Money: Powerball Winner claims $310M, only $140M after taxes!

playahaitian

Rising Star
Certified Pussy Poster
* Should she NOT have taken the lump sum????

The sole winner of a $310.5 million Powerball jackpot has finally come forward to claim Michigan's second-largest lottery win in the state's history -- and her reaction was priceless.

The winner, Julie Leach, 50, said she was still in "disbelief" -- adding that she told her boss that she doesn't need a raise before quitting her job at a fiberglass company.

"I don't know what to say. I'm just overwhelmed," she said during a news conference this morning.

Leach described the day she discovered she was the winner.

"I was having a really bad night at work and I thought I better check my numbers," she said, adding that she was "shaking" when she slowly realized she won. She said she went back to work, where she is a supervisor, to ask her co-workers to verify the numbers.

She said she's accepting the lump sum cash option of $197.4 million. After taxes, her payout will be $140 million. She added, "I didn’t go to sleep for over 30 hours when I found out."

When asked if she will continue working, Leach said, "I quit automatically. I was done." She said it was a "nasty, dirty job" that she had for more than 20 years.

She said that after she told her boyfriend of 36 years, Vaughn Avery, "He wanted to go to work. I said, 'Are you crazy? We don't have to work anymore.'"

Julie Leach, 50, won the second-largest prize in Michigan history.
She said she wants to take care of their children and 11 grandchildren. Though he has tried proposing to her "several" times in the past, she has refused, pointing to their friends who have gotten divorced.

"I said he would have to sign a pre-nup now," she said with a laugh.

She said she hopes to buy property in Michigan for the whole family.

"I’m going to take care of my kids," she said. "I don’t want them to work the way I had to work and deal with the things I had to deal with in life. I want to make it a good life for them and take care of them."

When asked what her grandchildren have said about the news, Leach said, "'Grandma's rich.' I heard that one."

Powerball Winner Revealed, Claims $310.5 Million Prize
The ticket was sold at a Shell gas station in Three Rivers, Michigan, just a drive away from the border with Indiana. The drawing took place on Sept. 30

The winning numbers were 21, 39, 40, 55, 59 and Powerball 17.

The state's largest Powerball jackpot ever was $337 million, which was won by Donald Lawson on Aug. 15, 2002.

https://gma.yahoo.com/powerball-win...ze-151841761--abc-news-personal-finance.html#
 

Built4Life

Rising Star
BGOL Investor
If she is smart then that money will make her money. Take the lump sum. It is a 140 million more than she had before

Sent from my Nexus 5 using Tapatalk
 

doe moe

Rising Star
Platinum Member
I would put that 140Mil in a nice investment fund and live off the interest.

I'd never work another day in my life and I would travel the world.

This is after I take care of family and close friends.


:dance::dance::dance::dance:
 

BDR

BeatDownRecs
BGOL Investor
Fam what you can buy having 310 mill you can buy having 140 mill.. She don't have to worry about paying taxes on that money ever again, all she has to pay tax on is interest the principal 140 mill makes.. Aka interest income
 

THE DRIZZY

Ally of The Great Ancestors
OG Investor
What happens to the left over money if you die before its all paid out?

I would consider factors like age. If you are young I say take the 20 years but set up a Foundation/Trust to collect it so that all annual payments are made to the end. If you are older like 35 and up I say take the lump sum:yes:.
 

KingAddies

Rising Star
BGOL Investor
* Should she NOT have taken the lump sum????

yes. she was ready to get away from that job.
If she puts $100 mil+ away and lives off the interest, the annual revenue will exceed her current earnings plus she has the initial investment to fall back on if she screws up
 

playahaitian

Rising Star
Certified Pussy Poster
What happens to the left over money if you die before its all paid out?

it goes back into the pot.

that's why people take the lump sum which is less than 20 annual payments.

I would consider factors like age. If you are young I say take the 20 years but set up a Foundation/Trust to collect it so that all annual payments are made to the end. If you are older like 35 and up I say take the lump sum:yes:.

^^^^
 

Mrfreddygoodbud

Rising Star
BGOL Investor


thats MO that half yo shit, sure its more than you had before

but 150 million more is a fuckin hundred and fifty MILLION more...


