Mega Millions:$355,000,000

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03-05-2007, 09:30 AM
Warbird

Mega Millions:$355,000,000

I bought my tickets, how about you?
03-05-2007, 09:36 AM
joerockhead

Wha?
03-05-2007, 09:42 AM
zbizkit

Quote:

Originally Posted by Warbird

I bought my tickets, how about you?

Many of us at my company keep combining our money to try to win for two weeks now. we got $300 dollars last week and won $14.
03-05-2007, 09:46 AM
joerockhead

Quote:

Originally Posted by zbizkit

Many of us at my company keep combining our money to try to win for two weeks now. we got $300 dollars last week and won $14.

I was going to laugh at you, but I have done similar things. But you cannot win, if you do not try.

Where is MegaMillions played at?
03-05-2007, 09:47 AM
tonyjnjz

nope not yet....that shit is sick though......177.5 million lump sum then take taxes out and your lookin at a 100 mil take home........cha ching...think id pick myself up a 1000hp twin turbo c6z06 then run around picking on ferrari's and lambos..hehe
03-05-2007, 09:50 AM
ss~zoso~ss

i'd take the installments, you get way more in the long haul

course i'd have to see the numbers, but i know the payments get u more money
03-05-2007, 09:52 AM
tonyjnjz

its over 20 yrs.....how much is that same million worth in 20 yrs??????? gimmie it all now and ill invest it as i chose.......be worth more in the long run
03-05-2007, 10:01 AM
86 IROC-Z

I've only bought lottery tickets once, reluctantly. My girlfriend turned just eighteen and wanted to get some, so I gave her two bucks and she bought one for each of us. We didn't win anything, but she didn't care, she was more pissed at the fact that the guy DIDN'T card her :jerkit:
03-05-2007, 10:02 AM
gwballin

Quote:

Originally Posted by tonyjnjz

its over 20 yrs.....how much is that same million worth in 20 yrs??????? gimmie it all now and ill invest it as i chose.......be worth more in the long run

+1

The net present value of the lump sum payment and conservative return on investment is higher than the npv of the annuity 99 out of 100 times (estimated).

It is also my understanding that if you opt for the annuity the payments can not be left as an inheritance to you heirs.
03-05-2007, 10:03 AM
Ed Blown Vert

I would rather have it one lump sum. I may not live 20 more years. ;)
03-05-2007, 10:04 AM
86 IROC-Z

Quote:

Originally Posted by tonyjnjz

nope not yet....that shit is sick though......177.5 million lump sum then take taxes out and your lookin at a 100 mil take home........cha ching...think id pick myself up a 1000hp twin turbo c6z06 then run around picking on ferrari's and lambos..hehe

Dude, I would buy that same vette, and then buy a ferrari and a lambo, and let my friends drive the exotics, and then own them with the vette.... they'd be pissed... they aren't car guys and think anything made by BMW will kill a corvette :rolleyes:
03-05-2007, 10:05 AM
Warbird

Found this.

Quote:

The estimated cash value of this jackpot is $212,574,710

This represents the sum of the first annuity installment, plus the current market value of government securities required to fund the remaining 25 installments, as of 3/5/2007 at 11:30am

Upon claiming the Mega Millions jackpot, the prize winner is given the option to receive the prize winnings in a single cash payment. The gross cash option will represent the sum of the first annuity installment plus the net proceeds from the sale of the government securities originally purchased to fund the annuity prize. Government securities are susceptible to financial market conditions; therefore the amount that is actually realized may vary from the amount originally invested, especially with the passage of time. As a result, the risk of loss rests with the prize winner.
03-05-2007, 10:09 AM
86 IROC-Z

Quote:

Originally Posted by Warbird

Found this.

Well damn, more than 20 million and your set for life anyway... I'd take the cash
03-05-2007, 10:10 AM
86 IROC-Z

Quote:

Originally Posted by Ed Blown Vert

I would rather have it one lump sum. I may not live 20 more years. ;)

Yeah, with that amount of money I know I'd do some pretty stupid stuff :D
03-05-2007, 10:24 AM
s79

Quote:

Originally Posted by zbizkit

Many of us at my company keep combining our money to try to win for two weeks now. we got $300 dollars last week and won $14.

We do the same thing here in our "lotto pool" we just bought $280. It shrinks those astronomical odds of winning to within our own solar system....ha!
03-05-2007, 12:05 PM
FuxOnTheFirstDate

I spent $650 back in '98 trying to win $255,000,000 on the Powerball lottery. I'm still pissed at myself for that. I could have purchased some decent bolt-ons for that.
03-05-2007, 12:22 PM
Filthy 150

Anyone know why they call it "The Lottery"?

