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NY hospital orderly wins $20 million lottery jackpot

Topic closed. 63 replies. Last post 4 months ago by BellasBMWLucki.

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rock_nc's avatar - Lottery-017.jpg
small town USA
United States
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October 8, 2003
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Posted: May 17, 2014, 6:52 am - IP Logged

Congrats to the winner. He better invest some of the money that will make him some money. 

Home in east quoque runs to a mil and also the tax alone could dry you out in a few years .

I Agree!

    rock_nc's avatar - Lottery-017.jpg
    small town USA
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    Posted: May 17, 2014, 6:53 am - IP Logged

    This is why i always buy a ticket even when the jackpot is low.

    I Agree! I do every time the lottery is played!

      rock_nc's avatar - Lottery-017.jpg
      small town USA
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      Posted: May 17, 2014, 6:59 am - IP Logged

      I Agree!

      l hope this fine gentlemen " counts the cost" before going out and doing what he says he will do.

      Nevertheless !!!

       

      I Agree! Yup!! He will be broke if he don't get some advise, on how to invest some of it! Money goes fast these days!! Believe me it does! Look at the look his daughter was giving him,23 she has plans for the money too!

        rock_nc's avatar - Lottery-017.jpg
        small town USA
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        Posted: May 17, 2014, 7:00 am - IP Logged

        Congrats!

        Based on this article, I hope you get a good financial adviser.  Best of luck.

        I Agree!

          rock_nc's avatar - Lottery-017.jpg
          small town USA
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          Posted: May 17, 2014, 7:04 am - IP Logged

          He better seek financial help before he even buys a house or Bentley. Next year he will owe close to $1.6 million more so his windfall will drop to about $5.7 million. If he doesn't go crazy, that amount should last him the rest of his life. Assuming he wants to play it safe and puts it in the bank to collect interest, he should have about 150k in principal to spend every year for the next 40 years.

          $150k today will probably be worth somewhere in the $30k range 30-40 years from now.

          I Agree! Now that's some good advise there Drenick1..

            rock_nc's avatar - Lottery-017.jpg
            small town USA
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            Posted: May 17, 2014, 7:07 am - IP Logged

            edit
             

            Based on this article, I hope you get a good honest financial adviser.  Best of luck.

             

            there i fixed it for you

            I Agree! Yup! I'm thinking the same thing! Taxes going to take most of it! Then next year will have to file it as his income earnings! Unless they file together as married!

              CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
              TX
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              Posted: May 17, 2014, 7:26 am - IP Logged

              I don't think $7.4 Million puts you in the Million Dollar House and a Bentley in the Driveway League.

              I wish him the best but I'm a little worried about this guy.

              Yeup Ridge...I was thinking the exact same thing....While I hope they put at least 5+ million away as the base to live off....I have a gut feeling it won't last long..... New truck is one thing, Bentley is another...May their investment advisor counsel them wisely and with a strong leash.

                DC81's avatar - batman39
                MI
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                Posted: May 17, 2014, 9:08 am - IP Logged

                With the cash by the time he's done paying all the taxes he's going to have a bit over 5 million. But yeah, he'd be better off making safe, low risk investments and living off the interest/dividends provided from the principal without major splurging.

                You can't predict random.

                  Goteki54's avatar - Lottery-007.jpg
                  Baltimore, MD
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                  May 30, 2013
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                  Posted: May 17, 2014, 11:08 am - IP Logged

                  Finney claims his phone is constantly ringing but before it hardly rang, well he knows why it's ringing now and it's not because of him personally but because of what he has, MONEY.  If I had seven million dollars, I would be more concerned on how I could have a very comfortable income off that money before I thought about buying a Bentley.

                  Goteki, have a Snickers. Why? Because you always get angry when you have a case of the one offs on your lottery tickets. Better? No, I'm still ticked off!Hit With Stick

                    noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                    Bay Area/ California
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                    December 12, 2012
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                    Posted: May 17, 2014, 12:32 pm - IP Logged

                    Finney claims his phone is constantly ringing but before it hardly rang, well he knows why it's ringing now and it's not because of him personally but because of what he has, MONEY.  If I had seven million dollars, I would be more concerned on how I could have a very comfortable income off that money before I thought about buying a Bentley.

                    Your Phone will also be  off the hook confrere  if you won the lottery.. It comes with the territory.

                    The secret is to ditch that cell Phone and pick up a new one- hey: you can afford it ...right?

                      Drenick1's avatar - villiarna
                      USA
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                      Posted: May 17, 2014, 2:48 pm - IP Logged

                      This is amazing, you get hold a giant check for 20 million and you end up with only 5. 8 million in your account by next year .

                      And the best part is everyone thinks you have 20 mil and you start spending like you have 20 too.

                      I Agree!  If anyone recognizes him, he will always be known as someone who won $20 million and not the $5.8 million that he actually netted after all tax obligations were met. Some people who read the press release will think that his after tax cash amount is $7.4 million which is true but unless he donates a bulk of it away he will owe another $1.6 million when he files taxes in 2015. This is why so many previous lottery winners get in trouble because they have no idea that additional taxes are owed.

                      Never take advice from someone unless you are willing to live their lifestyle. 

                        Drenick1's avatar - villiarna
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                        Posted: May 17, 2014, 3:00 pm - IP Logged

                        With the cash by the time he's done paying all the taxes he's going to have a bit over 5 million. But yeah, he'd be better off making safe, low risk investments and living off the interest/dividends provided from the principal without major splurging.

                        Low risk investments won't generate much income on $5 million. Interest being paid by most banks are less than 1% with the average being closer to  1/2 of 1%. With $5 million , that would amount to $25k per year so it means he would have to tap into the principal quite a bit to live a nice life. He could probably make a whole lot of money by seeking professional help but I will let others chime in as my knowledge in that field is very limited.

                        Never take advice from someone unless you are willing to live their lifestyle. 

                          Drenick1's avatar - villiarna
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                          Posted: May 17, 2014, 3:01 pm - IP Logged

                          Your Phone will also be  off the hook confrere  if you won the lottery.. It comes with the territory.

                          The secret is to ditch that cell Phone and pick up a new one- hey: you can afford it ...right?

                          I Agree! That should have been the first thing he got rid of once he turned in his ticket.

                          Never take advice from someone unless you are willing to live their lifestyle. 

                            Arrowhead's avatar - underground
                            Ohio
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                            December 27, 2011
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                            Posted: May 17, 2014, 7:15 pm - IP Logged

                            I wish these people all the best, but posing for photos in front of his house and talking about Bentleys, Ram trucks and brand new houses on a $20 mil pre-tax win doesn't bode well for the future.

                            Why would anyone let the world see where you currently live after winning the lottery? Sweet Jesus...

                              noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                              Bay Area/ California
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                              Posted: May 17, 2014, 8:18 pm - IP Logged

                              I wish these people all the best, but posing for photos in front of his house and talking about Bentleys, Ram trucks and brand new houses on a $20 mil pre-tax win doesn't bode well for the future.

                              Why would anyone let the world see where you currently live after winning the lottery? Sweet Jesus...

                              Come on Arrow- You want Cameron to stand in front of a Waterfall?

                              His telling us that this is where his at- but his transplanting his family to a better location, what's wrong with that? 

                              My mini concern is that he has not thought this whole thing through- but then again- its his money and he ought to do the right thing with it. If things do not go according to plan, then he needs to get a mirror and point a finger at the person staring back at him. l wish this guy all the best moving forward.