Pie eyed
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- Jun 26, 2007
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Too sensible.
This is why you did not win it.
You not only offend the Lotto Gods but Bacchus himself.
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Games & Recreation $70 Million
- Thread starter ClarkeM
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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
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
Hue_Jars
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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.
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.
- Jul 23, 2010
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Assuming you won the other day and got $25m you would be running out of money very quickly.
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.
- Oct 7, 2002
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Many people don't have the discipline to not blow it all.
I meant the American winners. Apparantly the lump sums were taxed around 50-60% but the income streams (still working out to be about a few million a year) were not taxed
