Mega Millions Lottery winner

[stevej37]

Friday's billion dollar winner was from Novi, Michigan.
The taxes (state and fed) add up to $305 million.
If he takes the winnings in one check...that leaves $434 million in his pocket.
If he takes it over 30 years as an annuity...he will gain about $200 million.

$2 for the ticket...I hope he spends it well.

[biosurfer1]

Talk about a no lose decision.

Either way, money shouldn't ever be a problem for that person again, and if they are smart, no one will ever know they won.

[stevej37]

It was purchased at a Kroger store in Novi.
I'll bet it won't be kept quiet.

[id10t]

Had a coworker who won 10 mil.

He did it right - he didn't really have a life (late 50s, pushed multimedia equipment aroudn between classrooms) and he'd figured he'd just crawl in a bottle. He stuck around to see two certain people get fired (took 2 years) and at that point he was only 3 years away from his full state retirement benefits too, so he stuck it out. Turns out he and a woman from another department had been hiding a relationship from the rest of us for 15 years or so, so they retired together and are enjoying grandkids from her first marriage.

[3rd_gear_Ted]

The quit putting the "Big Spin" on TV
Too many off the cuff remarks.
My fave was when host asked if the guy was married?
The winner screamed; I used to be!!!!

[masraum]

Originally Posted by stevej37

Friday's billion dollar winner was from Novi, Michigan.
The taxes (state and fed) add up to $305 million.
If he takes the winnings in one check...that leaves $434 million in his pocket.
If he takes it over 30 years as an annuity...he will gain about $200 million.

$2 for the ticket...I hope he spends it well.

That'd be tough. I think I'd prefer to get it all now and invest. But as stated, either way assuming the remainder can be inherited if you die before the 30 years is up, you can't really choose incorrectly.

[ckelly78z]

We would not stay in the area, we would be looking for 100+ rural acres near water to build up a nice retirement haven, and invite a few friends, and family to join us.

[Baz]

Bought a ticket Friday but haven't checked the numbers yet. Got 5 quick picks. And 5 quick picks for Lotto too.

I used to play the same set of numbers for Lotto and buy ahead 50 draws (half a year) at a time. Need to do that again at some point.

[pwd72s]

I'm hoping it was a group pool of workers that won...

I didn't buy in...a fear of winning. That much money would ruin my life.

[drcoastline]

Originally Posted by masraum

That'd be tough. I think I'd prefer to get it all now and invest. But as stated, either way assuming the remainder can be inherited if you die before the 30 years is up, you can't really choose incorrectly.

I used to think take the annuity and get paid over twenty years and pay taxes as you receive the money. One day a few years ago when researching my theory I came across a video from Kevin O' Leary from shark tank. What struck me first is, if you take the annuity you are at risk if the state or lottery commission goes bankrupt? I never thought of that. Take the money upfront. Second if you invest moderately you will actually earn more at the end of the twenty years. I can't find the video I saw but this one from him is similar.

[1990C4S]

He's a complete douche, but that's not terrible advice.

[Mike Andrew]

Too bad, that after taking $305M in taxes, that money it will get taxed again as it is spent. And any $ earned with it will be taxed. Should be a tax holiday for the winner as they have already paid far more in taxes than any 100 "regular" folks ever will in the course of their lifetimes.
When is enough, enough?

One payment for me, with 20% in cash so my bank transactions over $10K are not flagged and so that I get all of it.

[URY914]

Let say I win. Do my wife and I claim together so she still gets the 20 year payout when I die in five years? Can a couple or even a family claim the winning ticket?

[Zeke]

Originally Posted by URY914

Let say I win. Do my wife and I claim together so she still gets the 20 year payout when I die in five years? Can a couple or even a family claim the winning ticket?

Good questions and that's why any big winner needs to see an attorney and financial planner before taking the loot. A big winner should be able to afford the best in advice. That would be my course.

I do seem to see that lots of sudden money has messed up many winner's lives. I don't quite understand that unless it's simply plain ignorance which is on display everywhere. I would do a LOT of traveling. Why? Well, if I'm constantly on the move, people won't have much of an opportunity to bug me about money.

And I would travel well. Think of a rock star like Mick Jagger. Private planes, limos, 5 star accommodations, catered food, etc. But to break out now and then and just roam the back roads of Europe or Japan (to name a couple) would be part of the plan.

I have no use for 3 houses on one cul sac like Elon Musk just unloaded for 30+ million. I might have some use for a real '73 922 Carrera RS from Canepa.

[Norm K]

I'll take it all in one shot, thank you very much, as I have little faith in the future solvency of government at pretty much all levels.

_

[masraum]

Originally Posted by Zeke

Good questions and that's why any big winner needs to see an attorney and financial planner before taking the loot. A big winner should be able to afford the best in advice. That would be my course.

I do seem to see that lots of sudden money has messed up many winner's lives. I don't quite understand that unless it's simply plain ignorance which is on display everywhere. I would do a LOT of traveling. Why? Well, if I'm constantly on the move, people won't have much of an opportunity to bug me about money.

And I would travel well. Think of a rock star like Mick Jagger. Private planes, limos, 5 star accommodations, catered food, etc. But to break out now and then and just roam the back roads of Europe or Japan (to name a couple) would be part of the plan.

I have no use for 3 houses on one cul sac like Elon Musk just unloaded for 30+ million. I might have some use for a real '73 922 Carrera RS from Canepa.

Maybe a new shoulder and a new Skil 77?

[kach22i]

Originally Posted by drcoastline

........... What struck me first is, if you take the annuity you are at risk if the state or lottery commission goes bankrupt? .......

Yep, and the whole state can go under as well.

I bought a couple tickets from a Kroger on the 21st, first time in about nine months.

Got the multiplier and the power play on Mega Millions and the Power Ball, spent $6, getting $4 back.

I usually lose half of what I spend, so the real key to winning is not to play at all.

[stevej37]

^^^ Play the michiganlottery.com
It's free to play the 'spin to win'.....$5000 given to the winner each month.

[JackDidley]

I am a total failure when it comes to gambling. There is a casino about 15 miles from me. Went 1 time in 20 years. About once a year I will spend $20 on powerball tickets. Just a random time, not when the money is big. I really dont see the differnce in me winning 1 million or 100. Id likely give most of the 100 million away. I am not money motivated. Never had a lot. Always had enough.

[stevej37]

I just do it for the fun of it. I never risk more money than I would spend in a given day.

Playing MI online lottery...a person needs to start an account to play. I have deposited $200 to start mine. I play almost every day and I now have $650 in my account.
My theory is...once you win anything of any amount....get out (log out) of the site.