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re: "Don't make investments"- Mark Cuban on advice to powerball winner
Posted on 1/12/16 at 2:19 pm to Bmath
Posted on 1/12/16 at 2:19 pm to Bmath
quote:
it's $51mm annually before taxes.
that isn't how the annuity works. Its starts off with small payments and increases a little each year and the biggest payment is in year 30.
2
Posted on 1/12/16 at 2:21 pm to tke857
quote:
if you could put 930mil in one money market fund at 1.10% return you could easily live off the interest. Which is a little over a million a year just off of the interest.
No. 1.1% of $930,000,000 is $10,230,000, not "a little over a million."
Cuban is on to something since idiots like you can't even do simple math, much less manage to not lose all their money.
Posted on 1/12/16 at 2:32 pm to Geauxld Finger
quote:
Most of all don't be dumb. Don't buy a plane, a yacht, or a 10 bedroom mansion.
I know what you're saying, but you could buy the world's most expensive plane ($170M), the 10th most expensive yacht ($200M), and the most expensive house in the US ($147M), and still have $11M left after federal and LA state taxes.
That is absurd.
Posted on 1/12/16 at 2:34 pm to Bluefin
quote:
frick that. I'm buying the Milwaukee Bucks.
Our mission will be to beat the Dallas Mavs, and only the Dallas Mavs.
100 mill right off the top hiring Led Zeppelin to play the block party I'm gonna throw.
Posted on 1/12/16 at 2:36 pm to kilo1234
Jesus, y'all, let the poor son of a bitch off the hook already.
He carried the decimal once space too far in his head. 5 pages of arse chewing is enough punishment.
He carried the decimal once space too far in his head. 5 pages of arse chewing is enough punishment.
Posted on 1/12/16 at 2:37 pm to Topwater Trout
quote:
that isn't how the annuity works. Its starts off with small payments and increases a little each year and the biggest payment is in year 30.
I seem to remember reading somewhere the annuity provides for a 5% increase each year. So, only about $22.5 million the first year to hit 1.5B total in year 30. The last payment would be about 93M.
EDIT: Yep. From the horse's mouth.
Jan. 13 annuity schedule
This post was edited on 1/12/16 at 2:43 pm
Posted on 1/12/16 at 2:39 pm to Godfather1
Bad news. Robert Plant already turned down a lot more than that.
Posted on 1/12/16 at 2:40 pm to Walking the Earth
quote:
Bad news. Robert Plant already turned down a lot more than that.
For a tour.
They'd do it for one 2 hour show.
Posted on 1/12/16 at 2:42 pm to 13SaintTiger
when oil bottoms out within year, ALL IN. 
Posted on 1/12/16 at 2:43 pm to TigerstuckinMS
quote:
I seem to remember reading somewhere the annuity provides for a 5% increase each year. So, only about $22.5 million the first year to hit 1.5B total in year 30. The last payment would be about 93M.
yes something like that. I saw one that was based on maybe 380 mill and first payment was 7.1 then 7.4 and final payment was 22 mil
It would be a good problem to have
Posted on 1/12/16 at 2:49 pm to Topwater Trout
Per the current jackpot forecast, this site estimates the take home for Louisiana residents (for lump sum payout) at $651 MM.
LINK
LINK
This post was edited on 1/12/16 at 2:50 pm
Posted on 1/12/16 at 2:50 pm to 13SaintTiger
Disagree in part.
Take the lump sum and don't invest any of it. Save it and collect interest.
Money forever.
Take the lump sum and don't invest any of it. Save it and collect interest.
Money forever.
Posted on 1/12/16 at 2:50 pm to BobRoss
can't view the link at work...I assume that is minus federal and state?
Posted on 1/12/16 at 2:51 pm to Topwater Trout
quote:
that isn't how the annuity works. Its starts off with small payments and increases a little each year and the biggest payment is in year 30.
It has cost of living adjustments of 5% per year.
Assuming the $1.5M is the sum of all 30 annuity payments, the immediate payment is approximately $22.5M and the payment in the last year is approximately $92.8M.
Let's assume you only needed $12M a year to live on, plus the 5% COLA, and invested the remainder each year at 3% per year. Your balance in 30 years would be approximately $998.8M.
shite is just incredible with that much money.
Posted on 1/12/16 at 2:52 pm to DBU
quote:
Take the lump sum and don't invest any of it. Save it and collect interest.
Collecting interest of your money means you have it invested somewhere in some type of financial instrument. You may think of investments as stocks and bonds, but even a checking account is a type of investment instrument.
Posted on 1/12/16 at 2:53 pm to slackster
quote:
shite is just incredible with that much money
yeh I have always been an advocate of the lump sum...with that much money it may be easier to take the annuity.
Posted on 1/12/16 at 2:53 pm to slackster
quote:
You may think of investments as stocks and bonds, but even a checking account is a type of investment instrument.
For frick sake, it doesn't take a rocket scientist to understand what I meant you dipshit.
Posted on 1/12/16 at 2:54 pm to yellowfin
quote:
call up Charlie
You wang?
Posted on 1/12/16 at 2:55 pm to 13SaintTiger
I would day trade.
Posted on 1/12/16 at 2:57 pm to slackster
quote:
I know what you're saying, but you could buy the world's most expensive plane ($170M), the 10th most expensive yacht ($200M), and the most expensive house in the US ($147M), and still have $11M left after federal and LA state taxes.
That is absurd.
I know what your saying, but each one of those purchases has high maintenance expenses and a redneck power ball winner wouldn't think about that.
I would buy a mansion and rent private plans and yachts when needed.
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