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20-year-old claims $451 million jackpot Login/Join 
Black92LX
Raised Hands Surround Us
Three Nails To Protect Us
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posted Hide Post
quote:
Originally posted by kkina:
He can always annuitize all or part of the lump sum any time he wants through a private company. In fact he would probably get a better internal rate of return commercially.

If it were me, I'd do both. Take the lump sum, but take a part of it and buy a single premium immediate annuity. So even if I turn into an unrestrained spendthrift (I doubt it, but you never know) and lose the liquid part, I still get a guaranteed monthly check that I can only spend as fast as they send it.

(Yes, there are companies that will take your annuity and give you a single structured settlement in exchange for future installments, but let's assume I'm smart enough to stay away from those.)


I have seen the JG Wentworth commercials and the like that give a single payout.
I figured one would get ripped but I had no clue it was as bad as it was.
I met a young lady that received a 1.3 MILLION malpractice/wrongful death settlement when her mother passed during a botched surgery.
She went and did one of these single payout things and received 128,000 Eek


————————————————
The world's not perfect, but it's not that bad.
If we got each other, and that's all we have.
I will be your brother, and I'll hold your hand.
You should know I'll be there for you!
 
Posts: 25943 | Registered: September 06, 2003Reply With QuoteReport This Post
rscalzo
When you fall, I will be there to catch you -With love, the floor
posted Hide Post
quote:
You know what I'd do with $451 million? Two chicks at the same time.



It would take 451 million ????? Wow, maybe you should post a photo. Eek


Richard Scalzo
Epping, NH

http://www.bigeastakitarescue.net
 
Posts: 5812 | Location: Epping, NH | Registered: October 16, 2004Reply With QuoteReport This Post
olfuzzy
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He's also lucky to live in a state with no income tax. Just think how much N.Y. would take.
 
Posts: 5181 | Location: 20 miles north of hell | Registered: November 07, 2012Reply With QuoteReport This Post
Woodman
Nosce te ipsum
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He bought five tickets. I bought zero. I think I see cause and effect.

Bought one for the PowerBall the following night but didn't match the numbers.

My only advice to the kid:
 
Posts: 8759 | Registered: March 24, 2004Reply With QuoteReport This Post
Balzé Halzé
Tinker Sailor Soldier Pie
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posted Hide Post
quote:
Originally posted by rscalzo:
quote:
You know what I'd do with $451 million? Two chicks at the same time.



It would take 451 million ????? Wow, maybe you should post a photo. Eek


Dude, your avatar is enormous.


~Alan
Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country

Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan

 
Posts: 31213 | Location: Elv. 7,000 feet, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
ASKSmith
Bunch of savages
in this town
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posted Hide Post
quote:
Originally posted by Balzé Halzé:
quote:
Originally posted by rscalzo:
quote:
You know what I'd do with $451 million? Two chicks at the same time.



It would take 451 million ????? Wow, maybe you should post a photo. Eek


Dude, your avatar is enormous.


Ever see the movie Office Space?

“Know what I’d do with a million dollars? Two chicks at the same time.”

“It would cost a million dollars???”

“Fuck yeah. The type of chicks that would double up on a dude like me.”


-----------------
I apologize now...
 
Posts: 10564 | Registered: December 30, 2007Reply With QuoteReport This Post
ElToro
Member
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I heard on the news he took the 280m lump. If I had been handed that kind of loot at age 20 I’d be dead.
 
Posts: 5199 | Location: Florida Panhandle  | Registered: November 23, 2008Reply With QuoteReport This Post
BBMW
Big Stack
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I fully agree that on the basis of rational financial analysis, the lump sum makes more sense. But human nature being what it is, handing a 20 YO guy $280+ million, well, what could possibly go wrong?

quote:
Originally posted by Rey HRH:
quote:
Originally posted by Balzé Halzé:
quote:
Originally posted by BBMW:
Usually I approve of taking the money in a lump sum. But maybe this kid should have taken the annuity payout.


At 20, absolutely. Taking the annuity I would think makes much more financial sense. Maybe. I don't know. What's the annuity by the way?


The annuity starts at $7.2 million, increasing by 5% each year for 29 years for a total of $451 million.

Based on your post, I ran the analysis by modeling investing in $281.2 million against the annuity cash flow and the rate of return is only 3%. From a pure financial sense over a 29 year period, he can do better by investing the $281.2 million elsewhere like the stock market, recreational marijuana, or hookers and blow.
 
Posts: 21240 | Registered: November 05, 2003Reply With QuoteReport This Post
BBMW
Big Stack
posted Hide Post
You could always sign over the annuity.

quote:
Originally posted by kkina:
He can always annuitize all or part of the lump sum any time he wants through a private company. In fact he would probably get a better internal rate of return commercially.

