33 folks split 117 million (1 Viewer)

[David McGough]

33 folks in a local buisness won the 217 Million.
Id say there will be some openings. 117 after taxes
3.5 mill a person
http://www.cnn.com/2004/US/10/12/pow....ap/index.html

 

[Christ Reynolds]

wow, just think of all the lottery tickets you could buy with that money.

CJ

 

[Raymond_H]

Sucks to be the 1/4 that didn't go in the pool.

Ray

 

[David McGough]

That would be hard to live with, the rest of your poor days.

 

[Francois Caron]

Aren't the payments spread out over a 25 year lifespan?

217/33/25 = $263,030.30 per year.

Even after taxes, that's still pretty decent! No need to work anymore, and you can still have a very comfortable lifestyle.

 

[Holadem]

Sucks to be the owner of a business where 3/4 of the work force quit overnight.

--
H

 

[Zen Butler]

What in tarnations is a "folk?"

 

[Jon_Gregory]

Zen, that is what us southern folk call a person.

For instance:

33 people
33 folks

Same meanings

 

[Jim J]

sounds like they took the cash option 117 cash instead of 217 worth of payments for 30 (40?) years.

I don't know if you can quit with 2.5Mill in the bank. guess it would depend on the lifestyle you are used to. at least my wife would quit tho...

 

[Malcolm R]

If invested properly, I doubt any of them would ever have to worry about working to support themselves again. Just some "busy work" to stave off boredom. I've always thought that even if I won a big lottery, I'd still have to do something, whether that was working for someone else or owning my own business of some sort.

Then again, $2.2 million is $50,000/year for 44 years even if you just live off the principal. I'd imagine most of them weren't making $50K at the print shop so they could probably maintain their current "lifestyle" for even longer.


That's what I was thinking. Wonder if the 1/4 of losers will try any frivolous lawsuits...I've been in the pool every other week, I just happened to be sick on the day they collected for the tickets this time!

 

[Zen Butler]

Thank you Jon. I wanted to be sure. I was going to say, that's a crapload of parents.

 

[Christ Reynolds]

i dont know about other people, but the way i spend money, i could quit working with a hell of a lot less than 2.5 million in the bank.

CJ

 

[Chris Rosene]

Jeez . .$2.2M invested at a measly 4% (I'm sure you could do better with that size of investment) is $88,000 a year in interest alone. Easily enough to retire on.

 

[Ted Lee]

problem is all that money makes it hard to maintain the current lifestyle. them folks want a *new* lifestyle now!

i've always said, if i win the lotto, i will do a few things. in order:

1. change my address and phone. (possibly my name)
2. buy my porsche 911 turbo
3. go hang out with some monks for about a year

i think step 3 is *really* crucial. i hope it would help me keep my head straight after that kind of windfall.

after i come back from the monks, all else is fair game!

 

[Jon_Gregory]

Yes, we all say that we could live on 2.5 mil in the bank. But you know that there is a big percentage of lotto winners that go bankrupt. We can all say that we can live on that much, but until it happens to you, you will never know. I have never heard of a person winning the lottery of any decent size not changing their lifestyle to a much more lavish one with higher spending. And I try to tell myself that I would just pay off my house, buy new cars and just go on living blah, blah, blah. I know that would probably not be the case if I got a hold of 2.5 mil.

 

[Ryan Wishton]

I have lived 3 seperate lifestyles.

Low Class, Middle Class, Lower-High Class.

After living poor for awhile, I could never see myself ever blowing through it on purpose.

Many people blow it (I was shocked to hear how many Lottery winners lose it all), but I wouldnt be one of them. The people who most likely blow it probably just didnt know much about money or how to deal with it.

Money is something you have to learn about or be taught about. At least if you plan on keeping it.

A cousin of mine even says things like "I have to spend this money because it is burning a hole in my pocket". Really bad way to view money.

Well, have fun being broke. I wont be joining you.

Also, too many people use credit for luxery items like Tv's, Jewelry, etc. My rule is if I cant pay cash, I wont be getting it. It it takes 2 years to buy that new tv, well then thats how long it takes. But, it must be cash. Credit for me if for emergency use only. The thought of paying interest on something has always annoyed me, so it keeps me away as well.

It did take me time and a few hard times (as a child) to learn that. I used to spend everything I had as a young teen/young child. I would never do that again.

When I have a big sum of money, I would live off the interest. $88,000 a year extra income for example is still a lot of money in many areas and you could still have a fine lifestyle.

 

[Greg Haynes]

It crazy to hear someone win that much money in my home state. Their only 30 minutes south of me. Our state is so small that you really never hear about anyone getting that much money. Good for them!

 

[Chris Lockwood]

> I don't know if you can quit with 2.5Mill in the bank.

Considering that's more than most people make in their lifetimes, I would certainly hope so.