8 meat plant co-workers walk away with $365m dollar

[ssp]

Roughly 20 mil each... not bad!

http://www.cnn.com/2006/US/02/22/pow....ap/index.html

[KRL]

Roughly 20 mil each... not bad!

http://www.cnn.com/2006/US/02/22/pow....ap/index.html

Its only $15 Mil after the taxes get yanked.

These lotteries play up the full amount when in fact what you really get is only 1/3rd of it.

[who]

After taxes it amounts to $15.5 million each.

[pornpf69]

wow!! 20 mil each?!

[chadglni]

I still can't believe so many people fuck themselves with the lump sum payments.

[chadglni]

Its only $15 Mil after the taxes get yanked.

These lotteries play up the full amount when in fact what you really get is only 1/3rd of it.

They'd get 30 million each after taxes if they weren't so fucking stupid and took the payouts. Nobody ever does.

[ssp]

Its only $15 Mil after the taxes get yanked.

These lotteries play up the full amount when in fact what you really get is only 1/3rd of it.

I don't think that's correct, it depends if they decide to have the money "cash in hand" but I think they would also be able to put the money into somthing that doesn't take out $5 mil taxes. Correct me if I'm wrong.

[who]

They'd get 30 million each after taxes if they weren't so fucking stupid and took the payouts. Nobody ever does.

I know I fucking would.

[ssp]

They'd get 30 million each after taxes if they weren't so fucking stupid and took the payouts. Nobody ever does.

Seriously man, what would be the difference between $30m and $20m to a meat plant worker?

[Sharky01276]

i think i could do with thr 15.5 mill tho..

[KRL]

I still can't believe so many people fuck themselves with the lump sum payments.

Investment wise its far better to take the lump sum.

[chadglni]

I know I fucking would.

I just don't get it. People that have lived on 50k a year forever don't need more than a million at one fucking time. (What they would get each on payment plans.) At least that way when they fuck up and blow every cent like many winners do they could start over the next year and try again.

[StuartD]

8 of them huh? Figure maybe one out of the 8 will still have money in 10 years?

There's gotta be one there smart enough to not lose it all.

[chadglni]

Investment wise its far better to take the lump sum.

LOL That's for you dude. A lot of these idiots that win big lotteries lose every cent because they don't have a clue. 15 million is better than a million a year for 30 years to YOU. To the average moron playing $1 lotto a million a year is just what they need.

[chadglni]

Shit 8, would be just under a million each per year. I still stand by the fact that they are idiots for taking lump payments.

[ssp]

8 of them huh? Figure maybe one out of the 8 will still have money in 10 years?

There's gotta be one there smart enough to not lose it all.

I can just feel the hollywood movie coming... 8 poor co-workers from a humble background win the lottery.. some invest in property.. some get addicted to coke.. some get murdered etc.

OK, I'm off writing a script.

[broke]

If you're saying the actual people that won the money might not be able to manage it, you might be right.

If you're saying EVERYONE is better off with an annuity, you couldn't be more wrong.

[stickyfingerz]

Anyone watchin the press confrence on it? These guys are great. They are doing very very well for not being public speakers. The two foriegn guys are having some issue of course, but the rest are pretty funny. They all got alot of good laughs from the crowd.

[KRL]

If you're saying the actual people that won the money might not be able to manage it, you might be right.

If you're saying EVERYONE is better off with an annuity, you couldn't be more wrong.

Broke is right.

[artman]

They'd get 30 million each after taxes if they weren't so fucking stupid and took the payouts. Nobody ever does.

uh you are better off with the lumpsum payment idiot. ever hear of the financial term: present value of an annuity?

[Manowar]

sweeeeeeeeeeet!

[GatorB]

LOL That's for you dude. A lot of these idiots that win big lotteries lose every cent because they don't have a clue. 15 million is better than a million a year for 30 years to YOU. To the average moron playing $1 lotto a million a year is just what they need.

Unless you are over 50 I'd take the money over 30 years. Lump sum was 177 mil divided by 8 that's 22 mil before taxes. About 14 mil after taxes. Over 30 years each would get $1.5mil a year. About $1 mil after taxes. Who can't live on $1 mil AFTER taxes? $14 mil is a lot of oney but fooling spending and you be broke in a year. At least the other way you know you're geting another check if you happen to blow your entire million.

