$149 Million Dollar Lottery winner....

**Drake** · 11-21-2004, 09:49 PM

Hiring others to 'manage' your money. Hmm

**detoxed** · 11-21-2004, 09:50 PM

Damn if I won $88 million.. Me and my kids and their kids and their kids and their kids would be set for life.

I'd setup trust funds for each generation. $1 million each in mutual funds, and other investments with good returns not too much risk. By the time the grandkids get to split their $1 mil, it will have grown tremendously, etc. And the great grandkids, on and on. Plus I'd live off the interest of about $20 mil or so.

**detoxed** · 11-21-2004, 09:50 PM

Originally posted by Mike33
Hiring others to 'manage' your money. Hmm

I'd guess 25% of the US does this

**Drake** · 11-21-2004, 09:59 PM

Originally posted by detoxed
I'd guess 25% of the US does this

True. Not I. I guess it depends on how much management is involved. Bank account rep, accountant.

Without any over-management from the outside, it should be relatively easy to set your family up nicely and as you said for future generations. Assuming he has a level head.

**Red Ezra** · 11-22-2004, 11:48 AM

if I had 88 mil I would be the next Larry Flynt mega porn producer - hehe

**xNetworx** · 11-22-2004, 11:48 AM

Originally posted by detoxed
Damn if I won $88 million.. Me and my kids and their kids and their kids and their kids would be set for life.

I'd setup trust funds for each generation. $1 million each in mutual funds, and other investments with good returns not too much risk. By the time the grandkids get to split their $1 mil, it will have grown tremendously, etc. And the great grandkids, on and on. Plus I'd live off the interest of about $20 mil or so.

Trust Fund kids are lame... make them work for it!

**boneprone** · 11-22-2004, 11:52 AM

Sanchez and Hector will be "managing" is money.

**tranza** · 11-22-2004, 11:59 AM

Originally posted by detoxed
I'd guess 25% of the US does this

True.

**EviLGuY** · 11-22-2004, 12:00 PM

Originally posted by AdultLoungeRaffi
I bet you he will be broke next year!!!

NEW YORK A New York City man says he has no idea what he'll do with the 149 (m) million-dollar Mega (M) Millions jackpot he won Friday.

Juan Rodriguez says he hasn't quit his job at a midtown Manhattan parking garage -- yet.

A nephew says Rodriguez will assemble a team to manage his money.

The 49-year-old Rodriguez is a Colombian immigrant who came to the United States in 1982. He bought the winning ticket Friday at a newsstand.

Lottery officials say Rodriguez chose to take his winnings in a single payment of about 88-point-five (m) million dollars before taxes.

He'll die broke with some sob story.

**VeriSexy** · 11-22-2004, 12:02 PM

Damn, he could just live off the interest

**Project-Shadow** · 11-22-2004, 12:08 PM

So why exactly do they call it a $149mil win.. if he only got 88mil? Someone point in in the right direction here.. if he wins 149 shouldnt he get 149?

**Sosa** · 11-22-2004, 12:27 PM

Originally posted by Project-Shadow
So why exactly do they call it a $149mil win.. if he only got 88mil? Someone point in in the right direction here.. if he wins 149 shouldnt he get 149?

he chose to take it all at once instead of in monthly payments for so many years. That is what he got after that taxes of the one time sum.

**ATL_Ryan** · 11-22-2004, 12:36 PM

88.5 Mill was before Taxes.

Lottery officials say Rodriguez chose to take his winnings in a single payment of about 88-point-five (m) million dollars before taxes.

So after Taxes he'll have less than 50 Mill.

**Vitasoy** · 11-22-2004, 12:44 PM

How long would it take if he choose to get paid by small increasements?

**TheEnforcer** · 11-22-2004, 12:59 PM

Originally posted by Vitasoy
How long would it take if he choose to get paid by small increasements?

It's usually spread out over 20 or 25 years depending on the lottery.

But, unless you know you are an idiot that will blow all the money you should always take the lump sum if you win the lottry big.

**Fabien** · 11-22-2004, 01:12 PM

Originally posted by pimpporn
Trust Fund kids are lame... make them work for it!

I see that you don't have kids huh ?

Well, it's alright, i love ya still

**Fabien** · 11-22-2004, 01:16 PM

Originally posted by TheEnforcer
It's usually spread out over 20 or 25 years depending on the lottery.

But, unless you know you are an idiot that will blow all the money you should always take the lump sum if you win the lottry big.

Exactly, why ?

1) If the jackasses stop paying ya for whatever reasons (even reasons you'd never thought about !)
2) You only live once ! Who knows WTF could happen to ya ......
3) Take it as PAY PER SIGNUP thing

YOU TAKE THE MONEY AND RUN !!!!

**AdultNex** · 11-22-2004, 01:16 PM

Generally speaking, many millionaires have people manage their financial cashflow.

You'd be stupid not to.

**Nysus** · 11-22-2004, 01:19 PM

Shitty that another half will go to taxes still, but 44 million is still nice...

Matt

**WWC** · 11-22-2004, 11:27 PM

Originally posted by Project-Shadow
So why exactly do they call it a $149mil win.. if he only got 88mil? Someone point in in the right direction here.. if he wins 149 shouldnt he get 149?

He decided a one lump sum payment so he gets half which is $74.5 mil and then taxes ....so he gets half of $74.5 in one payment....

**pornguy** · 11-22-2004, 11:33 PM

I think there was a stat showed one time that like 97% of the people that win a big jackpot like that are broke in a few years.

**Chris** · 11-22-2004, 11:37 PM

Originally posted by pornguy
I think there was a stat showed one time that like 97% of the people that win a big jackpot like that are broke in a few years.

and none of those people had someone to manage the money

unlike this guy

**Drake** · 11-22-2004, 11:41 PM

It's amazing. Just throw that into a bank account and you could live comfortably off the interest alone.

**MetaMan** · 11-22-2004, 11:41 PM

how fast before he spends his first 10 mill on raw?

$149 Million Dollar Lottery winner....

$149 Million Dollar Lottery winner....

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