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#1098561 - 01/13/16 07:38 PM So what would YOU do with 1.5 billion in lottery winnings?  
Joined: Apr 2001
Posts: 18,827
Brian Austin Whitney Offline
Brian Austin Whitney  Offline

Top 10 Poster

Joined: Apr 2001
Posts: 18,827
Indianapolis, IN USA
So I bought the winning ticket yesterday, but just for fun, let's say YOU win it.. what would you do?


Brian Austin Whitney
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"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney

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#1098565 - 01/13/16 08:14 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Brian Austin Whitney]  
Joined: Dec 2008
Posts: 9,069
John Lawrence Schick Offline
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John Lawrence Schick  Offline
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Joined: Dec 2008
Posts: 9,069
PA
Bank a million and give the rest away Brian. Canít imagine me ever needing more than that. Majority of workers donít make a million in a lifetime. Other than that... upgrade my music workstation and look for some movie scores that I can bribe the producer into. Yeah, kind of a simple person living a simple life I am. LOL

Best, John smile

#1098566 - 01/13/16 08:25 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Brian Austin Whitney]  
Joined: Dec 2000
Posts: 10,383
John Voorpostel Offline
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John Voorpostel  Offline
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Well, as I understand it, it is only $1.5 billion prize if you take it over 30 years. If you want it now, it is $930 million

Winnings are taxed at the highest federal tax rate of about 40% percent, then states, counties and cities also go for their cut, assuming they can. Some states don't tax winnings, or exempt them, but if you pay all, then that adds about 15%, or a total rate of 55%

Now there are tax brackets etc, but say you pay an actual amount of 50% of your winnings in tax, and the 1.5billion you take now, reduces to the 930 million and then again to about 466 million after all taxes are paid.

Nothing to sneeze at, but it seems the government is the big winner here. All lottery profits, plus 40% to 55% of the winnings go into the public purse.

No wonder they want to sell the jackpot frenzy...

If I won, I guess the first thing I'd do is cash that ticket in, take the lump sum, pay the 30% withholding tax (that's all I'd be liable for), put it into a bank account, and think long and hard about where it goes---I expect family, church, charities would be on my list.








If writing ever becomes work I think I'm going to have to stop

iAccountant --- Info L inc --- Taxboard
#1098567 - 01/13/16 08:34 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: John Lawrence Schick]  
Joined: Feb 2007
Posts: 10,549
Kevin Emmrich Offline
Kevin Emmrich  Offline


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Joined: Feb 2007
Posts: 10,549
Crozet, VA
Originally Posted by John Lawrence Schick
Bank a million and give the rest away Brian. Canít imagine me ever needing more than that. Majority of workers donít make a million in a lifetime. Other than that... upgrade my music workstation and look for some movie scores that I can bribe the producer into. Yeah, kind of a simple person living a simple life I am. LOL

Best, John smile


It is way, way too much money to win even if the government takes its share (25% federal and then state taxes). I would keep more than a million, John -- health care is expensive!!

I would probably have to give a lot away also. I just can't see how I could spend that much money. I am trying to get rid of things not add more to the collection! Other than that, vacation where I want, help family members and a bunch of charities that deserve help. Probably get a BOSE L2 PA while I was it, though!

P.S. I did actually buy a lottery ticket today, maybe the first in 30 years. I guess we all are a little greedy now and again.


"It's supposed to be hard. If it wasn't hard, everyone would do it. The 'hard' is what makes it great."
Kevin @ bandcamp: Crows Say Vee-Eh (and Kevin @50/90 2019)
#1098568 - 01/13/16 09:40 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Kevin Emmrich]  
Joined: Jan 2005
Posts: 13,301
Michael LeBlanc Offline
Top 10 Poster
Michael LeBlanc  Offline
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Joined: Jan 2005
Posts: 13,301
Louisiana
make my family and friends happy.make some strangers happy.make me laugh at a joke and you get 100 bucks.buy real estate.new tires on my truck.buy 1000 acres and live in the middle of it.some type of charity probably a childrens charity.throw a party and have Robert Plant,Bob Dylan play it.build a house on east coast,west coast,mountains.never leave the USA.forget facebook.pretty much whatever i want to do.that's just the first day!

