1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Convenience Clerk Wins $258 MILLION Lottery (video)

Discussion in 'Off-Topic Discussion' started by neontrail, Apr 24, 2010.

  1. Apr 24, 2010 at 7:25 PM
    #1
    neontrail

    neontrail [OP] ✈ ✈ ✈ ✈ ✈ ✈ ✈

    Joined:
    Apr 9, 2008
    Member:
    #5844
    Messages:
    10,128
    Gender:
    Male
    Idaho
    Vehicle:
    2004 NISSAN XTERRA XE/SE
    De-badged, Tint 20%, Blue 48 LED dome-light, .......
    We have all seen his picture by now, but check this out!!! :eek:

    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.
     
  2. Apr 24, 2010 at 8:14 PM
    #2
    MattN03

    MattN03 Well-Known Member

    Joined:
    Jan 14, 2009
    Member:
    #12571
    Messages:
    716
    Gender:
    Male
    First Name:
    Matt
    Bluegrass State
    Vehicle:
    07 DC 4x4 TRD Off-Road
    20% window tint, beep mod, hardwired V1, TSB springs, AVS Bugshield-21803, USA Spec PA15, OEM Tacoma scuff plates, Weathertech mats, Truxedo LoPro, TRD skid, GY Duratrac's 265/75/16 C Range, locker mod (switch method)
    pretty cool!
     
  3. Apr 24, 2010 at 8:21 PM
    #3
    oofy15354

    oofy15354 Proud Tundra *****

    Joined:
    Nov 2, 2009
    Member:
    #25311
    Messages:
    513
    Gender:
    Male
    First Name:
    Dave
    Massachusetts
    Herculiner, Access Tonneau, Uniden cb, firestik antennae, Bosch Wipers, JVC Ipod headunit, Boston Acoustic Speakers
    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"
     
  4. Apr 24, 2010 at 8:21 PM
    #4
    BravesFan

    BravesFan The MOST Badass Offroad Truck

    Joined:
    Jul 28, 2009
    Member:
    #20300
    Messages:
    811
    Gender:
    Male
    First Name:
    Rob
    Brentwood, TN
    Vehicle:
    09 Super rock crawler
    i would take the 125mil and invest it
     
  5. Apr 24, 2010 at 8:29 PM
    #5
    Cars0n`

    Cars0n` Well-Known Member

    Joined:
    Sep 8, 2008
    Member:
    #9091
    Messages:
    1,430
    Gender:
    Male
    First Name:
    Carson
    Edmonton AB
    Vehicle:
    07 2wd access cab base.
    Kenwood DDX-512 Deck, Boston Acoustics G5 Sub in Ported Bassworx Box, Kenwood eXcelon KAC-X10D Amp, Sirius Satellite Radio, Magellan GPS, DDM 55w bi-xenon headlights, 2 HID Hella 500ff's mounted behind grill, 4 pc ebay Billet grill, Fog Lights (my truck didnt have them stock), Pioneer Speakers 6x9's(front) 6.5's(rear) AFE Cold Air Intake, Hose Clamp Mod, Tailgate Strengthen Mod, Removed Gay Mud Flaps, De-Badged, BHLM, 245/45/20 on velocity wheels. VW865a, Extra D Rings In Box, OEM Cruise Added Optima Red Top Battery
    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
     
  6. Apr 24, 2010 at 8:31 PM
    #6
    bakerla

    bakerla Man, Myth, Legend

    Joined:
    Nov 3, 2009
    Member:
    #25348
    Messages:
    4,730
    Gender:
    Male
    First Name:
    Lyndall
    Pearland, TX
    Vehicle:
    '10 4wd OR
    CBI Moab front and CBI Trailrider rear, Budbuilt skids, Shrockworks sliders, OME Dakars w/ OME Nitros, OME 886x w/ OME Nitros, Light Racing UCAs, stainless steel brakelines F/R, Cobra 75 w/ Firestik antenna, 255/85/16 Cooper ST Maxx on 1st gen alloys, Weathertech liners, Engo 9000S winch, stickars and other shit.
    x3. live off the interest.
     
  7. Apr 24, 2010 at 8:39 PM
    #7
    clarkie152

    clarkie152 Well-Known Member

    Joined:
    Dec 25, 2009
    Member:
    #28146
    Messages:
    531
    Gender:
    Male
    MA
    Vehicle:
    13 MGM Tacoma DCSB
    None, yet
    x3
     
  8. Apr 24, 2010 at 8:40 PM
    #8
    OH-MAN

    OH-MAN Well-Known Member

    Joined:
    Apr 23, 2009
    Member:
    #16324
    Messages:
    2,292
    Gender:
    Male
    First Name:
    Steve
    Sunny Az.
    Vehicle:
    10 4X4 O.R. White
    TRD skid painted black,
    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!!!
     
