and a new truck to drive him around in
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 ...
“I blew half my money on booze, drugs, and hookers. The rest I wasted.”
and a new truck to drive him around in
You don’t need Saul to handle legitimate money. You call him when you need to launder your ill gotten gains.
Sounds good... since I’m in Alabama, somebody please go buy me a ticket with the numbers 19, 21, 27, 55, 57... red ball 12. I’m good for the $2 if I win.
I’m buying a bulldozer, always wanted one.
and he is a kind and generous person!
I’d donate a million to FR and end the FReepathons for FOUR YEARS!!! lol
Emphasize, before you claim the prize!
After the draw date? Having never had to deal with that issue, I have wondered about that. Must be how those people that do a pool do it. Don’t think the lottery commission will deal with more than one claimant.
LOL, that’s probably your next winner right there.
My sister could get some new dentures and my mother-n-law could finally get her toenails cut.
Then I go downtda barbershop and get my hur did.
If I win... I plan to fully fund a Militia of my own choosing.
You could buy every 66 landcruiser on the planet.
No wait, not that.
I'd buy guns and bodyguards.
No, wait.
I'd buy actors and set-creators to live out my own Fallout 4 in real life.
THAT ONE.
You can give gifts annually up to $14,000.00 tax free. Since that wouldn’t touch this payout even if you gave $14K a year to 20 family members, you would want to do some estate planning to minimize your estate taxes.
Unfortunately, it has to be claimed in the state where the ticket was purchased. If you were a resident of the state at the time it was purchased, it doesn't matter if you moved prior to claiming.
Why? Detroit is a real place. Buy a dilapidated shed for $5 and you are there dude ;)
I’ll just hire 5 Japanese dudes, buy the Realdoll factory and volia...
Lydia.
It would be much less than $350 million after taxes if you took it all in a lump sum.
Them hookers would not be the usual toothless wonder that lives in the fourth trailer on the right.
No sir... these classy hookers. They smell good, wear matching drawers.
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