~100 people at Cheese factory will split $200M Powerball prize
- Thread starter JEDI
- Start date
I was just going to post this because my new roommate is from Plymouth,
I have to see if he knows some people that work there
I have to see if he knows some people that work there
You'd be able to retire much earlier.
Work a few more years, and with a conservative 5% return on that, you'd get at bare minimum 25k-35k bucks a year.
Work a few more years, and with a conservative 5% return on that, you'd get at bare minimum 25k-35k bucks a year.
see how well that works in the court of law. Lottery groups are very common, if the winner trys seperating, lawyers are going to make more money than the winners.
Sphexi
Diamond Member
- Feb 22, 2005
- 7,280
- 0
- 0
When retired, many people could live on 25k-35k a year, since most have paid off their debts (house/car/college) by then. Hell, if I didn't have to pay rent, I could easily live on less than that. So yeah, put it in savings, ING or something, get a decent return for 5-10 years, then simply live off the interest. At some point you'll probably need it (medical care when you're older), and it'll be there.
UNCjigga
Lifer
- Dec 12, 2000
- 24,998
- 9,316
- 136
I can't stand people who are criticizing those in the pool for having to share with ~100 people. That's $700k vs. ($$ spent on tickets) for the rest of the lottery-playing world. This isn't the first office pool that's won (though it is by far the largest) and all this does is prove that office pools are a fun and rewarding way to play the lottery.
Even if you can't get the courts to side with you, I bet those 100+ people will burn down your house in no time.
mugs
Lifer
- Apr 29, 2003
- 48,920
- 46
- 91
These people make $30-50k a year, and many of them are probably in their 30s and 40s... One person in the article was 51 and worked there for 19 yeasr. $25k a year isn't THAT far from a reasonable retirement for them. But more than likely many of them will blow most of the money on stupid stuff and end up right back where they started or worse. That's not uncommon with lottery winners.
Sure they won't be able to retire, but let's say they invest that ~650k and get a 5% return, after 15 years they will have more than 1.3 million.
Also, 650k will get just about anyone out of debt and have enough money to pay for a nice house in cash with a few vacations/cars to boot.
Also, 650k will get just about anyone out of debt and have enough money to pay for a nice house in cash with a few vacations/cars to boot.
A $500,000 lup sum payment would provide a 50 year old with $21,700 per year for the rest of his/her
life with a 3% increase for inflation with 42% of that payment excluded from taxes.
life with a 3% increase for inflation with 42% of that payment excluded from taxes.
Sure you might take the money, but I'm willing to bet there'd be a 93% chance you'll be murdered by one of them within a year.
Do you know what compounded interest is?
After the first year, you'd be up 25-35k.
2nd: 51k
3rd: 78.8
4th: 107.8
5th: 138.1
6th: 170
7th: 203.5
8th: 238.7
9th: 275.6
10th: 314.4
By the 20th year, you'd have another 826,650-1,157,300k on top of your original investment. And that's at a very conservative 5% rate of return over those 20 years.
Say we have a 10% return over that same 20 years, we have a 2.8-4.0 million dollar return on that same intial investment.
When you retire, you'd have $110,00-$156,000 a year to live on over the next 30 years. Before taxes, of course.
$500K would be awesome if you had the discipline to sock it all away and grow it for 25-30 years.
That is a brutal way to win the lottery though, there's guaranteed to be fighting among those 100 winners, bogus lawsuits from a-hole co-workers who didn't buy in, and then you have to fight off friends and family coming out of the woodwork. I guess some Wisconsin lawyers will get a little richer at the end of this.
That is a brutal way to win the lottery though, there's guaranteed to be fighting among those 100 winners, bogus lawsuits from a-hole co-workers who didn't buy in, and then you have to fight off friends and family coming out of the woodwork. I guess some Wisconsin lawyers will get a little richer at the end of this.
Yeah, my hunch is at least 80% of them blowing every penny within 3 years and probably making less money than before, since those same ones will be dumb enough to quit their job at the cheese plant. Hopefully, there are a few of them smart enough to keep their job, enjoy a few small luxuries and invest/save the rest of the money. $500K is a lot of money to have handed to you but you can spend that in a few hours if you really wanted to.
Demon-Xanth
Lifer
- Feb 15, 2000
- 20,551
- 2
- 81
It's not enough to retire, but it _IS_ enough to make your life more comfortable. You could pay off your house, and drop some into retirement. Not having a mortgage can make a huge difference in your life style. Say you had a $200k mortgage, and now you don't. That's $1500/mo that you suddenly have available. What would you do with an extra $1500/mo?
LOL no kidding. I heard on the radio that the ppl on the night shift didn't pitch in and they are "supportive" of the people who won.
bahah, yeah right, they are jealous as hell.
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