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Post Reply You're now Rich thanks to winning the Lottery Ticket! Blessed or Cursed?
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101 / M
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Posted 2/22/17

TheGrandAlliance wrote:


soulsinferno wrote:

Some US states you actually can be anonymous when you win. The three states with Powerball, California, Florida and Tennessee — require winners to disclose their names, which is the policy of most states that play the game. Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow winners to remain anonymous for lottery's. Every other state is standard.


Indeed I know, because me won a $1000 Second-Place prize (all but 1 number) one time in WA Lottery back in 2007, had to fill out info. Used some of the money to goto NC's "Animazement Con".

Although, wasn't Jackpot, I did win something significant, I suppose. Better then most...


I'm curious how much you have to pay for Taxes? 300 dollar? 400 dollar? See noone really won the full prize due to having to pay the taxes on winning lottery ticket! -_-;

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Posted 2/22/17

JanusCascade wrote:

I'm curious how much you have to pay for Taxes? 300 dollar? 400 dollar? See noone really won the full prize due to having to pay the taxes on winning lottery ticket! -_-;



0.

Because my income fell below standard deduction that year.
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Posted 2/23/17

TheGrandAlliance wrote:


JanusCascade wrote:

I'm curious how much you have to pay for Taxes? 300 dollar? 400 dollar? See noone really won the full prize due to having to pay the taxes on winning lottery ticket! -_-;



0.

Because my income fell below standard deduction that year.


?!

I thought all Lottery Ticket winners at high amounts have to pay some to the IRS for taxes.. not sure what the amount it have to be in order to require to pay taxes to IRS.
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30 / M / Azeroth
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Posted 2/23/17

JanusCascade wrote:
?!

I thought all Lottery Ticket winners at high amounts have to pay some to the IRS for taxes.. not sure what the amount it have to be in order to require to pay taxes to IRS.


Income is treated as unearned income, taxed at personal rate; aggregated with Adjusted Gross Income. So in other words, nothing special, just like money u get from anywhere else. Only difference is that unearned may be treated differently in some calculations (such as filing requirements, credits).

However, now that I think about it, IDK anymore. Possible some of it was taxed actually; had mixed income that year. Would have to review 2007 again. Even so, it be no more then lowest tax rate possible at the time.
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26 / M / Port Huron
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Posted 2/24/17
I think about this topic quite often. I believe it depends on the person and their way of life or thinking. Personally, it would be a blessing for me. I play a state lottery and if I win the jackpot, I'm able to claim it anonymously. I can't remember his name, but he's the main character in the GATE anime. He said it best. He only works to support his hobbies. I feel the exact same way. If I was rich, I could afford the lifestyle I want. Eat good food, watch anime, play video games, hang outside with raccoons, whatever. Maybe I'd also open up a hotel.
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Posted 2/24/17
See that's the thing, with that kind of money you could turn your hobbies into work. Like opening a strangely niche hobby shop and only stock the stuff you like because who cares if you make money? Hotel could be cool, maybe a weird theme hotel that didn't get much business but people would come from far away to enjoy your weird vision. I dont see any reason to punch a clock unless you have to. Even if you have a job you truly love, say, you love being a teacher. Start a cram school type thing and do whatever you want instead of just teaching kids to pass standardized tests. The possibilities are endless. As for people begging you for money? Give them some. A big lotto jackpot should last multiple lifetimes properly invested, if I could help family and friends clear their debt and get a fresh start on life without really losing anything significant? That would be amazing. I understand that people have different priorities in life but I cannot see any downside at all.
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M / Eating Food
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Posted 2/24/17 , edited 2/24/17
This post is going to be hella long but this has been the best advice for anyone who has/will/might win the lottery.

Read all of it. I'm serious. Having a dream is fine and an imagination is fine but once you win. Your life is fucked unless you do some serious planning. Let's begin.
This was written by some dude somewhere else. I just have it saved in the notepad incase hell freezes over and I actually win.

(Sorry for long as hell post)
----------

Congratulations! You just won millions of dollars in the lottery! That's great.

Now you're fucked.

No really.

You are.

You're fucked.

If you just want to skip the biographical tales of woe of some of the math-tax protagonists, skip on down to the next comment, to see what to do in the event you win the lottery.

You see, it's something of an open secret that winners of obnoxiously large jackpots tend to end up badly with alarming regularity. Not the $1 million dollar winners. But anyone in the nine-figure range is at high risk. Eight-figures? Pretty likely to be screwed. Seven-figures? Yep. Painful. Perhaps this is a consequence of the sample. The demographics of lottery players might be exactly the wrong people to win large sums of money. Or perhaps money is the root of all evil. Either way, you are going to have to be careful. Don't believe me? Consider this:

Large jackpot winners face double digit multiples of probability versus the general population to be the victim of:

Homicide (something like 20x more likely)

Drug overdose

Bankruptcy (how's that for irony?)

Kidnapping

And triple digit multiples of probability versus the general population rate to be:

Convicted of drunk driving

The victim of Homicide (at the hands of a family member) 120x more likely in this case, ain't love grand?

A defendant in a civil lawsuit

A defendant in felony criminal proceedings

Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse. To give you just a taste of the possibilities, consider the fates of:



So let us discuss what to do now that you won?



For the record. If I won the lottery. I'd retire.
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28 / M
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Posted 2/24/17
60 billion?! Lol I'd buy my native land and still have enough to develop it into a first world country.
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Posted 2/24/17

Hungry4Anime wrote:
The demographics of lottery players might be exactly the wrong people to win large sums of money.


Nail on the head. Interesting stuff though, thanks.
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20 / O / US
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Posted 2/24/17 , edited 2/24/17
Both, maybe. I'm already terrible with money. But, broke me (which is present me) would definitely put it away in savings, but also spend a lot of it. Present me would also want to donate it. But what if it changes me??? I feel like having that much money at once might affect me in some typa negative way.
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18 / M / The Bay
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Posted 2/24/17
Blessed, I'm not interested in business for nothing lol. I plan on using the money to try to make some good investments, then perhaps you can balance your income with the spending
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32 / F
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Posted 2/24/17
Blessed. I'd be able to finish buying the stuff I want, set a ton of money aside for college, and spend the rest on games.
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28 / M / Minne-snow-ta!
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Posted 2/25/17
Blessed. I'd invest half of it, retire early, and live off earnings. 25% will be in trust funds to family for good causes. 10% will be invested in bonds as an emergency fund for myself. The other 15%, still not quite sure what I'd do with that, but I'd most likely use it as spending money for things like a house.
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25 / F / Philippines
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Posted 3/13/17
Blessed~

That much money could help our current situation!
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22 / M / Cucumber Town
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Posted 3/13/17
Ofcourse i'm bless i get to buy cool Lions that let me ride on their back and shit. I just ride around in my city on the back of my lion eating hotdogs and smilling to everyone looking at me ! Now thats blessed
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