BADASS of New England

An automobile club for the enthusiast who enjoys the last of the big GM cars. The rear wheel drive B and D bodys. Chevrolet Impala SS, Caprice, 9C1, Buick Roadmaster, Oldsmobile Custom Cruiser, Cadillac Fleetwood
 
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 what a JOKE

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No Moa



Posts : 3871
Join date : 2009-02-21
Age : 44
Location : Midcoast Maine

PostSubject: what a JOKE   Fri Apr 23, 2010 8:13 am

Was reading about this guy who won the powerball for 258M. Guy lived paycheck to paycheck, 3 kids.
Good for him!!!!!

Heres the part that pisses me off, he takes the 124M lump some. he still has to pay the state of MO 6 (SIX) million bucks in taxes. WTF!!!!! Y don't they take it out of the 52% he doesn't get. It makes me so mad. I think i'd take the lump, grab the kids and head for a country that wasn't so greedy! State of MO could kiss my ass!!!

Horray Horray for the GREEDY USA.


Sorry i had to bitch! Really burns my butt.
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bammax



Posts : 2301
Join date : 2009-02-22
Age : 35
Location : Mansfield, Ma

PostSubject: Re: what a JOKE   Fri Apr 23, 2010 12:23 pm

I'm still not sure why people under the age of 70 don't take the annuity. You get more money in total and it's paid out over 20 years. I know I'd blow through 120 million quick because I'd go insane and buy up crazy stuff. Spread out over time I'd buy crazy stuff the first year and then settle down to enjoy the rest of the money.
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PostSubject: Re: what a JOKE   Fri Apr 23, 2010 8:58 pm

I would take it in payments.

It would not change me one bit. Rolling Eyes
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Tomz9C1



Posts : 1486
Join date : 2009-01-21
Age : 53
Location : Rumford, Maine

PostSubject: Re: what a JOKE   Fri Apr 23, 2010 9:08 pm

"Rule of 72" Is the reason you should NOT take the payments. http://www.investopedia.com/ask/answers/04/040104.asp
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Fishah



Posts : 1118
Join date : 2009-01-20
Age : 29
Location : Chicago, IL

PostSubject: Re: what a JOKE   Fri Apr 23, 2010 9:44 pm

I don't need to read that to know why I should take the lump sump.

If you invest the entire $184 Million into a 5% High Yield savings account, you will make a Net Profit of $9.3 Million in interest, the first year alone. It will compound from there. By taking and investing the lump sum, you will make just as much per year as the annuity will pay, plus the lump sum as essentially a free bonus.

Why let the state earn interest on your money?

TAKE THE LUMP SUM!
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Tomz9C1



Posts : 1486
Join date : 2009-01-21
Age : 53
Location : Rumford, Maine

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 6:02 am

Fishah wrote:
I don't need to read that to know why I should take the lump sump.

If you invest the entire $184 Million into a 5% High Yield savings account, you will make a Net Profit of $9.3 Million in interest, the first year alone. It will compound from there. By taking and investing the lump sum, you will make just as much per year as the annuity will pay, plus the lump sum as essentially a free bonus.

Why let the state earn interest on your money?

TAKE THE LUMP SUM!

You have over 40 years to retire Bill, why just 5%? You know you can start a retirement account with as little as $25 a month ! Thats where the real world of Compound interest comes into play. I wish I had been tought that at the age of 18.
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bammax



Posts : 2301
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Age : 35
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PostSubject: Re: what a JOKE   Sat Apr 24, 2010 5:26 pm

Remember that accounts are insured only to $100k or so. If you invest the entire lump sum into a bank account with a high yeild that then gives it to illegals for mortgages then you lost the entire amount except for the small portion that was insured. Ask all the people that did business with Freddy and Fanny. Or those who held stock in Enron. They all did very well with their investments Rolling Eyes

Investing is for dummies. Stocks aren't real and all it takes is for one yahoo to file the wrong paper with the IRS and you lose everything anyway. In my opinion it's much better to just spend it yourself. Plus you never know how many years you have left to buy a Ferrari and a Lambo and see which one is fastest in the snow in NH Wink
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toomanytoyz
Club President


Posts : 6870
Join date : 2009-01-20
Age : 40
Location : East Hampstead, NH USA

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 8:06 pm

That's easy. It's the Lambo. AWD is FTW! Wink

_________________
Bill "The Verb" Crovo - Resident Car Slut & Unicorn Hunter

A Toasted Marshmallow, A Long German, A Lame Suburban and expensive dreams...
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Fishah



Posts : 1118
Join date : 2009-01-20
Age : 29
Location : Chicago, IL

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 8:57 pm

bammax wrote:
Remember that accounts are insured only to $100k or so. If you invest the entire lump sum into a bank account with a high yeild that then gives it to illegals for mortgages then you lost the entire amount except for the small portion that was insured. Ask all the people that did business with Freddy and Fanny. Or those who held stock in Enron. They all did very well with their investments Rolling Eyes

Investing is for dummies. Stocks aren't real and all it takes is for one yahoo to file the wrong paper with the IRS and you lose everything anyway. In my opinion it's much better to just spend it yourself. Plus you never know how many years you have left to buy a Ferrari and a Lambo and see which one is fastest in the snow in NH Wink

I would invest them into C/D's and Bonds, likely not a savings account. I was just saying to prove a theory. Yes, there is some risk, but you gotta take risks to make money. Saying investing is for dummies is ridiculous - it's for people who are smart enough to use the money they have as a means to make even more money. Sure, you could live your life in fear of "The Man" taking it all away, but I'd prefer not too.

I'm not saying don't go out and buy stuff, but definately don't keep the money in a mattress.
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boojum



Posts : 2152
Join date : 2009-01-21
Age : 29
Location : NH

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 10:18 pm

I'd just buy something they ain't making anymore.
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Fishah



Posts : 1118
Join date : 2009-01-20
Age : 29
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PostSubject: Re: what a JOKE   Sat Apr 24, 2010 11:07 pm

boojum wrote:
I'd just buy something they ain't making anymore.


Like Lawn Darts?
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boojum



Posts : 2152
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Age : 29
Location : NH

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 11:09 pm

Fishah wrote:

Like Lawn Darts?

no, not LAwN Darts but close.
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Fishah



Posts : 1118
Join date : 2009-01-20
Age : 29
Location : Chicago, IL

PostSubject: Re: what a JOKE   Sat Apr 24, 2010 11:15 pm

That's a shame cuz lawn darts are really fun.
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No Moa



Posts : 3871
Join date : 2009-02-21
Age : 44
Location : Midcoast Maine

PostSubject: Re: what a JOKE   Sun Apr 25, 2010 1:21 pm

Just have like 4000 bank accounts with 100k in each, all insured, problem solved. Lol

I'd just put it into small businesses,donate some, leave enough for my family and kids to invest and or use. I'm sure i'd have fun, but be miserable in the same breath because i'd constantly be worried about all that money.
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PostSubject: Re: what a JOKE   Today at 6:58 pm

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