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Some Dude Just Won A Million Dollars (pg. 2)
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| Adamo |
| i watched it...the first 3 were all close but missed...then the money shot was dead center. Respect to the man. |
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| ThaRegger |
| lol yeah that was the money shot fer real! What a way to win! |
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| Candeeman |
| quote: | Originally posted by TrickDaddE
Yea but what will 25 large be worth in 40 years.. lol |
Exactly |
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| rabbitjoker |
| quote: | Originally posted by TrickDaddE
Yea but what will 25 large be worth in 40 years.. |
The Rule of 72! |
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| Playa24_7 |
| probably dumped his gf for a hotter girl after he got the cheque ;) lol jk |
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| 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 :) |
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| nusty |
| 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. |
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| JRinger |
| 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. |
He wouldn't get more than 300-400k if he tried to exhange the payment stream for a lump sum. |
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| TCB |
| hey i could certainly go for a few hundred grand right now!:toothless |
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| ChemEnhanced |
| 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. |
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| JRinger |
| 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. |
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| SurrJRS |
I was actually at that game... He missed the 1st 3, but made the one that counted!  |
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