A winning Powerball lottery ticket that hit a $425 million jackpot was sold in Milpitas, according to California lottery officials. The ticket was purchased at Dixon Landing Chevron, located at 1551 California Circle. It successfully matched the numbers 17, 49, 54, 35, 1 and the Powerball number 34. Lotto officials said the ticket was the only Powerball jackpot winner. Dixon Landing Chevron will receive a $1 million bonus for selling the winning ticket, officials said. The South Bay is no stranger to selling jackpot-winning lottery tickets. On Dec. 17, a small San Jose gift shop sold a $324 million Mega Millions ticket. It was one of two big tickets. The other was sold in Georgia. The winner, Steve Tran of Northern California, came forward to claim his prize shortly after the new year. He decided to take the cash option: $173 million before federal taxes.
I wonder if they pay the $425 million at once or in seperate settlements? Also it's like a $300 million win after taxes. Hehhe, who am I kidding, it's hell of a lot of money, that can make someone rich and insane in a second
"The winner, Steve Tran of Northern California, came forward to claim his prize shortly after the new year. He decided to take the cash option: $173 million before federal taxes"
Dear lord, before taxes?? How long would it have taken to get paid the full amount for him to decide to get less than a half of it? But still, that guy is settled for life unless he's a spending artist.
I'd take the lump sum. I'd first set up a trust to claim it under to keep it private, protect me from lawsuits, and keep me from blowing much of it. Then I'd divide it up. Give a little away to a handful of close family & a couple of very close friends. Then tie all but a couple of million up into various entities. Blow that couple of million, have most in a main investment portfolio, some an income portfolio, a little in a speculative investment portfolio, and also some in a real estate entity I'd use to build a huge mansion and always have $ in for maintenance and upkeep, property taxes & insurance, etc. This separate real estate entity would limit my liability in the event someone got hurt at my home or whatever.
Yep, I'd take the payout pre-taxes, somehow I would find a way to muddle through on $173 million. I'd do what I could to set money aside, take care of friends and family, do good deeds, and live off of the interest.
I was so impressed when I first heard the analogy of how money is simply a magnifying glass that is cast on a person. The more money that a person gains, the more that magnifying glass shows who that person really is. This is why it is a misnomer (for instance) when someone talks about how much money they are going to give to the less fortunate if they ever win the lottery. If someone is not giving to those who are less fortunate now, then in general they aren't going to do that after they win a large some of money. Any study on past lottery winners will also show how insightful this is. I believe the figure was something like, over half of all lottery winners are "broke" just a few years after they win the lottery. You want to know how easy it is to lose a few million dollars, just as the guy that bought the island that he always wanted
Winning a couple hundred million or whatever would basically just give me far more money to invest, a similar level of stable lifetime income without having to invest other people's $ anymore (basically retire to only investing my own money if I chose to), the ability to go from a nice home to a ridiculous dream home, and the ability to live a bit higher standard of living overall for the rest of my days without worrying about it. I'd eat steak every day for breakfast, lunch, and dinner instead of just 1-2 times a week for dinner, and buy a new Maserati every couple of years. But almost all of it would be tied up in investments.
Any knowledge or trick to overcome taxes, Might be my question disgusting, but just for an idea im asking how to overcome tax,
