Poll of the Day > 20 Year Old Florida Bro wins 400+Million Jackpot...

(+) Yeah! (+)

https://www.yahoo.com/news/mega-millions-florida-20-old-103818704.html

WTF...nice to be able to retire at 20...

He is going to be broke in a year
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He told the Florida Lottery he intends to use his newfound wealth to buy a new home in Tampa, pursue a variety of passions, and help others.

"I intend to take care of my family, have some fun along the way, and cement a path for financial success so that I can leave a legacy far into the future," Missler said in a statement. "I have always been one to encourage the idea of chasing dreams and I believe life is about the pursuit of passion. I am 20 years old and my journey has only just begun."

Hey Shane! It's me! You're long-lost step-cousin twice-removed!

did he do like most idiot winners and take the lump sum?
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Krazy_Kirby posted...

did he do like most idiot winners and take the lump sum?

Yup, I believe it was like 268mil...I think...

But really, all he has to do is invest 100mil in a safe mutual fund and live off the interest, which should give him like 1-3mil a year.

I'm happy for him. Feels like a waste when older people win. He'll actually be able to use his winnings to live comfortably for decades and enjoy things.

(Yeah, they can pass it on to their offspring, but usually it seems they live long enough to frivolously blow most of it to get the most out of their remaining years)

Krazy_Kirby posted...

did he do like most idiot winners and take the lump sum?

In principle I'd prefer the 20 year pay out based on the financial logic/math.
In reality...your payments cease if you die, and I'd be too damn paranoid about giving powerful groups a large vested interest in my early death.

streamofthesky posted...

In principle I'd prefer the 20 year pay out based on the financial logic/math.
In reality...your payments cease if you die, and I'd be too damn paranoid about giving powerful groups a large vested interest in my early death.

For a 20 year old guy, yea that would seem logical.

But I think you can will the rest of your payments to whoever in case of death, I believe.

pionear posted...

streamofthesky posted...

In principle I'd prefer the 20 year pay out based on the financial logic/math.
In reality...your payments cease if you die, and I'd be too damn paranoid about giving powerful groups a large vested interest in my early death.

For a 20 year old guy, yea that would seem logical.

But I think you can will the rest of your payments to whoever in case of death, I believe.

Can you? I was told that once you're dead, the payments cease to continue, and you can't "will" them to someone else.

Admittedly, I haven't looked into the topic much because it's not an issue I'll ever need to be concerned about.

streamofthesky posted...

pionear posted...

streamofthesky posted...

In principle I'd prefer the 20 year pay out based on the financial logic/math.
In reality...your payments cease if you die, and I'd be too damn paranoid about giving powerful groups a large vested interest in my early death.

For a 20 year old guy, yea that would seem logical.

But I think you can will the rest of your payments to whoever in case of death, I believe.

Can you? I was told that once you're dead, the payments cease to continue, and you can't "will" them to someone else.

Admittedly, I haven't looked into the topic much because it's not an issue I'll ever need to be concerned about.

From a quick Google search:

https://www.fool.com/knowledge-center/are-lottery-annuity-payments-transferable.aspx

Most lottery rules only cover transfers due to death, allowing a person's heirs to inherit any remaining annuity payments under a lottery prize. Some lotteries will give an estate a lump sum, while others will simply continue the annuity payments under the original terms of the prize.

Also, from reading this, it says that if you take the Powerball annuity, they will also pay you the interest earned on the winnings they pay out to you since they automatically invest it.

Ok, then definitely should have taken the annuity.