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Thread: Estimated jackpot $356 million

  1. #16
    Score Early, Score Often gonelong's Avatar
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by Hoosier Red View Post
    One of my favorite stories from "A Mathemetician at a Ballgame" involves a statistics professor who after hearing the jackpot had gone above $175 million told his students that if they were so inclined, now was the time to buy a lottery ticket because the payout for the ticket was finally more than the odds against winning.
    That's exactly what I was trying to figure out. At $356M it's sufficiently high enough to pay the "stupid tax" for $1.

    GL

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  3. #17
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by gonelong View Post
    That's exactly what I was trying to figure out. At $356M it's sufficiently high enough to pay the "stupid tax" for $1.

    GL
    Well remember that $356M is the PV of a 26 year annuity. If $259M cash jackpot scares you off, don't think it's higher than it is.
    When people say that I donít know what Iím talking about when it comes to sports or writing, I think: Man, you should see me in the rest of my life.
    ---Joe Posnanski

  4. #18
    Score Early, Score Often gonelong's Avatar
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by Hoosier Red View Post
    Well remember that $356M is the PV of a 26 year annuity. If $259M cash jackpot scares you off, don't think it's higher than it is.
    For a $1 I'll just throw caution to the wind and dare to dream.

    GL

  5. #19
    * Bat Votto Second * goreds2's Avatar
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    Re: Estimated jackpot $356 million

    I used to play the lottery twice a week. I now place that money in my retirement fund.
    * Attended the 1990 and 2010 Reds Division clinchers *

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  6. #20
    Member JaxRed's Avatar
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by goreds2 View Post
    I used to play the lottery twice a week. I now place that money in my retirement fund.
    I want to party with you, dude !!

  7. #21
    Titanic Struggles Caveat Emperor's Avatar
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by goreds2 View Post
    I used to play the lottery twice a week. I now place that money in my retirement fund.
    "Retirement" is going to be one of those words, someday, they make kids learn in school so that they can better understand old literature.
    Championships Matter.
    24 Years and Counting...

  8. #22
    * Bat Votto Second * goreds2's Avatar
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by JaxRed View Post
    I want to party with you, dude !!
    http://www.daveramsey.com/article/ga...y_other/text1/
    * Attended the 1990 and 2010 Reds Division clinchers *

    Watched the 2012 Clincher on FOX.
    Proud owner of a 1990 Dodge Class B Motorhome: A chick magnet!
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  9. #23
    Member medford's Avatar
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    Re: Estimated jackpot $356 million

    Dave is a little on the extreme side (not completely) but I don't think you can go wrong following his teachings. there are some things he advises against that I think can be to your benefit, if your disciplined, but his system takes out all self discipline as long as you stick to the plan. Like I said, you can't get hurt folllowing his advice.

    But with that said, someone was going to buy tickets, so I gave her a $1 for 1 ticket. might as well splurge a cup of coffee "just in case"

  10. #24
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    Re: Estimated jackpot $356 million

    Dave's right in the larger context. But if your retirement is sunk by missing $2/week, you're probably not going to retire in this century anyway.
    When people say that I donít know what Iím talking about when it comes to sports or writing, I think: Man, you should see me in the rest of my life.
    ---Joe Posnanski

  11. #25
    CELEBRATION TIME RBA's Avatar
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    Re: Estimated jackpot $356 million

    UPDATE: ESTIMATED JACKPOT $363 MILLION Draw Date: March 27, 2012Cash Option: $259 Million


    Just give me 10 million after taxes and I''l be happy.

  12. #26
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    Re: Estimated jackpot $356 million

    Quote Originally Posted by RBA View Post
    UPDATE: ESTIMATED JACKPOT $363 MILLION Draw Date: March 27, 2012Cash Option: $259 Million


    Just give me 10 million after taxes and I''l be happy.
    I don't know what the tax hit is on that $259 million, but I can't imagine the amount of request lotto winners all of a sudden see. All of a sudden, you're the guy to go to for the "measely" $50k they need to start up this business or buy that house, etc.

    At what point do you say no? how many people do you turn away? these are problems, that on the surface, seem like they'd be nice to happen, but if I ever found myself in the situation, I've got to imagine its a huge headache.

  13. #27
    Charlie Brown All-Star IslandRed's Avatar
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    Re: Estimated jackpot $356 million

    One night a long time ago, I was having trouble sleeping so I laid there and figured out what I would do if I ever had the winning ticket. Beat counting sheep. Long story short, the easiest way not to blow huge amounts of money or be endlessly tempted to give in to sob stories is to not keep a lot of liquid cash on hand. I decided that I'd figure out up front how much $$$ I was giving away and to whom (family members, friends, charities, etc.), most of the rest of it would go into long-term safe investments, and I'd keep only a relatively small amount for that first binge/splurge thing. I figured giving away a bunch up front wouldn't stop requests later, but it would give me the moral authority to say no (or "I gave at the office") and mean it. Especially since everyone I truly cared about would have been in on the first cut. If the jackpot was big enough, I'd just set up a foundation and if anyone wanted $$$ for a good cause they could try there, where it wouldn't be solely on me.

    Having said that, easier said than done, especially if you know the request is legit and the person is truly in need.

    Worst case, I'd be able to afford to move.
    Not all who wander are lost

  14. #28
    Member JaxRed's Avatar
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    Re: Estimated jackpot $356 million

    Spending a couple bucks on the lottery isn't a retirement plan....it's entertainment.

  15. #29
    Member 15fan's Avatar
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    Re: Estimated jackpot $356 million

    In round numbers, you'll clear about 40% (after taxes) if you take the cash option (which you always should)

    40% of $360 million is $144 million.

    I'll play $1 (1) if the pot is over $70 million, and (2) I happen to remember to buy a ticket while I'm already out.

    What would I do if I won?

    I'm not going to lie. It would be the most epic downward spiral of self-indulgent debauchery that the world has ever seen.

  16. #30
    Hey Cubs Fans RFS62's Avatar
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    Re: Estimated jackpot $356 million

    Your odds wouldn't be much different if you'd never been born
    "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
    ~ Mark Twain


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