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Unemployed N.Y. Man Wins $14 Million Lottery
United States Member #4963 May 30, 2004 2756 Posts Offline |
| Posted: April 22, 2008, 7:41 pm - IP Logged |
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YES>>yes>>>>>>>SENIOR P:
YOU have TIME to move to FLORDIA or any country U-wish>>before
the GREAT CONTEST>>>>>>>>>>>take's PLACE>>>>>>>>>BUTT
vote for O'BAMA>>>>>>>>>>>>>>TAKE CHANGE>in UR LIFE$$$$$
HELP AMERICA>>>>>>>>>>>>>>>PLEASE HELP the POOR people
vote for a DEMOCRAT>>>>>>>PLEASE>>>PLEASE!
LOL
PSYKOMO
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Albuquerque, New Mexico United States Member #5219 June 18, 2004 271 Posts Offline |
| Posted: April 22, 2008, 7:52 pm - IP Logged |
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And then...there are the lucky -- and there are the damn lucky! Imagine, being out of work, spending some of your tax refund, and hitting the jackpot. Life doesn't get any better than that, does it?  -- Bye, bye! When you win, may you glow as brightly as the
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United States Member #61017 April 21, 2008 371 Posts Offline |
| Posted: April 22, 2008, 8:50 pm - IP Logged |
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Remember, he is a resident of NY State. Their scartch-off tags are always annuity. So, unless you are amongst the rarist people in the universe, you loose 50% by choosing cash (liump sum). Blink, and the $14M became $7M. Then come the tax people. There is 6.85% for the state, gone with the second blink. Then the feds, who will grab around 38-42% with another blink. When you look at the shiny lure, you blink, and every time you blink, your win drops. If he is lucky, the city, county, or other muncipality won't get more.
This is why a lot of lottery winners go broke. They lose track of what they really win. All those rich people, the Liberals love to tax, and tax, and tax, becomes a lottery winner biggest nightmare. Go out and buy that luxury house, pay a huge tax. Go out and buy a couple of those luxury cars, pay a huge tax. Give your family members a couple hundred thousand, money gone forever. Even if you donate a tone of money, that specific ton of money is also gone forever. Next thing you know, that $5M is colleteral for a loan.
Based on his credit card debt, he has zero idea of how to manage his money. Hopefully, he will find a certified financial adviser - and L-I-S-T-E-N to that person. If not, he'll soon be on the internet as a man who lost $14M; when he NEVER had $14M to start with! I thing the last part of your post is unfair. He did just lose his job. He may have had to go into credit card debt to feed his family. :(
Correct me if i'm wrong but I think the article also said he had an advisor and lawyer teamed up already. Sounds like he has a decent head on his shoulders. The only thing I would have done differently would have been to take an annuity.
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Margaritaville United States Member #58035 January 9, 2008 203 Posts Offline |
| Posted: April 22, 2008, 9:34 pm - IP Logged |
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Congrats to the guy. It is heartwarming to hear him say he would take care of those who helped him when he needed it most - his mother and mother-in-law. Here's wishes that he handles his winnings with intelligent decisions.
GamerMom - just curious, why would you have optioned the annuity? Just in this instance, or is it your preference?
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Pennsylvania United States Member #17377 June 10, 2005 1302 Posts Offline |
| Posted: April 22, 2008, 9:35 pm - IP Logged |
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Thank you gamermom for your commentary. The previous poster made an overgeneralized *ASSUMPTION* based on one part of the mans finance. Heaven forbid if that guy saw some of my finance. If I said I am 60k in debt most would shutter, yet maybe its from a mortgage, a car payment and a hospital bill for an ailing relative . ....all which get paid monthly as agreed ...yet its still a debt none the less....
ANyways the guy DOES have his head on right by saying he is helping those that helped him during his rough time. Bravo for him and I hope he enjoys his new found wealth! Ohh and congrats to the NY lottery for taking their chunk too! I'm sure they like being partnered with winners.... One day your life will flash before your eyes, make sure its one worth watching.
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United States Member #61017 April 21, 2008 371 Posts Offline |
| Posted: April 22, 2008, 9:38 pm - IP Logged |
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No, I think i would take the annuity for a piece of mind for long term security after I quit my job. I have a congenital heart defect, something called Tetrology of Fallot, and I don't think anyone would ever sell me medical coverage here in these United States where we are sooo lucky to not have universal medical care. I would need to ensure that I have money coming in for a long time in case i ever needed a heart valve or other major heart surgery.
Would you pick the lump sum and why? I'm always curious to hear another's POV on the subject :)
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New Jersey United States Member #21537 September 4, 2005 807 Posts Offline |
| Posted: April 22, 2008, 10:07 pm - IP Logged |
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Remember, he is a resident of NY State. Their scartch-off tags are always annuity. So, unless you are amongst the rarist people in the universe, you loose 50% by choosing cash (liump sum). Blink, and the $14M became $7M. Then come the tax people. There is 6.85% for the state, gone with the second blink. Then the feds, who will grab around 38-42% with another blink. When you look at the shiny lure, you blink, and every time you blink, your win drops. If he is lucky, the city, county, or other muncipality won't get more.
This is why a lot of lottery winners go broke. They lose track of what they really win. All those rich people, the Liberals love to tax, and tax, and tax, becomes a lottery winner biggest nightmare. Go out and buy that luxury house, pay a huge tax. Go out and buy a couple of those luxury cars, pay a huge tax. Give your family members a couple hundred thousand, money gone forever. Even if you donate a tone of money, that specific ton of money is also gone forever. Next thing you know, that $5M is colleteral for a loan.
