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BizzyM t1_jb58564 wrote

Reply to comment by KaimeiJay in Boeing employee bought lottery ticket because it was at $747M, a nod to the aircraft. She won the jackpot. by ChickenXing

That's why I say that I'm only playing for $300M+. Anything less than that would be trouble. Saying that you can retire on several million is not exactly true for most people. Sure, you could quit your job and have fun, but you'd blow through that money quickly simply by being bored and looking for fun things to do that are expensive. With just a few million, you can invest that and recreate your current income. But, what are you currently doing with your current income? You go to work 40-ish hours a week and plan a vacation for a week or 2 out of the year. Delete the work requirements and you find yourself doing nothing but wanting to go do things.

With a few hundred million, you can invest that and have a couple million to spend year-over-year. Plenty to use to occupy your time with little worry of wanting to dip into the investment.

At least, that's my plan. I'm risk-averse, so I'm not going to go nuts at a casino, or go on drug fueled bender, or travel around the world looking for the next high.

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LuminoZero t1_jb5u32s wrote

People do not understand money.

Lowest Powerball/Mega jackpot is 20 million. After taxes and everything that is a take home of about 8 million.

Put that in a safe but low return investment, like Federal Bonds, and you could probably manage 3% interest annually.

I don’t know about you, but I could live a VERY comfortable life on 240k a year.

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mortryn t1_jb5zji8 wrote

That’s some terrible math 😂. At that amount the federal tax is at 24%, plus state tax (if the state charges tax). Someone winning a $20 million Jack pot alone is likely to walk away with $13 million on more depending on the state.

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elscallr t1_jb60mbh wrote

Payout for the bulk payment isn't the same as the jackpot. You wouldn't walk away with 20M, you'd get about half of it.

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LuminoZero t1_jb65lre wrote

$20 million listed jackpot. 40% taken off for the lump sum brings us to 12 million. Approximately 1/3 from federal and state taxes brings you to 8 million.

Thanks for playing!

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themeatbridge t1_jb7qfwd wrote

Yes, except it's not 40% taken off. $12 million is the actual winnings, and they will invest it for you and payout over 30 years at somewhere between 6 and 8 percent, depending on the current market. The advertised jackpot is a transparent lie.

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nospam310 t1_jb6440r wrote

you have to factor in the winnings are cut in half if you take a lump sum

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Sausage_strangler t1_jb5kkxd wrote

If I was making 100k/year passively I think I would be able to support my current lifestyle and have fun doing it. I have enough hobbies and interests to keep me busy. I think winning several million would be enough for me to stop working.

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welchplug t1_jb5yt6w wrote

Seriously. Anyone who needs more than a few millions needs to reevaluate their lives. Buy a house in cash and stick their rest in a high yield savings account, live off the interest and cash out in retirement. You could do a reverse mortgage in your retirement years if things get tight.

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Even_Set t1_jb5z8ug wrote

yeah like i already just play video games and go on hikes at the park every once in a while. Im cozy doing this. Having 300mil would get me a new pc and new boots, nothing else is changing lmao.

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PurpleSunCraze t1_jb6c5pj wrote

Whenever people complain about the lump sum payment amount I make some sound that’s a combination of a laugh and an audible cringe. “It’s only $150 million!” is some weird shit to say.

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KaimeiJay t1_jb70b2s wrote

Reminds me of that scene in The Big Short, Jamie and Charlie talking about how their company is currently operating with $30 million, and the JP Morgan guy makes them feel like utter losers at life because it’s not the $1.5 billion they need for an ISDA. I just balked at that scene, shouting at the screen, “What is wrong with you two! You’ve won at life!”

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yingyangyoung t1_jb5uvfa wrote

Using the 4% rule only $2.5 million would give you passive income of about 100k and would adjust with inflation. If 100k isn't enough to retire on I don't want to see your bills.

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CjBurden t1_jb5lkhi wrote

I accept your challenge and am willing to prove to you how much fun I can have with just my current hobbies/family lif3 while doing it affordably and not working for money.

I'll wait for my check in the mail!

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AnEngineer2018 t1_jb64qjy wrote

I think if you’re in your 20s you could absolutely retire for life if you win $10m.

The government is going to take half of it back in taxes which leaves you with $5m. Even if you don’t invest any of it in anything, if you live to 80, that would be like $83k/yr not including social security that you would be able to collect past 65

Heck maybe you go out and buy a $400k house in cash saving a bunch in interest payments. That would still leave you ~77k/yr for life.

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whatalittlenerd t1_jb5vaql wrote

There's more to worry about than getting bored when you're winning hundreds of millions. Just read about Whitaker on that thread.

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BizzyM t1_jb5woc4 wrote

I know all about Whitaker since my dad was a WVian. The trick, he told me, was to move to where that level of wealth isn't noticed. Whitaker's problem was that he stayed in WV. As my dad said, "Giving a WVian a hundred million dollars is like giving a monkey a shotgun; if he don't kill himself, he gonna kill someone."

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whatalittlenerd t1_jb5ycps wrote

Where can you move to where hundreds of millions isn't noticeable? That would actually be liveable lol, I at least would rather a monkey shoot me with a shotgun that live in places like LA or NYC

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DevSynth t1_jb5u8sd wrote

Shi, id just program games and apps all day

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Imn0tg0d t1_jb64n2r wrote

Just get a hobby. I play golf and would golf every day for the rest of my life.

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MoscowMitchMcKremIin t1_jb66can wrote

I'm an introvert anyways so it'd probably just sit in the bank for the most part untouched for a rainy day.

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