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View Full Version : Powerball winner: 'I don't want to work ... for the rest of my life'



Siempre_Leal
08-09-2013, 05:45 AM
Paul Whites family gave him grief for years when he said hed win the lottery one day. On Thursday, he showed them to the tune of $86 million.
White, a project engineer from suburban Minneapolis, came forward Thursday as one of three winners in the $448 million Powerball jackpot, one of the largest in American history.
White showed up at the Minnesota lottery headquarters to claim a replica check made out for $149 million. Because White picked the instant-cash option, hell get $86 million before taxes.
It's crazy, he said. Ive gone through this in my mind so many times. You almost feel like its coming true.


http://usnews.nbcnews.com/_news/2013/08/08/19932443-powerball-winner-i-dont-want-to-work-for-the-rest-of-my-life?lite

Bauer_CTU
08-09-2013, 05:49 AM
I'd retire, too. Immediately. Post-haste.

flanker7
08-09-2013, 06:06 AM
I'd go to work for one more day so I can salute some people via the use of my middle finger

Nacho-Libre
08-09-2013, 07:02 AM
I'd do the same. If I won several million, I'd immediately put it in a low risk investment bond with as high interest as I could get and just live off the interest for the rest of my life, never working another day.

I think though I would eventually get a little bored, so I'd maybe consider opening up my own bar or pub near a beach somewhere to keep me busy.

Breakfast in Vegas
08-09-2013, 07:04 AM
I'd follow Bender's lead and blow the whole wad on blackjack and whores, or buy a Lambo and crash it just to spite its face.

StormzSTA
08-09-2013, 07:10 AM
So this guy is just gonna spend all his millions and do nothing productive?
What a waste of life!

Nacho-Libre
08-09-2013, 07:16 AM
So this guy is just gonna spend all his millions and do nothing productive?
What a waste of life!

Depends on one's definition of "productive". Does working for someone else necessarily mean a productive life? What if he'd feel fulfilled and satisfied with life if he spent the rest of it restoring classic cars, or climbing everest, or building an orphanage? He doesn't have to continue working to lead a "productive" life, at least not your definition of it.

StormzSTA
08-09-2013, 08:17 AM
restoring classic cars, or climbing everest, or building an orphanage

All of the above requires work, effort. It seems he's just gonna blow the money away on hookers, coke, cars and houses.

Rattfink
08-09-2013, 08:18 AM
I would pay for everything with giant replica checks. Forever.

Einhander
08-09-2013, 08:31 AM
Just recently I was jobless for almost half a year. The feeling when you wake up and just don't know what for. It feels horrible, trust me. Ok maybe it was just a lack of ideas where to spend all your money, but still.

riderboy
08-09-2013, 08:34 AM
I hate to be a giant wet blanket, but it seems like all these big lottery winners end up badly. Still, I would not mind trying to be the exception to the rule.

Holycrusader
08-09-2013, 08:40 AM
I hate to be a giant wet blanket, but it seems like all these big lottery winners end up badly. Still, I would not mind trying to be the exception to the rule.

The worst mistake is to found trophy girlfriend just after winning...

dr House once said that happy people fdo not play lottery... There is something in it...

ayanami_tard
08-09-2013, 08:52 AM
if i were him i'd stock up plenty of guns and ammo because he's pretty much the target of everyone else

TG211
08-09-2013, 08:59 AM
So this guy is just gonna spend all his millions and do nothing productive?
What a waste of life!

You're just sour it's not you, hihihi ! Well, I'm sour too...

If I won, I wouldn't just retire and do nothing. Well, I guess it depends on your age; I'm in my 30s, so I could invest some money and start a business, or buy the company I work for (it's small enough), trying to do something to not be bored...

Corrupt
08-09-2013, 09:00 AM
I hate to be a giant wet blanket, but it seems like all these big lottery winners end up badly. Still, I would not mind trying to be the exception to the rule.

Depends if he can budget I guess. He has to be over 20 given his job title, so unless he's going to be pushing 110 or so, he could award himself $1m/year as a salary and not worry.

StormzSTA
08-09-2013, 09:01 AM
@TG211
You'd spend all that money on airsoft gear.

Redox
08-09-2013, 09:05 AM
So this guy is just gonna spend all his millions and do nothing productive?
What a waste of life!
Spending the money is the most productive thing he can do. Living modestly and saving the money would be the worst.

Squeezee
08-09-2013, 09:08 AM
I would probably save it all to live comfortably over the rest of my life and do something simple like teach part time just so I'm not bored to death.

StormzSTA
08-09-2013, 09:10 AM
Spending the money is the most productive thing he can do. Living modestly and saving the money would be the worst.

I wasn't talking about the benefits for the economy but about his life, about the meaning of his life. You dig?

FunYun
08-09-2013, 09:16 AM
Spending the money is the most productive thing he can do. Living modestly and saving the money would be the worst.

Yep, its what he ends up spending money on that will make the difference.

He can buy the most overtly luxurious stuff he can find, as long as he doesn't destroy it he can sell it.

Reminds me of a local business that had an accountant steal millions through fraud, fake transactions. When the house of cards fell, there was almost nothing left to recover. She had bought massive amounts of junk, and did no upkeep on anything. 5 McMansions, all junk, because she would just buy another one instead of fixing the old one.

