Languish Powerball Pool!

[Razgovory]

I've heard that the 30 year option is a bad idea regardless, that if you take the lump sum and invest it, you can pay yourself the yearly amount you would get from the 30 year option forever.

Not sure if that is really true or not.

We'll have an actuary to advise us on this, in case it becomes relevant.

Oh, right, your wife.

Actually, a pension actuary is far more qualified to opine on such matter than a property/casualty actuary-turned-data-scientist.  But still,  .

Holy shit, I didn't know you married Berkut!  Why would you do that?

[Malthus]

Ladies and Gentlemen, win or lose I just want to say it has been an honor wasting my money in such fine company.

Also, kudos to Berk for doing the organizing and thinking up the plan. It's a fun distraction, even though of course we won't win. 

[DGuller]

Holy shit, I didn't know you married Berkut!  Why would you do that?

You didn't detect any sexual tension between us over these years?

[Malthus]

If Languish wins, someone has to hire Seedy.

He'd probably make a decent hitman.

So, where's the parallel pool for hiring Seedy to hunt down Berk when he wins and tries to flee with the entire pot? 

[Grinning_Colossus]

To reiterate: Put me in for 5 shares.

There is only 1 way to be "in", and that involves me seeing your name on a paypal payment.



katmai: 5 shares

Oh. Didn't see your info above. Done.

[Berkut]

Grinning Colossus: 5 shares

[Jacob]

It's a good point, re: contracts. Could we come up with some sort of text - even simple - that states how we'll deal with it in case we win?

I'm sure we could all be rational and easy going in figuring this out, but then I look at how we discuss things and think it might be better to have some sort of agreed guidelines up front...

[Berkut]

So, it seems fair to mention that while I am tracking this here because it is what we all can see, the actual "agreement" is between the people who send me paypal payments, and what is in paypal, which I am trying hard to keep in sync here, is what is the "official" record of who is in the pool.

That is better, since it has actual names of actual people with actual email addresses.

[Berkut]

It's a good point, re: contracts. Could we come up with some sort of text - even simple - that states how we'll deal with it in case we win?

I'm sure we could all be rational and easy going in figuring this out, but then I look at how we discuss things and think it might be better to have some sort of agreed guidelines up front...

Here is my working assumptions:

Any winnings (and it could be less than a jackpot, I think 3 matches is a minimum win) will be taken as a lump sum payment.

It will then be divided among the participants proportionally to the number of shares they purchased - i.e. someone who bought 5 shares will be get 5/total shares of the total winnings.

Paying taxes or other legal requirements based on wherever you live is on you - division of funds will be based on USD pre-tax.

I will post a picture (and send via email if anyone requests) of the actual ticket(s) I purchase.

The actual "agreement" is between the people who send me paypal payments, and what is in paypal (plus my own contribution) is what is the "official" record of who is in the pool.

[The Minsky Moment]

I thought verbal contracts were only enforceable up to a small dollar amount, like $500.

Not so.
The rules in NY  (where B is?) about this are in the General Obligations Law, 5-701-705.   Lotsa fun.

[Jacob]

Yeah, once you close the pool maybe send out an email to everyone with the names and number of shares to everyone, followed up by another email with the ticket numbers?

And I assume if we win we do something like the following:

1. Hire a competent tax advisor (simple plurality vote of all participants determines which one to go with if there are competing suggestions on who to get).

2. The competent tax advisor is paid out of the winnings before they are distributed.

3. We take the winnings as a lump sum and distribute them among the participants in proportion to the number of shares they got.

4. Taxes are taken from each individual's share of the winnings.

5. We can change these rules by consensus agreement among the participants.

... something like that?

Whatever the conditions are (perhaps we can debate them ad nauseum here) should probably be sent in the same email chain as the one setting out the number of shares and lottery numbers.

[Pedrito]

Daaaaamn it seems Paypal needs a couple days verification before accepting my card as a payment method...    I tried linking my bank account number, but it too needs to be verified. It seems I'll have to skip this pool.

Dunno if being happy because I've spared 10 bucks, or sad because I've lost some millions.

L.

[Berkut]

I think the tax advisors will be hired by the individual winners, as the pay-out calculation will be pre-tax.

Taxes are going to be radically different for those in other countries, for example.

[katmai]

I thought verbal contracts were only enforceable up to a small dollar amount, like $500.

Not so.
The rules in NY  (where B is?) about this are in the General Obligations Law, 5-701-705.   Lotsa fun.

he is in Rochester.

[katmai]

Daaaaamn it seems Paypal needs a couple days verification before accepting my card as a payment method...    I tried linking my bank account number, but it too needs to be verified. It seems I'll have to skip this pool.

Dunno if being happy because I've spared 10 bucks, or sad because I've lost some millions.

L.

yeah Paypal was being a bitch when trying to link bank for me as well.