"Camat was one of 13 Starbucks employees in Los Angeles who shared an $87 million California lottery jackpot in 2000.
He recently bought a house in Federal Way, a suburb between Seattle and Tacoma, relatives said. He previously used his share of the lottery winnings to buy a house for his mother and cars for his siblings."
Let's see. $87 million is not really $87 million when put in present day dollars. Maybe $50 million.
Then divided by 13 = $380k. Taxes would reduce it to maybe $220k.
A nice sum but he bought two houses and how many cars? It looks like he spent it all. Not bad, but he may actully be deep in debt.
The debt of course gets passed on to the surviving family members.
"Let's see. $87 million is not really $87 million when put in present day dollars. Maybe $50 million.
Then divided by 13 = $380k. Taxes would reduce it to maybe $220k.
A nice sum but he bought two houses and how many cars? It looks like he spent it all. Not bad, but he may actully be deep in debt."
That is 3.8 mil with taxes 2.2 mil. Sort of changes the dynamic. However the result was the same. Wife will have to borrow money to pay for his funeral.
Scratch the above post. I should have eaten lunch instead of posting.
You're off by a factor of 10.
Lump sum, including taxes, comes out at about 40% of the total, and divided by 13 leaves about $2.7 million.
"Let's see. $87 million is not really $87 million when put in present day dollars. Maybe $50 million.
Then divided by 13 = $380k. Taxes would reduce it to maybe $220k.
"
Better buy a new calculator. Yours has slipped a decimal point.
This must be that "fuzzy math" I keep hearing about.
Actually, it would be around 3.8 million, plenty to buy a couple of houses and cars. Too bad he didn't use some of the money to have his head examined.
Off by a factor of 10. 3.8 million, 2.2 million.
You're off by an order of magnitude.