Eight Neb. Co-Workers Share $365M Jackpot

Wed Feb 22, 2006 11:44 AM EST
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{"commentId":38051,"authorDomain":"blatt"}
Rob Blatt

this just in: "A Nebraska Meat Processing Plant In Need of Eight Workers"

If you win the lottery in the Virgin Islands, do you pay taxes on it? they don't have income tax there because they can't vote, I wonder if that goes true for all taxes.

{"commentId":38051,"threadId":"32245","contentId":"106008","authorDomain":"blatt"}
  • 4 votes
Reply#1 - Wed Feb 22, 2006 12:06 PM EST
{"commentId":38063,"authorDomain":"ooble"}
Ooble

Let's see... $15.5 million times eight... that's $124 million. So they're down $261 million after taxes... is it me or is that a bit much?

{"commentId":38063,"threadId":"32245","contentId":"106008","authorDomain":"ooble"}
  • 1 vote
Reply#2 - Wed Feb 22, 2006 12:17 PM EST
{"commentId":38067,"authorDomain":"collin"}
Collin
this just in: "A Nebraska Meat Processing Plant In Need of Eight Workers"

Lol, my thoughts exactly. I love stories about people who win big and yet I would never play the lottery. I think about the number of people playing lotto @ 1 - 2 bucks a pop and get sick to my stomach.

Not to say I don't gamble but at least when I do it the odds are closer better. Except when you bet on USC to beat Texas. Stupid USC losing to a bunch of cow tippers! Oh well, there is no sure thing I guess.

{"commentId":38067,"threadId":"32245","contentId":"106008","authorDomain":"collin"}
    Reply#3 - Wed Feb 22, 2006 12:21 PM EST
    {"commentId":38088,"authorDomain":"claytonzone"}
    Professor Hognutz

    The reason it shrunk to $124 million is because the prize is an annuity for 365 million over 20 years or so, not 365 million cash. They probably went from 365 to about 200 because of the annuity and then the rest was tax.

    {"commentId":38088,"threadId":"32245","contentId":"106008","authorDomain":"claytonzone"}
    • 1 vote
    Reply#4 - Wed Feb 22, 2006 12:34 PM EST
    {"commentId":38094,"authorDomain":"IndianBoy"}
    Gody

    I am here in Lincoln, Nebraska and I happen to work in the same building they hosted the press conference and so I decided to go downstairs and check it out. Much to my amazement the cops at the door didn't even bother to stop me or check me for press clearance so I just walked in watched for a while. Must say, it was the weirdest feeling to know that I was on LIVE television :)

    Go Lincoln!!!! Not really but was still cool I guess :)

    {"commentId":38094,"threadId":"32245","contentId":"106008","authorDomain":"IndianBoy"}
    • 1 vote
    Reply#5 - Wed Feb 22, 2006 12:39 PM EST
    {"commentId":38106,"authorDomain":"rodo"}
    Rodo

    Collin wrote:

    Not to say I don't gamble but at least when I do it the odds are...better.

    That's how I feel about throwing my money away in a game of chance.

    But I'm happy for them. It's nice that they can just travel around the world and enjoy the rest of their lives.

    I have heard, however, of lotto winners going bankrupt after winning $50M or so. Hopefully these folks will seek good advice so they can multiply their earnings.

    {"commentId":38106,"threadId":"32245","contentId":"106008","authorDomain":"rodo"}
    • 1 vote
    Reply#6 - Wed Feb 22, 2006 12:56 PM EST
    {"commentId":38124,"authorDomain":"mclean"}
    Matt McLean

    I wonder if I can write to one of them and ask for $50,000. 50 grrr would make my life so much simpler right now. :)

    {"commentId":38124,"threadId":"32245","contentId":"106008","authorDomain":"mclean"}
    • 1 vote
    Reply#7 - Wed Feb 22, 2006 1:22 PM EST
    {"commentId":38127,"authorDomain":"topher101"}
    Topher101

    I can't believe you have to pay tax on lottery wins in the US!! That sucks! Tax free all the way in the UK. :)

    {"commentId":38127,"threadId":"32245","contentId":"106008","authorDomain":"topher101"}
    • 1 vote
    Reply#8 - Wed Feb 22, 2006 1:25 PM EST
    {"commentId":38144,"authorDomain":"claytonzone"}
    Professor Hognutz

    The lotteries are all done at the state level. They used to let you off on state tax in Michigan (my state) but you still had to pay federal. I think you have to pay both now. At least social security lets off at $150,000 a year or something.

