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#61
03-01-2007, 11:51 PM
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Re: Lottery Genius
[ QUOTE ]
I get that. But it's pretty misleading to call it a penalty. You're getting the entire jackpot. You can invest it how you please, instead of the fixed annuity that they would invest it in for you. [/ QUOTE ] I'm pretty sure that if you take the lump sum they scale it down for inflation. So you don't even get the stated amount. Pretty ghey but, well, so is 50% vig. 
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#62
03-02-2007, 12:06 AM
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Re: Lottery Genius
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I'm pretty sure that if you take the lump sum they scale it down for inflation. [/ QUOTE ] I'm absolutely sure this is wrong.
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#63
03-02-2007, 12:25 AM
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Re: Lottery Genius
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I just started playing number games with myself about how to capture the most diverse numbers. [/ QUOTE ] Possible alternative; see #4 Oh, and you're MORE likely to share the prize playing birthday numbers. How many people were born on August 41st or July 53rd? But the real mystery is how much did he spend on this bling [img]/images/graemlins/ooo.gif[/img]: 
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#64
03-02-2007, 12:31 AM
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Re: Lottery Genius
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[ QUOTE ] This guy doesn't really understand how to enjoy the lottery. Why didn't he take like 5m and go nuts? [/ QUOTE ] People like that piss me off so much. Dude its one thing if you win $1M, invest the [censored] out of it, don't go nuts. But when you win $100M, live a little. "a used car is all i need" ----go [censored] yourself. When I win MegaMillions on Friday for like $150M lump sum, I would probably travel and live it up huge for a couple years, traveling across the world with my gf and family. Then i would probably buy a few homes and toys, invest like $50M and take the remaining $85M or so and start some sort of a charity. Maybe I could make a rival school to compete with Oprah's school she just opened in Africa. [img]/images/graemlins/tongue.gif[/img] [/ QUOTE ] Party on that kind of level for a few years and you could easily be dead or wind up retarded or mentally ill, at which point further plans don't really exist.
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#65
03-02-2007, 03:53 AM
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Re: Lottery Genius
[ QUOTE ]
[ QUOTE ] I'm pretty sure that if you take the lump sum they scale it down for inflation. [/ QUOTE ] I'm absolutely sure this is wrong. [/ QUOTE ] Ok so a few seconds of googling shows that many (all?) lottery jackpots actually advertise the jackpot amount for what it will be if they give it to you in installments and put the unpaid amount in T bills to earn interest. So they aren't exactly subtracting money when you cash out, rather, they overepresent the amount in the first place. [ QUOTE ] Why Is The Cash Option Jackpot Less Than The Advertised Jackpot? The MEGA MILLIONS States advertise the jackpot at its estimated 26-year value. When the MEGA MILLIONS States pay prizes over 26 years, the first annual payment is cash. For the remaining 25 years, we buy U.S. Government Treasury Securities, which earn interest and mature annually. That annual return is the amount winners receive each year. For example,* if the MEGA MILLIONS States estimate a jackpot of $10 million to be paid over 26 years, the approximate cash value is $5.3 million. With Cash Option, the winner receives the cash value in one payment less required tax withholdings as opposed to $10 million over 26 years less required annual tax withholdings. [/ QUOTE ] http://www.galottery.com/stc/games/megaMillions.jsp
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#66
03-02-2007, 03:56 AM
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Re: Lottery Genius
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picking calendar number increases EV but is really just less negative value. if you figure in taxes and lumpsum penalties, it is never +ev to buy any lottery ticket. there was a post a while back about the odds and value of lottery tickets. [/ QUOTE ] I call BS on this.
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#67
03-02-2007, 04:03 AM
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Re: Lottery Genius
[ QUOTE ]
[ QUOTE ] picking calendar number increases EV but is really just less negative value. if you figure in taxes and lumpsum penalties, it is never +ev to buy any lottery ticket. there was a post a while back about the odds and value of lottery tickets. [/ QUOTE ] I call BS on this. [/ QUOTE ] Powerball's +EV around 450 million but the jackpot has never been this high, so he's sort of right.
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#68
03-02-2007, 05:31 AM
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Re: Lottery Genius
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[ QUOTE ] Wow. A financial Adviser that is stupid enough to think his method works, is very scary. [/ QUOTE ] My dad is the same way. He is an accounting genius, yet he is convinced he has a fullproof baccarat stragety. I find it really confusing how he can be sp retarded as he is generally very intelligent. [/ QUOTE ] I'll one up you, I know a rich dude who's a retired investment banker who thinks roulette etc. are beatable... "the luck comes in waves"
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#69
03-02-2007, 01:27 PM
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Re: Lottery Genius
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[ QUOTE ] Wow. A financial Adviser that is stupid enough to think his method works, is very scary. [/ QUOTE ] My dad is the same way. He is an accounting genius, yet he is convinced he has a fullproof baccarat stragety. I find it really confusing how he can be sp retarded as he is generally very intelligent. [/ QUOTE ] I have one, too. 1) buy one baccarat table and a bunch of decks of cards 2) invite your friends over
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#70
03-02-2007, 01:41 PM
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Re: Lottery Genius
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[ QUOTE ] Wow. A financial Adviser that is stupid enough to think his method works, is very scary. [/ QUOTE ] Let's say you're a financial advisor. Some guy who just won nearly $100M comes up to you and wants you to work for him, as he needs to make $1B in ten years. As a financial advisor, you are aware of the unlikelihood of this. Do you tell him that it's possible? [/ QUOTE ] If this guy came to me, I'd tell it was very possible. I'd have him give me all of his money to invest. Then, I'd leave the country. I think I could live well in Thailand on $100 million.
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