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Started By
Message
re: $2B Powerball winner is already burning his money up
Posted on 9/20/23 at 10:28 am to Pedro
Posted on 9/20/23 at 10:28 am to Pedro
quote:
i mean im not going buy a mansion or anything because i dont need that much house. My first priority would be to make sure me and my family and their families are set to live comfortably. When I say modest im not talking about a fricking double wide or anything. Just not anything insane that would be way above what I need.
This is the double-edged sword of not really understanding money (which is most of us in the middle class) and suddenly get a bunch of money (real money, I mean, not $50k or something like that).
When you have real money, it becomes is own entity. What happens with most lottery winners is very akin to the early riches/stardom you see with musicians, actors and athletes.
Take the approximately $650m net this guy made. That is a very nice, upper upper middle class income of $650k FOR A THOUSAND YEARS. But, wait, there's more. VERY safely invested that can generate $2m to $3m a month, FOREVER.
You are not living in an ordinary 3b,3ba house on 5 acres in Crowley with that kind of money. I'm not saying you spend $50m on a house in Bel Air, but you are going to be living a life with staff taking care of the mundane shite, in a fantasyland house, flying charter (or private) planes, being driven around, etc.
If you're smart. If you're not, you will quickly attract the very worst sorts of people to spend your found money on negative pursuits.
#Facts
This post was edited on 9/20/23 at 10:35 am
1
Posted on 9/20/23 at 10:33 am to TheFonz
quote:
At least living off the interest alone will keep you somewhat sane.
I guess sanity is all relevant…
It’s amazing how people don’t have a concept of how much $ this is…
The INTEREST alone is about $600k A WEEK.
The INTEREST on the INTEREST is about $30k A WEEK….
It’s compounding so fast you’d have to start buying some ridiculous stuff to blow through it…
Kinda explains why these global elitists are so screwed up that pedophilia and world domination are the only things left on their bucket list…
Posted on 9/20/23 at 10:34 am to TheFonz
quote:
Dude. Put the money in a high interest account and live off of the interest
bullshite. You put that money into something stable like GameStop stock.
Posted on 9/20/23 at 10:35 am to GeauxxxTigers23
quote:
I can think of worse things than Southern California real estate to spend the money.
Most money market accounts are at least 5% right now. 5% on $998 would be around $50M. Take half for hookers and blow and roll the rest over. No HOA fees, no having to worry about lawncare or paying off the city/county for watering your lawn at night, no maintenace, etc.
Posted on 9/20/23 at 10:36 am to The Egg
I think he is smart for buying physical assets. Even though homes are a bit of a liability that is a fraction of his net worth. Better than buying cars
Posted on 9/20/23 at 10:37 am to Ace Midnight
quote:just because they're attracted to me doesnt mean I have to entertain them
If you're not, you will quickly attract the very worst sorts of people to spend your found money on negative pursuits
Posted on 9/20/23 at 10:38 am to The Egg
Taxes will do him in. If he got a lump sum got $630. He may have 300M after fed and CA taxes.
First order of business should be hiring a CPA. Understand your tax liability. Invest some in money market fund, draw interest for first year, pay tax liability when owed.
First order of business should be hiring a CPA. Understand your tax liability. Invest some in money market fund, draw interest for first year, pay tax liability when owed.
Posted on 9/20/23 at 10:38 am to DiamondDog
630 was what he got after taxes.
Posted on 9/20/23 at 10:38 am to Arkapigdiesel
quote:No he won’t. He is buying shite in cash
He'll wind up broke,
Let’s say he sells those houses at a huge loss, he is still getting 100 million back in liquidity
Posted on 9/20/23 at 10:40 am to Pedro
quote:
You're right and I almost guarentee I will never go buy a lottery ticket, but in my mind why would I want mulitiple millions of dollars just to blow it all and end up in the same boat im in now 10 year later? Id rather keep doing what im doing now, which I relatively enjoy doing most days, but not have to worry about money, which is the source of most of my worries now.
All the more reason to take the annuity. That's the only thing I don't get, is why more people don't choose the annuity. It works out to ~$30m a year in this guy's case I think.
It'd give me some time to work through all of the stupid purchases and get over the novelty of acquiring generational wealth. And it'd discipline me, you can't be as stupid with $30m as you can be with $600m right off the bat.
Posted on 9/20/23 at 10:40 am to The Egg
He only got 625 mil. Out of 2 billion. Lottery is a colossal scam designed for the government to pocket. Otherwise, they would ban it like everything else that they can't tax.
The fact he took the lump sum instead of annuity shows how smart he is. The poor and stupid should always take the annunity. This way your stupidity won't allow you to blow the money all at once. Question is how is he gonna pay for that yearly tax bill and associated fees once the money runs out.
The fact he took the lump sum instead of annuity shows how smart he is. The poor and stupid should always take the annunity. This way your stupidity won't allow you to blow the money all at once. Question is how is he gonna pay for that yearly tax bill and associated fees once the money runs out.
Posted on 9/20/23 at 10:40 am to tigerfan 64
I'd spend half of the money on hookers and blow. I'd waste the rest.
Posted on 9/20/23 at 10:41 am to Tempratt
If I won that, the first thing I would do is spend an inordinate amount of time driving around South Texas ranch shopping, buy a place in Colorado or Montana, a place in either London or the English countryside (daughter lives there), probably either buy a jet or a fractional contract. Then hire a full-time trainer to keep me alive, and a golf coach to help me break 90!
Posted on 9/20/23 at 10:41 am to The Egg
He would have to buy the house, stack the rest of the loot in the house, and then set the place on fire Joker-style to say he was burning it up. $76 million on high-end real estate is a decent investment. I don't think it's possible to live modestly after winning that kind of a jackpot. "But I love my cul-de-sac" you might say, but now your neighbors are plotting on your arse. Time to vacate the peasant estate and move it on up.
Posted on 9/20/23 at 10:42 am to The Egg
quote:
Castro collected a lump sum payment of $628.5 million after taxes.
If I had $600MM, you'd better believe I'd be purchasing nice real estate all over the country, and a private jet to get me there.
A beach house in SoCal would likely be on the list, along with a mountain home in Colorado, beach house in Florida.
Posted on 9/20/23 at 10:45 am to JohnnyKilroy
quote:
and a beach house in Destin right off the beach.
quote:
What a baw answer lmao.
Hey here’s 600m cash. Ok imma buy a house in destin, but probably can’t spring for the house on the beach. Much more affordable if you buy a place a couple blocks in.
I missed this original post.
This is me reading your response
Posted on 9/20/23 at 10:48 am to SlowFlowPro
You are dealing with people that truly cannot fathom that level of wealth or just don't want to seem uncool by saying they would live a wealthy life.
Posted on 9/20/23 at 10:52 am to Fun Bunch
quote:
or just don't want to seem uncool by saying they would live a wealthy life.
THIS is why the rate of lotto winners fricking up their lives is so high, in all seriousness. They're a man without a country. They can't live their old life, or have their old friends, and they certainly aren't getting secret passwords like Fidelio for probably 5 generations.
This is what people with $600M buy: villas on Lake Como
Off the beach in Destin. Holy shite.
Posted on 9/20/23 at 10:53 am to The Egg
Property taxes finna eat
Posted on 9/20/23 at 10:54 am to SlowFlowPro
quote:
Off the beach in Destin. Holy shite.
There is no understanding of this level of wealth.
You essentially have to create a whole new life.
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