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I wonder, had she taken the whole kitty, with annual payments, what would her annual payments be after taxes?
MY estimate, based on total taxes of 49%** and an annual increased payment of 5% per MUSL rules, first payment $5,801,470 , final payment in 2047 $23,879,638, total after tax yield $385,443,000. But there are a lot of guesses involved. Of course it costs her millions to stay in Mass and not move to a State with no income tax. No way would she spend it all every year, so she can get some income by putting left over cash into some form of bonds, but that gets taxed, too. Compounding that over 30 years would be a lot of money.
** That is the current tax rate for Fed plus Mass plus ACA. MUSL probably withholds 25% from the payment, The figure I show is annual net after taxes
Billie Bob Harrell Jr. was like most of us, and when he won $31 million in the Texas Lotto in 1997, it seemed like the world was his oyster.
And when that first payout hit, well, he did what many of us would do – he quit his job at Home Depot, took his family on a vacation to Hawaii, donated tens of thousands of dollars, bought houses and cars for his loved ones and even donated almost 500 turkeys to the poor. Nothing unusual so far, right?
Well, with large sums of money comes greed, of course, and in this case it was the greed of others that started to get to him. Harrell had to change his phone number repeatedly because strangers were calling him left and right, asking for donations.
His wife, Barbara Jean, left him less than a year after he won. He told his financial advisor that “Winning the lottery was the worst thing that ever happened to me.” Harrell was found dead inside his home about 20 months after the win. Cause of death? A self-inflicted gunshot wound.
Money is not evil.
THE LOVE of money is the problem.
He did not suffer from the money, but rather from the expectations of other people on what he could do.
"My plan, and I did have one . . ."
Money is not evil.
THE LOVE of money is the problem.
He did not suffer from the money, but rather from the expectations of other people on what he could do.
"My plan, and I did have one . . ."
So very true! Some lotto winners did quite well after winning and some, who never had money like that before, did not know how to manage it.
I remember years ago, a homeless guy won the lottery, around 2.1 million. He spent it fast and hard. He never bought a house or a car.... After awhile, he blew through the money and ended up sleeping on the streets again.
Her daughter works at dunkin donuts, has a tramp stamp, is average looking but I saw a few guys post on her fb how hot she is in the past two days, lol. I think she's likely prone to hustlers.
Her daughter works at dunkin donuts, has a tramp stamp, is average looking but I saw a few guys post on her fb how hot she is in the past two days, lol. I think she's likely prone to hustlers.
I think this whole "information thing" can turn into a mess.... They know where the lottery winner lives, where she works (worked), where her daughter works, her daughters Facebook page, mom's fb page, if she has one.... and the list goes on and on.... I would have not made any of that available to the public, if I kept my anonymity a secret and had my attorney's create a trust, that I could collect from without using my real name. I would have went to great lengths to keep my winning private (for as long as I could).
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10 Lottery Horror Stories.
