jackpot-in-mega-millions-history-2012-03-26

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Ralph Pootawn ()
Date: March 26, 2012 07:28PM

Buy a gold plated Kia.



Edited 1 time(s). Last edit at 03/26/2012 07:28PM by Ralph Pootawn.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: curious ()
Date: March 26, 2012 08:37PM

I'm curious as to how many of you actually buy lottery tickets?

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Alpha Male ()
Date: March 26, 2012 08:47PM

I would buy tons of hookers and blow.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: March 27, 2012 05:01PM

curious Wrote:
-------------------------------------------------------
> I'm curious as to how many of you actually buy
> lottery tickets?

I certainly am - how many chances does one get to pocket $150+ million AFTER taxes?

------------

If you go to a casino, even a CHEAP casino, the minimum bet is usually no lower than $5. For that $5 bet you get a chance to win, like, $7.50 if you're at a blackjack table.

So, okay, I'm willing to lay down $5 for a hit-by-meteor-odds chance of winning $150+ million.

And even if I lose, the money goes toward education rather than a casino owner's pocket.

Win-win!

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lester ()
Date: March 27, 2012 05:19PM

I played the 5-number Virginia lottery a few years ago for $200 over a period of 3 months and tried to pick numbers using based on the frequency with which the the numbers were recently turning up in the draws. I ended up out $110. I was at break even for several weeks and then the losses started to take their toll.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lester ()
Date: March 27, 2012 05:24PM

The lotteries do multiple runs before the actual drawing which minimizes the possibility that the numbers selected in the previous drawing have any impact on the that night's.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: 476 million dollar jackpot ()
Date: March 28, 2012 08:30AM

Friday drawing.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: well done sir ()
Date: March 28, 2012 09:14AM

+1 that made me lol. alot.

Ralph Pootawn Wrote:
-------------------------------------------------------
> Buy a gold plated Kia.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Olde Farte ()
Date: March 28, 2012 09:44AM

476 million dollar jackpot Wrote:
-------------------------------------------------------
> Friday drawing.

Yup - now up to $202+ million after taxes if won in Virginia by resident.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Lester ()
Date: March 28, 2012 09:52AM

Another food stamp recipient won the Michigan lottery. They should be required to reimburse the state or split the prize 50-50 with the taxpayers.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: 1 CORINTHIANS 9 ()
Date: March 28, 2012 09:59AM

Lester Wrote:
-------------------------------------------------------
> Another food stamp recipient won the Michigan
> lottery. They should be required to reimburse the
> state or split the prize 50-50 with the taxpayers.


Gambling is immoral (it's legalized stealing) and it should be banned.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Numbers ()
Date: March 28, 2012 10:33AM

MrMephisto Wrote:
-------------------------------------------------------
> 1. Fake my own death.
>
> 2. Disappear.
>
> 3. Hookers.


+ 1,000,000

_____________________________________________________

Making friends and building bridges, one FU at a time.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Hank Moody ()
Date: March 28, 2012 10:37AM

Lester Wrote:
-------------------------------------------------------
> The lotteries do multiple runs before the actual
> drawing which minimizes the possibility that the
> numbers selected in the previous drawing have any
> impact on the that night's.


If that's the case then the lottery is a scam.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: TheMeeper ()
Date: March 28, 2012 10:48AM

Hank Moody Wrote:
-------------------------------------------------------
> Lester Wrote:
> --------------------------------------------------
> -----
> > The lotteries do multiple runs before the
> actual
> > drawing which minimizes the possibility that
> the
> > numbers selected in the previous drawing have
> any
> > impact on the that night's.
>
>
> If that's the case then the lottery is a scam.

Previous random events have absolutely no affect on future random events. It doesn't matter how many times they run the machines the night before, that has zero impact on probability. I'm sure they probably test run the machines to make sure they're functioning, but it has nothing to do with impacting the next day's random numbers.

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Re: What's the first thing you'd do if you won the Lottery?
Posted by: Hank Moody ()
Date: March 28, 2012 11:05AM

TheMeeper Wrote:
-------------------------------------------------------
> Hank Moody Wrote:
> --------------------------------------------------
> -----
> > Lester Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > The lotteries do multiple runs before the
> > actual
> > > drawing which minimizes the possibility that
> > the
> > > numbers selected in the previous drawing have
> > any
> > > impact on the that night's.
> >
> >
> > If that's the case then the lottery is a scam.
>
> Previous random events have absolutely no affect
> on future random events. It doesn't matter how
> many times they run the machines the night before,
> that has zero impact on probability. I'm sure
> they probably test run the machines to make sure
> they're functioning, but it has nothing to do with
> impacting the next day's random numbers.

Precisely!

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