Another insane win!! $ 1B mega million jackpot

[Sithara007]

That depends on the declaration of the casino if the tax is already included or not. But if the casino says that's tax free then jackpots like this are truly a wealth that you can enjoy forever.
That's what mostly cuts the fun when hear someone says about tax.

It is a little bit complex for foreign gamblers. The casino may say that the winnings are tax free, but the gamblers may be from other countries and in such countries this income may be taxable. Or worse still, gambling may be illegal in these countries and therefore in the tax return the amount needs to be reclassified as a gift or business income. The better option would be to convert it to Bitcoin and anonymously transfer it back to the home country of the gambler.

[1715458862]

1715458862

[tabas]

That depends on the declaration of the casino if the tax is already included or not. But if the casino says that's tax free then jackpots like this are truly a wealth that you can enjoy forever.
That's what mostly cuts the fun when hear someone says about tax.

It is a little bit complex for foreign gamblers. The casino may say that the winnings are tax free, but the gamblers may be from other countries and in such countries this income may be taxable. Or worse still, gambling may be illegal in these countries and therefore in the tax return the amount needs to be reclassified as a gift or business income. The better option would be to convert it to Bitcoin and anonymously transfer it back to the home country of the gambler.

Yes, that's a pain if they're going to fly it to their main land. They really have to include the declare their money and where it came from. And it's hassle if the country has huge taxation for money that came from gambling.
And it's a big problem if the country declared it illegal pertains to gambling, that's a huge thing to be concerned but there's a way these days through converting to bitcoin.

[BuNga_cute]

I have read many stories about someone who has won a large number of lotteries, this victory depends on our luck. Because everyone has
different luck, but what's interesting about this lottery can provide an opportunity for people to become rich instantly. Which turned out
to have a frightening negative effect, most lottery winners will have a hard time managing the money they get. Since they are usually not used
to having large amounts of money, most lottery winners will spend the money they earn on something that is extravagant and unnecessary.
There are stories of lottery winners just a few months back from being poor, this is indeed a problem for people who win lotteries in large numbers.
I suggest for lottery winners to hire professional financial advisors, so that the money they earn can be managed properly.

[iTradeChips]

That depends on the declaration of the casino if the tax is already included or not. But if the casino says that's tax free then jackpots like this are truly a wealth that you can enjoy forever.
That's what mostly cuts the fun when hear someone says about tax.

It is a little bit complex for foreign gamblers. The casino may say that the winnings are tax free, but the gamblers may be from other countries and in such countries this income may be taxable. Or worse still, gambling may be illegal in these countries and therefore in the tax return the amount needs to be reclassified as a gift or business income. The better option would be to convert it to Bitcoin and anonymously transfer it back to the home country of the gambler.

Yes, that's a pain if they're going to fly it to their main land. They really have to include the declare their money and where it came from. And it's hassle if the country has huge taxation for money that came from gambling.
And it's a big problem if the country declared it illegal pertains to gambling, that's a huge thing to be concerned but there's a way these days through converting to bitcoin.

That is a smart move for the winner to convert his winnings to Bitcoin, so that he could be able to go to places and all he needs to have is a laptop with the wallet and the Bitcoin. He can even wait for Bitcoin to get much higher and thus he will be able to double or triple his earnings. As far as I am concerned, I am already happy if I won a million or two, since I only have simple wants like a small house and a small business. All I want is self sustainability.

[South Park]

I have read many stories about someone who has won a large number of lotteries, this victory depends on our luck. Because everyone has
different luck, but what's interesting about this lottery can provide an opportunity for people to become rich instantly. Which turned out
to have a frightening negative effect, most lottery winners will have a hard time managing the money they get. Since they are usually not used
to having large amounts of money, most lottery winners will spend the money they earn on something that is extravagant and unnecessary.
There are stories of lottery winners just a few months back from being poor, this is indeed a problem for people who win lotteries in large numbers.
I suggest for lottery winners to hire professional financial advisors, so that the money they earn can be managed properly.

That is the usual problem those people face when they win the lottery, it is obvious that every single person will love to have millions and millions of dollars come to them without doing anything which is why the lottery so popular, however most of the people that win the lottery face bad consequences because they do not know what it takes to earn that kind of money and they begin to spend it in all kind of things that they do not really need and ruing their lives in just a few years.

