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Posted on 9/20/23 at 2:21 pm to JohnnyKilroy
Wait until he
1- pays property taxes at value of sale
2- pays insurance
3- pays staff to maintain the houses
4- pays utility bills to maintain the interiors
5- pays the lawyers who will defend him for all the 'tripped over a crack in the sidewalk and will never be able to work again' lawsuits.
6- gets tired of cousins appearing out of the ether
7- `finds that get rich quicker schemes refer only to the founder of the scheme, not the investors.
1- pays property taxes at value of sale
2- pays insurance
3- pays staff to maintain the houses
4- pays utility bills to maintain the interiors
5- pays the lawyers who will defend him for all the 'tripped over a crack in the sidewalk and will never be able to work again' lawsuits.
6- gets tired of cousins appearing out of the ether
7- `finds that get rich quicker schemes refer only to the founder of the scheme, not the investors.
Posted on 9/20/23 at 2:24 pm to real turf fan
Lot's of lottery winners, pro athletes, etc., waste their money.
This is not that.
Real estate is one of the best investments possible. Even a shitty real estate investment will likely increase over time or AT LEAST hold it's own, especially in LA.
You people are looking at this like he spent his last dime on a mansion in Slidell.
This is not that.
Real estate is one of the best investments possible. Even a shitty real estate investment will likely increase over time or AT LEAST hold it's own, especially in LA.
You people are looking at this like he spent his last dime on a mansion in Slidell.
This post was edited on 9/20/23 at 2:25 pm
Posted on 9/20/23 at 2:26 pm to The Egg
quote:
collected a lump sum payment of $628.5 million after taxes.
quote:
jackpot earlier this year and opted to take a lump sum of $998 million
which is it?
Posted on 9/20/23 at 2:41 pm to The Egg
Wait til he gets the tax bill
Posted on 9/20/23 at 3:01 pm to The Egg
12 pages so maybe this has been addressed.
He collected $628.5M "after taxes"
No he did not, he collected that after federal withholding.
So he had $997.6M of winnings, times a federal tax rate of 37% = $369M, so he's at $628.6M, close enough.
BUt CA... CA will charge him a total 13.3%, $997.6 times 13.3% = $133M. So now he's at $495.6M.
Here's what I would have done.
25% or $250M into the LSUFanHouston "Be A Good Person" Foundation.
Pay combined fed/CA tax of 50.3% on $747.6M = total tax $376M, leaving me $371.6M.
$71.6M in new houses, cars, spending money, massive vacation, setting up trust funds for family, etc.
$100M in the stock market with professional advisors.
$100M in small business investing - angel fund type stuff overseen mainly by me.
$100M in a commercial / mult-family real estate portfolio.
He collected $628.5M "after taxes"
No he did not, he collected that after federal withholding.
So he had $997.6M of winnings, times a federal tax rate of 37% = $369M, so he's at $628.6M, close enough.
BUt CA... CA will charge him a total 13.3%, $997.6 times 13.3% = $133M. So now he's at $495.6M.
Here's what I would have done.
25% or $250M into the LSUFanHouston "Be A Good Person" Foundation.
Pay combined fed/CA tax of 50.3% on $747.6M = total tax $376M, leaving me $371.6M.
$71.6M in new houses, cars, spending money, massive vacation, setting up trust funds for family, etc.
$100M in the stock market with professional advisors.
$100M in small business investing - angel fund type stuff overseen mainly by me.
$100M in a commercial / mult-family real estate portfolio.
Posted on 9/20/23 at 3:02 pm to Bjorn Cyborg
quote:
Real estate is one of the best investments possible. Even a shitty real estate investment will likely increase over time or AT LEAST hold it's own, especially in LA.
Wonder what the annual maintenace and operations bill on a $47M mansion looks like.
Posted on 9/20/23 at 3:04 pm to Arkapigdiesel
quote:
He'll wind up broke, and owing more in debt than he thought was imaginable. Then, he'll kill himself.