[Downtime]

15 mil is still a sweet paycheck, more than enough that you'll need for the rest of your life, unless you're MC Hammer

[Sosa]

read about it earlier that on sunday they had an attorney write up documents on how it would be split up etc. Sounds like they are headed in the right direction with it all.

[chadglni]

uh you are better off with the lumpsum payment idiot. ever hear of the financial term: present value of an annuity?

God damned retard. Look them up in 5 years and see how many are broke. Idiots that never had money usually do pretty damn bad with money they get all at once. I personally would rather have 15 million up front but the average Joe powerball player who works in a meat plant for 20 years does not need it. A million a year is enough to let them do anything they want without risk of fucking it all up in a single year.

[ssp]

God damned retard. Look them up in 5 years and see how many are broke. Idiots that never had money usually do pretty damn bad with money they get all at once. I personally would rather have 15 million up front but the average Joe powerball player who works in a meat plant for 20 years does not need it. A million a year is enough to let them do anything they want without risk of fucking it all up in a single year.

What you're saying is true and makes the most sense for people of a relative young age (20-30's). But half of these people have passed 40. I'd imagine they wouldn't care about spending millions when they are on their 80's and just want to have fun while they are still in their midlife crisis. And seriously, can you blame them?

[chadglni]

What you're saying is true and makes the most sense for people of a relative young age (20-30's). But half of these people have passed 40. I'd imagine they wouldn't care about spending millions when they are on their 80's and just want to have fun while they are still in their midlife crisis. And seriously, can you blame them?

Blame them for throwing away 15 million extra dollars? Yeah I'd say it's pretty stupid. I've seen people blow millions first hand and it's not pretty. Their life though, hope they enjoy it.

[StuartD]

Yeah... people who are doing well financially are most likely money smart and can make a lump sum do more for themselves.

People who work in a "plant" of any kind are slaves... not money smart. They earn their paycheck.. they pay their bills and they hope they can afford the mortgage and power both at the same time.

Those people need to know that even if they have a million dollars today... they'll need money coming in next year too. They need that stability. They need that security. They need that reassurance.

You can give them a billion dollars today and they'll still need some kind of money coming in again in the future... that's just how it is for most people.

[czarina]

Lots of bad things can happen along the 20 years that it takes to get that payout, So I would also take the one lump sum.

[czarina]

Yeah... people who are doing well financially are most likely money smart and can make a lump sum do more for themselves.

People who work in a "plant" of any kind are slaves... not money smart. They earn their paycheck.. they pay their bills and they hope they can afford the mortgage and power both at the same time.

Those people need to know that even if they have a million dollars today... they'll need money coming in next year too. They need that stability. They need that security. They need that reassurance.

You can give them a billion dollars today and they'll still need some kind of money coming in again in the future... that's just how it is for most people.

with 15.5 million in one sum, divided into a few CD's at 4% would be more than enough for some of them to live on after thier initial purchases. It is actually more of what they usually buy that breaks them, than what they save.

[Spunky]

Atleast one person didn't take it all..22 million is just right

[chadglni]

with 15.5 million in one sum, divided into a few CD's at 4% would be more than enough for some of them to live on after thier initial purchases. It is actually more of what they usually buy that breaks them, than what they save.

Again, YOU know that and most of US know that but the idiots winning these things do not.


Responding to an April 2002 article in Investment News, CFP Board made an offer to the National Association of State and Provincial Lotteries to provide the organization's members with information to distribute to winners. The Investment News article highlighted the lack of financial guidance many winners receive from state lottery agencies; estimates show that nearly one-third of lottery winners become bankrupt.

[ServerGenius]

Seriously man, what would be the difference between $30m and $20m to a meat plant worker?

$10M ?

[ssp]

$10M ?

I can tell you're onto something here... something big.

[RayBonga]

Eight workers at a Nebraska meat processing plant claimed the record $365 million Powerball jackpot Wednesday, each getting about $15.5 million after taxes.

$15.5M * 8 = $124M

So what happens to the other 241 million bucks?

It's all taxes? If so the biggest winner is definitively uncle sam.

[GatorB]

$15.5M * 8 = $124M

So what happens to the other 241 million bucks?

It's all taxes? If so the biggest winner is definitively uncle sam.

