Powerball WINNAH!

[x3 skier]

Small wager: He'll be broke inside 2 years.

No bet (but I bet he'll have some fun for a while).
Cheers

 

[LannyPC]

One of the three (3) lottery holders winner; appeared this morning on the NBC Today morning news show holding their winning ticket.

As happy as I am for that winner, I wonder how long it's going to be before "friends" and long-lost relatives start coming out of the woodwork with bee-ess sob stories about how they need money for this, that, and the other or how they all of a sudden need thousands of dollars for this medical procedure to somehow save their life.

Or the worst is how these "friends" or relatives had a minor problem that they were handling before but now, this problem and its potential consequences have somehow suddenly escalated to totally intolerable and the best way to fix it is with a wad of money such as "Hey, I've been living with my little kids for the last seven years in this low-life, crime-infested neighbourhood for the last seven years and it's not safe. I need some money to get the family into a more suitable neighbourhood that unfortunately costs more than we can afford but can at least give the kids a better chance at life. "

 

[am1]

No bet (but I bet he'll have some fun for a while).
Cheers

Hopefully he at least puts some in the bank, spends some on beer and girls. Even if he wastes the rest.

 

[WinniWoman]

What I want to know is- what do ou actually do with that check? You can;t just go to a bank and deposit it? LOL!

I assume you would need high level attys- like ones that Rupert Murdock or Donald Trump or Warren Buffet might use- and it must take years to get the money dispersed properly to how the winner wants it- trusts, overseas banks, real estate, investments, savings, gifts, charities,debts, purchases, businesses, etc.

I problem I would love to have, of course.....

 

[dioxide45]

What I want to know is- what do ou actually do with that check? You can;t just go to a bank and deposit it? LOL!

I assume you would need high level attys- like ones that Rupert Murdock or Donald Trump or Warren Buffet might use- and it must take years to get the money dispersed properly to how the winner wants it- trusts, overseas banks, real estate, investments, savings, gifts, charities,debts, purchases, businesses, etc.

I problem I would love to have, of course.....

Yes, a good financial planner is a must. Break up the distributions before paying the tax is key. You want to avoid gift tax.

 

[VegasBella]

I let the machine pick the numbers. $6 (net $2 loss) was worth the amusement. .

Never did understand why someone thinks a pick of a particular set of numbers will make any difference in a 1 in 262 Million chance.

As I already explained, there's no difference in the chance of your numbers hitting. But there's likely a big difference in the chance that IF your numbers hit and you chose popular numbers then you are more likely to have to split the jackpot.

Let me illustrate:
1 in 262 million chance to win 1/3 of 1.5 billion dollars OR
1 in 262 million chance to win 1.5 billion dollars

Here, these articles explain it:
http://understandinguncertainty.org/it-possible-improve-your-chances-winning-big-national-lottery
https://www.mathsisfun.com/data/lottery.html

 

[dioxide45]

Odds are actually 1 in 292 million.

 

[MuranoJo]

About the winner who showed up on national TV--that's something I'd do everything I could to avoid. Two big winners here in ID years ago did go 'big' public (one on The Tonight Show with Johnny and one as a back page in Kiplingers).

Unfortunately, only a few of the states allow winners to remain anonymous. But I've heard you can get around having to identify yourself by working with trusts. Not sure it it's true.

 

[FLDVCFamily]

As happy as I am for that winner, I wonder how long it's going to be before "friends" and long-lost relatives start coming out of the woodwork with bee-ess sob stories about how they need money for this, that, and the other or how they all of a sudden need thousands of dollars for this medical procedure to somehow save their life.

Or the worst is how these "friends" or relatives had a minor problem that they were handling before but now, this problem and its potential consequences have somehow suddenly escalated to totally intolerable and the best way to fix it is with a wad of money such as "Hey, I've been living with my little kids for the last seven years in this low-life, crime-infested neighbourhood for the last seven years and it's not safe. I need some money to get the family into a more suitable neighbourhood that unfortunately costs more than we can afford but can at least give the kids a better chance at life. "

My thoughts exactly. One of the three winners lives here. It's only rumors as to who it is right now, but I feel bad for this person already. You'd basically have to go into witness relocation if you won this lottery IMHO. Everyone and their brother is going to be after you for cash and you won't know who is genuine anymore

 

[mariamintonwa]

Powerball

I can not image if I were the winner

 

[WinniWoman]

Yes, a good financial planner is a must. Break up the distributions before paying the tax is key. You want to avoid gift tax.

I would think you need more than just a financial planner. You need big time attys.

 

[Passepartout]

I would think you need more than just a financial planner. You need big time attys.

You would certainly (or wisely anyway) assemble a team of advisors for guidance and to avoid the sharks that would instantly gather to help themselves at the winner's expense.

Unfortunately, it is not a problem that I, or any other TUGgers I'm aware of, have.

Jim

 

[Glynda]

Quick picks

I let the machine pick the numbers. $6 (net $2 loss) was worth the amusement. .

Never did understand why someone thinks a pick of a particular set of numbers will make any difference in a 1 in 262 Million chance.

Cheers

I heard on TV that 75% of lottery winning tickets are the quick picks...not numbers the buyer chooses himself.

 

[Glynda]

Winner's calls...

As happy as I am for that winner, I wonder how long it's going to be before "friends" and long-lost relatives start coming out of the woodwork with bee-ess sob stories about how they need money for this, that, and the other or how they all of a sudden need thousands of dollars for this medical procedure to somehow save their life.

Or the worst is how these "friends" or relatives had a minor problem that they were handling before but now, this problem and its potential consequences have somehow suddenly escalated to totally intolerable and the best way to fix it is with a wad of money such as "Hey, I've been living with my little kids for the last seven years in this low-life, crime-infested neighbourhood for the last seven years and it's not safe. I need some money to get the family into a more suitable neighbourhood that unfortunately costs more than we can afford but can at least give the kids a better chance at life. "

The husband of the couple from TN, who appeared on NBC's Today Show, said his phone hadn't stopped ringing. By the 9AM segment of the show, he'd taken it out of his pocket and had one of the producers holding on to it. That was just the beginning I'm sure.