Holy Shit, referring to an earlier post by Edmundo. Look at this guy...he is 258 million richer. Can this guy get into investment banking? I mean he is very good looking guy.
Here is a link" http://news.yahoo.com/s/ap/20100423/ap_on_re_us/u…
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Life is funny sometimes. That guy just made what like 2,500 analysts make in a year. The real question is did he go to a target?
Kid, I don't even think that guy had ever been to a Target store.
Haha, I was pulling an all-nighter studying for a final. Thank your for waking me up.
HOLY SHIT!
Just goes to show you, somebody has to win. The sad thing is that the money's probably going to ruin this guy's life.
Come on Edmundo, this guy lives in a trailer and can' t pay his electric bill...how could it possibly get any worse??
Regards
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Edmundo, I really do think you have a little Nostradamus in you. I can remember when posted something along the lines of "fraud in the air" or something like that and then Goldman got whacked by charges. Well lets see if you can predict this, "will I or will not ever make it into IB?"
This is the quote which stuck out most to me:
"We didn't come from money."
Some people just do a great job of hiding it...
just goes to show, sometimes good things happen to ppl with no teeth. For real tho good for him, I cant imagine how he felt when he realized he had won. Heres hoping no shady financial advisor scams him of that money.
I'm just saying he's a textbook example. There are so many cases where lottery millions should have been an absolute salvation for somebody and ended up ruining their lives.
Friends and relatives are going to come out of the woodwork looking for a handout, shysters are already plotting how best to separate this rube from his dough, not to mention he'll never have another authentic relationship again in his life. He'd better hope the people who were around when he didn't have anything stick around, because the people who show up now only want a piece of the money.
I've often thought that if I won a sum of money like this, I'd give it away. In my post yesterday, I used $10 million after taxes as the reference point because I believe that is a manageable sum for intelligent people to handle. Having a $100+ million windfall, especially for someone who had nothing before, can be absolutely devastating.
If it happened to me, I'd pay off every debt of everyone in my immediate family, set up a college fund for every member of my family under 18, keep a couple mil for myself, and then give the rest to charity. That way, I could improve a shitload of people's lives without destroying my own.
I'd lease a G5 and follow the ggw crew from city to city!
Fuck that. With that kind of dough you could buy a G5 and chase clunge worldwide.
That said, I wonder if anyone has ever given any thought to following the GGW crew around the country on a Greyhound bus. Pretty baller in its own right...
A guy near where I live won >$100mil and his life went like this:
1) Fiancee he was about to marry takes him to court, divides money in half, leaves him 2) Marries new gold digger wife 3) Soon comes the divorce (not sure how much she got) 4) He tells people winning the lottery ruined his life
He's nothing but a garbage pail. Now he's just a $258 million dollar garbage pail.
and you appear to be nothing but an illiterate hater. try being more constructive with your posts.
I'd rather be lucky than good.
"I'm just saying he's a textbook example. There are so many cases where lottery millions should have been an absolute salvation for somebody and ended up ruining their lives."
agree, the odds are this will cause him problems. Credit risk aside, he'd be better off taking the annuity.
I agree with Edmundo's points. I forgot what the current statistic is, but a fairly large percentage of lottery winners actually lose all their winnings (and sometimes go bankrupt) within 5-10 years. I guess it comes with the territory of not knowing how to manage your money, but initially thinking about how you would spend it, if you didn't know any better.
That being said, squandering away 100mm in rural southern Missouri is probably a pretty hard feat...
"He also plans to seek advice 'from people who know about money' about whether to take the jackpot in 30 payments over 29 years or the lump-sum amount of $124,875,122."
I know about money :)
that'll buy a lot of kraft singles!
I always think that if I ever won this type of jackpot I would try to devise some sort of way to get the payout while keeping it confidential. If my payout would be $125 mln.... I would without a doubt take $60 million instead if it means it stays quiet. No one would know I had that much money except me, I'd just go on about my life as usual.
Its very seldom that anything good comes out of something like this.
http://wiki.answers.com/Q/How_can_you_remain_anonymous_after_winning_th…
How would the guy's fiancee have any legal claim to a portion of the winnings (unless she could prove they split the price of the ticket)? I guess the guy doesnt listen to Kanye...
The story went that it was her idea to buy the ticket...so idk maybe she did pay for half of it or something of the sort
Just realized this guy is my half brother...... brb
So he's your dad too?
http://en.wikipedia.org/wiki/Jack_Whittaker_%28lottery_winner%29
Worst lottery story ever.