SoCal real estate is a pretty solid investment if you can pay cash for the properties and rent them out for exorbitant monthly rental rates to celebrities, rich people, and movie studios. There is a lot of that going on over there.
Posted on 9/20/23 at 3:05 pm to The Egg
Probably already said but what that tax bill going to look like next year? How much does it cost to operate and insure a $40mil house?
Posted on 9/20/23 at 3:08 pm to Bjorn Cyborg
quote:
LOL. He paid cash for the properties and still has over $500 million left. Like I said earlier, he can put his money in the safest investments around and still earn about $20 million a year FOREVER.
Exactly. I’d imagine California luxury real estate has never ever lost over time. Dude can go burn another 200 mil in barrel and still be incredibly fine. Fraction of his net worth put into can’t lose investments and we got 20 toddthetiger56s in here talking about his property taxes and maid services cleaning him out LOL. frickin goons
Posted on 9/20/23 at 3:13 pm to The Egg
I wouldn't be into swanky California homes, but I would definitely purchase my share of real estate in different locations. 627 Million needs a place to land other than an account.
I would however, have a plan in place not to end up worse than before I won.
I would however, have a plan in place not to end up worse than before I won.
Posted on 9/20/23 at 3:17 pm to Arkapigdiesel
quote:W
He'll wind up broke, and owing more in debt than he thought was imaginable. Then, he'll kill himself.
When you owe the bank a million dollars, you have a problem. When you owe the bank a hundred million dollars, the bank has a problem.
Posted on 9/20/23 at 3:26 pm to Arkapigdiesel
quote:
He'll wind up broke, and owing more in debt than he thought was imaginable. Then, he'll kill himself.
He could blow through 99% of it and still have enough to live comfortably the rest of his life.
Posted on 9/20/23 at 3:30 pm to LSUFanHouston
quote:
Wonder what the annual maintenace and operations bill on a $47M mansion looks like.
People that can afford a $47m mansion don't give a shite about that.
Posted on 9/20/23 at 3:35 pm to Jim Rockford
Wait until long term capital gains kicks in on property.
He's won 'today's' dollars which may be worth a lot less after inflation. But his costs per month will just go up, and very few funds match their return to inflation. (And he'll be paying taxes on those returns.)
He's won 'today's' dollars which may be worth a lot less after inflation. But his costs per month will just go up, and very few funds match their return to inflation. (And he'll be paying taxes on those returns.)
Posted on 9/20/23 at 3:38 pm to real turf fan
quote:
Wait
OK chief. You guys are wishcasting this dude to be broke. This isn't some NFL player blowing though $50 mill.
Posted on 9/20/23 at 3:39 pm to Mouth
quote:read "after taxes" in the first sentence.
quote:
collected a lump sum payment of $628.5 million after taxes.
quote:
jackpot earlier this year and opted to take a lump sum of $998 million
which is it?
Posted on 9/20/23 at 3:40 pm to real turf fan
quote:
Wait until long term capital gains kicks in on property. He's won 'today's' dollars which may be worth a lot less after inflation. But his costs per month will just go up, and very few funds match their return to inflation. (And he'll be paying taxes on those returns.)
This.
Winning the lotto would be cool but when you factor in taxes you realize it’s not worth it.
Posted on 9/20/23 at 3:45 pm to JohnnyKilroy
quote:
Winning the lotto would be cool but when you factor in taxes you realize it’s not worth it.
No matter how much you pay in taxes you still end up with an obscene amount of money for next to zero effort.
Looking at the taxes owed on it is the wrong view because you're looking at $600MM vs $2B (most of the drop is due to lump sum vs annuity, but still).
Really you should be looking at it as $0 for not winning vs $600MM.
Posted on 9/20/23 at 3:53 pm to ProjectP2294
Nah man. Factor in property taxes and maintenance costs on all the shite you’ll buy plus HOA fees and you’ll be lucky to break even.
Let’s not even get started on the light bill
Let’s not even get started on the light bill
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