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NY hospital orderly wins $20 million lottery jackpot

Topic closed. 63 replies. Last post 5 months ago by BellasBMWLucki.

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Arrowhead's avatar - underground
Ohio
United States
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December 27, 2011
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Posted: May 17, 2014, 9:15 pm - IP Logged

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.

In front of a waterfall---yes, that's precisely what I'd make sure was in the background of the shot of me with (pretend) Lotto check.

Actually, there wouldn't be any shot of me with any check anywhere...Yes Nod

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    NY
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    Posted: May 17, 2014, 11:33 pm - IP Logged

    "I can live on a million dollars."

    There's his problem. He doesn't have a clue.

    He's got plenty of money if he moved off of Long Island and lived a comfortable lifestyle. He could even buy a modest house and live in East Quogue if he was careful, but the plan to buy a Bentley makes it unlikely he's smart enough to buy a modest house and live carefully. His only chance will be seeing the light while he still has a couple of million and the fancy house left.

      Avatar
      Portland, OR
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      August 20, 2013
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      Posted: May 18, 2014, 12:16 am - IP Logged

      7.5 million dallas and he is buying a Bentley?  I hope a financial adviser put him in his place or he'll be broke again in 2 years.  Did the clerk keep some of the dallas?  He seemed confused like the others in Fla.  Wasn't it in Fla or Cali?

      "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                Robert Greene

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        United States
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        March 20, 2012
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        Posted: May 18, 2014, 2:18 am - IP Logged

        7.5 million dallas and he is buying a Bentley?  I hope a financial adviser put him in his place or he'll be broke again in 2 years.  Did the clerk keep some of the dallas?  He seemed confused like the others in Fla.  Wasn't it in Fla or Cali?

        Nothing is wrong with him buying a Bentley with 7 million.

          Saylorgirl's avatar - Lottery-065.jpg
          Indiana
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          June 13, 2012
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          Posted: May 18, 2014, 8:31 am - IP Logged

          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.

          I agree with you.  He should immediately take that additional $1.6 million and put it away in a 9 month CD to be paid next year for taxes.  Then make a plan for the $5.8 million he will have to spend and invest.  A million dollar house and a Bentley will take a big chunk of that money.  I read in another article that they plan to custom build their new home. 

          Anyway, congratulations to him and his family may they enjoy their riches.

            DC81's avatar - batman39
            MI
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            August 31, 2007
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            Posted: May 18, 2014, 9:21 am - IP Logged

            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.

            I wasn't talking about throwing it into the bank or buying CDs, those aren't "low risk" those are "safe" almost no risk and barely investments at this point.

            You can't predict random.

              DDOH937's avatar - Lottery-028.jpg

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              Posted: May 18, 2014, 2:40 pm - 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.

              Hopefully he knows he can buy a 'USED' Bentley Continental with approximately 30,000 miles for around $60K and the best thing, no one would know the difference. Congrats but be smart about it bro. All the best to you.

              "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                DDOH937's avatar - Lottery-028.jpg

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                Posted: May 18, 2014, 2:49 pm - IP Logged

                "I can live on a million dollars."

                There's his problem. He doesn't have a clue.

                He's got plenty of money if he moved off of Long Island and lived a comfortable lifestyle. He could even buy a modest house and live in East Quogue if he was careful, but the plan to buy a Bentley makes it unlikely he's smart enough to buy a modest house and live carefully. His only chance will be seeing the light while he still has a couple of million and the fancy house left.

                Well i don't have a million dollars am I'm living just fine. And so are billions of other people around the world. I hear what you are saying but why cant he or anyone else live with a million given to them? The problem is that we all just want to BUY stuff. Buy, Buy, Buy. Well if one's approach to a satisfactory quality of life revolves around what he or she can 'buy', then no amount of money will ever be enough. He or anyone else with his new found financial blessing should be able to do just fine, all that's required is a bit of discipline.

                "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                  Drenick1's avatar - villiarna
                  USA
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                  Posted: May 19, 2014, 10:34 am - IP Logged

                  I Agree! That would definitely be a smart move to put that additional $1.6 million away in a short term CD for his 2015 tax liability. He could spend less than a million dollars on a custom house but not probably in NY. He should move his family to a more tax friendly state and seek professional help before ANY major purchase.