If you take the lump sum you get less. The jackpot was $365 mil you take it over 30 years $177 mil if you took a lump sum. The highest tax bracket is 35%

[Donny]

What some of you are missing when saying they should take the money over 30 years is this:

The reason there is a lump sum option is because that is the actual cash value of the prize. To pay it out over 30 years, the lump sum is the amount that the lottery would invest in order to pay the winner their yearly payments. The lottery either puts that money into the investment vehicle they've chosen to use, or they put it into the winner's hands. Either way, it's the exact same amount of money out of the lottery's pockets.

Personally, I'd rather have full control. And if a person is smart enough to hire an attorney I'd say they're also smart enough to hire a financial advisor. I think most of the meat plant workers will be smart enough to hire an advisor who will educate them on this, yet still allow them plenty of money to blow initially.

[gornyhuy]

God DAMN that would such a sweet payday either way.

[WebairGerard]

if you die before payouts are complete I don't think family memebers get money? this could be a reason people take lump sum too. If in fact this is the case I would take lump sum and invest a good portion of it to assure payouts on my terms and my children/family getting money if die and not the government.

[WebairGerard]

congrats to those meat workers! happy for them!

[Jayvis]

That's freaking nuts. Glad to see someone like them win it.

[Peaches]

Lots of people make lots of money fast and are broke later - not just lottery winners ;)

I think it's pretty cool they all won. I'm not a picky bitch - someone wants to give me even $1mil after taxes and I'm certainly going to have a smile on my face. I wouldn't know what to spend the whole $365mil on anyway

[Peaches]

I would also take the upfront payment and invest it myself. But some of it I'd probably also bury in the yard

[Wiggles]

fuck i get tickets with a group at work, pray i win some day.

[loverboy]

a good justification to retire early

[GatorB]

if you die before payouts are complete I don't think family memebers get money? this could be a reason people take lump sum too. If in fact this is the case I would take lump sum and invest a good portion of it to assure payouts on my terms and my children/family getting money if die and not the government.

"Some large lottery prizes pay out over a period of several years. What if the holder of this type of prize dies before collecting it all?

In this case the prize is considered to be part of the estate and is passed along to the winner's heirs. Contrary to popular belief, the prize does not revert to the government. The only exceptions are "win for life" games where a prize is guaranteed for the rest of the winner's life. In this case the payments stop with the winner's death."

[HorseShit]

What some of you are missing when saying they should take the money over 30 years is this:

The reason there is a lump sum option is because that is the actual cash value of the prize. To pay it out over 30 years, the lump sum is the amount that the lottery would invest in order to pay the winner their yearly payments. The lottery either puts that money into the investment vehicle they've chosen to use, or they put it into the winner's hands. Either way, it's the exact same amount of money out of the lottery's pockets.

Personally, I'd rather have full control. And if a person is smart enough to hire an attorney I'd say they're also smart enough to hire a financial advisor. I think most of the meat plant workers will be smart enough to hire an advisor who will educate them on this, yet still allow them plenty of money to blow initially.

Thread Closed.

[webair]

take the cash and run! good for them!!!

[chadglni]

Thread Closed.

Thread far from closed. One third of lottery winners end up bankrupt while almost 100% have financial advisors from day one. Broke people are stupid with money it's a fact of fucking life.

[StuartD]

What some of you are missing when saying they should take the money over 30 years is this:

The reason there is a lump sum option is because that is the actual cash value of the prize. To pay it out over 30 years, the lump sum is the amount that the lottery would invest in order to pay the winner their yearly payments. The lottery either puts that money into the investment vehicle they've chosen to use, or they put it into the winner's hands. Either way, it's the exact same amount of money out of the lottery's pockets.

Personally, I'd rather have full control. And if a person is smart enough to hire an attorney I'd say they're also smart enough to hire a financial advisor. I think most of the meat plant workers will be smart enough to hire an advisor who will educate them on this, yet still allow them plenty of money to blow initially.

Yes, but as I said, most people can't handle "full control" which is, I think, the very root of the discussion. Most people want to have full control of their money. That's not a shock. But can all those people handle it? No.

Money has a way of.... messing with your head. If you aren't smart with your money to begin with, than having $$ signs in your eyes all of a sudden won't help.

For 99% of the middle/lower class people, having someone invest that money and bring them back some every once in a while is just about the smartest thing they can do because they aren't capable of doing it themselves.