ST Alpha - "seems like quite the scam when you see this shit." (Reading a Post)

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In response to "Mega Millions Payout: Calculate How Much You Will Win Now & After Tax [October 23] -- (link)" by crash davis

seems like quite the scam when you see this shit.

Posted by groiny (aka groiny) Oct 23 '18, 14:41

1.6 billion is not really 1.6 billion, it is 904 million, and then you get taxed on top of that.

Responses:

one way I did the math on this is I came up with 12.88 million...a far cry from a billion six, but enough to make me happy -- nm - crash davis Oct 23, 14:46
Money today is worth more than money in the future because I can take it and invest it and grow it. So they discount it accordingly based on - pmb Oct 23, 14:46 4
- thanks, it is a shock when you hear 1.6 and them you end up with a billion less than that when all said and done. -- nm - groiny Oct 23, 14:47 3
  - then divide it by your 40 pool participants -- nm - crash davis Oct 23, 14:48 2
    - this is why I buy a few solo. -- nm - groiny Oct 23, 14:49 1
      - but those won't win -- nm - crash davis Oct 23, 14:54
It would be closer to that if you spread it over the 30 year annuity. - JaxSean Oct 23, 14:42 3
- the annunity pays out at about 4%, a wealth manager should not only do better than that, but at the end you'll still have your 500million or more - zeitgeist Oct 23, 14:48 1
  - I'd take the yearly payouts. -- nm - JaxSean Oct 23, 14:49
- Annuity: $24.08M year 1, followed by $25.29M year 2. Then they go up 5% each year. - JaxSean Oct 23, 14:48

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