Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

How not to squander the $800 million Powerball jackpot
WaPo ^ | 01-08-2016 | Jonnelle Marte

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 ...


TOPICS: Culture/Society
KEYWORDS:
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 201-208 next last
To: Ouderkirk

“I blew half my money on booze, drugs, and hookers. The rest I wasted.”


41 posted on 01/08/2016 1:14:40 PM PST by envisio (I ain't here long... I'm out of napalm and .22 bullets.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: thefactor
imma want a mini-giraffe

 photo russian-with-mini-giraffe.jpg

and a new truck to drive him around in

 photo semi-10-wheels.jpg

42 posted on 01/08/2016 1:14:50 PM PST by digger48
[ Post Reply | Private Reply | To 27 | View Replies]

To: Responsibility2nd

You don’t need Saul to handle legitimate money. You call him when you need to launder your ill gotten gains.


43 posted on 01/08/2016 1:15:48 PM PST by Cecily
[ Post Reply | Private Reply | To 33 | View Replies]

To: NRx

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.


44 posted on 01/08/2016 1:16:09 PM PST by alancarp
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

I’m buying a bulldozer, always wanted one.


45 posted on 01/08/2016 1:17:39 PM PST by WinMod70
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tijeras_Slim

and he is a kind and generous person!


46 posted on 01/08/2016 1:18:05 PM PST by mad_as_he$$
[ Post Reply | Private Reply | To 28 | View Replies]

To: NRx

I’d donate a million to FR and end the FReepathons for FOUR YEARS!!! lol


47 posted on 01/08/2016 1:18:26 PM PST by Zuben Elgenubi (NOPe to GOPe)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Thunder90

Emphasize, before you claim the prize!


48 posted on 01/08/2016 1:19:13 PM PST by Resolute Conservative
[ Post Reply | Private Reply | To 18 | View Replies]

To: shotgun

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.


49 posted on 01/08/2016 1:22:08 PM PST by mad_as_he$$
[ Post Reply | Private Reply | To 24 | View Replies]

To: vg0va3

LOL, that’s probably your next winner right there.


50 posted on 01/08/2016 1:22:10 PM PST by Romulus
[ Post Reply | Private Reply | To 36 | View Replies]

To: NRx

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.


51 posted on 01/08/2016 1:22:41 PM PST by envisio (I ain't here long... I'm out of napalm and .22 bullets.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

If I win... I plan to fully fund a Militia of my own choosing.


52 posted on 01/08/2016 1:22:48 PM PST by maddog55 (America Rising a new Civil War needs to happen.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dsrtsage

You could buy every 66 landcruiser on the planet.


53 posted on 01/08/2016 1:25:23 PM PST by mad_as_he$$
[ Post Reply | Private Reply | To 37 | View Replies]

To: NRx; Norm Lenhart; KC_Lion; TADSLOS
I'd buy hookers and drugs.

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.

54 posted on 01/08/2016 1:25:44 PM PST by Lazamataz (If the Oregon occupiers are occupying a National Wildlife REFUGE, are they not now REFUGEES?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRx

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.


55 posted on 01/08/2016 1:26:12 PM PST by Cecily
[ Post Reply | Private Reply | To 1 | View Replies]

To: G Larry
Then MOVE first you dim whit!

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.

56 posted on 01/08/2016 1:26:32 PM PST by IYAS9YAS (I got nothin'.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Lazamataz

57 posted on 01/08/2016 1:26:41 PM PST by dfwgator
[ Post Reply | Private Reply | To 54 | View Replies]

To: Lazamataz; KC_Lion; TADSLOS; CatherineofAragon

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.


58 posted on 01/08/2016 1:28:44 PM PST by Norm Lenhart (Existential Cage Theory - An idea whose time has come)
[ Post Reply | Private Reply | To 54 | View Replies]

To: NRx

It would be much less than $350 million after taxes if you took it all in a lump sum.


59 posted on 01/08/2016 1:29:26 PM PST by july4thfreedomfoundation (Trump or Cruz in 2016. No others need apply.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazamataz

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.


60 posted on 01/08/2016 1:29:37 PM PST by envisio (I ain't here long... I'm out of napalm and .22 bullets.)
[ Post Reply | Private Reply | To 54 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 201-208 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson