ILLMAS Posted October 17, 2018 Report Posted October 17, 2018 Have you bought your Mega lottery ticket yet? 1 Quote
FDNY Posted October 17, 2018 Report Posted October 17, 2018 I was just offered to go in with two others for $10 each. But the times I bought a ticket I've never had even 1 number, so I would probably jinx them. I still have time, I need to think about this. Not that I'm cheap, but I adhere to Arnold Rothstein's method of betting, "I don't bet unless I know the outcome." With the odds I think in the trillions that $10 will buy me one of Abby's or Judy's martinis, if I throw in a few extra bucks, and I would consider myself a winner having one of my simple pleasures. 4 Quote
JohnH Posted October 18, 2018 Report Posted October 18, 2018 I've always followed the theory that my odds of wining the lottery are roughly the same whether I buy a ticket or not. 6 4 Quote
Eric Posted October 18, 2018 Report Posted October 18, 2018 3 hours ago, JohnH said: I've always followed the theory that my odds of wining the lottery are roughly the same whether I buy a ticket or not. You can still write down some numbers and check them against the winning pick, though. That way you can still experience the thrill of participation and the disappointment of not winning, but without paying for it. 4 4 Quote
Roberts Posted October 18, 2018 Report Posted October 18, 2018 My wife and all of her co-workers buy tickets in a pool. I'm bothered more by losing than I am by missing the opportunity so I don't actively participate. If she wins I will participate in the spending. 7 Quote
Pacun Posted October 21, 2018 Report Posted October 21, 2018 On 10/17/2018 at 4:11 PM, FDNY said: Not that I'm cheap, but I adhere to Arnold Rothstein's method of betting, "I don't bet unless I know the outcome." I follow the same principle and I buy tickets constantly. I have always known the outcome and I have not been proven wrong. OUTCOME= I lose my investments. 3 5 Quote
Richcpaman Posted October 22, 2018 Report Posted October 22, 2018 On 10/21/2018 at 7:22 AM, Pacun said: I follow the same principle and I buy tickets constantly. I have always known the outcome and I have not been proven wrong. OUTCOME= I lose my investments. I put in $4. One Mega and one PowerBall ticket. So, I am up to $8 a week. And I don' buy them every week. Lets say, I buy them for 40 weeks. That is $320 a year. Whatever I hit? Will beat whatever returns I have ever gotten in my SEP plan.... And yes, I will pay to fly everyone here to the next social get together.... 9 Quote
Abby Normal Posted October 22, 2018 Report Posted October 22, 2018 I would hate to win late in the year because my plan would be to give most of it away to charities. I would definitely hit the 50% limit in donations and have carryover for future income. 2 3 Quote
Richcpaman Posted October 22, 2018 Report Posted October 22, 2018 4 hours ago, Abby Normal said: I would hate to win late in the year because my plan would be to give most of it away to charities. I would definitely hit the 50% limit in donations and have carryover for future income. You set up the Family Foundation, and contribute cash to that. Then you pay out of your Foundation to those charities you wish to support without the rush. Even supports the annuity option with this method. 4 Quote
FDNY Posted October 22, 2018 Report Posted October 22, 2018 15 minutes ago, Richcpaman said: You set up the Family Foundation, and contribute cash to that. Then you pay out of your Foundation to those charities you wish to support without the rush. Even supports the annuity option with this method. If that happens we should quickly apply for 501(c)(3) status for our Association for Prevention of Cruelty to Tax Practitioners. 5 3 Quote
Gail in Virginia Posted October 22, 2018 Report Posted October 22, 2018 And in some states you have up to a year to claim lottery prizes, which should give you plenty of time. I think the least amount of time is 90 days. Make people wonder who won. 6 Quote
Possi Posted October 23, 2018 Report Posted October 23, 2018 And now, you can donate 60%! I did buy some tickets, and that's unusual for me. What would you do if you won? If money wasn't a factor, what would you love to do most? Don't say "travel" and don't say, "charity." Be specific. I'd fly everybody to Rita's, just to freak her out. Then, I'd buy a nice place in Gatlinburg big enough for my family to gather but not to live. Then, I'd buy my PITA sibling a home of her own to be sure she never had to live with me. Then, I'd find a way to change Social Services so that no child flies under the radar to be abused or neglected. I'd create a non-profit full of surrogate grandparents to watch over at-risk families and work with CASA to keep children safe. Maybe not in that order. Don't judge. We all have "that sibling." I'd probably buy her house first. 3 4 Quote
RitaB Posted October 23, 2018 Report Posted October 23, 2018 My kids and I were talking about this Sunday afternoon. Erin is going to make sure our church debt is paid. That was sweet then it went downhill from there because I warned her she has to spread the tithe around to lots of organizations and hide out the rest of her life because - you know - it would be awful with all the moochers coming out of the woodwork. We'd all have to move and change our identities. I don't know why you think I'd freak out Donna... 3 4 Quote
Gail in Virginia Posted October 23, 2018 Report Posted October 23, 2018 I would announce I had won, throw a huge party, pay my church's debt on our new construction, and then enter the witness protection program - surely with that much money I can bribe my way in. 3 4 Quote
BLACK BART Posted October 23, 2018 Report Posted October 23, 2018 Personally, the last thing I won was a cakewalk when I was eleven years old. But...I always enjoy it when the "poor guys" win instead of the well-off (doctors, lawyers, etc.). I once saw a Missouri boy who hit one for half a million bucks or so interviewed on TV. He was a factory "hand" in jeans and baseball cap; humble and unpretentious. Asked what he was going to do with it, he said "Well, first thing I'm going to pay off my truck; then I need to catch up on some electric bills. Next, I'm going to get my teeth fixed and I have to help out my mama." "And then?" the reporter asked. He grinned and said "We're all going to Disneyland!" I know such remarks seem sort of simple given the enormity and magnitude of the situation, but it was his good character that was impressive. He was sincere. 8 Quote
JohnH Posted October 23, 2018 Report Posted October 23, 2018 These days you need to win the lottery to afford a family trip to Disneyland... 1 7 Quote
Possi Posted October 23, 2018 Report Posted October 23, 2018 28 minutes ago, JohnH said: These days you need to win the lottery to afford a family trip to Disneyland... And the movies! Holy Cow! @BLACK BART I absolutely love that. 3 1 Quote
Lynn EA USTCP in Louisiana Posted October 23, 2018 Report Posted October 23, 2018 I am going to fund an endowment for Boykin Spaniel Rescue with a portion of the proceeds. The rest is going into savings. I don't need a new car (my 2007 Volvo wagon is still going strong). My house is inherited and paid for. I will splurge on first class airfare when the situation calls for it (overseas flights for example). I will set up an annual gifting program to my sons, grandchildren, nieces and great niece and great nephew. 5 Quote
Richcpaman Posted October 23, 2018 Report Posted October 23, 2018 Depending on circumstances of the win, at least 20-25% will go to charity. The Family Foundation gets it, and then we distribute it. Rotary would get a nice chunk. I would spend some money on proper golf lessons, so I could go to great golf courses and not embarrass myself... My Wife would start a Horse Rescue operation. And ride a lot more. We would travel, and as my Wife and I discussed last night, stay there long enough to get bored and come back to the new house. I would probably go the "Net-Jets" route instead of First Class. We would set up Trust funds for the various family members. Let them buy new houses or pay off their existing ones with that money. I have that "sibling" that I want to keep at arms length. Really, in many respects, we would do what we are doing now.... only "more" of it. It would be a gift, and I would share. Rich . 5 Quote
Jack from Ohio Posted October 23, 2018 Report Posted October 23, 2018 Everyone will need to be careful of gift tax... 3 Quote
Abby Normal Posted October 23, 2018 Report Posted October 23, 2018 14 minutes ago, Jack from Ohio said: Everyone will need to be careful of gift tax... I'd hire someone on this board to do handle all of my taxes. One of the younger ones. 4 2 Quote
FDNY Posted October 23, 2018 Report Posted October 23, 2018 Well, I never thought of this because I haven't bought a lottery ticket in ages, but after reading all your posts and all the good intentions I will buy a ticket. If I do win it is because of all of you. So since I know how to find you I will give to all those who posted here. I have a close family member with Parkinson's so a good amount of the money will go for research. Animal Rescues too. I will keep a large sum handy to help me with care giving because I know winter is coming. And oh yes, that one sibling....he gets 15K a year towards a house if at least 3,000 miles away. I'm not paying any gift tax so he gets off easy. Now I better go buy a ticket. 3 1 Quote
Catherine Posted October 23, 2018 Report Posted October 23, 2018 Good luck, @FDNY! I would step up my current giving to various missions, humanitarian groups (especially those working to rescue/rehabilitate trafficked girls in Asia and elsewhere), and churches. Veteran help groups. Some medical research organizations. I would also set up an active gifting program for my girls, in ways they can get to but with effort. For example, one step would be to fully fund their Roth IRA's every year. Basically, any group I would otherwise leave an amount to on my death, I'd rather give over time while I'm alive. That way, as organizations change, I can change my giving too. Which reminds me - @Eric is there a way to set up recurring donations to the forum? 4 1 Quote
Lion EA Posted October 23, 2018 Report Posted October 23, 2018 It would be great to increase my giving. If it's important when I'm closer to poor, then it will be important if I were to become rich. My church, Appalachia Service Project, cancer research, the educational foundation of ADPi, and a few others. And, a fund for my granddaughter plus some for my sister whose health cut short her working years. And, hubby and son if their needs increase. If I didn't have to work, I'd be volunteering more, so more to that organization(s) whatever it might be. House repairs and enough savings to get us through all the medical issues beginning to arise (hip replacement 5 November, for instance). Probably some to Bridgeport University which gave me a free MBA in finance as the first Benton Fellow. The NY/CT-Association of Tax Professionals works to help accounting students explore tax preparation, attend our seminars, etc., so probably some to help the next generation of EAs. I could fly to Rita's and buy all the provisions for the next gathering (with the current jackpot, I could fly ALL of us to Rita's!) I don't think I would run out of ideas. 5 Quote
SaraEA Posted October 24, 2018 Report Posted October 24, 2018 We never buy lottery tickets, but we did buy ONE for each of the last two drawings. It was worth the six bucks because the dreaming was so much fun. Pay off the kids' mortgages, give one who's having a baby soon the option to quit work and stay home, see what the other one most wants, set one of their in-laws up for life in a continuing care community, build the other's in-laws their dream house, endow retirement and payroll plans for the staff of two local schools for children with emotional disorders so they can hire and keep the best workers, maybe build one or both a high school so they can serve older children. pay someone to clean my house every week, and of course hubby needs a car with a hemi and maybe a race car team. I cannot let down my loyal clients so will work at least one more tax season (did I just say that?) And first things first: Pay someone $50k or whatever it takes for their box seats in Boston to watch the Red Sox win! 6 Quote
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