if you're poor when you get the money, you still get taxed for being poor, and the sin of class mobility. only money made AFTER you get rich is safe.
this post was submitted on 08 Mar 2025
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Doesn’t matter, your life will be ruined either way by everyone around you that wants a piece of the pie.
Life pro tip: don’t win the jack pot. And if you do, keep it as much a secret as possible.
There's a guide out there about what to do if you win.
Basically, tell nobody before you talk to a senior partner in a big law firm, get trusts set up for yourself and the people in your life so everybody is looked after and you can't fall below a decent living wage even if you fuck the rest up. This also stops people hounding you for a slice and destroying your relationships.
Then there was stuff about setting up investments, and setting aside some spending cash.
Personally I'd want to put most of the "investments" into various mutual aid projects to build lasting social stability rather than using it to further the stock market, but other than that it's pretty good advice.
and it's altadena, which was recently the hub of some pretty big mutual aid efforts, so there's a chance some of that might actually happen!
I'm not sure what the venn diagram of people into mutual aid and people who buy scratch tickets looks like, but I'd suspect it's a small overlap.
But hey who knows, if this stuff is getting more popular traction then I might be wrong about that.
into? probably. helped by? probably larger.
The reason it gets cut down so much is the advertised jackpot is the 25 year pay over time annuity amount. You get only about half if you take lump sum. And THEN that's taxed at a high bracket.
Half? So they could get 850 over 25 years? That's 34 million/year... Or 2.8mil/month... In what world is that not enough? Unless you're afraid they're gonna stop paying you after like a year or two, which is fair, especially in this day and age.. yeah, okay, I've changed my mind, I'd take the lump sum too.. not risking it.
The rationale behind taking the lump sum is that if you take a lump sum now and invest it, you can live off the proceeds from the investment and the overall value will outstrip inflation and the losses from the taxes and you can take advantage of compound interest to really ramp things up. You can actuality make more money in the long term by taking less now.
Yeah, if you're financially responsible you can totally do that. Most people, however, from what I've heard, aren't and don't really make good use of their winnings. When you win that much, however, pretty hard to go back to being poor no matter which way you go.
Other than "they're gonna stop paying you" there's also the risk of inflation making it so you receive way less overall, since I doubt the amount gets adjusted to match inflation.
But yes, if the jackpot is so high that you'd get 2+mil per month, assuming you're so worried about the dollar being worthless soon, you can still take the 2mil/mo and diversify. After a year you should already have plenty money to live comfortably for the rest of your life.
Could you withold from being taxed from your lottery win until you get a lawyer to put all that money into a tax haven, and then pay the tax in pennies? I mean, if billionaires could get away with stashing their money into offshore and tax havens and pay pennies in taxes, why couldn't this instant billionaire do the same?
Nah. There's a reason the parasites insist on getting most of their pay in stock and benefits.
most of their pay in stock and benefits.
You have a great point. This is crypto before crypto became a thing.
Can't have the peasants luck-ing into their class. It would mean their ruse is revealed.
Arguably he's been taxed before he got rich... So the poor still got the whole tax burden.
Old money hates new money. That's why lottery winners are taxed so much.
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