Friday, June 18, 2010

What Would You Do with $95 Million?

That’s the question many people in Ontario, Canada are asking themselves, as today is the last day to purchase a ticket for the largest lottery prize in Canadian history.

Though that $95CDN million is misleading. It’s actually only $50CDN million in the main Lotto Max provincially-run lottery. The remaining $45CDN million will be doled out in $1CDN million prizes to 45 lucky winners.

Even those amounts are STILL misleading, when you take in account the average amount Canadians spend on lotteries – about $300CDN per year – and add in how many years the average Canadian has been playing the lotteries – about 10-years – that’s $3,000CDN.

Then you must pay taxes on your winnings, estimate about 30 percent of $50CDN million -- $15CDN million.

So, realistically, if you were to win $50CDN million, you’d be taking home about $35CDN million – which still is pretty good.

But then you’d probably need to pay some security firm an outrageous amount to keep all the crazies claiming to be your long lost relatives away. And then there are the constant death threats past lottery winners get, from wickedly evil crazies, so you’d be constantly living in a high security cocoon.

Still, that wouldn’t be much of a problem on your own private island in the tropics.
Hmm . . . $35CDN million take-home?

Got to scoot – time to get me a lottery ticket. . .

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