8 meat packers net $15.5M each after taxes

and it was a quick pick.

would it cost to get a ticket for all the possible number combinations for this game?
Just wondering

Seriouly where does all the rest of that money go? $365 million jackpot and you only get $15.5, doesnt seem fair to me. They opted out for the lump sum which they still do not get half of it, why not? How much taxes get taken out? Seems like the powerball folks and tax man the real winners here. Would someone be able to keep more of their winnings if they said they were professional powerball players and that was the sole source of income :}

Future payments shrivel in terms of Present Value, like winning a million dollars, paid out a dollar per year for a million years.

> Seriouly where does all the rest of that money go? $365 million
> jackpot and you only get $15.5, doesnt seem fair to me.

It's $125 million, not $15.5 million. Eight different people each got $15.5MM.

None the less, they never said you win $365MM. They said you win 30 annual payments, from a graduated annuity, based on a discounted for future value number of $365MM. No screw job, that's what they have said.

So you win the $365 PowerBall, YOU elect to take it all now, and they write you a check for about $190MM. Not sure, but it feels like a discount rate of less than 3%. Seems fair to me.

The screw job, as far as I'm concerned, is having to write a check to the Federal government for 35% of that, right now, for over $65MM. That is what leaves these guys with the $125MM to split

The choice is cash option or annuity. Anyone that would take the annuity is whacko, but the nice folks at the Powerball place hit you with an incredible vig for the pleasure of getting a big bulk of your win up front. I suspect the remaining funds get spread among Powerball states. You can do a helluva lot more with a nice chunk of cash as opposed to a cracker each year for the next twenty years!

Near as I can figure, these 8 folks kicked in $8 and got 8 quick pick tickets. Happens that the first ticket was the bingo. So, they put in $1, and came out with $22.1m each before taxes. After taxes they NET $15.5m. Not a shabby return.

I suspect with prudent investments, each could live like a king (or queen) off the interest alone, never touching the principle. Nice situation to have, no? Oh, let's not forget they all worked in some capacity for a Con Agra meat packing plant in Lincoln, NE. I suspect they will all be retired within the next week or two.

As amazing as this win is for these folks, imagine...many major league baseball players make this and more in about 6 months, year in and year out for a lot of years, and don't do much more than play a kid's game, although they do play it very, very well.

BTW, isn't megabucks paid in annuity only form? So, let's say you win a $20m megabucks. They give you $1m per year for 20 years. How much interest did the megabucks folks enjoy off YOUR win, and how much interest (not to mention investment opportunity) did you lose? I'd say a helluva lot.

So, no, I don't think they got screwed.

Have you ever read the book Lottery Disasters? It is story after story of people that win the lottery and ruin their lives. My favorite being a guy hits, his brother wants to borrow money to start a business. The winner is smart enough to know his brother is and always will be a loser. He turns down the brother who then starts to have an affair with the winner�s wife. To make a long story short he ends up in a wheel chair and his brother and wife in jail for attempted murder. After looking at this group I am sure a few of them will be future chapters.

I don't know if there's state tax where they are - but with most states the net taxes after state/local taxes is about 50% - so you can subtract a lot more out of there actual take home amount...

you hear about these winners who end up declaring bankruptcy, lives shattered. it happens in professional sports all the time. the uneducated, never had much in life suddenly have more than they could ever spend, or so they think. everyone wants to create wealth through their own deeds but do we really want the burden of overnight riches? why can't the lottery spread the riches to manageable winnings, say 10,000 thousand dollars and realistic odds of winning. we'd all be better off if we had a realistic chance of winning 10,000 dollars than having a few dock workers winning 15 million.