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Country Discussion Topics
To add your comments to this topic, click on one of the 'Reply' links below.

Lottery
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JIM/PA    Posted 12-27-2002 at 17:47:22       [Reply]  [No Email]
Any ideas on how to spend 111.9million? Keep farmin',maybe?


Jet9N    Posted 12-28-2002 at 14:26:24       [Reply]  [No Email]
Unless you take the lump sum you NEVER get any of
the principle. With a 30 year payout you are only
getting 3 1/3% interest for the 30 years and never
get the principle.

Do the math

Jet


Cowboy Joe    Posted 12-28-2002 at 16:29:57       [Reply]  [No Email]
On that much money, I'll gladly take the 3 1/3% interest. Let's see, that adds up to...per month in income.


DHunter    Posted 12-28-2002 at 10:15:44       [Reply]  [No Email]
Well let's see...I could pay off what bills it would cover and then refinance the rest.


Cowboy Joe    Posted 12-28-2002 at 05:02:14       [Reply]  [No Email]
It would allow me the opportunity to keep working at something I enjoy. I could travel the world, and I could donate to various worthy charities. Of course all that money could bring about some other nasty problems such as...


WallSal55    Posted 12-27-2002 at 21:22:17       [Reply]  [No Email]
I would see how much traveling I could do first.
I would have a second home in a sunbelt area, but
not too hot. Then I would decide how to spend
the rest, if any left.


Larry    Posted 12-27-2002 at 18:58:58       [Reply]  [Send Email]

That sounds like the od joke about the farmer who had won the lottery. When asked what he was going to do with all that money,he tells them that he might as well keep farming until the money was gone. :-)


DeadCarp    Posted 12-27-2002 at 18:18:18       [Reply]  [No Email]
I was thinking about that - first off, if i wanted to share the wealth i'd need to move cuz our town has 1000 and paying off everybody's house doesn't sound as significant as having all millionnaires for neighbors. Course, IF they really did AS ADVERTIZED ...

Which brings up my old gripe - when are they going to enact some "Truth in Lotteries" legislation. Bad enough the lottery thieves are milking the public, even the addicted ones, mis-appropriating funds etc. I know it's a good government's job to tax EVERY human weakness, but if the hardware store gave away a barbeque, there's no dam way they could advertize giving away 3 of them!

I say if you're gonna dangle a carrot, at least give the winner the whole dam carrot! If somebody's gonna win a million, give them a million! Tax free, that's it - here's your million! I don't know of any other country that can lie like this ........ is that part of being THE world power or what?



MikeC    Posted 12-28-2002 at 06:51:06       [Reply]  [Send Email]
But legally you would still have to pay tax on that barbeque at its fair market value. Therefore your $100 bbq winnings are worth about $60 after taxes.

I don't hear the hardware store advertising it as a $60 barbeque when they sell it for $100.


Fawteen - I've said it before, and    Posted 12-28-2002 at 05:16:47       [Reply]  [No Email]
I'll say it again. Lotteries are a tax on people too stupid to do math. Nobody is forcing you to waste money on tickets.


Salmoneye    Posted 12-28-2002 at 04:10:44       [Reply]  [Send Email]
Truth in lotteries?

They say up front before you buy your ticket that the 'annuitized' value is such and such...Cash payout option is such...You KNOW that Uncle Sam will be taking his chunk either way...

So where exactly is the deception again?

Guess I will have to stop reading the fine print and making informed decisions in life...

And the 111 million plus is AFTER taxes on the 170M+ cash payout...

Even if you spend more than half and only put 50M in the bank at 5%, you will still be making $2,500,000 a year in interest...

I feel soooo sorry for the guy...Not

;-)

Salmoneye, Who Has Never Bought A Lottery Ticket And Never Will...


Ron/PA    Posted 12-28-2002 at 06:33:30       [Reply]  [No Email]
2 things I quit dealing in,, Last weeks lottery tickets bought on a street corner at 1/2 price, and betting on re-runs of foot ball games that I didn't see the first time.
Later
Ron


DeadCarp    Posted 12-28-2002 at 06:27:46       [Reply]  [No Email]
I don't buy many tickets either, but the deception is on all those billboards and headlines that ballyhoo the $315 MILLION. Never happen. Nobody has a chance at it. The TRUTH is - everybody has a chance at the $170 million cuz that's the most anybody can get in their hand if they win. We shouldn't have to teach our kids about that lie all the time. Sure, the states can tax, we know that.

But if it's okay, then what would they say if i collected for 315 cattle and only delivered 170? Oh that? Well the buyer must have missed the fine print - he gets 315 cows if he's willing to get them over 30 years! Why, they'd kick me outa town & have me in court! That's false advertizing, to put it nicely. I just want the gubmint to be as honest as they expect US to be. :)


Salmoneye    Posted 12-28-2002 at 06:53:40       [Reply]  [Send Email]
Every lottery that I have ever seen or heard of has the same statements about the total payout over 30 years, and the total immediate cash payout value...If I ever bought a lottery ticket, I would certainly know what I was getting into and the odds that I had just flushed a dollar down the toilet...

I guess I am just thick, cuz I don't see any deception...I do see lots of uninformed people wasting lots of money...

Caveat Emptor

;-)


DeadCarp    Posted 12-28-2002 at 11:14:57       [Reply]  [No Email]
I like it better the way they do it in Australia - you lay down your money against odds that you'll win all they say, otherwise the gambling commission gets all over them. You won a million? you get a check for a million. :)

It's supposed to be a weakness like alcoholism is an ailment or something. I don't know - they're way richer than me!



JoeK    Posted 12-27-2002 at 22:54:18       [Reply]  [No Email]
How true.If you beat the astonomical odds and hit the big one,it oughta ALL be yours,tax free.After all your still gonna get sales taxed,property taxed,vehicle taxed etc on every penny of it you spend once you get it.AND
*And speaking of taxes,why are better than 1/2 my property taxes going for school support.I use the local school system in no way,never went to any school here,have no children but the fast breeders down the road have seven kids,which all participate in school activities and are tax deductible,and property taxes are nearly the same.AND
How about a break for Seniors that have owned and maintained their home/property all their lives.Maybe after 40-50 yrs of ownership a property oughtta be property tax exempt for residential purposes.When the owner sells or the heirs inherit it could go back on the tax rolls.

Sorry for the bad humor last couple days,but I have about had it with Gov't,taxes,society and life with current parameters.


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