Some Dude Just Won A Million Dollars

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-- Some Dude Just Won A Million Dollars

Posted by ChemEnhanced on Oct-28-2005 02:03:

Some Dude Just Won A Million Dollars

So I was watching the Argos and Tiger Cats game and they had the Wendy's million dollar field kick competition. The guy had to kick field goals from the 20, 30, 40, and 50 yard lines with the 50 yard line being for a million bucks. The guy misses the first three to the right and then puts the 50 yarder through the uprights.....dead centre. WOW.....what a way to become an instant millionaire. Even I was excited for the guy.....his girlfriend is hot too.

Posted by oldschool420 on Oct-28-2005 02:06:

awesome!

Posted by infinity HiGH on Oct-28-2005 02:10:

Re: Some Dude Just Won A Million Dollars

quote:
Originally posted by ChemEnhanced
.....his girlfriend is hot too.

haha, he's definately gettin some tonight then!

Posted by Pett on Oct-28-2005 04:29:

i was watching this live too, even missed part of the leaf game for it, glad we did........the look on the guys face in replay when he realied the kick was good was priceless.

super value menu prices are going up for sure

Posted by VERTiG0 on Oct-28-2005 05:54:

That guy is SO fucking getting laid right now

Posted by ChemEnhanced on Oct-28-2005 12:46:

quote:
Originally posted by Pettiscool
super value menu prices are going up for sure

I wouldn't worry....wendy's isn't the one paying the bill on this. Some insurance company will have to pay out the big bucks. Wendy's buys and insurance policy for this so that way someone else pays the big bucks.

Posted by Moral Hazard on Oct-28-2005 12:59:

quote:
Originally posted by ChemEnhanced
I wouldn't worry....wendy's isn't the one paying the bill on this. Some insurance company will have to pay out the big bucks. Wendy's buys and insurance policy for this so that way someone else pays the big bucks.

Probably Lloyds.... they pay all the gameshow winnings too.

Posted by muzzybear on Oct-28-2005 13:24:

He gets $25000 a year for 40 years. Makes it sound different when you hear it like that, dunnit?

Posted by ChemEnhanced on Oct-28-2005 13:26:

quote:
Originally posted by muzzybear
He gets $25000 a year for 40 years. Makes it sound different when you hear it like that, dunnit?

It does but $25,000.00 tax free is like a $50,000.00 a year job. He definately has to keep working but his financial worries are definately gone.

Posted by Moral Hazard on Oct-28-2005 13:28:

quote:
Originally posted by muzzybear
He gets $25000 a year for 40 years. Makes it sound different when you hear it like that, dunnit?

He could assign the annuity to a lending company.... they'd take 15% of it or so but he'd get the rest now and they would take the installments.

Posted by TrickDaddE on Oct-28-2005 14:16:

quote:
Originally posted by ChemEnhanced
It does but $25,000.00 tax free is like a $50,000.00 a year job. He definately has to keep working but his financial worries are definately gone.

Yea but what will 25 large be worth in 40 years.. lol

Posted by rabbitjoker on Oct-28-2005 16:24:

quote:
Originally posted by Moral Hazard
He could assign the annuity to a lending company.... they'd take 15% of it or so but he'd get the rest now and they would take the installments.

Bingo.

Posted by Adamo on Oct-28-2005 17:41:

i watched it...the first 3 were all close but missed...then the money shot was dead center. Respect to the man.

Posted by ThaRegger on Oct-28-2005 17:43:

lol yeah that was the money shot fer real! What a way to win!

Posted by Candeeman on Oct-29-2005 16:48:

quote:
Originally posted by TrickDaddE
Yea but what will 25 large be worth in 40 years.. lol

Exactly

Posted by rabbitjoker on Oct-29-2005 16:55:

quote:
Originally posted by TrickDaddE
Yea but what will 25 large be worth in 40 years..

The Rule of 72!

Posted by Playa24_7 on Oct-29-2005 17:55:

probably dumped his gf for a hotter girl after he got the cheque lol jk

Posted by 8Wonders on Oct-29-2005 17:58:

Lets not forget taxes and inflation, its not even close to 1 mill, the whole thing is very very misleading, but yeah it certainly wouldn't hurt your bank account

Posted by nusty on Oct-29-2005 18:12:

quote:
Originally posted by 8Wonders
Lets not forget taxes and inflation, its not even close to 1 mill, the whole thing is very very misleading, but yeah it certainly wouldn't hurt your bank account

It wasn't a charity event or even a lottery in that sense so the taxes are not likely to be more your normal income taxes. inflation is sitting steady at around 3%ish and any reasonable investor wouldn't put funds anywhere if they weren't making at least 7% return.... I think he'll be doing just fine.

Posted by JRinger on Oct-29-2005 20:09:

Posted by TCB on Oct-29-2005 20:23:

hey i could certainly go for a few hundred grand right now!

Posted by ChemEnhanced on Oct-29-2005 23:34:

quote:
Originally posted by 8Wonders
Lets not forget taxes and inflation, its not even close to 1 mill, the whole thing is very very misleading, but yeah it certainly wouldn't hurt your bank account

First of all he would not be taxed on the money...he would only be taxed on the interest he makes from the money.

Secondly, if he wanted to he could go a an anuity company who would give him a lump some payment....usually they take about 15% and they would then receive his payments.

Posted by JRinger on Oct-29-2005 23:48:

quote:
Originally posted by ChemEnhanced
First of all he would not be taxed on the money...he would only be taxed on the interest he makes from the money.

Secondly, if he wanted to he could go a an anuity company who would give him a lump some payment....usually they take about 15% and they would then receive his payments.

The point that's (correctly) been made by many people over the last few days, is that the present value of 40 years of $25,000/year is nowhere close to $1M. The value obviously depends on what discount rate you use, but its realistically in the $300-500k range. If he were to exchange the payment stream for a lump sum, he'd likely end up with something on the lower end of that range.

Just to be clear, I have no issue with the contest (the rules and payment method were made very clear before the kick), but the payment seems to have sparked a fair bit of debate for some bizarre reason.

Posted by Surreal JRS on Oct-30-2005 02:09:

I was actually at that game... He missed the 1st 3, but made the one that counted!

Posted by muzzybear on Oct-30-2005 03:48:

Nothing to sneeze at. Achoo!