If it were me, I'd do both. Take the lump sum, but take a part of it and buy a single premium immediate annuity. So even if I turn into an unrestrained spendthrift (I doubt it, but you never know) and lose the liquid part, I still get a guaranteed monthly check that I can only spend as fast as they send it.

(Yes, there are companies that will take your annuity and give you a single structured settlement in exchange for future installments, but let's assume I'm smart enough to stay away from those.)
 
Posts: 21240 | Registered: November 05, 2003Reply With QuoteReport This Post
Copefree
Stop Talking, Start Doing
posted Hide Post
His Faceboook page is public and people have been commenting on it all day.

On Friday, after he realized he hit the jackpot, he posted “Oh. My. God.”

He posted a statement tonight acknowledging everyone and saying thank you.


_______________
Mind. Over. Matter.
 
Posts: 5092 | Location: The (R)ight side of Washington State | Registered: August 31, 2011Reply With QuoteReport This Post
RichardC
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I'd take the money, Toombs.


____________________



 
Posts: 16363 | Location: Florida | Registered: June 23, 2003Reply With QuoteReport This Post
downtownv
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I am very happy for this young man. For some reason I think he will do good things with the money. Better than the jackasses In W Virginia http://newsfeed.time.com/2012/...drew-jack-whittaker/ and the Derby wearing dude in NYC who showed up to collect his prize with his girlfriend and then his wife appeared.
http://www.fox5ny.com/good-day...n-how-to-lose-it-all


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Posts: 9134 | Location: 18 miles long, 6 Miles at Sea | Registered: January 22, 2012Reply With QuoteReport This Post
sigspecops
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If you voluntarily make it public that you won that kind of money you're an idiot, plain and simple. It'll be a miracle if he's not broke by age 30.


No one's life, liberty or property is safe while the legislature is in session.- Mark Twain
 
Posts: 3698 | Location: TX | Registered: October 08, 2005Reply With QuoteReport This Post
whanson_wi
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posted Hide Post
I bet his family tree is miraculously sprouting new and interesting branches as we speak.


===
I would like to apologize to anyone I have *not* offended. Please be patient. I will get to you shortly.
 
Posts: 2169 | Location: The Sticks in Wisconsin. | Registered: September 30, 2012Reply With QuoteReport This Post
Sigmanic
Mired in the
Fog of Lucidity
posted Hide Post
quote:
Originally posted by sigspecops:
If you voluntarily make it public that you won that kind of money you're an idiot, plain and simple. It'll be a miracle if he's not broke by age 30.




I'd have to agree. Plenty of people ready to feed off of people like this. I'd even be concerned with kidnapping possibilities.
 
Posts: 4850 | Registered: February 10, 2007Reply With QuoteReport This Post
MNSIG
Member
posted Hide Post
Most lotteries require public disclosure. It’s in the rules for claiming the prize.
 
Posts: 9128 | Location: The Red part of Minnesota | Registered: October 06, 2002Reply With QuoteReport This Post
Balzé Halzé
Tinker Sailor Soldier Pie
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posted Hide Post
quote:
Originally posted by MNSIG:
Most lotteries require public disclosure. It’s in the rules for claiming the prize.


Yeah, but this kid threw it up on Facebook the second he found out he won.


~Alan
Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country

Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan

 
Posts: 31213 | Location: Elv. 7,000 feet, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
radioman
Ignored facts
still exist
posted Hide Post
I was surprised to learn that a 20 YO can play.


.
 
Posts: 11264 | Location: 45 miles from the Pacific Ocean | Registered: February 28, 2003Reply With QuoteReport This Post
Balzé Halzé
Tinker Sailor Soldier Pie
Picture of Balzé Halzé
posted Hide Post
quote:
Originally posted by radioman:
I was surprised to learn that a 20 YO can play.


I think most states have an 18 year old age limit. Some are 21.

Interestingly I ran across an article this morning about a 17 year old girl who won a lottery in Britain. 1.8 million pounds. She's now suing because she said winning nearly ruined her life because she was too young to be responsible with the money...or something like that. She wants the age limit changed to 18.


~Alan
Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country

Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan

 
Posts: 31213 | Location: Elv. 7,000 feet, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
bendable
Member
posted Hide Post
one time, lump-sum payment in the amount of $281,874,999.00.
but I wonder if this amount is before or after taxes




Safety, Situational Awareness and proficiency.


Neck Ties, Hats and ammo brass, Never ,ever touch'em w/o asking first
 
Posts: 55391 | Location: Henry County , Il | Registered: February 10, 2004Reply With QuoteReport This Post
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