I would totally take the lump sum. $124 million translates to about $75 million net of tax. I'll set aside $25 million to spend, which will be a $2 million trust for my sister (college fund-given she's looking at college in 2 years, invest principal in treasuries and her tuition/CoA can come from interest alone without eroding principal-this would be held by me in trust for my sister until she finishes college, grad school and any other school she wants to go through-basically until she leaves school-she's a pathological spender, I wouldn't be surprised if she spent all of it if she was given custody of the money right away), a $3 million trust for my parents, $3 million for my dad's business, another $4 million for relatives in my extended family, and I'll take $10 million of the rest and buy houses and apartments with it then rent them out. Set aside $1 million for law school, and the other $2 million in a trust to take care of property taxes and expenses related to my real estate holdings.
I'd invest ALL of the rest totalling $50 million into long-term T-bills (30 year T-bill earns a little less than 5% interest as of yesterday-best I can do at virtually zero risk-all debts of the United States are backed by the Constitution), which comes to $2.5 million in interest, which is $1.4 million net of tax, and reinvest anything leftover after I spend a part of it (I'm a pathological saver, it WILL be a small part of it) into more T-bills.
Then I'd set up an LLC, transfer all of my assets to it, hire myself as the sole employee, CEO, chairperson, and director, grant myself all of its assets in "stock grants", and take interest/dividend payouts that way such that I'd be taxed at the capital gains tax rate instead of ordinary income tax.
Of course, I'll keep $250k tied up in a long term CD (pays 3.5% for a 5 year CD) as well as $100k in checking and savings.
This way, I can't spend any of it, except for the interest. Then in law school, I'll have to pay VERY close attention in family law such that I can have ALL of this excluded from marital property via prenup. There will be no marriage in my life without a prenup, whether I have money or not.
Then I'll gag order my entire extended family (confidentiality as a condition of accepting money) and everyone I know (just plain DON'T TELL THEM), graduate, go to law school, then work in biglaw as if nothing ever happened.
I don't understand how the hell someone can go through $80 million that fast. Seriously. If you know your expected income will never exceed $100k, you should NOT be buying a private jet.
buy a shit load of 30-year t-bills.. call up some swiss banks... lease a private plane...and travel the world...DONE
Do lotto winners have to go public? Tell your Baby Mommas, put away some money for college/trust funds, call up some wealth management offices, move across the country and THEN let the story leak to the public. This poor guy is going to have people stalking him and the money hasn't even been desposited in his bank account, if the poor guy even has one. I would totally take the annual payments. Why give away that much money when you don't have to. I am glad he won. 3 kids on 7.25 hour is rough.
If I won $75 milli, I'd invest $20 million in T-Bills, $20 million in Index Funds, and actively trade $20 million. I'd give my parents $1 mil, my sister $1 mil, and my brother $1 mil. I'd buy 3-4 homes totaling about $5 million, and about 8-10 luxury cars totaling a million. I'd donate a couple million to charities, and keep about 3-4 million in my checking/savings account to use for partying, clothes, sporting events, alcohol, strip clubs, etc.
I would keep a 5 mil for myself, the rest I'd spend on something to destroy this world with all it's suffering and injustice! The End!
1.) I'd hire a team of top climatologists, geologists, and mathematicians. To calculate the magnitude of all the glaciers melting. 2.) After receiving a map of some sort from them, I'd travel the world buying inland properties. (Much to the befuddlement of my peers, mind you.) 3.) Create a device that will quickly and effectively melt all the glaciers. 4.) Own almost all the beach-front property in the world and then proceed to sell it.
...yeah, I might need a little more than $258mm.
why would you want a $45m home?
you could build a nicer one than that one for less
+1. Especially since you have the cash. That's one of the occasions where you can truly go "to hell with resale value."
^^^^ Think of all the homes you could buy in places that don't have post real-estate bubble prices. 5M cash in Rio gets you waterfront, 15k sq ft house. Then another 5M gets you a sick ski chalet in Switzerland for the winter, if you get away from the french $ide of the country etc. I'd rather have 9 $5M homes, in my dream life, than one $45M home.
This too. I'll spend $5 mil custom-building my dream house and spend the other $40 million on luxury trips around the world (fly business/first class, 4+ star hotels, michelin star food, car and driver, that kind of thing). And do other crazy shit like fly the Singapore Airlines nonstop from Newark to Singapore just to say that I once flew on the longest commercial flight in the world (well that and for a mileage run).
Though my dream vacation right now is to sit on a beach in Honolulu, put some sunscreen on, and enjoy a lovely umbrella drink.
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