SD rancher wins $232 million jackpot

[alkemyst]

Originally posted by: ironwing

Originally posted by: spidey07
Being that they are ranchers I'd say they have a better handle on how to live than others and that will turn into not being broke.

How so?

first good luck winning 88.5 million at a casino


second if you read their story you will understand more.


It's going to take a lot of work to piss out 88.5 million dollars.

 

[PlatinumGold]

Originally posted by: Xanis

Originally posted by: BouZouki

LOL. Assman. :laugh:

LOL @ being 88.5 million dollars richer than you. :laugh:

fixed 😉

not too good at the reading. assman is the next door neighbor.

Dave Assman, who owns farmland next to the Wanless ranch, said he is happy the family won't have to worry about money any more. "They've been real short on finances for a long time," Assman said. "They are from real meager means, I guess you'd say."

 

[IronWing]

Originally posted by: spidey07

Originally posted by: ironwing

Are you kidding? American ranchers are some of the most subsidized, entitled people on the planet. They get subsidized access to federal and state land (hereditary entitlement to federal land, no less), federal and state handouts, liability subsidies (a rancher negligently lets his cows roam the highways and you run into one, killing your family, and the rancher gets to send you a bill for the cow). Plus they enjoy welfare tax rates on their private land. Inner-city welfare queens never had it so good.

And just what are you doing to provide food for this great land? What have you produced?

So your point being anyone who isn't raising food has no right to take issue with the disgusting level of subsidies paid to these folks? Last time I checked, I still had to pay for the food I eat. Let the market pick the winners in food production, not senators.

 

[spidey07]

Originally posted by: ironwing


So your point being anyone who isn't raising food has no right to take issue with the disgusting level of subsidies paid to these folks? Last time I checked, I still had to pay for the food I eat. Let the market pick the winners in food production, not senators.

P&N is
<---thatta way

But I've seen your posts, you couldn't produce shit unless you eat what others provide. Kinda like a parasite.

 

[IronWing]

Originally posted by: spidey07

Originally posted by: ironwing


So your point being anyone who isn't raising food has no right to take issue with the disgusting level of subsidies paid to these folks? Last time I checked, I still had to pay for the food I eat. Let the market pick the winners in food production, not senators.

P&N is
<---thatta way

But I've seen your posts, you couldn't produce shit unless you eat what others provide. Kinda like a parasite.

You produce what again?

 

[zerocool84]

Originally posted by: spidey07
Being that they are ranchers I'd say they have a better handle on how to live than others and that will turn into not being broke.

Anybody that gets that amount of money at one time better have a professional handle it all if they were smart. The Rancher already went broke so only time will tell.

 

[Baked]

Originally posted by: zerocool84
Anybody that gets that amount of money at one time better have a professional handle it all if they were smart. The Rancher already went broke so only time will tell.

I would put it all in my ING savings account and live off the interest.

 

[miketheidiot]

Originally posted by: Quintox

Originally posted by: techs
Wanless, who is single, lives with his mother and father on the family's 320-acre ranch near Mission, where they raise cattle, sheep and horses. They don't own a phone, a mobile home of theirs was repossessed last year, and records show they have fallen $3,552 behind in their property taxes.

Wanless bought $15 worth of tickets to the May 27 30-state Powerball drawing at a convenience store in Winner during a trip to buy livestock feed. He will take home a lump sum of $88.5 million after taxes are deducted.

There's a lesson here.
I'm just not sure what it is.

Whoa, 232 million turns to 88 million after taxes? WTF

you lose about half doing a lump sum

 

[MegaVovaN]

Why nobody takes payments when they win lotto, and go for lump sum instead??? Especially when:

Originally posted by: miketheidiotyou lose about half doing a lump sum

 

[Hacp]

Originally posted by: MegaVovaN
Why nobody takes payments when they win lotto, and go for lump sum instead??? Especially when:

Originally posted by: miketheidiotyou lose about half doing a lump sum

Because you could achieve the same effect yourself by spending the lump sum on treasury bonds?

 

[MegaVovaN]

Hacp I don't understand.

Let's say lotto is 100m if taken in payments and 60m if taken in lump.

So you take 60m and put them in treasury bonds, and get 100m. OK.

Now if you took every payment - 100m total - and put it in bonds, you'd get more than 100m!

Soo....my question still stands, why lump sum?

How big are payments BTW and how long?

 

[Hacp]

Originally posted by: MegaVovaN
Hacp I don't understand.

Let's say lotto is 100m if taken in payments and 60m if taken in lump.

So you take 60m and put them in treasury bonds, and get 100m. OK.

Now if you took every payment - 100m total - and put it in bonds, you'd get more than 100m!

Soo....my question still stands, why lump sum?

How big are payments BTW and how long?

If you take the 60 million and put them in treasury bonds, you'll end up with X million.

Now, if instead you took the 100million and invested every month's check into treasury bonds, you'll still end up with around X million.

 

[MegaVovaN]

But why? Why would I end up with about same number in both scenarios? Because non-lump sum money loses it's value (before it's given to me) due to interest while lump sum 60m sits and collects compound interest?

edit: loses value due to inflation

 

[oiprocs]

Only whites and blacks win the lottery. Anyone else that wins it really did get lucky.

 

[RaistlinZ]

I wouldn't take the lump sum for the fear of pissing it all away. You'd be surprised how fast someone can spend $88 million when they've never had money before. Also, people tend to come out of the woodwork and rob/sue your ass blind once you come into a lot of money.

The best thing to do is to stay anonymous if you win. Maybe create a LLC or a trust fund or something. And then don't tell anyone in your family you've won until after you've moved out of the country and changed your phone number.

Oh, and if you're a single guy and you win never, ever, ever get married. Keep your money and live your life as a happy bachelor.

 

[Hacp]

Originally posted by: MegaVovaN
But why? Why would I end up with about same number in both scenarios? Because non-lump sum money loses it's value (before it's given to me) due to interest while lump sum 60m sits and collects compound interest?

edit: loses value due to inflation

You get the same number because that's how it works. They calculated both sums to be the same. The reason people take the lump sum is cause if you invest it in the S&P500, you'll theoretically get a better return than treasury.

 

[IronWing]

Originally posted by: RaistlinZ
I wouldn't take the lump sum for the fear of pissing it all away.

That is a valid concern. Most lottery jackpots aren't $232 million though. A million or two seems more routine. In the case of these smaller jackpots, taking the lump sum opens up immediate possibilities for the winner that the payments over time don't. Instantly becoming debt free, mortgage included, is one way the lump sum works better. Yes, folks could just piss it away but it isn't a foregone conclusion.

 

[jpeyton]

He'll be dead inside of 24 months with a heroin needle in his arm.

 

[Muadib]

That's a lot of H&B!

 

[dman]

Originally posted by: Quintox
Whoa, 232 million turns to 88 million after taxes? WTF

Yep. I get the math, but, it's still a WTF to me.

 

[Jeff7]

Originally posted by: RaistlinZ
"I want to thank the Lord for giving me this opportunity and blessing me with this great fortune. I will not squander it," he promised, wearing a big black cowboy hat and a huge grin.

This just in: God rigs the lottery.

GodlessAstronomer - I guess we'll just never have a shot of winning the lottery, ever. (Besides the fact that that'd be almost statistically impossible anyway. 😉)