Current Events > Financial planners upset as Powerball winner buys $73 million LA mansion

(+) Yeah! (+)

bluezero posted...

Fuck that

In the beginning I'd at least go get a job I liked enough that at least covered necessity expenses and my winning would be my play money

GranTurismo posted...

Do most of you here believe that you would be able to spend 1 bil?

I mean if you're buying a bunch of multimillion dollar homes in the most expensive places to live it'll be easier.

GranTurismo posted...

Do most of you here believe that you would be able to spend 1 bil?

Hell naw, I struggle with big purchases, gives me a bit of anxiety and I usually double triple quadruple check before hitting the confirm button.

FLAMING_EVIL_HOMER posted...

I mean if you're buying a bunch of multimillion dollar homes in the most expensive places to live it'll be easier.

yeah maybe like even you're own private jets or something. Aren't those like 30 mil or something? ask scottie pippen

Forreal. Private yachts, planes, multiple million dollar cars. All those needs maintenance and different taxes i assume.
Multiple "art" pieces and etc.

Lot of stupid stuff that cost money.

This is why you need to teach financial literacy to people. That amount of money is life-changing, but unless you're able to make it equitable, you're going to go bankrupt within 5 years. I couldn't live in a mansion. It would be too much for me, both in cost and lifestyle. I'd be more apt to purchase a penthouse. I'd also put the vast majority of it away in bonds and investment savings.

I couldn't even fathom having 1.6 billion dollars. I get anxious over $500 payments, never mind buying a massive mansion.

Ok. After reading the rest of the article, he can probably make $968 million work for him as long as he doesn't get stupid and or get murdered. Houses are a good investment, but all they are are land banks for the most part.

Right now, the annuitized powerball is $850 million. If you take the lump sum, it is less than half of that at $397.4 million. You then have to pay close to 40% of that for federal income tax. Some states also have state tax on lottery winnings, but California does not.

https://gamefaqs.gamespot.com/a/user_image/5/3/0/AAevWaAAE4JC.jpg

Those mansions cost millions of dollars per year in upkeep and maintenance. Theyre not easy to sell because not a lot of people have that kind of money or want those specific homes. You dont buy them to flip on the market. The Hollywood hills home was originally listed at higher prices and on the market for awhile. These were impulse purchases.

KitKats posted...

Right now, the annuitized powerball is $850 million. If you take the lump sum, it is less than half of that at $397.4 million. You then have to pay close to 40% of that for federal income tax. Some states also have state tax on lottery winnings, but California does not.

https://gamefaqs.gamespot.com/a/user_image/5/3/0/AAevWaAAE4JC.jpg

Those mansions cost millions of dollars per year in upkeep and maintenance. Theyre not easy to sell because not a lot of people have that kind of money or want those specific homes. You dont buy them to flip on the market. The Hollywood hills home was originally listed at higher prices and on the market for awhile. These were impulse purchases.

He'd be fine if he stopped.

He won't.

Don't quit your job is pretty stupid.

But you have to wonder how much of a target the lottery winner would become considering all of this is made public.

Don't quit your job is pretty stupid.

It's better not to quit working until you've at least collected your winnings and situated yourself, and this is assuming you win a jackpot large enough to retire comfortably and provide for your family after you're gone.

Bass posted...

Meh, he'll be fine if he cools his jets.

Also, lmao at not taking the lump sum. Pretty much always better to take the lump sum and invest. This guy made that choice correctly at least.

Yeah, it's stupid to take pay outs over the years as you couldn't invest a large sum of money at once. In my case, I'd pay all my debts off, start a few more business ventures with my INC, and that's how I'd "quit my job".

I really do think this guy is going to go broke in a few years, because, like someone else pointed out, the upkeep for everything is going to kill him.

yeah I dunno why anyone would take the payments. if your self control is that bad you're gonna be a billionaire living paycheck to paycheck lol

also I have no real faith in the government being able to pay out lottery winnings for another 20+ years.

KitKats posted...

Right now, the annuitized powerball is $850 million. If you take the lump sum, it is less than half of that at $397.4 million. You then have to pay close to 40% of that for federal income tax. Some states also have state tax on lottery winnings, but California does not.

Wait, the more than 50% tac on the amount doesn't cover federal income tax? You have to pay 40% on the take-home? Fuck that. I'd take the lump sum then flee the country and not pay one red cent in tax. Well, I would have left anyway. No way in hell am I retiring in the United States of Kekistan.

pegusus123456 posted...

Bruh, fuck you.

This. I won a billion $. EMD.

Probably mad he didnt pay them to manage his money.

DerWillZurMacht posted...

Wait, the more than 50% tac on the amount doesn't cover federal income tax? You have to pay 40% on the take-home? Fuck that. I'd take the lump sum then flee the country and not pay one red cent in tax. Well, I would have left anyway. No way in hell am I retiring in the United States of Kekistan.

They dont actually have the $850 million to pay out, that is only an estimate of how much the jackpot would be worth after 30 years of investment. The annuity is paid out over 30 years. When you get the lump sum, they will automatically withhold 24% for federal income tax, and you will have to pay more when the time comes around.

You wont be able to flee the country with the money, its not like they hand you a bag of cash.

KitKats posted...

They dont actually have the $850 million to pay out, that is only an estimate of how much the jackpot would be worth after 30 years of investment. The annuity is paid out over 30 years. When you get the lump sum, they will automatically withhold 24% for federal income tax, and you will have to pay more when the time comes around.

You wont be able to flee the country with the money, its not like they hand you a bag of cash.

Getting the bag of cash would actually make it hard to flee. Once you get the check or whatever, place it in an offshore, untouchable bank, then leave and your're golden.

DerWillZurMacht posted...

Getting the bag of cash would actually make it hard to flee. Once you get the check or whatever, place it in an offshore, untouchable bank, then leave and your're golden.

Might make a funny episode for trailer park boys

https://www.youtube.com/watch?v=mOCvylOLQVs