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Biggest Lottery Prize

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Registered: 12-08-2007

Biggest Lottery Prize

The biggest lottery prize in the world will take place this week in America.  The prize is an eye-watering $540m - £340m.
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What would you do with that sort of money Undecided
19 REPLIES
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Re: Biggest Lottery Prize

If you live that long to claim it all, apparently it will be paid in 26 annual instalments.
Personally never played any lottery and never will Smiley
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Re: Biggest Lottery Prize

Unless the winner agrees to a lesser sum, $389 million paid in one go Undecided
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Re: Biggest Lottery Prize

Quote from: artmo
What would you do with that sort of money Undecided

Not worry about paying the bills - ever again Smiley

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Re: Biggest Lottery Prize

With my luck I'd be just as well handing over £1 to a random stranger in the street every week Sad
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Re: Biggest Lottery Prize

I've always thought lottery prizes should be limited to one million times the UK minimum hourly rate. If the prize fund is larger more winners should be created from the next layer down of lottery winners.
Far better to spread the joy a bit while still giving the main winner some joy.
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Re: Biggest Lottery Prize

Quote from: dvorak
If you live that long to claim it all, apparently it will be paid in 26 annual instalments.

All the State lotteries in the US pay the larger amount by installments and as Strat said there is the alternative to take a smaller amount in one payment - but it's taxable.
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Re: Biggest Lottery Prize

Though our wonderful government isn't stupid when it comes to making up new taxes and increasing them (as I'm sure you've all noticed!).
They used to (I say used to as I am sure the percentage has gone up by now) take 12% in duty from every pound spent on the lottery when it started (1994?).
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Re: Biggest Lottery Prize

Quote from: AlaricAdair
If the prize fund is larger more winners should be created from the next layer down of lottery winners.

This doesn't work in practice.  As the top prize increases so does the number of people buying tickets.  The moment there is a rollover people make a rush for the terminals Wink
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Re: Biggest Lottery Prize

Quote from: dvorak
Personally never played any lottery and never will Smiley

Same here:- Must admit, don't even know to go about buying a lottery ticket.
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Re: Biggest Lottery Prize

What would I do with it?
Hmm... here's a little list:

  • Take the SO on holiday that they've been deserving for so many years with no sight of one (they've never been on a holiday in 27 years)

  • Right some wrongs that need righting in my life - not just my issues but friends / 'family' etc

  • Spend a bit - have the car pimped by the dealers to 'like new'

  • Buy up some old disused railway lines (you can see where thats going)

  • Setup a Tech / Engineering R&D company

  • Help out some local good causes - EG the homeless - Buy a large property and fill it with beds and facilities. Also give them a boost with some £'s to help them sort themselves out

  • Learn to live a bit and have fun - not much of that in my life

  • Setup a tech / engineering / science school for those who can't afford uni etc and come from disadvantaged backgrounds - something which I personally believe is very important for the future of this nation


Years ago I used to think up all sorts of weird and wonderful things to spend money on but I think thats about my limit now. I think I'd have to give a fair amount away as my conscience would start to get to me and I'd get a bit paranoid etc.
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mikko
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Re: Biggest Lottery Prize

It's misleading to say that the prize will be $540M. About half will be paid in tax leaving something like $270M to go to the winner. In my opinion the prize is therefore about $270M as that's what the winner gets.
    Undecided
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Re: Biggest Lottery Prize

Post #6 mentions it's taxable.  Still I wouldn't mind getting the prize.  Top tax rate BTW in US is 35% for the 2012 tax year.
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Re: Biggest Lottery Prize

I'd withdraw it in 5s and 10s and keep it under the bed rather than let the bank have the benefit Wink Cheesy
Oh yeah, I wouldn't tell anyone (apart from SWMBO)!

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Re: Biggest Lottery Prize

The top prize has now gone up to $640m.  Where will it end Undecided