                  It would be great for him and his family to enjoy their new wealth but I am worried that he may be heading down a path of so many previous lottery winners.

                    Drenick1's avatar - villiarna
                    USA
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                    Posted: May 19, 2014, 11:05 am - IP Logged

                    I wasn't talking about throwing it into the bank or buying CDs, those aren't "low risk" those are "safe" almost no risk and barely investments at this point.

                    OK, point well taken. My husband and I recently had to re-balance our portfolio and were given numerous options by our certified financial planner and he classified "low risk" as government bond paying 2-3% depending on time frame. We are relatively still young so we chose a diverse variety of investment options such as the low risk bonds, precious metals (gold and silver) as well as several different types of mutual funds and ETF's. We do not have any vested interest in any individual stocks as that is a risk/reward we are not comfortable with. 

                    During the past 4 years, we have realized gains of 14-22% and are quite pleased. There are others that we have met that have much larger gains but they hold a portfolio more concentrated on growth and also have a basket of individual stocks. 

                    If this lottery winner is able to retain a good and honest CFP with a good track record and experience, there is no reason he couldn't see returns of at least 10% yearly. On a $5 million nest egg, that would be at least $500k of earnings per year and could support a very comfortable lifestyle. He is much older than us so his allocation would obviously be concentrated more on the lower risk investments which will account for lower returns.

                    There is no reason he should not enjoy his dream but he has to take the appropriate steps to get his priorities in order and to grow his wealth for the sake of his family.

                      Arrowhead's avatar - underground
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                      Posted: May 19, 2014, 12:36 pm - IP Logged

                      Hopefully he knows he can buy a 'USED' Bentley Continental with approximately 30,000 miles for around $60K and the best thing, no one would know the difference. Congrats but be smart about it bro. All the best to you.

                      Solid advice. If I were him and just HAD to have that high-end luxury vehicle (I don't), that's exactly the way to go. Keep it detailed, looking sharp, and garaged in winter if still living in NY.

                        Arrowhead's avatar - underground
                        Ohio
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                        Posted: May 19, 2014, 12:44 pm - IP Logged

                        Meanwhile, folks, Ohio Classic Lotto at $70.6 mil for tonight...almost three years and counting. LOL

                          Drenick1's avatar - villiarna
                          USA
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                          Posted: May 19, 2014, 1:09 pm - IP Logged

                          Meanwhile, folks, Ohio Classic Lotto at $70.6 mil for tonight...almost three years and counting. LOL

                          It's crazy isn't it? I have a 10-draw ticket and am down to my last 4 draws.If no one hits it then I will play another $50 for 10 draws.

                            savagegoose's avatar - ProfilePho
                            adelaide sa
                            Australia
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                            April 11, 2006
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                            Posted: May 19, 2014, 3:26 pm - IP Logged

                            Let us all bow down to UNCLE SAM, the only "relative" that never says thanks after taking your money, or may I, before taking your money. Lottery wins should never be subject to taxation. The money is usually spent or invested, in the Good ol' U.S of A anyway. Most countries in the world, do not tax lottery winnings upfront like we do.

                            ill let you in on a  little secret, here in australia they dont even wait for a winner to start taxing. they taxes every ticket at purchase time. and let the winner go  scott free.

                            2014 winnings

                            JAN S 119/ W71;  FEB S90 /W 13 ; MAR S93/ W75;  APR S146/ W50 ; MAY S94/ W32 : JUN S98 /W 13 JUL S110 /W21; AUG S185 / W56 SEP S 140/W 13 ; OCT S 130 / W 66

                            S $1292W $450Tot -$840

                             

                              Arrowhead's avatar - underground
                              Ohio
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                              Posted: May 19, 2014, 5:51 pm - IP Logged

                              It's crazy isn't it? I have a 10-draw ticket and am down to my last 4 draws.If no one hits it then I will play another $50 for 10 draws.

                              I've been in for $5 a draw for quite awhile. Few $70 winners. Not close enough...Crazy