Powerball

[Deleted]

For those who are following the news, Powerball Lottery is currently over $1 BILLION. If you won that money, what would you do with it?

[kplewisvox]

Take the lump sum and invest it in high-grade municipal bonds and corporate bonds, and live lavishly off the interest. Should be close to $10 million a year, and I never touch the original prize money, so I can't go broke like the many stories you hear.

[ausgameshowfan]

I wonder how much tax you would need to pay. It would most likely be astronomical.
How much money would you actually get after tax and if you chose the lump sum amount.

[retched]

Jan 12, 2016 18:03:19 GMT -5 ausgameshowfan said:

I wonder how much tax you would need to pay. It would most likely be astronomical.
How much money would you actually get after tax and if you chose the lump sum amount.

Would suck if you live anywhere but the territories of the US (they don't get taxed like a state). 


time.com/money/4177517/powerball-jackpot-taxes/

Provided you pick the cash lump sum (currently estimated at $930 million itself as one lump sum), you would be talking about $368 million being pulled back for FEDERAL taxes. 

In addition to that, you'd also have to pay a STATE income tax too. (Yeah, state and federal classify lotteries as earned income). All but 11 states have a tax on lottery winnings. (Since I live in New York City, I get taxed twice ))

[dhumphreys17]

Jan 12, 2016 17:37:51 GMT -5 kplewisvox said:

Take the lump sum and invest it in high-grade municipal bonds and corporate bonds, and live lavishly off the interest. Should be close to $10 million a year, and I never touch the original prize money, so I can't go broke like the many stories you hear.

Why keep all $10 million of that interest though when $5 million could be reinvested in high-grade municipal and corporate bonds, keeping your bottom line from being impacted by inflation? I'd be pretty happy living off $5 million a year; I don't know about you.

[FinalAnswer19]

I would have no idea what to do with so much money.

[Deleted]

Can I buy out the right of US Millionaire from Disney? lol

[Deleted]

With $1 BILLION ? Well... build an WWTBAM set in a warehouse... Spend the rest of money for me, my family and friends...

[gamecrazyh]

If I had $1 Billion, I'd buy my mom a mansion, a car, maid service, a personal chef, and all the food she could eat in a lifetime, and I'd give my sisters each a college tuition.

[ausgameshowfan]

I have heard that the winning ticket is possibly from California.

Hopefully any member of this site lives in California.

[futuregshost]

There have been jackpot tickets sold in California, Tennessee, Florida; the three people (or groups) will each receive about $500 million. Here's a news article about the whole situation.