  9. Apr 24, 2010 at 8:52 PM
    #9
    STR8_BEAST

    STR8_BEAST Well-Known Member

    Joined:
    Dec 28, 2009
    Member:
    #28323
    Messages:
    1,587
    Gender:
    Male
    First Name:
    Collin
    HB, SoCal
    Vehicle:
    07 PRERUNNER TRD OR
    MAGNAFLOW EXHAUST, SOUND SYSTEM, KENWOOD DNX 7140, WINDOW TINT, REAR TSB, FRONT COIL SPACER, SATOSHI MOD, BHLM, WHITE CALIPERS, CB RADIO W/4FT FIRESTIK, MAGLITE MOD
    take the annual installments, you get way more than the lump sum
     
  10. Apr 24, 2010 at 8:58 PM
    #10
    Wolfman

    Wolfman Well-Known Member

    Joined:
    Mar 21, 2010
    Member:
    #33624
    Messages:
    389
    Gender:
    Male
    Paradise, TX
    Vehicle:
    2010 PreRunner SR5
    The guy already made his first mistake. He allowed himself to be plastered on nationwide T.V.
     
  11. Apr 24, 2010 at 8:59 PM
    #11
    ktmrider

    ktmrider Senior Member

    Joined:
    Jul 20, 2009
    Member:
    #19933
    Messages:
    4,969
    Gender:
    Male
    Vehicle:
    07 DCLB 4x4 Sport S/C
    Junk
    Really? How is that, I have never paid any attention to this stuff
     
  12. Apr 24, 2010 at 9:06 PM
    #12
    Wolfman

    Wolfman Well-Known Member

    Joined:
    Mar 21, 2010
    Member:
    #33624
    Messages:
    389
    Gender:
    Male
    Paradise, TX
    Vehicle:
    2010 PreRunner SR5
    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.
     
  13. Apr 24, 2010 at 9:12 PM
    #13
    STR8_BEAST

    STR8_BEAST Well-Known Member

    Joined:
    Dec 28, 2009
    Member:
    #28323
    Messages:
    1,587
    Gender:
    Male
    First Name:
    Collin
    HB, SoCal
    Vehicle:
    07 PRERUNNER TRD OR
    MAGNAFLOW EXHAUST, SOUND SYSTEM, KENWOOD DNX 7140, WINDOW TINT, REAR TSB, FRONT COIL SPACER, SATOSHI MOD, BHLM, WHITE CALIPERS, CB RADIO W/4FT FIRESTIK, MAGLITE MOD
    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... :eek: im not sure what the tax rates are for the annual investments, but i know it isn't that much
     
  14. Apr 24, 2010 at 9:33 PM
    #14
    Wolfman

    Wolfman Well-Known Member

    Joined:
    Mar 21, 2010
    Member:
    #33624
    Messages:
    389
    Gender:
    Male
    Paradise, TX
    Vehicle:
    2010 PreRunner SR5
    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.
     
  15. Apr 24, 2010 at 9:45 PM
    #15
    neontrail

    neontrail [OP] ✈ ✈ ✈ ✈ ✈ ✈ ✈

    Joined:
    Apr 9, 2008
    Member:
    #5844
    Messages:
    10,128
    Gender:
    Male
    Idaho
    Vehicle:
    2004 NISSAN XTERRA XE/SE
    De-badged, Tint 20%, Blue 48 LED dome-light, .......
    wow! ^^^
     
  16. Apr 25, 2010 at 5:10 AM
    #16
    Richman21

    Richman21 I think therefore I'm a Democrat

    Joined:
    Jan 15, 2009
    Member:
    #12603
    Messages:
    442
    Gender:
    Male
    First Name:
    Jeff
    Albuquerque, NM
    Vehicle:
    09 DC Sport PreRunner
    Hardwire radar detector. Tube steps.
    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​
     
  17. Apr 25, 2010 at 6:00 AM
    #17
    AFButters

    AFButters Rigger, Please!!

    Joined:
    Sep 10, 2008
    Member:
    #9113
    Messages:
    9,542
    Gender:
    Male
    First Name:
    "Butters"
    Rio Rancho, NM
    Vehicle:
    2008 DC 4x4 TRD-Sport
    Lifted
    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
     
  18. Apr 25, 2010 at 6:05 AM
    #18
    97Blk_one

    97Blk_one Well-Known Member

    Joined:
    Apr 14, 2008
    Member:
    #5970
    Messages:
    731
    Gender:
    Male
    Memfrica
    Vehicle:
    not so low
    A whole lot,But not satify
    Why can that happen to a flat-broke-ass like me ?
     
  19. Apr 25, 2010 at 6:28 AM
    #19
    blake1012

    blake1012 Go Braves!

    Joined:
    Jul 19, 2008
    Member:
    #8023
    Messages:
    1,120
    Gender:
    Male
    First Name:
    Chazz Michael Michaels
    Duluth, GA
    Vehicle:
    2003 ext cab. tacoma.
    8000k HID's, Weathertech Digital Fit floor liners, Rhino Lined bed, 16x8 TRD Ivan Stewart wheels, bull bar, step rails, Redline Tuning hood struts, low profile tool box
    good for him. Seems like a good ole country boy.

    wish i was that lucky! :(
     
  20. Apr 25, 2010 at 6:36 AM
    #20
    rme

    rme Well-Known Member

    Joined:
    Aug 3, 2008
    Member:
    #8309
    Messages:
    1,899
    Gender:
    Male
    Savannah
    Vehicle:
    Green TACOMA
    XM, Panasonic Stereo, Headlights,Electric Ant,Toyota Deluxe Wheels, Rhino Lining, Cargo Rails
    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?:eek:
    Your going to pay somewhere around 50-65% in taxes depending on what state you live in.....
     
To Top