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West Virginia man wins $315M Powerball in 2002, and now has no $ left

I think he is BSn

He has money stashed away. He just doesnt want people to rob him anymore.

If he really did lose all that money .. wow just wow
 
it ought to be against the law for lotteries to say a prize is $315 million, when it's really only $113 million.

 
Why do the fools take the lump sum payment when they consider slot machines to be a good investment? He would be much better off letting the state invest his money.
 
he's a gambler... he blew it all

For the 312/113 thing, he opted to take it as a lump sum instead of monthly deposits, so they lower how much you recieve, then he had to pay taxes which probably took nearly half of what he got.
 
Originally posted by: smack Down
Why do the fools take the lump sum payment when they consider slot machines to be a good investment? He would be much better off letting the state invest his money.
Click to expand...

Lump sum payment is the best idea. Sure, taxes and fee remove about 2/3rds of the money, but you can take the money and invest it any way you want. Put it in a nice mutual fund like AGTHX and you can live very nicely off of the interest. Also, the value of your money will grow quicker than inflation. If you take continuous payments, the value the payment decreases over the years due to inflation.
 
Originally posted by: OulOat
Originally posted by: smack Down
Why do the fools take the lump sum payment when they consider slot machines to be a good investment? He would be much better off letting the state invest his money.
Click to expand...

Lump sum payment is the best idea. Sure, taxes and fee remove about 2/3rds of the money, but you can take the money and invest it any way you want. Put it in a nice mutual fund like AGTHX and you can live very nicely off of the interest. Also, the value of your money will grow quicker than inflation. If you take continuous payments, the value the payment decreases over the years due to inflation.
Click to expand...

In this case, the value of the money decreased to zero. Might have had a chance to still have some with payments! 😛
 
Originally posted by: OulOat
Originally posted by: smack Down
Why do the fools take the lump sum payment when they consider slot machines to be a good investment? He would be much better off letting the state invest his money.
Click to expand...

Lump sum payment is the best idea. Sure, taxes and fee remove about 2/3rds of the money, but you can take the money and invest it any way you want. Put it in a nice mutual fund like AGTHX and you can live very nicely off of the interest. Also, the value of your money will grow quicker than inflation. If you take continuous payments, the value the payment decreases over the years due to inflation.
Click to expand...

Exactly. Lump sum is always a better idea if you can actually manage your own money.
 
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...
Assuming 10% per year, you can double your invest approximately every 10 years.
 
Originally posted by: her209
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...
Assuming 10% per year, you can double your invest approximately every 10 years.
Click to expand...
7 years...or 10 years with 7% annually.

Rule of 72, yo!
 
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...


Thats why all these fvcking hillbillies who seem to win the lottery go broke about 2 years after they win. I guess its because their "investment" portfolio consists of nothing but lottery tickets.

For once, why cant someone who actually deserves it, and could actually manage the money win it.

 
Originally posted by: bignateyk
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...


Thats why all these fvcking hillbillies who seem to win the lottery go broke about 2 years after they win. I guess its because their "investment" portfolio consists of nothing but lottery tickets.

For once, why cant someone who actually deserves it, and could actually manage the money win it.
Click to expand...

Because most people who can manage money don't buy lottery tickets? 😕

 
Statistics show that all these winning big $$ lose them in matter of years... This isn't the first case. Usually people who lose it all have no skill in keeping/investing them, so no amount in world is enough for them.
 
Originally posted by: her209
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...
Assuming 10% per year, you can double your invest approximately every 10 years.
Click to expand...

Nope, that will take you about 7 yrs... math is not your friend?
 
He's certainly not the first large lottery prize winner to be left penniless after a few years. However, he probably is the winner of the largest prize.

Guess it must be something to do with who buys lottery tickets. They are an absolutely terrible investment, so it tends to be gamblers or people with poor financial skills that buy the bulk of them.
 
Originally posted by: postmortemIA
Originally posted by: her209
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...
Assuming 10% per year, you can double your invest approximately every 10 years.
Click to expand...
Nope, that will take you about 7 yrs... math is not your friend?
Click to expand...
Mine was a real rough estimate, meaning (10 years x 10%/year = 100%).
 
I can't even fathom spending that much money in 4 years; even with gambling...
Slot machines??? I'd think your interest would grow faster than you could physically put silver dollars into slot machines.
 
Originally posted by: postmortemIA
Originally posted by: her209
Originally posted by: postmortemIA
lump sum also increases chances that you'll screw it up... can investment make up for the amount after tax difference?
Click to expand...
Assuming 10% per year, you can double your invest approximately every 10 years.
Click to expand...

Nope, that will take you about 7 yrs... math is not your friend?
Click to expand...
Does the rule of 72 include taxes on interest?
 
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