Woman and her seven adult children claim $429.6MILLION jackpot won in New Jersey... off just a $6 investment

[mystery-ak]

http://www.dailymail.co.uk/news/article-3588855/8-people-claim-429-6-million-Powerball-jackpot.html#ixzz48ZIAc6uz

Woman and her seven adult children claim $429.6MILLION jackpot won in New Jersey... off just a $6 investment

    Saturday's sole winning ticket worth $284million before taxes
    Family spokeswoman Valerie Arthur identified her siblings Marcia, Jackie, Tracy, Renee, Kathy, Steven, and their mother Pearlie
    The odds of winning are one in 292.2million

By Associated Press and Zoe Szathmary For Dailymail.com

Published: 07:48 EST, 13 May 2016 | Updated: 15:51 EST, 13 May 2016



The eight people who won last weekend's $429.6million Powerball jackpot have been revealed.

The jackpot was won with a $6 investment, the New Jersey Lottery said Friday.

Oldest daughter Valerie Arthur served as spokeswoman for the Smith family.

'Our mother bought the ticket for us. We all pooled our money together and we left it in her hands,' she said at a Friday press conference.

Arthur identified her relatives as sisters Marcia, Jacqueline, Tracy, Renee, and Kathy; her brother Steven; and their mother Pearlie Smith.

[geronl]

I would probably want to keep it as confidential as possible

[Silver Pines]

I wonder how people who win huge sums of money actually gettheir prize.  I know it's probably dumb, but they don't get a check for $429 million and put it in the bank, right? 

[The_Reader_David]

I object to the title.  Lottery tickets are never an investment.  If the jackpot is large enough that the expected value of a ticket exceeds the cost, they are a rational speculation, otherwise they are an innumeracy tax.

[geronl]

I wonder how people who win huge sums of money actually gettheir prize.  I know it's probably dumb, but they don't get a check for $429 million and put it in the bank, right?

Sometimes its over 25 years.

even lump sum...

I hope not. Spread it around. Create trust funds for each person involved...

[mountaineer]

I wonder how people who win huge sums of money actually gettheir prize.  I know it's probably dumb, but they don't get a check for $429 million and put it in the bank, right?

If they chose the lump sum, they got a lot less than $429 million.  After taxes are withheld, I believe the check will be closer to  $145 million. How can anyone live on that?! ^-^

[Bill Cipher]

I would probably want to keep it as confidential as possible

They usually want you to do publicity. 

[Bill Cipher]

I wonder how people who win huge sums of money actually gettheir prize.  I know it's probably dumb, but they don't get a check for $429 million and put it in the bank, right? 

No.  The deal is usually payments over a lot of years (like 20) that add up to the stated amount or a discounted lump sum equal to the present value of the payment stream.  Whether it makes sense to pick one or the other depends on the discount rate that applies.  The lower the rate the more sense it makes to take the lump sum payout.  Usually. 

[Frank Cannon]

The jackpot was won with a $6 investment, the New Jersey Lottery said Friday.

Like hell. What's the bet they have been dumping tons of money, that could be used for better purposes, into the lottery and scratch offs?

[Bill Cipher]

The jackpot was won with a $6 investment, the New Jersey Lottery said Friday.

Like hell. What's the bet they have been dumping tons of money, that could be used for better purposes, into the lottery and scratch offs?

True enough. Even so, it's a hell of a payoff.