|
|
Re: Lottery Winner to become Accountant
02-23-2006, 07:46 AM
|
#21
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
|
Re: Lottery Winner to become Accountant
Quote:
Originally Posted by Spanky
The winning of $15.5 million (in lump-sum) is after taxes.
|
Spanky, the $600,000 per year number is a reference to the 4% (of $15m) SWR.
__________________
Numbers is hard
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
Re: Lottery Winner to become Accountant
02-23-2006, 07:50 AM
|
#22
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
|
Re: Lottery Winner to become Accountant
I'd like that SWR. Probably couldnt spend it sustainably unless I went the yacht, airplane and 5 homes routine.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 07:58 AM
|
#23
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
|
Re: Lottery Winner to become Accountant
Quote:
Originally Posted by Cute Fuzzy Bulldog
I'd like that SWR. Probably couldnt spend it sustainably unless I went the yacht, airplane and 5 homes routine.
|
Yep. Me and my work buddies were discussing exactly this scenario. $600,000 a year - what would you do? It would have to be a small yacht and a small airplane/jet. And 5 reasonably luxurious homes (nothing too extravagant).
I did get to tell my buddies about the 4% rule of thumb. One guy (27 or so) said if he won the $15 million, he would work till he's 35 or so, then retire. Of course our jobs ain't half bad That's my plan anyway. Work till 35 or so, then retire. I probably won't have a $600,000 SWR though.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 08:01 AM
|
#24
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
|
Re: Lottery Winner to become Accountant
Well, if you retire with 600,000, you could go with the one year, 600k nswr plan. Live it up. Then go back to work. You'll really appreciate the work better. By the way, I have a financial consulting plan to sell you to help you spend the money. No active thought or planning required. Just hand me the 600k and enjoy the ride of your life. I'll be there with you to make sure nothing bad or unexpected happens. Oh yeah, and my wife and son and three dogs will be along as well.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 08:17 AM
|
#25
|
Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
|
Re: Lottery Winner to become Accountant
Who saw the meatpacker on the news who was talking about how much his family needed this money because they "lost everything" in a house fire 2 years ago. He also indicated they were living "check to check". He finally mentioned that the night they won he had just been "cleaned out" at the local casino :
ok, I'm a little bitter
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 08:24 AM
|
#26
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
|
Re: Lottery Winner to become Accountant
Quote:
Originally Posted by saluki9
ok, I'm a little bitter
|
Don't worry. He'll be back to the working world soon enough.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 09:05 AM
|
#27
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
|
Re: Lottery Winner to become Accountant
Oh definitely. He'll be back to the casino trying to roll up some 'real money'.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 10:12 AM
|
#28
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,203
|
Re: Lottery Winner to become Accountant
There is another way to do this for the unknowing.... take the annuity!!! That way, you get your check each year for 20 or 30 years (according to which lottery)...
BUT, then you have some dumb people who can not even do that well. There was one guy who had his lottery winnings as an annuity... spent all his money and ran up debt as he knew he was getting more... well, the next check did not even cover his debts... so he decided to factor his winnings... they did a present value of his winnings and then discounted them another 40%!!!
The guy is probably out of cash right now because that was about 5 years ago...
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 10:14 AM
|
#29
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
|
Re: Lottery Winner to become Accountant
Then you bump into the clowns who will let you "sell" them your annuity in exchange for a lump sum now. Thats considerably smaller than the one you'd have gotten from the lottery in the first place. Or people who let you "borrow" against your annuity payments.
Many lottery winners who take the annual payments run out of money and miss the spending, and go this route. Sad.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
Re: Lottery Winner to become Accountant
02-23-2006, 10:22 AM
|
#30
|
Full time employment: Posting here.
Join Date: Oct 2002
Posts: 717
|
Re: Lottery Winner to become Accountant
In 1969 I won the draft lottery - my birthdate was number 360 in the order of who would be drafted to go to VietNam. I was going to lose my college deferment within a few months, so winning was a big deal in my life.
__________________
Random Reinforcement is Highly Addictive.
|
|
|
Re: Lottery Winner to become Accountant
02-24-2006, 03:17 PM
|
#31
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 987
|
Re: Lottery Winner to become Accountant
Quote:
Originally Posted by brewer12345
Who knows what it means to somebody like an immigrant meatpacker?* People get funny ideas about what others' daily lives are like.* Plus, I guarantee you that the poor guy has no clue about money and has never given a thought to what life would be like if he didn't have to work.
I think I'd like to spend a lot of time volunteering after I retire.* How many people spend a couple of decades earning and saving so they can spend their days trying to housebreak stray dogs?
|
I don't housebreak stray dogs, but I do adopt (max of 2 at a time) those that have become "homeless"* (see my link).* It certainly beats going to work, and I get a lot of "kisses" for my effort!
-Ron (Already F.I. - awaiting a good exit point for R.E.)
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|