played scratch cards for like a month when i was bored in the middle of no where ohio biggest day was over $300 but i spent it all on more expensive scratch cards
The lottery is a tax on people who failed math class.
[quote]ShaneM686 wrote:
The lottery is a tax on people who failed math class.[/quote]
You mean a tax on the poor.
Scratchers ftw… When I lived in Cali the “Big Spin” was the best. Everytime Id be broke with seriously $3 to my name Id by a spinner and win $15-$20 bucks and have beer and cig money and of cours more scratcher money… Too bad Hawaii dont got lotto or scratchers… Oregon was dope though you could go to dennys and play slots…
I cannot remember the exact statistic, but something like 2/3 of the people who win substantial lottery draws end up worse off then they were prior to winning the lottery. I saw like a 20/20 or Dateline special on some of the US Powerball winners (like $70-150 million) and the stories were pretty much all the same; Divorce, drugs, death, and bankruptcy.
Mind you, there is a married couple who work as nurses near where I live who won $33 million in an Ontario lottery over 2 years ago and their lives have not changed. They both still drive their leased Mazdas, live in the same $250,000 house, and still work the same nursing jobs at the hospital. I know if it were me, things would be A LOT different.
[quote]ShaneM686 wrote:
The lottery is a tax on people who failed math class.[/quote]
Yes, but it’s a voluntary tax. You don’t have to pay if you don’t want to.
So what are the taxes like if you win? Doesn’t the Gov’t take like 30%? If you were to split it among your family members, would they have to pay taxes on that amount too?
I’ll buy 2-3 tickets a year, but usually only get 1 or 2 numbers. Picking them myself doesn’t help.
If I won, my wife and I would split the winnings evenly between our immediate family. We would then hire a financial planner, and do our best not to get the “I’m infinitely rich” mentality.
[quote]jermag27 wrote:
So what are the taxes like if you win? Doesn’t the Gov’t take like 30%? If you were to split it among your family members, would they have to pay taxes on that amount too?
I’ll buy 2-3 tickets a year, but usually only get 1 or 2 numbers. Picking them myself doesn’t help.
If I won, my wife and I would split the winnings evenly between our immediate family. We would then hire a financial planner, and do our best not to get the “I’m infinitely rich” mentality.[/quote]
Financial planner? No need for that kind of stuff really, just be safe.
If I won 10 million, 2 million goes into a bank account to live off interest, 1 million in t-bills or something equally as safe, any debt I have would be paid off, and id buy a bit of property then keep 2 million in cash in a safe.
Oh and id def buy a dirty car off course.