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Down-on-Luck Rancher Wins $232M Powerball

EkibiogamiEkibiogami Member UncommonPosts: 2,154

Wow Nice Win.

But 143 Million in Taxes.. Yikes! Ah well he Clearly has it :P

If ye love wealth greater than liberty, the tranquility of servitude; greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.
—Samuel Adams

Comments

  • ChiramChiram Member UncommonPosts: 643

     Went to a hard working farmer/rancher. Someone who will do good with the money :). He is young also!. You don't see that often. Usually it's an old woman in a wheelchair on air support.

  • SabiancymSabiancym Member UncommonPosts: 3,150

     It's not 143 million in taxes.  He chose the lump sum payment, so they gross wasn't 232m.  It was probably somewhere in the mid 100s.

     

    To win the 232 he would have had to accept regular payments for the rest of his life.

  • WickershamWickersham Member UncommonPosts: 2,379

    $232,000,000.00 - I just needed to see it in all of its glory

    "The liberties and resulting economic prosperity that YOU take for granted were granted by those "dead guys"

  • JosherJosher Member Posts: 2,818

    On the news this morning they said he walked away with 88 Mil.  Really amazing when you think about it.  More than enough to live a lifetime and never work, but still....wonder where the difference went that didn't go to taxes=) 

  • devilisciousdeviliscious Member UncommonPosts: 4,359

    STories like this are just AWESOME! I am so glad that someone who really needed the money won! I hope they can build and grow their ranch business and makes something really special with it. It is heart warming to know that someone who wants to reinvest in the community, help out those who helped them along the way won rather than some punk who would blow it traveling the world and blow the cash on usless junk that helps no one other than themselves.  People like this can really make the difference, and we need more of them to win these lottos!

  • EkibiogamiEkibiogami Member UncommonPosts: 2,154
    Originally posted by Sabiancym


     It's not 143 million in taxes.  He chose the lump sum payment, so they gross wasn't 232m.  It was probably somewhere in the mid 100s.
     
    To win the 232 he would have had to accept regular payments for the rest of his life.



     

    True With Lump sum you Do lose a lot of it.

    If ye love wealth greater than liberty, the tranquility of servitude; greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.
    —Samuel Adams

  • kazmokazmo Member Posts: 715

    Curious fact;



    He lives in Mission, SD and purchased the ticket in the nearby town of Winner. (Look it up)

     

    --------------

    He received 88 million out of the 232 million. The taxes being more than the actual prize, (144 Million). 88M is a lot of cash either way you slice it, but still.. that's really messed up.



    He's also been down and out with his luck apparently, as they were struggling trying to make ends meet with back taxes, imagine that.

  • WickershamWickersham Member UncommonPosts: 2,379
    Originally posted by Ekibiogami

    Originally posted by Sabiancym


     It's not 143 million in taxes.  He chose the lump sum payment, so they gross wasn't 232m.  It was probably somewhere in the mid 100s.
     
    To win the 232 he would have had to accept regular payments for the rest of his life.



     

    True With Lump sum you Do lose a lot of it.



     

    I'm surprised he took the lump sum because he's only 23.  Seems odd to do that at his age.

    "The liberties and resulting economic prosperity that YOU take for granted were granted by those "dead guys"

  • SithosSithos Member UncommonPosts: 312

    In some cases (especially when you are younger like he is) it is actually better to take the lump sum and put a quantity aside as an investment (I am sure he has a financial advisor or will have one shortly) and over time he can make more money than if he had taken the yearly payments. He can invest say 10 million (nice round number) and could turn it into a much larger sum given enough time and some smart investments. Take 10 million, buy google stock and sell it in 5 years. (I used google as for the most part it's a sure(ish) bet that you will over 5 years make out like a bandit)

  • //\//\oo//\//\oo Member Posts: 2,767
    Originally posted by Wickersham

    Originally posted by Ekibiogami

    Originally posted by Sabiancym


     It's not 143 million in taxes.  He chose the lump sum payment, so they gross wasn't 232m.  It was probably somewhere in the mid 100s.
     
    To win the 232 he would have had to accept regular payments for the rest of his life.



     

    True With Lump sum you Do lose a lot of it.



     

    I'm surprised he took the lump sum because he's only 23.  Seems odd to do that at his age.

      

     Actually that's the smart thing to do, because the payments don't increase with inflation and they don't receive compounded interest and with the way things are going there might be a default risk as well. 

     

     

    This is a sequence of characters intended to produce some profound mental effect, but it has failed.

  • EkibiogamiEkibiogami Member UncommonPosts: 2,154
    Originally posted by //\//\oo

    Originally posted by Wickersham

    Originally posted by Ekibiogami

    Originally posted by Sabiancym


     It's not 143 million in taxes.  He chose the lump sum payment, so they gross wasn't 232m.  It was probably somewhere in the mid 100s.
     
    To win the 232 he would have had to accept regular payments for the rest of his life.



     

    True With Lump sum you Do lose a lot of it.



     

    I'm surprised he took the lump sum because he's only 23.  Seems odd to do that at his age.

      

     Actually that's the smart thing to do, because the payments don't increase with inflation and they don't receive compounded interest and with the way things are going there might be a default risk as well. 

     

     

    Lol Even If I was One day past the Legal age to Buy One Id take the Lump Sum Payment. All that Money Up front would Be to Tempting...

     

    If ye love wealth greater than liberty, the tranquility of servitude; greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.
    —Samuel Adams

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