[Mahanton]

I have read many stories about someone who has won a large number of lotteries, this victory depends on our luck. Because everyone has
different luck, but what's interesting about this lottery can provide an opportunity for people to become rich instantly. Which turned out
to have a frightening negative effect, most lottery winners will have a hard time managing the money they get. Since they are usually not used
to having large amounts of money, most lottery winners will spend the money they earn on something that is extravagant and unnecessary.
There are stories of lottery winners just a few months back from being poor, this is indeed a problem for people who win lotteries in large numbers.
I suggest for lottery winners to hire professional financial advisors, so that the money they earn can be managed properly.

That is the usual problem those people face when they win the lottery, it is obvious that every single person will love to have millions and millions of dollars come to them without doing anything which is why the lottery so popular, however most of the people that win the lottery face bad consequences because they do not know what it takes to earn that kind of money and they begin to spend it in all kind of things that they do not really need and ruing their lives in just a few years.

Not all but most of them do really end up that way because of unwise spending of people on their winnings.They do spend out just like theres no tomorrow.
They arent thinking on diversifying those funds for them not to go bankrupt or lost it all in a short span of time.Well, it isnt bad to buy on what you want
but when the time comes where its unwise on spending into something which isnt important then thats really a wrong move to take.
Hitting lottery is a one time life changing situation thats why its better not to waste it up if we dont like to go back into our normal lives.

[South Park]

I have read many stories about someone who has won a large number of lotteries, this victory depends on our luck. Because everyone has
different luck, but what's interesting about this lottery can provide an opportunity for people to become rich instantly. Which turned out
to have a frightening negative effect, most lottery winners will have a hard time managing the money they get. Since they are usually not used
to having large amounts of money, most lottery winners will spend the money they earn on something that is extravagant and unnecessary.
There are stories of lottery winners just a few months back from being poor, this is indeed a problem for people who win lotteries in large numbers.
I suggest for lottery winners to hire professional financial advisors, so that the money they earn can be managed properly.

That is the usual problem those people face when they win the lottery, it is obvious that every single person will love to have millions and millions of dollars come to them without doing anything which is why the lottery so popular, however most of the people that win the lottery face bad consequences because they do not know what it takes to earn that kind of money and they begin to spend it in all kind of things that they do not really need and ruing their lives in just a few years.

Not all but most of them do really end up that way because of unwise spending of people on their winnings.They do spend out just like theres no tomorrow.
They arent thinking on diversifying those funds for them not to go bankrupt or lost it all in a short span of time.Well, it isnt bad to buy on what you want
but when the time comes where its unwise on spending into something which isnt important then thats really a wrong move to take.
Hitting lottery is a one time life changing situation thats why its better not to waste it up if we dont like to go back into our normal lives.

What happens is that they go from having a low amount of wealth to have a lot of wealth and it may give them the impression that the money that they have is unlimited but that is simply not the case, it doesn't matter how much money you have there is always enough stuff around the world which you can buy and ruing your life in the process if you're not careful, just as an example let's see the real estate market, there are houses that are very cheap but there are mansions that are incredibly expensive so the real estate market accommodates most people despite the wealth they may have.

[Sithara007]

What happens is that they go from having a low amount of wealth to have a lot of wealth and it may give them the impression that the money that they have is unlimited but that is simply not the case, it doesn't matter how much money you have there is always enough stuff around the world which you can buy and ruing your life in the process if you're not careful, just as an example let's see the real estate market, there are houses that are very cheap but there are mansions that are incredibly expensive so the real estate market accommodates most people despite the wealth they may have.

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

[Renampun]

...

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

in my city, the property tax is around 0.1% - 1% / year of the value of the building depending on the type of building...
but you are right, if a person who wins the jackpot immediately buys an item that requires you to pay taxes on it then that is a mistake. it would be wise to buy the money an investment asset so that you can get income from it.

[bhadz]

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

Those expensive real estate can still be said as an asset which for me is a good thing that a winnee has spent on their money. That is considered as an asset if they will use that expensive real estate for rental and its value will appreciate overtime.
It is better if they spend it on that thing rather than things that will depreciate even if they are not financially good in deciding what to buy and what to keep.

[Sithara007]

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

Those expensive real estate can still be said as an asset which for me is a good thing that a winnee has spent on their money. That is considered as an asset if they will use that expensive real estate for rental and its value will appreciate overtime.
It is better if they spend it on that thing rather than things that will depreciate even if they are not financially good in deciding what to buy and what to keep.