Because calling it a "Voluntary Tax on the Stupid" wouldn't bring in much money.
03-05-2007, 12:28 PM
rbrtlux

i bought thirty quick picks and a $20 dollar scratch off yesterday. won $50 off of the scartch off.
03-05-2007, 01:07 PM
nhraformula

bought some also.
03-05-2007, 01:10 PM
nhraformula

Quote:

Originally Posted by Filthy 150

Anyone know why they call it "The Lottery"?

Because calling it a "Voluntary Tax on the Stupid" wouldn't bring in much money.

wont bring in much?
one dollar could win you 330 million.
now take about 60% away for instant payout and taxes, and all of a sudden you still have more than a person will need.

id rather be taxed and walk away with millions than not play.
its more stupid not to play, one dollar wont break you, but it sure can make you
03-05-2007, 01:19 PM
Filthy 150

Quote:

Originally Posted by nhraformula

wont bring in much?
one dollar could win you 330 million.
now take about 60% away for instant payout and taxes, and all of a sudden you still have more than a person will need.

id rather be taxed and walk away with millions than not play.
its more stupid not to play, one dollar wont break you, but it sure can make you

It won't bring in much money FOR THE STATE.
They don't lose money doing this.

And I do buy a ticket every now and then.
But for the people who buy $20 or more a month on this are taxing themselves needlessly. Putting $20 a month in a jar would most likely be better for them.
03-05-2007, 02:31 PM
gwballin

Quote:

Originally Posted by nhraformula

wont bring in much?
one dollar could win you 330 million.
now take about 60% away for instant payout and taxes, and all of a sudden you still have more than a person will need.

id rather be taxed and walk away with millions than not play.
its more stupid not to play, one dollar wont break you, but it sure can make you

I don't think he is referring to the taxes paid on the winnings, he is referring to the dollar you spend to play as the tax since a portion of the sales amounts go to various levels of government.
03-05-2007, 03:00 PM
SandmanWs7

Quote:

Originally Posted by Ed Blown Vert

I would rather have it one lump sum. I may not live 20 more years. ;)

When its this high you do not want the lump sum. It divides to $17,750,000 a year. Hell you could live off the interest this amount makes. When the hell will you ever waste that in a year. Plus IF you die you could leave it to a loved one.
03-05-2007, 05:33 PM
whoa guy

Quote:

Originally Posted by 86 IROC-Z

Dude, I would buy that same vette, and then buy a ferrari and a lambo, and let my friends drive the exotics, and then own them with the vette.... they'd be pissed... they aren't car guys and think anything made by BMW will kill a corvette :rolleyes:

go drive an M6.
03-05-2007, 05:36 PM
86 IROC-Z

Quote:

Originally Posted by whoa guy

go drive an M6.

huh?
03-05-2007, 06:05 PM
gwballin

Quote:

Originally Posted by sandman22

When its this high you do not want the lump sum.

According to what Warbird found:

Quote:

The estimated cash value of this jackpot is $212,574,710

This represents the sum of the first annuity installment, plus the current market value of government securities required to fund the remaining 25 installments, as of 3/5/2007 at 11:30am

It's been a while since I've taken finance but lets do some math anyway, given that the average annual inflation is 2.85% http://inflationdata.com/inflation/i...tion_chart.htm
and that a safe, conservative return on investment is 4.52%http://www.savingsbonds.com/rates.cfm

The annuity first:

13,653,846=355,000,000/26 is the amount of payment now
241,779,583=13,653,846*((1-(1/(1+0.0285)^25))/0.0285) is the present value of future payments.

255,433,429=241,779,583+13,653,846 is the total present value of the current payment and the annuity payments discounted for inflation.

Now the lump sum:

212,574,710 is the amount you get now according to Warbird's research
170,143,224=(212,574,710*.0452)*((1-(1/(1+0.0285)^25))/0.0285) is the present value of the future interest payments, ignoring compounded interest (for simplicity :D )

382,717,934=212,574,710+170,143,224 is the total present value of the current payment and the future interest payments discounted for inflation.

