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Powerball lottery millionaire fields marriage, investment proposals

Topic locked. Last post more than one year ago by Chewie. 20 comments.

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Posted: September 12, 2005, 7:49 pm - IP Logged Bottom

I think it's nearly impossible to stay anonymous and I think winning the lottery makes you an instant celeb. Sounds to me as if his desire to remain anonymous might be part of his gig to be a celeb. I think it sounds fishy to want privacy yet your talking about being on TV? Anyone with me?

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Posted: September 12, 2005, 8:10 pm - IP Logged Bottom Top

He's making $ 12,000 per day on $ 84 million.  That equates to an investment return of 3 1/2 percent per annum.  It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.

Just curious, but how did you calculate the earnings percentage to be 3.5%?  When I did a straight simple return rate calculation ($84,000,000/($12,000 x 365)*100), I got ~5.214%. 

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Posted: September 12, 2005, 10:41 pm - IP Logged Bottom Top
   
   

He's making $ 12,000 per day on $ 84 million. That equates to an investment return of 3 1/2 percent per annum. It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.

Just curious, but how did you calculate the earnings percentage to be 3.5%? When I did a straight simple return rate calculation ($84,000,000/($12,000 x 365)*100), I got ~5.214%.

You're right, my mistake. It appears that I was using 250 business days in my formula. 5.214% is correct, and would have to be taxable income. Muni bonds are below 4 percent as are almost all other bonds.

http://bonds.yahoo.com/rates.html

He probably has it parked in higher-yielding stocks (REITs) or in stocks in general.


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Posted: September 12, 2005, 10:52 pm - IP Logged Bottom Top

I think there's an important lesson here. At $84,000,000.00 you can miscalculate and it really doesn't matter. LOL. Cheers,

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Posted: September 13, 2005, 2:16 am - IP Logged Bottom Top

acronymn007.. i believe he wanted to remain anonymous, but the lottery commissioner told him that he could not. i guess his name had to be revealed.  im thinkin from there he figured since his name was already out there, he may as well go on tv and talk about it.  he was on the tv show The View. He donated $5000 to some babies that were on the show.

 

but he seems really laid back.. kinda cool.  wish i had that kind of loot

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Posted: September 13, 2005, 11:50 am - IP Logged Bottom Top
     

I think there's an important lesson here. At $84,000,000.00 you can miscalculate and it really doesn't matter. LOL. Cheers,

Yes. On the other hand, that 5.214 % is probably too high to be extrapolated for 365 calendar days given the current interest rates available. If he's in REITs and real estate funds, he's collecting a good dividend but he may be ignoring the capital loss in his shares. The homebuilder sector is down 20% since June.

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Posted: September 13, 2005, 12:16 pm - IP Logged Bottom Top

Has someone already dubbed him the Anti-Jack?

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Posted: September 13, 2005, 6:15 pm - IP Logged Bottom Top

Has someone already dubbed him the Anti-Jack?

That remains to be seen.  Give him a year or two to see if the money affects him adversely.  Hopefully, he will not change (for the worse) and will not allow his possessions to possess him!

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Posted: September 13, 2005, 6:21 pm - IP Logged Bottom Top

Money changes everyone. Don't lie to yourself people, that's the first step to failure. I know that much money would change me somehow, thankfully I have a great God so hopefully that impact would not destroy me but I'm telling I won't lie to myself it will change me. Maybe I become more appreciative, maybe I start joining clubs or things I never joined before, maybe I treat people different subconsciously. I don't know but I don't think anyone no matter their background would go unaffected with such sudden wealth. IMHO. Cheers,


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Posted: October 4, 2005, 12:21 pm - IP Logged Bottom Top

Maybe he should travel to Oklahoma when its new lottery starts. After that he should go to NC when theirs begins, and so on.