I don't have anything against luxury real estate. The only thing that I was pointing out is that the lottery winners should plan carefully when they purchase these assets. When they buy these assets, they should make sure that the pricing is optimal. Luxury real estate is almost always overpriced and you need to wait patiently for many months if you want to purchase them at fair valuation. And in case the annual maintenance is an issue, then the owner will be forced to sell his asset. And if he wants to sell it quickly, then he may need to reduce the price by 30% or 40% (i.e if he is not ready to wait for 1-2 years). So these things should be kept in mind.

[michellee]

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

Those expensive real estate can still be said as an asset which for me is a good thing that a winnee has spent on their money. That is considered as an asset if they will use that expensive real estate for rental and its value will appreciate overtime.
It is better if they spend it on that thing rather than things that will depreciate even if they are not financially good in deciding what to buy and what to keep.

But that is not worth just buy expensive real estate because I am sure we can search for a low price real estate. Maybe after we can have one or two real estates, we can rent it to make more money. Hitting a jackpot needs us to manage the money because if we can not do that, it will not takes too long to see the money will be gone. We can not have much money again if we lose it, and I do not think that we can hit the other jackpot again in the future. If that person knows about crypto, maybe it will better to invest his win money in crypto so he can make another return in the future.

[dunfida]

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

Those expensive real estate can still be said as an asset which for me is a good thing that a winnee has spent on their money. That is considered as an asset if they will use that expensive real estate for rental and its value will appreciate overtime.
It is better if they spend it on that thing rather than things that will depreciate even if they are not financially good in deciding what to buy and what to keep.

But that is not worth just buy expensive real estate because I am sure we can search for a low price real estate. Maybe after we can have one or two real estates, we can rent it to make more money. Hitting a jackpot needs us to manage the money because if we can not do that, it will not takes too long to see the money will be gone. We can not have much money again if we lose it, and I do not think that we can hit the other jackpot again in the future. If that person knows about crypto, maybe it will better to invest his win money in crypto so he can make another return in the future.

These life changing opportunities shouldnt really be wasted because once you do lost and spend of those winnings then you would surely comeback on where you had started.
Be wise and be sensible with those cash that you do have, if you dont like to end up on being poor again then better to make use of those funds wise and be diversified
into various investment and later on you do buy on the things you do like in life when you do see you are sustainably able to make profits on leverage businesses
which an ideal target for someone to achieve on.

[michellee]

One of the biggest mistakes that a lot of lottery winners make is that they end up spending most of that amount on expensive real estate. But due to their inexperience, they fail to notice the annual charges that needs to be paid. The property tax can amount to 2% to 3% of the total value of the property, and on top of that maintaining such luxury properties in a good condition require a lot of funds. In 10-15 years, the property can cost as much in annual charges as its original purchasing price.

Those expensive real estate can still be said as an asset which for me is a good thing that a winnee has spent on their money. That is considered as an asset if they will use that expensive real estate for rental and its value will appreciate overtime.
It is better if they spend it on that thing rather than things that will depreciate even if they are not financially good in deciding what to buy and what to keep.

But that is not worth just buy expensive real estate because I am sure we can search for a low price real estate. Maybe after we can have one or two real estates, we can rent it to make more money. Hitting a jackpot needs us to manage the money because if we can not do that, it will not takes too long to see the money will be gone. We can not have much money again if we lose it, and I do not think that we can hit the other jackpot again in the future. If that person knows about crypto, maybe it will better to invest his win money in crypto so he can make another return in the future.

These life changing opportunities shouldnt really be wasted because once you do lost and spend of those winnings then you would surely comeback on where you had started.
Be wise and be sensible with those cash that you do have, if you dont like to end up on being poor again then better to make use of those funds wise and be diversified
into various investment and later on you do buy on the things you do like in life when you do see you are sustainably able to make profits on leverage businesses
which an ideal target for someone to achieve on.

Yes, that is once in a lifetime opportunity that will change our lives forever. That needs big attention on how we can manage the big money. Otherwise, we will lose it in a short time and we will never get the same experience in the future. If you can diversify into the right investment or buying something that will worth it in the future and give benefits to you and your family, you will have a chance to increase your wealth from time to time. Only a few people can use that moment and have a plan to constantly use their money to make money from the business. They really understand the slogan "let money works for you."

[boyptc]

in my city, the property tax is around 0.1% - 1% / year of the value of the building depending on the type of building...
but you are right, if a person who wins the jackpot immediately buys an item that requires you to pay taxes on it then that is a mistake. it would be wise to buy the money an investment asset so that you can get income from it.

That is not a mistake.

If a winner buys a thing for themselves with or without tax, that doesn't matter at all.

