Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Nope. You can buy online in some states, like Illinois.
And do you honestly believe that even if you needed physical tickets, they would turn away $350,000,000+ in free tax revenue?
Not a chance. They're not idiots. They would make an exception.
Online is still buying the tickets individually and they would never make an exception because it would ruin the game so while they score this week, the loss of future sales would doom the game.
But just for the sake of argument, please call your local lottery office and ask if you can buy all the combinations. I would love to hear the answer.
Advice from a current Billionaire:
Business Insider reached out to Mark Cuban to ask about his tips for potential lottery winners, and he shared the advice he gave his local paper, the Dallas Morning News:
[The first thing you should do is] hire a tax attorney.
Don't take the lump sum. You don't want to blow it all in one spot.
If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.
He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. "
Advice from a current Billionaire:
Business Insider reached out to Mark Cuban to ask about his tips for potential lottery winners, and he shared the advice he gave his local paper, the Dallas Morning News:
[The first thing you should do is] hire a tax attorney.
Don't take the lump sum. You don't want to blow it all in one spot.
If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
If you were happy yesterday, you are going to be a lot happier tomorrow. It's money. Life gets easier when you don't have to worry about the bills.
Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.
He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. "
That's all great advice. Obviously this isn't your typical lottery Jackpot. Quite honestly if I won it, I'd endow the bulk of it to my local symphony and art museum, pay of my debt and keep working. I don't think I'd want to deal with the problems that come with that level of generational wealth. I don't want it to change who I am. I value hard work too much and have always felt uncomfortable around the pretentious. I would be miserable around the uber pretentious.
Very good points above.........not sure about the "no lump sum" theory though. He might not realize it is invested in US treasuries at a very low rate. I suspect he was shooting from the hip and just telling people that so they don't become another casualty of the lottery curse (win, go broke then on the TV show).
Also the "in the bank" and sleep good idea is flawed. Banks only protect the first $250,000 per social security number. So if you put 100 million in a bank and they go out of business you lose 99,750,000 plus any accrued interest. Once again, he is trying to tell the masses not to become your own hedge fund investor and make risky bets.....you don't need risk, you are already rich for life!
Spend/give away 61 million and you are left with 500 million (net, after taxes).
500 million earning just 5% is 25 million a year forever. Year 2 you just need to maintain the stuff you bought in year one (houses, cars, boats, planes etc) so there shouldn't be any big spending necessary. It would be nice if you were able to save 20 million (or more) of that 25mm return. Now you have 520 invested @ 5% so you make 26 million next year, 27 million year 3, etc (assuming you blow 5 million a year).....10 years out you have close to 750 million.
TVM- time value of money........it is crazy how that multiplies. Now imagine if interest rates rise to early 80's levels (14% CD's!). You could be 70 million a year in interest on 500 million!.........now the cash really rolls in!
I don't understand how one can go broke with this much money. They should be able to live off the interest & not even touch the money. Unless they get ripped off then I don't understand how this is possible to be flat broke.
I don't understand how one can go broke with this much money. They should be able to live off the interest & not even touch the money. Unless they get ripped off then I don't understand how this is possible to be flat broke.
Overspending, bad investments, baby mama drama......it all adds up!
Look at Holyfield/Tyson......they blew through about 750 million between them! Now that is understandable since they got punched in the head for a living!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"
