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Games & Recreation $70 Million

  • Thread starter Thread starter ClarkeM
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Call Me Cake said:
If I won, I'd lock it all away so that it couldn't be touched for a whole year.

That way, I can truly plan everything out in due time without any impulse whatsoever.
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Too sensible.
This is why you did not win it.
You not only offend the Lotto Gods but Bacchus himself.
 
How do you get paid if you win? I was reading after that massive US $650m lotto a few months ago the winners could choose to take is as a (heavily taxed) lump sum, or 35 yearly payments. They all took the lump sums for some reason. Surely the smart option would be to take yearly payments? Better for dicipline as well!
 
I'd take it as a lump sump because:

1. The interest alone would earn me enough to live on every year - better that goes to me than to the lottery company
2. The amount taxed wouldn't change anyway - there's no changes in tax brackets above about $500k
3. You risk the company going bankrupt or cheating you out of your winnings at some point over the next 35 years - I'd rather have that money safely in my possession earlier
 
As above - you could easily live off the interest alone.

First I'd buy a Shelby Mustang. Or 5.

I'd never ever work again. Just travel the world and enjoy life. Set up my family and missus with cars and houses, take my folks overseas, donate at least half to charity. Give everything up and get really involved in my music stuff which is the main thing I enjoy. Set up a studio and buy every guitar and amp Ive ever wanted.

Then I'd spend at least 5 million on my childhood hobbies. First Id make a MASSIVE scaletrix car racing track the size of a warehouse. And do the same with a model railway.
 

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Hue_Jars said:
As above - you could easily live off the interest alone.

First I'd buy a Shelby Mustang. Or 5.

I'd never ever work again. Just travel the world and enjoy life. Set up my family and missus with cars and houses, take my folks overseas, donate at least half to charity. Give everything up and get really involved in my music stuff which is the main thing I enjoy. Set up a studio and buy every guitar and amp Ive ever wanted.

Then I'd spend at least 5 million on my childhood hobbies. First Id make a MASSIVE scaletrix car racing track the size of a warehouse. And do the same with a model railway.
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Assuming you won the other day and got $25m you would be running out of money very quickly.
 
grimface_87 said:
How do you get paid if you win? I was reading after that massive US $650m lotto a few months ago the winners could choose to take is as a (heavily taxed) lump sum, or 35 yearly payments. They all took the lump sums for some reason. Surely the smart option would be to take yearly payments? Better for dicipline as well!
Click to expand...


In Australia lottery winnings are not taxable. Any interest accrued from lottery winnings are taxable. This is for lump sum lottery winnings. Am unsure as to whether lottery winnings such as $20 000 a year for 20 years is taxable or not.
 
grimface_87 said:
Surely the smart option would be to take yearly payments? Better for dicipline as well!
Click to expand...

Why? Surely the smart decision is putting most of it in a term deposit to live off the interest payments
 

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