    It's kind of one of those scandalous little secrets that a lot of lottery winners end up penniless. Poor financial decisions, drugs, what have you. I read an interesting article on that once.

    Strangely there are people who actually get hooked on playing the lottery like other kinds of gambling. Seems outrageously boring to me.

    {"commentId":38144,"threadId":"32245","contentId":"106008","authorDomain":"claytonzone"}
    • 1 vote
    Reply#9 - Wed Feb 22, 2006 1:47 PM EST
    {"commentId":38231,"authorDomain":"abhibeckert"}
    Abhi Beckert

    $239m in taxes? Seems the state is who really wins the lottery.

    {"commentId":38231,"threadId":"32245","contentId":"106008","authorDomain":"abhibeckert"}
    • 2 votes
    Reply#10 - Wed Feb 22, 2006 3:23 PM EST
    {"commentId":38250,"authorDomain":"vincentgrayson"}
    Vincent Grayson

    The funny thing is, even with the taxes taken out, and split 8 ways...$15 million is an easy amount to live on.

    That's a good $300k per year for 50 years.

    Obviously, you're bound to spend more the first few years, perhaps getting a new house (and buying it outright), a better car, etc...

    But, with just a little bit of investing, even in something as simple as a savings account (well, more likely, several savings accounts), you'd easily earn enough interest to live *VERY* comfortably for the rest of your life without ever having to work again.

    I just can't figure out how people manage to blow it all.

    {"commentId":38250,"threadId":"32245","contentId":"106008","authorDomain":"vincentgrayson"}
    • 7 votes
    Reply#11 - Wed Feb 22, 2006 3:38 PM EST
    {"commentId":38314,"authorDomain":"strongbad"}
    Sean Balsiger

    Matt just address it to Lottery Winner Nebraska. It will get there.

    {"commentId":38314,"threadId":"32245","contentId":"106008","authorDomain":"strongbad"}
      Reply#12 - Wed Feb 22, 2006 5:02 PM EST
      {"commentId":38421,"authorDomain":"merrydeath"}
      merrydeath

      I don't know why but this story made me really happy.

      We'll buy a ticket when it gets that big... I think it's worth five bucks to put some meat on the dream for an evening -- and then I spend the night pondering what I would do with $365 million. This time I decided I would take about 100k in $100 bills and hand them out at random or drop a few in front of a coffee shop and watch somebody have a really excellent day.

      This may answer the question of how someone can blow that much money but I don't really have rich tastes and after I satisfy my technology needs, start a few non-profits, provide for my family and friends, and take a totally awesome vacation -- I think I would have about $100 million left over and could probably part with a few hundred thousand just to randomly spread joy in the world.

      {"commentId":38421,"threadId":"32245","contentId":"106008","authorDomain":"merrydeath"}
      • 2 votes
      Reply#13 - Wed Feb 22, 2006 7:30 PM EST
      {"commentId":38424,"authorDomain":"merrydeath"}
      merrydeath

      just in case you're wondering about my math or how I could spend $265 million and still claim not to have rich tastes -- I was going with the idea of getting $124 million cash payout after taxes.

      {"commentId":38424,"threadId":"32245","contentId":"106008","authorDomain":"merrydeath"}
        Reply#14 - Wed Feb 22, 2006 7:33 PM EST
        {"commentId":38574,"authorDomain":"ion1626"}
        ion1626

        Good for them, this story really made me happy and I am not sure why since I don't know any of them. With regards to people blowing the lottery money I guess they just make some really bad financial decisions, you do after all have tons of people asking you for money and proposing business ideas. Another weird thing about lottery winners that get a ton of money is that after a few months or so they go back to their level of happiness before and some just end up down right miserable. I have seen many stories about things going wrong after people won a lot of money.

        {"commentId":38574,"threadId":"32245","contentId":"106008","authorDomain":"ion1626"}
        • 2 votes
        Reply#15 - Wed Feb 22, 2006 10:36 PM EST
        {"commentId":38873,"authorDomain":"gregd"}
        GregD

        @gody

        I used to work in the State Office building in the basement. Worked for IM Services. What a small world..

        {"commentId":38873,"threadId":"32245","contentId":"106008","authorDomain":"gregd"}
          Reply#16 - Thu Feb 23, 2006 9:59 AM EST
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