I was so happy for that melanin rich couple in ohio who won over 300 million before there were any tax laws to garnish their shit.

they got every single penny of it,

of course they changed the law immediately afterwards tho...
 

playahaitian

Rising Star
Certified Pussy Poster
yes. she was ready to get away from that job.
If she puts $100 mil+ away and lives off the interest, the annual revenue will exceed her current earnings plus she has the initial investment to fall back on if she screws up

^^^^
 

playahaitian

Rising Star
Certified Pussy Poster
What happens to the left over money if you die before its all paid out?

it goes back into the pot.

that's why people take the lump sum which is less than 20 annual payments.

^^^This. Always. Long-term, it just makes sense. There's just too much uncertainty with a yearly payout (mainly inflation).

but here is my question...

she gets hugely taxed initially with the lump sum option right?

Won't the interest and/or annuity be taxed too?
 

kinglickk

Rising Star
BGOL Investor
If she is smart then that money will make her money. Take the lump sum. It is a 140 million more than she had before

Sent from my Nexus 5 using Tapatalk

I could live on this till I die.
I would never invest a penny so the govt never gets another dime. They already got 170 million and still looking for more.


but here is my question...

she gets hugely taxed initially with the lump sum option right?

Won't the interest and/or annuity be taxed too?

keep it in an account with no interest regardless of which option you take.
 

Aww Skeet Skeet!

The antithesis of nonsense.
BGOL Investor
but here is my question...

she gets hugely taxed initially with the lump sum option right?

Won't the interest and/or annuity be taxed too?


Taxes are gonna happen. Interest is treated as earned ordinary income. Which I'm sure would put you in the 35%+ tax bracket. That's why the wealthy invest in Stocks as the capital gains tax is lower (15%/20%). Though, granted probably not 100% in stocks.

Taking lump sum is from what I understand taking the present value of the annuity. Then being taxed on that PV. Kinda like if you tried to cash a $100 savings bond today that matured in 30 years, the amount you would get would be less than $100 because it has not fully matured. Even though the lower amount is the cash equivalent of the total amount prior to taxes.

I gotta find the article, but taking the lump sum is all about your dollar being worth more today than it is tomorrow. Meaning you can invest more money now and let earnings build off a larger principal amount.
 
Last edited:

playahaitian

Rising Star
Certified Pussy Poster
What happens to the left over money if you die before its all paid out?

it goes back into the pot.

that's why people take the lump sum which is less than 20 annual payments.

Taxes are gonna happen. Interest is treated as earned ordinary income. Which I'm sure would put you in the 35%+ tax bracket. That's why the wealthy invest in Stocks as the capital gains tax is lower (15%/20%). Though, granted probably not 100% in stocks.

Taking lump sum is from what I understand taking the present value of the annuity. Then being taxed on that PV. Kinda like if you tried to cash a $100 savings bond today that matured in 30 years, the amount you would get would be less than $100 because it has not fully matured. Even though the lower amount is the cash equivalent of the total amount prior to taxes.

I gotta find the article, but taking the lump sum is all about your dollar being worth more today than it is tomorrow. Meaning you can invest more money now and let earnings build off a larger principal amount.

thanks!
 

Mello Mello

Ballz of Adamantium
BGOL Investor
Man. Congrats to her. Hope she does right by the money so it doesn't get blown through on her kids and grandkids. Awesome.
Just hope my turn comes soon.
 

playahaitian

Rising Star
Certified Pussy Poster
What happens to the left over money if you die before its all paid out?

it goes back into the pot.

that's why people take the lump sum which is less than 20 annual payments.

Man. Congrats to her. Hope she does right by the money so it doesn't get blown through on her kids and grandkids. Awesome.
Just hope my turn comes soon.

she aint even married.

She been with her man for over 30 years

he joked that they need to get a prenup

at least she SAID he was joking

might have to make a spin-off thread for bgol legal
 

doe moe

Rising Star
Platinum Member
If she puts the money in an investment acct the interest generated are subject to capital gains tax.

Capital gains tax are around 15% which is far less than her current tax rate.

This is why Warren Buffet said he pays less taxes than his secretary.



:dance::dance::dance::dance:
 
Top