Posted on 01/08/2016 12:51:41 PM PST by NRx
Evidence shows that most people who make it to the top 1 percent of income earners usually don't stay at the top for very long.
But the person who wins the $800 million Powerball jackpot during Saturday night's drawing, assuming one person wins the entire pot, will have such a large pile of cash that they can create a steady cash flow of millions of dollars a year without taking much risk.
"With this amount of money there's really no reason to be overly aggressive," said Jeffrey Carbone, managing partner and founding member of Cornerstone Financial Partners in Charlotte. "Lottery winners unfortunately try to get richer but now it's really about maintaining your wealth."
For someone taking the lump-sum, the prize would amount to an estimated $372 million after federal taxes, according to the website USAMega.com. After state taxes, that pot would be reduced to about $350 million -- though it could be more or less, depending on the state. (Ten states, along with Puerto Rico and the U.S. Virgin Islands, don't charge any state taxes on lottery winnings, according to USAMega.com.)
After investing that $350 million in a conservative portfolio that earns an average of 3 percent a year, the move could generate a steady cash flow of about $10.5 million a year. (And that's without spending down any of the actual prize money.) For the typical worker, that would be enough money to cover the bills, buy a nice car, offer some financial support to family and friends, and still indulge in some nice meals and a few vacations.
(Excerpt) Read more at washingtonpost.com ...
Wow. . .read that too fast the first time. . . “and come back a changed woman.”
Thought I saw: “and come back a woman.”
Whoa.
See post #42.
Why? The old one is used to bribery. No need to train new judges.
What I recall is that lotto rules won’t let you hide like that UNLESS you’re in one of the 9 states that let you claim anonymously.
However, as for legal name & address changes prior and then disguises for the photo.....??
For the typical worker, that would be enough money to cover the bills, buy a nice car, offer some financial support to family and friends, and still indulge in some nice meals and a few vacations.
I guess 10.5 million just doesn’t go as far today.
And they say there’s no inflation...
“solid 65’ sailboat for a world cruise”
News headline one day soon after winning:
Lottery winner Pallis was lost at sea..... A rogue wave sank the boat with all hands.
SEE!!!! SEEE!!!! ;)
Inside the Biggest Lottery Scam Ever
http://www.thedailybeast.com/articles/2015/07/07/inside-the-biggest-lottery-scam-ever.html
Only friends and family of the lottery manager will win this.
Well, that’s a good point. I’ll just stick to expensive women then.
Yeah. . .yeah. . always too slow. . .darn.
“An old boss of mine hit big in the Dotcom boom. He bought a huge place. I was there when he surprised the wife...a great and very modest woman who wasn’t into excess at all. She sat in the living room looking around blankly saying ‘How am I gonna clean all this?—
That’s a perfect illustration of having to acclimatize yourself to your new condition. An acclimatized wife would have said: “Do I need to hire one or two maids to clean all this?”
BTW, I had a very good friend who also hit it big in the late 90s. Got married, bought a great house on the fifteenth fairway, never have to work again. The last time I saw him he was an assistant sales manager at a local car dealership. He told me that he lost it all, one wife, one divorce, two lawyers.
I understand. You just got caught up in the moment of buying your own supreme court. Happens to all of us ;)
I have never heard that. I thought it was A LOT less.
Totally understand that statement.
:)
The rubber gloves are a dead giveaway.
Oh I see what you are saying. Yes, that could work. I was basing my suggesting on an article I read yesterday, I think via Yahoo News.
Trisha M.
Laza Mataz.
Simple enough.
With that kind of cash you need professional money managers. I would run not walk to Bessemer Trust, in business over 100 years and first rate.
I had a ‘69 like the pic, it was a 390 4v C6 auto w’ console shift, Candyapple red, jacked up some and had Cragar SS rims. I can still hear her start: Rr-Rr-Ba-room! Good times!
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