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Mega Millionaire 'Bunky' Bartlett offers advice to winners

Topic closed. 53 replies. Last post 5 years ago by Stack47.

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hearsetrax's avatar - 0118

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Posted: April 4, 2012, 11:13 am - IP Logged

well am happy hes still alive and doing fairly well inspite of initial mistakes ......

I wish him continued luck

    ttech10's avatar - blobdude
    Texas
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    Posted: April 4, 2012, 11:27 am - IP Logged

    Anyone else think of this when they see the picture?

     

    And I really don't think you need to take the annuity... just be smart and think about every major purchase for a few days.

      Jill34786's avatar - Lottery-006.jpg
      Windermere, FL/Franklin, TN
      United States
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      Posted: April 4, 2012, 11:29 am - IP Logged

      Excellent point.  and if he had 32+M$ to start with, that is before his additional fed tax burden, so he went through 7 mill or so in 3 years (is my math close to right?)

      Actually his cut of the $330 million jackpot that he split 4-ways was almost $83 million. He took the cash option and after State and Federal taxes he took home $32 million. He may have been an accountant but I highly doubt he had any business sense.

      I don't think the annuity would have curbed his spending as he most likely would have borrowed against it or even cashed it in so he could fulfill his dreams.

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        Posted: April 4, 2012, 11:41 am - IP Logged

        I always liked this guy, he seemed very nice even though he had some crazy ideas. The good part is he learned his lesson and still has more than enough money left to live a great life so it all worked out in the end and he got to have a little crazy fun and live out some dreams in the meantime. 

          hearsetrax's avatar - 0118

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          Posted: April 4, 2012, 11:46 am - IP Logged

          Anyone else think of this when they see the picture?

           

          And I really don't think you need to take the annuity... just be smart and think about every major purchase for a few days.

          actually when I first heard about his win this is how I pictured him turning out...after blowing it all

          bunky

           

          but well let him have whats left of his windfall and be able to enjoy it

            time*treat's avatar - radar

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            Posted: April 4, 2012, 12:16 pm - IP Logged

            Detractors, meanwhile, are wondering loudly why a multimillionaire is asking them for money.

            ... while crawling over each other trying to get in on the latest Wall Street IPO.  Roll Eyes

            In neo-conned Amerika, bank robs you.
            Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

              ttech10's avatar - blobdude
              Texas
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              Posted: April 4, 2012, 12:37 pm - IP Logged

              Detractors, meanwhile, are wondering loudly why a multimillionaire is asking them for money.

              ... while crawling over each other trying to get in on the latest Wall Street IPO.  Roll Eyes

              Like Max said in The Producers, "Never put your own money in the show!"

                golfer1960's avatar - Lottery-003.jpg
                Eatontown, NJ
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                Posted: April 4, 2012, 12:40 pm - IP Logged

                I agree with Bunky that taking the annuity would have been better for him because it doesn't seem like he is living off the interest that the money could produce. He seems to be spending the capital.

                I predict in 5 years he will be be broke. He's willing to put in $5M of his own money to develop this video game? That would leave him $10M in the bank.

                If he just lived off the interest of the $16M it could produce about $480K/yr. Isn't that good enough for him? It would be good enough for me.

                I don't have any ambitious dreams of owning my own business. I just want to live off the interest, play golf and tennis, and rehab rundown homes. I guess I'm not ambitious enough but that is all I want to do.

                As far is giving to relatives and friends, I would have a hard time saying no too so the $480K would at least limit my gift giving but I don't have the entrepenurial mind to try to own or invest in everything.

                I heard that you can only give $13K/yr as a gift to a person or you'll have to pay a severe tax penalty (gift tax). That right there should save you from giving out too much to people (i hope), but that would be my biggest worry too. I'm too sympathetic to peoples stories. I could not be stingy with that amount of money but I like the idea of having a financial team who has to approve expenditures. That sounds good.

                Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account (funded by interest only income) to help people who needed help but I wouldn't want them to know that it was me who set up the foundation.

                  RedStang's avatar - tallman zps6gf4inoc.jpg
                  NY
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                  Posted: April 4, 2012, 1:14 pm - IP Logged

                  Some of the stuff he did was stupid, but he tried. Its tough to get something going in this economy. I've seen successful peeps fail in business. Just to piss everyone off i would'nt spend a dime. I would wait for the zombies to stop begging then go on a spending spree.

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                    Delaware
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                    Posted: April 4, 2012, 1:21 pm - IP Logged

                    So playing video games makes him an expert? um.. yeah he'll be broke in a few years.

                      time*treat's avatar - radar

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                      Posted: April 4, 2012, 1:23 pm - IP Logged

                      I agree with Bunky that taking the annuity would have been better for him because it doesn't seem like he is living off the interest that the money could produce. He seems to be spending the capital.

                      I predict in 5 years he will be be broke. He's willing to put in $5M of his own money to develop this video game? That would leave him $10M in the bank.

                      If he just lived off the interest of the $16M it could produce about $480K/yr. Isn't that good enough for him? It would be good enough for me.

                      I don't have any ambitious dreams of owning my own business. I just want to live off the interest, play golf and tennis, and rehab rundown homes. I guess I'm not ambitious enough but that is all I want to do.

                      As far is giving to relatives and friends, I would have a hard time saying no too so the $480K would at least limit my gift giving but I don't have the entrepenurial mind to try to own or invest in everything.

                      I heard that you can only give $13K/yr as a gift to a person or you'll have to pay a severe tax penalty (gift tax). That right there should save you from giving out too much to people (i hope), but that would be my biggest worry too. I'm too sympathetic to peoples stories. I could not be stingy with that amount of money but I like the idea of having a financial team who has to approve expenditures. That sounds good.

                      Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account (funded by interest only income) to help people who needed help but I wouldn't want them to know that it was me who set up the foundation.

                      Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account

                      ... invest in a heater that burns envelopes & paper. LOL

                      In neo-conned Amerika, bank robs you.
                      Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

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                        Seattle, Washington
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                        Posted: April 4, 2012, 1:23 pm - IP Logged

                        Bunky needs to shut the hell up.  He's advising people to not take the lump sum, just because he's incapable of controlling his impulses & spends money like a drunken sailor?  Obviously, ol' Bunky knows nothing about the estate tax trap he's advising people to potentially fall into (where, if the lottery winner dies after a few years, his/her will beneficiaries will have to sell of the majority of the annuity future payments just to pay the estate taxes on the present value of future earnings of the estate).  If he was a financial adivsor, I'd not only fire him, but I'd make sure he was forced out of the financial advisory industry.

                          golfer1960's avatar - Lottery-003.jpg
                          Eatontown, NJ
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                          Posted: April 4, 2012, 1:33 pm - IP Logged

                          Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account

                          ... invest in a heater that burns envelopes & paper. LOL

                          Hey Time, you're right on time.

                            Avatar
                            new york
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                            February 11, 2012
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                            Posted: April 4, 2012, 2:48 pm - IP Logged

                            Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account

                            ... invest in a heater that burns envelopes & paper. LOL

                            At least with all that mail you wont ever have to worry about fire wood for all those cold winter nights

                              hearsetrax's avatar - 0118

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                              Posted: April 4, 2012, 2:59 pm - IP Logged

                              Every winner also has stories of strangers sending them request for money with hard luck stories. That would cause me to want to set up a foundation account

                              ... invest in a heater that burns envelopes & paper. LOL

                              hence the reason to invest in a good wood burning stove in which you cook your meals and heat yer home Hiding Behind Computer