#1098570 - 01/13/16 09:44 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Michael LeBlanc]  
Joined: Feb 2005
Posts: 7,302
Dave Rice Offline
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Dave Rice  Offline
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Joined: Feb 2005
Posts: 7,302
Texas
1. Hire qualified attorney to keep my name out of the press and avoid panhandlers, crooks and thieves.

2. Establish a trust fund for all my children and grandkids.

3. Endow my church.

4. Endow my favorite charities.

5. Send a ton to JPF.

6. Build the home of my dreams in an undisclosed location... complete with studio and a large barn for keeping all my junk.

7. Invest in worthy humans needing a hand up.

8. Save the rest... if there is any left.

#1098576 - 01/14/16 01:09 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Dave Rice]  
Joined: May 2001
Posts: 7,256
Ray E. Strode Offline
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Ray E. Strode  Offline
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Joined: May 2001
Posts: 7,256
Brunswick, Ga. USA
Splurge!
Uh, no. I would buy Donald Trump!
No, I have Grandkids. Any more questions?
Since I haven't bought any Lottery Tickets, don't even know
if they sell them in Georgia I guess I ain't gonna win the Lottery.
I of course could go down the road 50 miles and get some in Florida. All you folks that want to throw your money away you can send it to me.I have lots of places I can spend it!


Ray E. Strode
#1098580 - 01/14/16 05:07 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Ray E. Strode]  
Joined: Jul 2008
Posts: 8,591
glynda Offline
glynda  Offline

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Princeton Texas
Well....if I ever won...I'd get me the best recording studio there ever was and make me sound like a super star when singing...and I'd donate a fourth of it to JPF's...so we can all stay happy here and do our songs with each other...I'd make me 5 daughters very happy too...bank the rest...cuz I'm a simple lady..don't need much to make me happy...would like a little house by the lake or wooods...just a little one...that would be my own and no one could ever take it away from me.....just a one bedroom...with a deck....that's all...simple....log cabin even...

that's what I'd do....

glyn

#1098584 - 01/14/16 09:42 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: glynda]  
Joined: Jun 2011
Posts: 11,588
Travis david Online content
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Travis david  Online Content
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Kendal, Cumbria .UK
Of course there's those begging letters,I could stop sending them!


We are all in the gutter, but some of us are looking at the stars. Oscar Wilde
#1098585 - 01/14/16 10:11 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Travis david]  
Joined: May 2006
Posts: 7,905
Colin Ward Offline
Colin Ward  Offline

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Saint Petersburg. FL
I would move slowly to upgrade my personal lifestyle because I am basically happy doing what I do now. A nice studio, newer boat, cars, house, etc. would be gradual improvements that I would make, knowing that I could afford to pay others to take care of the maintenance which I presently do myself. I would buy a private island in the Bahamas for a getaway and travel more without regard to the cost of flights and hotels, etc.

Then I would take care of my close friends and a couple of relatives to insure their futures without taking away their incentives to do what they do. Some kids would get a trust fund for when they get older.

I would sponsor certain artist friends who deserve to be successful in their fields but who need help breaking through.

I am very skeptical about charitable organizations in general but I would look for ways to get people in the poverty cycle to get started on the right foot. I am horrified by the kids that grow up to be scumbags around here because their parent is a scumbag and that's all they know. There may not be enough money to fix that problem!

Then I would have fun with whatever time I have left.


Colin

I try to critique as if you mean business.....

http://colinwardmusic.com/

http://rosewoodcreekband.com/


#1098586 - 01/14/16 11:53 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Colin Ward]  
Joined: Aug 2002
Posts: 6,626
Everett Adams Online content
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Everett Adams  Online Content
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Joined: Aug 2002
Posts: 6,626
,NL Canada
I don't buy lottery tickets so I have no worry about winning. I say WORRY because there is a DOWN side to winning large money. First you will be bugged to death to buy this, buy that, plus every so and so will be looking for a hand out and I don't mean charities. You'd better make sure all your love one are protected against kidnapping for ransom. There was a survey done with winners of large lotteries over the years and half of them said they wish they had never won it, stating the very reasons I mentioned above.