382,717,934-lump sum
-255,433,429-annuity
127,284,505- extra money for being wise enough to take the lump sum
03-05-2007, 07:57 PM
Warbird

I'm glad I'm in a finance class right now, or I would have no idea what you just typed, lol.
03-06-2007, 03:46 AM
pocheasy

whaaaat!?!? mega millions is everywhere! i thought it was just a NE thing... damn no wonder the odds of winning are so low, its in too many states...
03-06-2007, 04:09 AM
rbrtlux

Quote:

Originally Posted by pocheasy

whaaaat!?!? mega millions is everywhere! i thought it was just a NE thing... damn no wonder the odds of winning are so low, its in too many states...

the only one bigger that i know of is power ball i think, but yeah mega millions is in ga. too
03-06-2007, 04:23 AM
Warbird

I think this MM jackpot is as large as the largest PB jackpot was a year or two ago.
03-06-2007, 06:05 AM
SandmanWs7

Quote:

Originally Posted by gwballin

According to what Warbird found:

It's been a while since I've taken finance but lets do some math anyway, given that the average annual inflation is 2.85% http://inflationdata.com/inflation/i...tion_chart.htm
and that a safe, conservative return on investment is 4.52%http://www.savingsbonds.com/rates.cfm

The annuity first:

13,653,846=355,000,000/26 is the amount of payment now
241,779,583=13,653,846*((1-(1/(1+0.0285)^25))/0.0285) is the present value of future payments.

255,433,429=241,779,583+13,653,846 is the total present value of the current payment and the annuity payments discounted for inflation.

Now the lump sum:

212,574,710 is the amount you get now according to Warbird's research
170,143,224=(212,574,710*.0452)*((1-(1/(1+0.0285)^25))/0.0285) is the present value of the future interest payments, ignoring compounded interest (for simplicity :D )

382,717,934=212,574,710+170,143,224 is the total present value of the current payment and the future interest payments discounted for inflation.

382,717,934-lump sum
-255,433,429-annuity
127,284,505- extra money for being wise enough to take the lump sum

I stand corrected:sorry: ...today i will buy for the lump sum. THANK YOU!!!!:hyper:
03-06-2007, 07:14 AM
SSwt00SS

where can i go to buy some tickets? gas stations, grocery stores?
03-06-2007, 08:07 AM
SandmanWs7

Quote:

Originally Posted by SSwt00SS

where can i go to buy some tickets? gas stations, grocery stores?

YES and YES.. As long as they sell LOTTO they sell MEGA MILLION. Just make sure you buy MEGA MILLION not LOTTO.
03-06-2007, 09:35 AM
SSwt00SS

ok bought a couple. like im really gonna win from a grcoery store, but hey, what the hell...
03-06-2007, 02:26 PM
SeVeReDiStOrTiOn

that reminds me...gotta go get some before the draw. I bought 10 quick picks last draw and didn't get shit..
03-06-2007, 02:27 PM
tonyjnjz

what time is the drawing tonight?
03-06-2007, 02:49 PM
SeVeReDiStOrTiOn

I think 745 pacific time
03-06-2007, 03:52 PM
01pewterz28

Yep got mine cannot wait to go shopping :)
03-06-2007, 03:55 PM
86 IROC-Z

And the Lord spake "And thou shall name it, 'The Thread of Hopeless Dreams'"
03-06-2007, 04:32 PM
pecha

Went up to 370 an hour ago
80% of my customers today were buying tickets for that crap :rolleyes:
03-06-2007, 04:56 PM
TheKitchenSink

I just bought another 10 in quick picks. I entered a pool at our local convienece store, 166 people signed up and paid 10 bucks each, so thats 1660 tickets that I have a chance of winning on, granted if they do, the profit is split but 166 people, but I still wont be complaining.
03-06-2007, 05:30 PM
86 IROC-Z

Quote:

Originally Posted by TheKitchenSink

I just bought another 10 in quick picks. I entered a pool at our local convienece store, 166 people signed up and paid 10 bucks each, so thats 1660 tickets that I have a chance of winning on, granted if they do, the profit is split but 166 people, but I still wont be complaining.

Still over 2 mil a person
03-06-2007, 06:59 PM
SSwt00SS

can someone post the numbers ASAP once they are read off
03-06-2007, 08:40 PM
pecha

site temporary unavailable LOL I should have known better
03-06-2007, 08:43 PM
Randi820

16,22,29,39,42 mega ball 20
03-06-2007, 08:49 PM
pecha

Quote:

In California all prizes are pari-mutuel, meaning payouts are based on sales and the number of winners. All other Mega Millions states set the 2nd through 9th prizes at pre-determined amounts.

hehehehe