20-year-old Florida man claims $450 million lottery jackpot

20 year old, jesus. If he's smart he'll invest all of that. At 10 percent p.a he'll make 28.1 million a year safely allowing him to blow 2 million a month and still have 4.1million left over.
 
OvaryHugger said:
20 year old, jesus. If he's smart he'll invest all of that. At 10 percent p.a he'll make 28.1 million a year safely allowing him to blow 2 million a month and still have 4.1million left over.
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While you can possibly make 10% or more investing it, you can also lose money investing it. I think if he took the payment option it would have been divided into 31 payments of $14.5 million now and $14.5 million a year for 30 years. Most people could live their entire life on the first payment. Financial advisors have been caught stealing from their clients or investing their money in things that benefit the advisor. These people play on client's greed by telling them they can make them money making big promises. With that much money, do you really need to make more? A google search finds hundreds if not thousands of examples. Here are a few.

https://www.financial-planning.com/...lion-from-clients-for-houses-credit-cards-sec

https://www.sec.gov/news/pressrelease/2017-41.html

https://www.usatoday.com/story/money/2016/06/21/sec-adviser-scammed-millions-pro-athletes/86182934/


Remember, Faith and trust are the lifeblood of charlatans and the hallmark of fools.
 
Wow, good for him. Lucky bastard will never have to know the dread of getting up every day for a shitty job.
 
That has to be the best feeling on earth. Realizing you just won that amount of money...better than a fat shot of tar and a megadoses of mdma.
 
whoiselijah said:
Why does it go from 450 to 281?
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The total is for I think 30 years of payments. Taking a lump sum is less but financial advisors will claim you can invest the lump sum and make more than the payment total. The lottery puts the $281 millionmoney into an annuity that pays the annual payments so they are basically investing it in a guaranteed fund. The $450 million would be the total of the payments. You can make more in a non guaranteed fund but you could also lose money.
 
if you're concerned about anonymity, just set up a trust to accept it. this way, your personal info is safe.

281 million but then also income tax will have to be paid off that sum so he ends up with about 160mill after taxes. does Florida have a state tax?
 
ralphc1 said:
The total is for I think 30 years of payments. Taking a lump sum is less but financial advisors will claim you can invest the lump sum and make more than the payment total. The lottery puts the $281 millionmoney into an annuity that pays the annual payments so they are basically investing it in a guaranteed fund. The $450 million would be the total of the payments. You can make more in a non guaranteed fund but you could also lose money.
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I see, then you have to pay tax on that?
 
whoiselijah said:
I see, then you have to pay tax on that?
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Yes you do. I don't know if you take the annual payments and move somewhere without income tax if you can avoid it on further payments. Move to the Bahamas or Monaco.
 
I'm not going to lie and pretend I'm not jealous. :(
 
faustian said:
Lol dick move to broadcast his identity

I'd take the lump sum and promptly disappear
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Hell I'd get a billboard with my smiling face on it, captioned "you bitches ain't getting shit!"
 
EL CORINTHIAN said:
So there it is. A 20 year old won some $450 million jackpot.
Shane-Mister.jpg



http://money.cnn.com/2018/01/12/news/florida-mega-millions-jackpot-winner/index.html

Appearently you cannot claim the entirety of the prize upfront but instead you could settle for a lump sum lesser than that but to him that meant $281 mil.

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I subscribe to Mega Millions because even though I know the odds of winning are infinitesimal, I need to know in the back of my head that there is a chance I could win the jackpot.
 
lol good for him. if he has a brain, he is gonna have a very long and happy life.
 
can anyone explain why lump sum is so much smaller? is it the taxes? or taxes come after that? who keeps the difference?
 
Cool Hand Luke said:
if you're concerned about anonymity, just set up a trust to accept it. this way, your personal info is safe.

281 million but then also income tax will have to be paid off that sum so he ends up with about 160mill after taxes. does Florida have a state tax?
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Doesn't the trust have to be set up in advance?
 
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