Jackpot: $6.7 million, $335,000 each year for 20 years.
When Tallmadge was 29, he became the biggest winner in the Pick lottery at the time."
...
"Last year, while battling the Internal Revenue Service over back taxes on his lottery winnings, he filed bankruptcy to save the smaller house he had left. He is a stay-at-home dad again and plays the Florida Lottery every week, betting on those same numbers that struck it big in Arizona."
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
If he would have kept his job for 3 years, he would have had 1 million in winnings saved.
He could have easily achieved a 7% return on that money, and lived on a portion of it plus his earnings ($50 grand plus salary).
He could have kept adding the $335,000 per year to his investment portfolio.
So, while not dipping into the principal of the winnings, he could have lived off the income stream, and invested a portion of some of that income stream plus his earnings, into his portfolio.
With compounding interest returns, he could easily be worth 100 million after 20 years, and still have had a decent income for each one of those 20 years.
If he would have kept his job for 3 years, he would have had 1 million in winnings saved.
He could have easily achieved a 7% return on that money, and lived on a portion of it plus his earnings ($50 grand plus salary).
He could have kept adding the $335,000 per year to his investment portfolio.
So, while not dipping into the principal of the winnings, he could have lived off the income stream, and invested a portion of some of that income stream plus his earnings, into his portfolio.
With compounding interest returns, he could easily be worth 100 million after 20 years, and still have had a decent income for each one of those 20 years.
For giving out financial management advice you sure don't know what you are talking about if you honestly think the taxes on $1,005,000 is $5,000.
if he was a little smart, the most he had to do was put all of the money he had left after taxes into a Emmigrant direct account and after the taxes on his interest, he would still be living off 89,000+ a year and that number will grow each year. He wouldnt have to work a day in his life.
a little bit smarter, not buying shell gas stations and buying a franchise hotel.
he actually made some great investment decisions along the way, just bad planning.
if he kept those 2 beach houses in CA they would probably be worth more than the 6.7 million jackpot today. he could have maintained residency in another state.
sounds like another good example of refusing to consult professionals in big $$ transactions ( a problem all too common in this forum)
AnalyticalDave said:PorkyJohnston said:Total lack of discipline.
If he would have kept his job for 3 years, he would have had 1 million in winnings saved.
He could have easily achieved a 7% return on that money, and lived on a portion of it plus his earnings ($50 grand plus salary).
He could have kept adding the $335,000 per year to his investment portfolio.
So, while not dipping into the principal of the winnings, he could have lived off the income stream, and invested a portion of some of that income stream plus his earnings, into his portfolio.
With compounding interest returns, he could easily be worth 100 million after 20 years, and still have had a decent income for each one of those 20 years.
For giving out financial management advice you sure don't know what you are talking about if you honestly think the taxes on $1,005,000 is $5,000.
You don't even make any sense.
Where did you even come with a figure of $1,005,000, and when did I use it?
PorkyJohnston said:AnalyticalDave said:PorkyJohnston said:Total lack of discipline.
If he would have kept his job for 3 years, he would have had 1 million in winnings saved.
He could have easily achieved a 7% return on that money, and lived on a portion of it plus his earnings ($50 grand plus salary).
He could have kept adding the $335,000 per year to his investment portfolio.
So, while not dipping into the principal of the winnings, he could have lived off the income stream, and invested a portion of some of that income stream plus his earnings, into his portfolio.
With compounding interest returns, he could easily be worth 100 million after 20 years, and still have had a decent income for each one of those 20 years.
For giving out financial management advice you sure don't know what you are talking about if you honestly think the taxes on $1,005,000 is $5,000.
You don't even make any sense.
Where did you even come with a figure of $1,005,000, and when did I use it?
I'll answer for him, you said....
"If he would have kept his job for 3 years, he would have had 1 million in winnings saved." You even quoted yourself saying it.
SUCKISSTAPLES said:he actually made some great investment decisions along the way, just bad planning.
if he kept those 2 beach houses in CA they would probably be worth more than the 6.7 million jackpot today. he could have maintained residency in another state.
sounds like another good example of refusing to consult professionals in big $$ transactions ( a problem all too common in this forum)
Sorry, but Escondido is not next to the beach, maybe a 30 min drive. According to another article he did live on water front property in Encinitas. If he still had the properties from 20 years ago I am sure it would be worth lots of money today.
Jackpot: $6.7 million, $335,000 each year for 20 years.
When Tallmadge was 29, he became the biggest winner in the Pick lottery at the time."
...
"Last year, while battling the Internal Revenue Service over back taxes on his lottery winnings, he filed bankruptcy to save the smaller house he had left. He is a stay-at-home dad again and plays the Florida Lottery every week, betting on those same numbers that struck it big in Arizona."
Except that unless he literally put it in his matress it still would have propogated into the economy regardless of whether he spent, saved or invested...
ToHellWithUGA said:LOL, the picture in this article says a lot.that report was even better. Details a lot of mistakes on his part.
and it says though he expected to make 10k per month profit per station, he was still making 2-5k per station. obviously 8-20k per month profit couldnt support his lifestyle
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
