If you won the current Megamillions drawing...

Everybody and their mother (well, at least mine) is buying tickets... there will be a winner this time.

 

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I was even thinking, with that amount, you could literally give everyone who buys a ticket a million bucks. If the population is around 300 million, probably 200 million are of 18 years of age and or eligible to play, you could still walk away with 30-40 million yourself while making 200 million people millionaires.

 

I think you mean 200 people. You could have 200 millionaires.

 

Hehe, I'm not sure what I was thinking there.. everyone gets a dollar then.

 

If I won the megamillions, the store where I bought it from would be in big trouble and I wouldn't see a dime

 

I'd be your proxy Caz. Tip me if you care to.

 

Whether you take $20 million annually or the lump sum of $359 million makes no difference. The IRS still charges 38%. Give me the $359 million, and I'll invest it in tax-exempt munis and never pay a dime on the annual interest. I'll have a heck of a time just trying to spend the interest I'd get each year.

Chris

 

They don't actually invest it to fund the annual payments. They purchase a single-payment annuity which makes the annual payments.

Chris

 

I'd buy this little bungalow on St. Croix.....

 

If I won that amount of money, I would very quickly become a United States Mint Authorized Purchaser of gold, silver and platinum bullion coins. I would also invest to make sure that my family was set for many generations to come and also donate a hefty sum to charity. BTW: I would tell as few people as possible about it. TC

 

.6 * 540,000,000 = 324,000,000
324,000,000 * .62 = 200,880,000

Take that $200 million and invest it earning 5%. I would be able to receive $11 Million a year for the next 50 years, assuming the future value is 0.

 

I just said invest for simple terms, they basically don't have 540 million, but you get that amount no matter.

 

If it was me I would invest the money in a 50% cash position and 50% mutual funds, and use the interest to fund a million dollar endowment at Childrens Hospital of Orange County, another one at City of Hope, and a third one to be spent on different church and fraternal charities.

 

True, but if you are young and know you got a good chance at living for the next 25 years or so, annual payments squeezes more out of it.

If you took the 540 million total, federal taxes would be $205,200,000 on that amount at 38%, leaving you with 334 million. If you took the lump sum, you'd end up with 241,180,000 dollars.

Basically the annual payments would net you about a 100 million more dollars. Do what you want if you win though, who cares, like I said previously, after the first million, does it really matter at that point? Not for me it doesn't. :thumb:

 

Are you factoring in inflation, RodeoClown? I was under the understanding that almost all winners are advised to take the lump sum due to unknowns regarding long-term inflation.

 

Granted, you would get $100 million more by taking installments, but if you took the lump sum and purchased tax-exempt munis, even at 3%, you would earn about $300 million over that same period of time and never have to pay taxes AGAIN!

Chris

 

I would have the time and resources to build the very first complete Jefferson set in Full Steps because I believe that the coins exist, but have never garnered enough interest for anyone to attempt it. I thought by now the sheer challenge of it would be prize enough, but I have never heard of any serious collector (deep pockets) trying to accomplish this as yet undone feat in numismatics.

 

Forget all that, get your lump sum payment, buy a small island and start your own country/nation where you are the only citizen (well, maybe you'd automatically make your closest relatives citizens as well, as long as they referred to you as "Your Highness").

 

The guy on the radio this morning said you'd be richer than Lady Gaga.

I think if you had that much money to spend on coins you'd get tired of collecting them real quick. I think I would spend my collection at face value just for the heck of it.

 

And have the Franklin Mint produce the coinage?

Chris