He can spend in things that he wants, it is normal to buy things for pleasure to enjoy and setting aside for investments. That is their money.

[Sithara007]

Yes, that is once in a lifetime opportunity that will change our lives forever. That needs big attention on how we can manage the big money. Otherwise, we will lose it in a short time and we will never get the same experience in the future. If you can diversify into the right investment or buying something that will worth it in the future and give benefits to you and your family, you will have a chance to increase your wealth from time to time. Only a few people can use that moment and have a plan to constantly use their money to make money from the business. They really understand the slogan "let money works for you."

Jack Whittaker is the perfect example of what can happen if you are not careful with your lottery winnings. He won the Powerball jackpot in 2002, which was worth $314.9 million (a new record at that time). He was quite rich even before the win, as he owned a construction company. But the jackpot changed his life, unfortunately in a negative way. He immediately donated 10% of his win to Church of God, which was used to buy expensive cars for the pastors. His granddaughter died of drug overdose in 2004. Whittaker himself was charged with DUI in 2003. His home was destroyed in a fire, and finally in 2020 Whittaker died from old age. He was financially broke at the time of his death.

[pilosopotasyo]

Jack Whittaker is the perfect example of what can happen if you are not careful with your lottery winnings. He won the Powerball jackpot in 2002, which was worth $314.9 million (a new record at that time). He was quite rich even before the win, as he owned a construction company. But the jackpot changed his life, unfortunately in a negative way. He immediately donated 10% of his win to Church of God, which was used to buy expensive cars for the pastors. His granddaughter died of drug overdose in 2004. Whittaker himself was charged with DUI in 2003. His home was destroyed in a fire, and finally in 2020 Whittaker died from old age. He was financially broke at the time of his death.

This is a very tragic life, winning a fortune and dying broke, after we've won a huge jackpot, we should know that we will be capable of doing many things that we have thought we can't do, and if we are not responsible for all our actions and wasted the big blessing that God has given us, we will end up a broke and depressed on what has become to our lives, we should live a life worthy of virtue and do not rely on money alone.

[tabas]

Yes, that's a pain if they're going to fly it to their main land. They really have to include the declare their money and where it came from. And it's hassle if the country has huge taxation for money that came from gambling.
And it's a big problem if the country declared it illegal pertains to gambling, that's a huge thing to be concerned but there's a way these days through converting to bitcoin.

That is a smart move for the winner to convert his winnings to Bitcoin, so that he could be able to go to places and all he needs to have is a laptop with the wallet and the Bitcoin. He can even wait for Bitcoin to get much higher and thus he will be able to double or triple his earnings. As far as I am concerned, I am already happy if I won a million or two, since I only have simple wants like a small house and a small business. All I want is self sustainability.

There's a story that I've heard that there are some casinos that do this. Those gamblers who win a lot are wise to convert their money into bitcoin and later on sell it just to convert it back to cash without any tax. I just heard it somewhere and maybe that's really happening in real life.

[Sithara007]

There's a story that I've heard that there are some casinos that do this. Those gamblers who win a lot are wise to convert their money into bitcoin and later on sell it just to convert it back to cash without any tax. I just heard it somewhere and maybe that's really happening in real life.

In most cases, it is due to complexities with tax liability and overall legality of gambling. In countries such as India, all forms of gambling is banned. So a lot of people travel to countries such as Macau and Singapore to visit casinos. But if they win big amounts of money, they can't bring it back to India in the form of cash, since gambling itself is banned there. So in many cases, the gamblers convert their reward to BTC and then transfer it anonymously.

[uneng]

There's a story that I've heard that there are some casinos that do this. Those gamblers who win a lot are wise to convert their money into bitcoin and later on sell it just to convert it back to cash without any tax. I just heard it somewhere and maybe that's really happening in real life.

In most cases, it is due to complexities with tax liability and overall legality of gambling. In countries such as India, all forms of gambling is banned. So a lot of people travel to countries such as Macau and Singapore to visit casinos. But if they win big amounts of money, they can't bring it back to India in the form of cash, since gambling itself is banned there. So in many cases, the gamblers convert their reward to BTC and then transfer it anonymously.

I thought at least gambling lottery was legal in some indian states. If it is true gamblers don't need to go too far to try their luck somehow legally. Anyway, the idea of receiving the prize in bitcoin sounds a lot better than being rewarded in fiat. I think the few lucky ones deserve the jackpot prize without having it cut by the government due to bureaucracy and abusive taxes. It's already hard enough to win such prizes, so let the winners enjoy it!