Posted on 09/09/2021 8:22:31 AM PDT by simpson96
TALLAHASSEE - It was a good day for one Florida man after opening his new auto repair shop – and winning $1 million the same day!
Brian Woodle, 46, of Callahan claimed a $1 million top prize from the $5 GOLD RUSH SUPREME Scratch-Off game.
He chose to receive his winnings as a one-time, lump-sum payment of $880,000.
Woodle told Lottery officials that on the same day he and his wife opened the doors to their auto repair shop, he picked up his $1 million winning ticket.
"I love working on vehicles and it has always been my dream to own my own repair shop," Woodle explained. "At the end of our first day I stopped by Circle K to get a few things and picked up a Lottery ticket; just like that we won a million bucks!"
(Excerpt) Read more at fox35orlando.com ...
$880,000 is after just one quarterly estimated tax payment.
Any income above $512,000 is taxed at 37%, and Biden plans to raise that retroactively to 40%.
If the winner earns $50,000 a year at his job, the final lump sum payment will be about $650,000.
Scary thought: $1 million is barely enough to retire on and most people approaching retirement don't have that.
The winner sounds like the type that would use the winnings wisely. It's nice to see hard working people win these prizes instead of some deadbeat. But I'm sure the mechanics in his new auto repair shop will be looking for raises!
And he needs to set aside a good chunk for taxes. Probably around $400K of that money.
And he needs to set aside a good chunk for taxes. Probably around $400K of that money.
I think they take it out ahead of time.
The whole family looks alike. Husband and wife could be siblings.
Oh, I know he’s probably got a better sense of responsibility than most, but a massive windfall of unearned cash does strange things to people. Really strange things.
There is a scratch off in my state which pays $1k per week for 20 years as the jackpot. I buy them occasionally. That would be my idea of a jackpot. It's still over $1 million but spread out.
The problem with many of these jackpot winners is that the risk is not JUST blowing all the cash. There is often a lot of irreparable collateral damage that comes with it. Many jackpot regretters testify that life was even much WORSE for them after the money was gone. Family bitterness over the money, new bankruptcy status when there was none before, attempts on their lives, etc.
Read some of the stories of the biggest jackpot winners in history. They are tragic.
After taxes, that’s a torque wrench and 5/8” and 9/16” sockets from Snap-on...
Maybe the $880K is what’s left after state taxes. But the federal taxes will be about 30% or so.
Correction: Florida does not have a state income tax.
I thought so too and was originally going to remark on it but I figured someone would read into it that I was making some sort of 'southern fella married his sister' joke and kept her out of it.
I bet that 880k is pre-tax completely. It’s probably just the discount applied to the future cash flows that would have come in 20 years.
LOL...that’s what my garage is full of ancient Craftsman sockets from the stone age when they were forged American steel with the lifetime warranty.
After cash option and taxes, he’ll probably have around 350K.
I also have Craftsman. Remember Sears?... :)
Sears used to be good. I had a field service engineering job out of college and the company paid for my complete tool kit needed to do the work. I bought all my Sears tools at the old Sears flagship store on Geary in San Francisco. It was HUGE.
I applied for a Sears credit card because I was buying a lot of tools and they actually turned me down! After I had been in business for a few years, they started sending me mailers “PLEASE get a Sears Credit Card.” I actually wrote back to them “No way in HELL would I ever get a Sears Credit Card. You wouldn’t support me when I needed you, why would I support YOU when you need me?” I held a bit of a grudge against the company, you might say.
When I left the company after five years, I got to keep all the tools they had purchased for me. That was the best present I ever got for leaving a company!
Nice!
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