The estimated jackpot is up to $1.5 Billion <<--with a B right now, and growing. For those who aren't aware, Powerball is a multi-state lottery game here in the United States. The pot tends to be larger than with other games, and the cost of a ticket is $2, as compared to other games, most of which cost $1 per ticket for a basic draw. Would you go on a spending spree? I know I would, but nothing outrageous, just things that I really need, while I sat on the pot and interviewed financial advisers. I'd love to win at least part of the jackpot, and use the money to improve not only my own life, but the lives of those I'm close to, as well as outsiders who truly could use a hand up.
It would scare the heck out of me, Diane. I'd be overwhelmed real fast and I'd much rather win a smaller amount (well, relatively smaller like $2M.) The more than a billion? I think that's ludicrous when you think of all the good that could be done for our hungry and homeless with that kind of money. But that's not what you asked... so I'll say that I'd most likely give a nice chunk to my parents and siblings, buy real estate in my favorite two places in the country... and then calculate how much my daughter would need to live comfortable for life, and find a way to put it aside for her. After that, I'd probably sit down and choose some charities that aren't going to skim too much off the top for their own pockets. The rest? Who knows... you need a loan? Ooops, editing... I mean to tag @Diane Lane .
I would hope the winning is among several people/ or groups of people ... for their own sake, and mental health!
Haha, I'd rather a gift than a loan @Mari North . Yes, it would be quite daunting to wake up and realize I was suddenly a billionaire. I totally agree about smaller jackpots and the money being used to help many in need. I think $10 million AFTER taxes would be a good amount, but if I do win, I'm not going to pass up the opportunity to make some major changes! @Bonnie Thomas Yes, I sure hope so. It would be a shame for it to go to just one person, especially if that person blew it or kept it all to him/herself. It would be a wonderful opportunity to effect change on a huge scale for many.
Of course you would... boy oh boy! Hehe, okay, okay... what, like a Lamborghini? Think big! It sure is fun to think about, but I have a feeling it would cause all kinds of headaches. And can you even imagine tax time? One of my life's missions is to help others, so I could "spend" this level of money, but there would be a trusted financial adviser doing the actual legwork for me, that's for sure.
I would first find a person you can trust to cash the ticket for you so you could stay anonymous. Giving that person a good share to keep you anonymous. That would give you the freedom to do what you liked without people bugging you for part of it. Then I could do all the projects I have always wanted to do.
At my age and condition, I certainly wouldn't want to travel. Martin has the right idea. Stay anonymous somehow.
Unfortunately, "if there is a will, there is a way" for some to find out. There are "information crackers" all of the world.
For us.......use some for travel, travel, travel and hit Las Vegas for a week or so of FUN and "Partying". Use some to buy a nice house, w/a boat dock, on a lake. Buy a new boat. Donate some to favorite church and give some........and I do stress the word "some", to family. But, one thing is for sure, we'd sure live "The Good Life"!
I would like to stay anonymous but most states don't allow it. A new home with maids and gardeners to make life easier for us old folks would be high on the list. A big party for all my friends with prizes for all.
The first thing that happens is that the state and location of the winner is announced to the public. Once the winner claims the prize they must appear for a public press conference. It's required under the terms of the Lottery competition. I think people are trying to get that changed. 5 Things You Really Must Do in The First Few Days Winning the Lottery: http://business.time.com/2012/11/29/powerball-winner/ I posted this already in the other Lottery thread..."after giving 10% to God's work, I would take care of my family first and then have a WHOLE lot of fun giving away the rest of it to those most in need at my own discretion". There is a GoFundMe website with many people with real needs there and you also here of those in crisis on the local news everyday. It would give me great pleasure to see smiles everyday.
Just for the sake of this thread, I will imagine what I would do when I win that jackpot with unimaginable amount. The first thing is to make a list of the people that I would help. The list is not confined to my circle for I think that amount of jackpot can lift the condition of even 1,000 people or families. When the Yolanda typhoon hit the southern provinces in the Philippines in 2013 and left thousands of dead and countless families homeless, we were thinking of ways on how to help. Maybe I can focus a part of my time for those affected by calamities such as what I had mentioned. Especially people in the provinces, they are neglected by the government when it comes to rehabilitation. And not to forget, I will buy myself a van. Hahahaaah.
Well, the numbers have been called and I won. Yup, I won…..drumroll….. $4 !!!!!! haha. I got one white number right and the power ball number right. Ohh the possibilities! Life changing! Not to worry. I've signed the back of my ticket so no one will steal it.
Power ball lottery is illegal here in Hawaii, but that don't stop me from dreaming with the money I'd win! I'd ask my accountant how much for taxes on it, sock it away in a savings account and make money till taxes due. I'd like to pay up all my credit card debt and other loans, give something to my cousins who have been so helpful to Mom and I, order food delivery with drinks and celebrate quietly at home, ask My Mom what she'd like to do with the money and invest the rest while we're deliberating what to do with our new found riches.
The government grabs the taxes from the 1.5 billion before the winner ever sees their portion. The winner will receive to about $930 million.