Convenience Clerk Wins $258 MILLION Lottery (video)

We have all seen his picture by now, but check this out!!!

http://www.liveleak.com/view?i=c38_1272051968



In another interview, the winner said the first two things he was going to do is (A)get he teeth fixed, and (B) buy the old lady a new car.

His priorities are straight, so this guy just might do alright with all that "New Money"...unlike so many who seem to spool and self-destruct.

Here's the story.



On Friday, 29-year-old Chris Shaw became the winner of Powerball's jackpot of $258.5 dollars. He spent just $5 for the ticket at the Break Time convenience store where he works in Marshall, Mo., and couldn't believe it. When he checked the numbers while holding his girlfriend's hand, he nearly went into shock.

"I was like, 'Oh holy Moses! Something's happened here, I've got something here," Shaw said after being announced the winner.

He was down to less than $30 in his bank account and faced a pile of bills.

"Gonna pay of some debts first, that's the first thing. Got some electric bills, gas bills, stuff like that. I'm just a regular guy working paycheck to paycheck," he said.

Shaw said he rarely buys a lottery ticket, but decided to go for it after his shift ended when the jackpot grew to the largest in state history. He let "quick pick" choose the numbers, and bought the ticket from co-worker Natasha Woody.

"He told me if he won, he'd give me $2 million, and needless to say he did win and if it does happen that would be wonderful, if it don't I'm still really happy for him," she said.

Shaw described what it felt like when he realized he was the winner: "At first you just hope you're not going to die of a heart attack, you just start shaking all over, just trying to hold onto everything, because it's like this ain't real."

While his bank account will soon be overflowing, Shaw said not everything will be changing in his life.

"I remember the people who were my friends when I had $28, and that's not going to change," he said.

After the bills are paid, Shaw said he'll likely buy his girlfriend a car, take the kids to Disney World and visit a dentist about his front teeth, which are missing.

In the coming days Shaw will decide whether to take the lump sum of $125 million or go for annual installments over the next 29 years.

 

pretty cool!

 

do you lose more than half in taxes and such? if so, thats just stupid because its the state giving the money. why should it be taxed? its like saying you'll give a friend $5 then giving him $4 and keeping one as "taxes"

 

i would take the 125mil and invest it

 

x2 thats what my parents did when my grandma gave them some of her winnings a while back.

but 258 million! thats nuts! everyone and there dog is gonna be calling him and tellin him there sob story on why they should have some of it

 

x3. live off the interest.

 

x3

 

I think here if you work with anything involved with the lottery you cannot win. I guess you could play but you cannot collect.

I hope this is not the case for this fellow.

Yep apx 1/2 will be taxed.
Still a bunch of money to get. Hope he can handle it!!!

 

take the annual installments, you get way more than the lump sum

 

The guy already made his first mistake. He allowed himself to be plastered on nationwide T.V.

 

Really? How is that, I have never paid any attention to this stuff

 

Lump sum is supposed to be 60% of the original take. Something seems amiss on this one, as running the number at the 125 mil is only 48% in this article. Take another 35% out of the reduced winnings, and give it directly to the federal moffia. MO has a state income tax, so he'll get to fork over another 6 million to them.

So, his net after tax amount will have been wittled down to about 75,250,000, or a mere 29.1% of the original amount. This does not include what he will have to fork over for SSI and Medicare taxes to meet their caps for 2010.

 

the larger the amount is, the higher the tax rate. so initially you would receive a huge amount, but then you don't get any more. if you get the annual installments, they are a lot less, and therefore taxed at a lower rate. if you are willing to wait however long it is, at the end it will be greater than the lump sum because of the lower tax rate. (although they are a lot less than the lump sums, they are by no means small. they could be up to millions being paid to you every year.

in this guys case he chose the lump sum and will receive 125 million out of 258.5 million, which is about a 52% tax rate... im not sure what the tax rates are for the annual investments, but i know it isn't that much

 

Not necessarily. The highest marginal tax rate in this country is currently 35%. Due to the size of the jackpots on the multi state lottories, you will have the same tax rate deducted with either option.

 

wow! ^^^

 

That's really cool. Good for him, it sounds and looks like he really needs it. IMO, you never take the annual payments, always the lumpsum. Because if you invest it correctly you can exceed the annual payments over a shorter period of time. This a calculation I did just real quick. His take home, or net after taxes will be about $75 million, assuming you live off of $10 million for the next couple of years, which is totally doable and invest the $65 million this is what it would look like. And this is only at 5% rate of return.

Your monthly deposit of $0.00 for 30 years with an interest rate of 5.00% compounded Monthly
with an initial starting balance of $65,000,000.00
YearBalance1$68,325,523.362
$71,821,186.813
$75,495,695.044
$79,358,198.085
$83,418,314.106
$87,686,153.377
$92,172,343.398
$96,888,055.419
$101,845,032.2110
$107,055,617.3511
$112,532,785.9112
$118,290,176.8113
$124,342,126.7614
$130,703,705.9515
$137,390,755.6116
$144,419,927.4217
$151,808,725.0018
$159,575,547.4819
$167,739,735.3520
$176,321,618.5621
$185,342,567.2022
$194,825,044.7023
$204,792,663.7424
$215,270,245.0925
$226,283,879.3826
$237,860,992.1127
$250,030,411.9028
$262,822,442.3029
$276,268,937.2530
$290,403,380.41
Final Savings Balance: $290,403,380.41​

 

You could totally take 10 Million off the top.. invest the rest and every 5 years or so.. restock your spending account with 5-10 mil.. and your savings balance would continue to grow like crazy

 

Why can that happen to a flat-broke-ass like me ?

 

good for him. Seems like a good ole country boy.

wish i was that lucky!

 

No you don't lose 50% in taxes when you win. The amount advertised is based on the total amount collected for the lottery with a set amount of interest...that is where the $258 million comes from. (This is a very lose interpretation of the winnings) Then you get the ever living crap taxed out of the amount you are given. It has probably changed but it use to be something like 15% for a capital gains tax (you spent $5 and got back $125-thus the capital gains---then you pay income tax on the total amount because now it's yours and then of course the state gets its cut) That is the way it use to be...any CPA's on here that clear this up?
Your going to pay somewhere around 50-65% in taxes depending on what state you live in.....