The Lottery

   Today, I'm going to go back to the Random Thoughts that I originally named this blog after.
   Since the biggest topic in the country right now seems to be the Lottery. The Mega Millions to be precise. 1.6 billion. That's 1,600 millions. Or 904.9 million of if ychose the cash value option. The Powerball is 620 with a cash value of 354.3 million. You'd have 212.5 million after taxes. 
    I'm going to cover some things you might not know. If a married person filing jointly wins and they live in a state with no income tax on lottery winnings I'm going to assume they have income so I'm going to assume they already owe some taxes but this is what a one ticket winner choosing the cash value option would owe. 

Social Security 15921.60 ( on the first $128400)
Income tax 161379 (on the first $600000)
Medicare 2624210.00 (2.9% on the whole amount)
Income tax 334591000 (37% of the amount over $600000)
337392510.60 in taxes due

So you'd take home 687724000 and still be looking at having to pay about 120 million more in taxes.
   Now for the random thought part of it. Once when the PowerBall was around 500 million, I was in line at a convenience store and I was getting a drink and somebody said something about the PowerBall and winning the 500 million. I said I'd rather get the cash value option and take home 180 million. They said that's all? If that's all you get, I'm not buying a ticket. And they didn't get one then.
WHAT?
   I personally would be happy with breaking even. I would prefer to win more than I spend, winning more than I spend is better. I wouldn't have to win the jackpot, getting the 5 numbers right without the bonus ball is worth a million dollars. That would be cool. I don't know about you, but 180 million is 180 million I didn't have. And if spending $2 would get it, then I'd buy the ticket. 
    I don't know why people won't buy tickets right after the jackpot resets. Your odds of winning are the same whether it's 40 million or 400 million. 
   When I had a job and some money, I'd buy tickets for every drawing. Always the same numbers, but when the jackpots hit 500 million, I'd buy an extra $10 ticket, 5 sets of numbers. 
    Just thought I'd share that. Buy a ticket, or don't. Good luck either way. 

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