Quote:
Originally Posted by cball86
just out of curiosity... what does one do with a 330 million dollar piece of paper while he waits to turn it into the lottery office?
in the pool at work, and the $100 5man pool 4 friends and I have for this, after scanning all tickets are placed in an envelope in a safe. (I have 100 in my home safe atm) If one of those 100 binks the 10k thats great but kind of meh, we will probably wait til Friday, Ill go to columbia (lottery office) claim it, come back and split 5 ways.
If it binks 250k or the jackpot I'll open safe to confirm, relock in safe. Confer with the other members and suggest we all leave 2.5 hours before the lottery office opens (1.75 hour drive and there will be a throng of people there once its announced the winner was in SC) and bring all documentation, ID, laptops and cell phones for any bank transactions needed, etc.
The problem with winning huge is you cant just deposit 230M in one account...and if you have to for even a minute you better do it in Bank of America or Wells Fargo. Its only insured to 200k (i think thats current).
FWIW despite popular belief in lump sum the best move for an individual winner is always the annuity because of
a) the problems you will run into just trying to park 230M all at once
b) the problems you will run into when you start trying to allocate 230M across an investment portfolio WHILE protecting yourself and your $$ from scams/cheats/etc
c) the unlikelihood of actually achieving the return the annuity guarantees by successfully navigating
b (you'd basically have to be pretty sure you can earn 150M in investment profit with about a 150M bankroll(after taxes) over the next 20 years.) And remember any money you EARN with your lumpsum bankroll will be subject to capital gains tax.
c is unlikely for most trials AND involves the added headache of constantly watching out you dont get fcked for all the loot.
The annuity means you sit back and collect about 6M a year after taxes and if someone cons you out of it, you use it all in one month (hookers and blow obv) or whatever its just like "meh, I get another 6M next january".