TG211
08-09-2013, 09:19 AM
@TG211
You'd spend all that money on airsoft gear.

Yes. That'd be to buy merchandise for the airsoft shop on the "Airsoft Island Paradise" I'd build. And refurbished military vehicles.

And insurance. Yeah, insurance. In case someone fell out of the BHs. Those lawyers won't work for free.

FunYun
08-09-2013, 09:19 AM
I wasn't talking about the benefits for the economy but about his life, about the meaning of his life. You dig?

They are called entrepreneurs, then enrich others, and themselves, by judiciously spending lots of money.

StormzSTA
08-09-2013, 09:26 AM
They are called entrepreneurs

An entrepreneur is an individual who organizes and operates a business or businesses, right? And that requires work and effort, right?
Someone who just spends money cannot be described as an entrepreneur.
Ya feel me, dawg?

TheBelgian
08-09-2013, 04:03 PM
I guess I'm a lucky guy, cause I think that (after a nice year long travel and party filled sabatical) I'd keep on doing my job, and manage the money pretty conservatively (except for buying some essentials like an Aston Martin, an island and a Spitfire)

Shermbodius
08-09-2013, 04:13 PM
I would build an armory.

Laconian
08-09-2013, 06:13 PM
I wasn't talking about the benefits for the economy but about his life, about the meaning of his life. You dig?

$86 mil. I could have a pretty meaningful life with $86 mil.

armored_diplomacy
08-09-2013, 06:19 PM
Id deposit parts of it in banks for interests, Id make some investments in real state, and Id buy a huge piece of land in the hills with lots of trees where I could have a cabin and nobody around. Id buy a pick up to travel also.
And since I know I dont have to, Id probably start a business.

Almost forgot: Id build a shelter for rescued animals.

digrar
08-09-2013, 07:04 PM
He'd be able to pick up 3 or 4 million a year in interest without trying at all, better returns if he put a modicum of effort in. That's about a 10 grand a day hooker and blow budget. Pimps and pushers are part of the community and part of the economy too, keeping them gainfully employed is a noble past time.

T.Cruiser
08-09-2013, 07:43 PM
With $86 million I could afford a house in Sydney.

ltrowley
08-09-2013, 07:53 PM
I wouldn't tell a goddam soul except my parents and just make sure everythings gonna be alllllright. But first things first, donate the Hyundai to the fire brigade and watch them blow it up/tear it apart.

Illusive
08-09-2013, 08:31 PM
Very first thing I'd do if I won such a big lottery? Get the next plane out of the country to avoid the inevitable moochers. Find a nice decent place to hide in for a few months, and then sneak back when I'm mostly forgotten about.

Ought Six
08-09-2013, 11:03 PM
So the fedgov takes over 42% right off the top, and nobody is outraged. Amazing!

Kap
08-09-2013, 11:06 PM
So the fedgov takes over 42% right off the top, and nobody is outraged. Amazing!

Don't worry, I am outraged.

They take out nearly that much when you get "bonuses" from the military too, yet the rich don't seem to get pinged that much compared to the lower paid people. Retarded.

armored_diplomacy
08-09-2013, 11:14 PM
Don't worry, I am outraged.


Count me also ... 42 % ?!

digrar
08-09-2013, 11:40 PM
That's not the tax is it? I was under the impression that you always got a lesser amount when you elect to take the lump sum in the US, if he'd elected to get it paid out over 20 years he would have got the 149 million in installments, instead he took the lesser amount in a lump sum, then the tax will come out of the 86 million as well.

XJ220
08-10-2013, 12:05 AM
What a cunning maneuver: I will keep half of the proceeds of your cost to play my game, and if you win, I'm also going to appropriate a fat percentage of your winnings for my own ****.


That's not the tax is it? I was under the impression that you always got a lesser amount when you elect to take the lump sum in the US, if he'd elected to get it paid out over 20 years he would have got the 149 million in installments, instead he took the lesser amount in a lump sum, then the tax will come out of the 86 million as well.

The total annuity payment is the advertised award, and taxed as an income stream. Electing the lump sum option results in a cash payment equal to the present value of the advertised total value of the annuity income stream, and correspondingly triggers the payment of income taxes on the proceeds at the winner's marginal income tax rate in that year.

ltrowley
08-10-2013, 01:14 AM
Given that amount of cash you could hire a top lawyer and accountant and easily mitigate the tax dollar siphoned off. Depending on who you trust and invest with.

Michael F
08-10-2013, 01:17 AM
http://www.usamega.com/powerball-jackpot.asp



Annuity

Cash


http://www.usamega.com/images/space.gif




Powerball Jackpot for Sat, Aug 10, 2013
$40,000,000




$23,000,000







Gross Prize
30 average annual payments of $1,333,333




Lump-sum cash: $23,000,000




- 25% Federal Tax
- $333,333




- $5,750,000




Subtotal
$1,000,000




$17,250,000


- State Tax:

kongman
08-10-2013, 01:28 AM
lucky we don't pay taxes on lotto wins here in Australia , but we get screwed on taxes for everything else .

IconOfEvi
08-10-2013, 02:55 AM
Would deposit half into investment to slowly grow the assets

Give some to certain family/friends

The rest goes to funding a merc army/revolution in Africa p-)

OldCode
08-10-2013, 03:00 AM
I would hire someone to phone in my resignation to work.