Based on his credit card debt, he has zero idea of how to manage his money. Hopefully, he will find a certified financial adviser - and L-I-S-T-E-N to that person. If not, he'll soon be on the internet as a man who lost $14M; when he NEVER had $14M to start with! Well, if you're disturbed by taxes, you are perfectly free to move to the Congo, or Dafur, or Bosnia or Iraq.
I assure yoiu that evil "liberals" will not be able to collect taxes in those places.
Speaking of fools, suppose you were to win the lottery in your smug way, and then find that you are living in a country with no infrastructure.
It would seem to me given that conservative rule just piles up debt and debt and debt, causing the value of the dollar to fall by half, that conservatives are pretty good at squandering fortunes. They have taken the richest country in the world and made it into the world's most incredible debtor. In fact, if you won the lottery - which you won't - you would find that the value of your winnings would be reduced by half simply because of the dopey policies of a very, very, very, very, very short sighted credit card fixated President of the United States.
But it's not all a loss. Look what we got for it: Iraq.
I don't think they pay taxes there either. You are invited to go at any time.
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Margaritaville United States Member #58035 January 9, 2008 203 Posts Offline |
| Posted: April 22, 2008, 10:11 pm - IP Logged |
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Oh, sorry to hear about the heart problems GamerMom. My sister is a heart nurse in Dallas, or was - she's out of patient care and works in quality control. The heart is not something to take lightly. Good plan on your part.
For me, I don't have any such long term problems that would weigh one way or the other for my decision. I've kind of looked at both options, and I find that my investment guru could probably make as much annually on average with the lump sum as the annuity payments - even after you take the discounted jackpot and hand over gobs of it to both the state and the feds. All this is based upon what he has done for me so far - 1st quarter of 08 excluded although I fared better than others I know.
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Margaritaville United States Member #58035 January 9, 2008 203 Posts Offline |
| Posted: April 22, 2008, 10:22 pm - IP Logged |
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Well, if you're disturbed by taxes, you are perfectly free to move to the Congo, or Dafur, or Bosnia or Iraq.
I assure yoiu that evil "liberals" will not be able to collect taxes in those places.
Speaking of fools, suppose you were to win the lottery in your smug way, and then find that you are living in a country with no infrastructure.
It would seem to me given that conservative rule just piles up debt and debt and debt, causing the value of the dollar to fall by half, that conservatives are pretty good at squandering fortunes. They have taken the richest country in the world and made it into the world's most incredible debtor. In fact, if you won the lottery - which you won't - you would find that the value of your winnings would be reduced by half simply because of the dopey policies of a very, very, very, very, very short sighted credit card fixated President of the United States.
But it's not all a loss. Look what we got for it: Iraq.
I don't think they pay taxes there either. You are invited to go at any time. Oh dear - it's all Bush's fault. Yep - he made all those people buy too much house at subprime rates and forced them to take out multiple credit cards and charge them all up. But the Democrats will come to the rescue, increasing taxes for the evil rich families who make more than $250k. The Democrats will tax them until they have to lay off the families they employ in order to pay their taxes so that the government can take care of all of us. That'll work.
....Cuz the Obama Man can....oops, I mean the Candy Man can, cuz he mixes it with love and makes the world taste good....
Evil liberals, evil conservatives, evil rich white man, etc. Let's just keep dividing this great country until we all forget the truths behind the phrase "united we stand, divided we fall".
Enough politics.
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San Jose, California United States Member #42433 June 26, 2006 163 Posts Offline |
| Posted: April 23, 2008, 12:50 am - IP Logged |
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Somtimes, I wonder. Is it because somebody out there that desperately need win lottery more than do? I that's why they win. Keep thinking of this idea makes me happy.
God is the Champion of using JIT System (just in time).
I'm so happy for these people.
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MI United States Member #55299 August 31, 2007 813 Posts Offline |
| Posted: April 23, 2008, 3:56 am - IP Logged |
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I dunno about that considering how things turn out for a lot of winners such as David Edwards for an extreme example. Then there's always our good friend Jack Whitaker who was already a millionaire when he won the biggest US lottery (at the time) in history and recently nearly won again but "only" got the $10,000 prize. The thing that kind of bugs me about that is his story on how the lottery "ruined his life" or however it went, yet he still plays and nearly won another jackpot. I wonder if he donated it though he probably actually needs the money these days. It's just luck and some people just have it not matter what kind of person they are and some have their lucky moment and then follow through total ignorance (maybe arrogance too) and flat out stupidity.
It seems like for every one Brad Duke (is there even more than one? Though time will tell how much of a success he really is.) There's probably five David Edwards, Peter Kyles, William Post, Suzanne Mullins, Willie Hurts, Charles Riddle, Janite Lees or Evelyn Adams, who actually won twice. With odds like 1 in 175,711,536 how can I lose?!
You can't predict random.
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United States Member #4194 March 23, 2004 720 Posts Offline |
| Posted: April 24, 2008, 11:54 am - IP Logged |
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He only spent 5 bucks and won $14 million ( Net $5 Million ) Goes to show you don't need to spend lots of money to win the lottery. Amazing story. Good luck to all Millionaire wannabees.
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New Member  Federal Way United States Member #56067 October 9, 2007 6 Posts Offline |
| Posted: April 29, 2008, 4:14 pm - IP Logged |
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Wish I could be so lucky. I would love to finally retire for real. "You cannot win, if you do not play....."
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