Winnings in Canada are not taxed, but most of the money from ticket sales go back to governments, so it is a tax but it is a volunteer tax, you are not forced to buy the tickets. In the US the government gets you coming and going, I assume the ticket sales goes to governments plus you are taxed on the winnings. No wonder they like to see those prizes get so high, it starts a buying frenzy. For Canadians winning in the US, they must pay a tax on it, may not be as high as citizen of the US, but I believe there is a law in the US where there is another tax on taking that money out of the US. I saw it on the news, not sure how much it is. I can remember when gambling was against the law in Canada, now it is promoted by governments as another way to tax the people, usually the poor people, hoping to win and get out of poverty. Good luck with that.

#1098588 - 01/14/16 12:21 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Everett Adams]  
Joined: Nov 2010
Posts: 6,134
Vicarn Offline
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Vicarn  Offline
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Joined: Nov 2010
Posts: 6,134
UK
I'd hide it in a big hole in the ground and tell the government I mislaid it.


It's never too late? Yes it is, so do it now.

If, given time, a monkey can write the complete works of Shakespeare maybe there's hope for me.

http://store.cdbaby.com/cd/vicarnold2

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http://soundcloud.com/vic-arnold

#1098591 - 01/14/16 12:40 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Vicarn]  
Joined: Dec 2000
Posts: 10,383
John Voorpostel Offline
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John Voorpostel  Offline
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Posts: 10,383
Well unless you live in Munford Tennessee, Chino Hills California, or Melbourne Beach Florida, or passed through there in the last week, AND you bought a ticket, you do not have to worry about making any decisions as to how to spend your windfall.

Of course government is still happy because they can now also cash in big.


If writing ever becomes work I think I'm going to have to stop

iAccountant --- Info L inc --- Taxboard
#1098593 - 01/14/16 01:14 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: John Voorpostel]  
Joined: Feb 2005
Posts: 7,302
Dave Rice Offline
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Dave Rice  Offline
Top 30 Poster

Joined: Feb 2005
Posts: 7,302
Texas
Heh, heh, heh!

#1098795 - 01/17/16 07:15 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Dave Rice]  
Joined: Jun 2006
Posts: 7,712
Jim Colyer Offline
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Jim Colyer  Offline
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Joined: Jun 2006
Posts: 7,712
Nashville, Tennessee usa
I would spend more time in the studio.

#1098799 - 01/17/16 10:09 PM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: Jim Colyer]  
Joined: Jan 2008
Posts: 2,707
MidniteBob Offline
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MidniteBob  Offline
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Joined: Jan 2008
Posts: 2,707
Raleigh, ya'll
I'd buy a tropical island and bury myself up to my neck in cabana girls.

Actually, I wouldn't need $500 mil for that. A simple, $1.5 million winnings would probably do it.

Midnite


Satchel was right. Something is gaining on me.

The Shoebox & Dinner at Eight trailers available at:

http://www.twometer.com/Two_Meter_Studios/HOME.html
#1098819 - 01/18/16 06:02 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: MidniteBob]  
Joined: Jul 2008
Posts: 8,591
glynda Offline
glynda  Offline

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Princeton Texas
I'd really just like to have a small house in the woods or lake...with a studio to do my own songs and music....and a new hunter green Trooper...lol.....

glyn

#1098895 - 01/19/16 09:41 AM Re: So what would YOU do with 1.5 billion in lottery winnings? [Re: glynda]  
Joined: Dec 2007
Posts: 3,541
Michele Howlett Offline
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Michele Howlett  Offline
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Hunter Valley NSW Australia
Hi Brian!I'd keep enough for the rest of my life and then I would share the rest!☺


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