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$232 Million Lottery Winner

J

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What do you think of the chances of a successful transition for the 23 year old cowboy from So. Dakota from a down and out rancher to a multimillionaire?
 
alg_cowboy_lotto.jpg
 
He reminds me of a guy I met at the Gay Rodeo in Denver, CO.

The first thing he asked me was if he could see my teeth. I asked him why and he said it's how they tell if a horse is healthy.

I was kinda pissed off, but he was cute, so I slept with him anyway. :D
 
-Noiro said:
Bankrupt by the end of the year.
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that is soo mean - and soo unfair !!

he said he is going to take care of his small-town friends that helped his family.

Even Michael Jackson couldn't blow thru 80M in a year !!

I'm happy for him..

We have a "Win $2,000 a week for life" game -- i was supposed to win the $2,000 a week - instead i won $4.00 i bought 2 more tickets !! wtf !!
 
EthanPark26 said:
I don't understand why anyone would take the lump sum when they win that much money. After taxes, he probably just gave away close to 100 Million by taking it all at once. Someone who was broke before could live quite nicely on 7 or 8 million a year for 20 years. Especially someone as young as him!
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Most people take the lump sum because even invested conservatively, they could earn 4% - 5% per year and live off the interest only and never touch the principal. 5% on $88,000,000.00 is $4.4 million a year forever not just for 20 years. In the long run you end up making and keeping a lot more money than taking the 20 year payout. And I'm guessing that on that size principal he could probably earn another percent or 2 per year. I'd take the lump sum, but to honest with you, I wouldn't complain if I had to take it over 20 years either. :-)
 
ummmm guys ------ i pretty sure that it's not transferrable -- yeah - you could take the ANNUAL payout - of however many million -- BUT BUT BUT -- if you drop dead next year - it's all over !! That's the way I understand it. It's not like your pension - where there is a benificiary and a "surviving spouse reduced payout... (if you had a pension ! which no one will in a few years.
 
Hopefully he gets a good money manager to ensure that everybody in town does not cipher off the money from him.
 
The minute I saw this story on television, I just knew that there'd be a JUB thread.

Especially one with a few guys lusting after a fairly sexy looking 23 year old.... :-)
 
BINOWGAYLATER said:
ummmm guys ------ i pretty sure that it's not transferrable -- yeah - you could take the ANNUAL payout - of however many million -- BUT BUT BUT -- if you drop dead next year - it's all over !! That's the way I understand it. It's not like your pension - where there is a benificiary and a "surviving spouse reduced payout... (if you had a pension ! which no one will in a few years.
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WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?

First there will be a funeral. Then the estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."

http://www.powerball.com/pb_contact.asp
 
wan-less...that made me giggle a little.
 
He must be as dumb as a brick because smart people sure don't have that kind of luck.
 
If I'm not mistaken, the lump sum one receives is how much would need to be invested now to ensure the payment of the award over the 20 years. Then, from that, taxes are deducted.
 
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