"A 20-year-old Florida man claimed the fourth-largest jackpot in Mega Millions lottery history, lotto officials confirmed.
Shane Missler, of Port Richey, was the lone winner of the Jan. 5 jackpot. He elected to take a lump sum payout of $281.2 million, officials said.
Missler plans on pursuing a "variety of passions," according to the Florida lottery, as well as helping others."
Im only 20, but I hope to use it to pursue a variety of passions, help my family and do some good for humanity, he said, according to lottery officials.
The win didn't come as a shock for Missler, whose attorney set up a private limited company called "Secret 007, LLC," officials said.
Lucky kid - (
New Window )
Yep the last thing he needs right now and the first thing he'll get
I remember in earlier years of lotteries when people would win "a million" or so they would often ruin their lives living above their needs. I wonder if that is still common when you get into the hundreds of millions?
If he died in a month would his heirs get the money or is it gone? I don't play the lottery so I don't really follow the losing that for his family it would make sense to take lump sum.
I just think if faced with the choice I would prefer control regardless of any other factors, I can see it.
Quote:
at such a young age. Certainly, no one is guaranteed a tomorrow, but it is likely that he would be alive for the next 20 years. Seems like an awful lot to give up just to take a lump sum. Of course, he would have to budget and live on $20M a year, but I'm sure he would manage.
If he died in a month would his heirs get the money or is it gone? I don't play the lottery so I don't really follow the losing that for his family it would make sense to take lump sum.
I just think if faced with the choice I would prefer control regardless of any other factors, I can see it.
I presume it is treated as any other annuity. It is in his name and would have beneficiaries in the event of his death. Of course, he could invest $280M and likely make more off it in the short term. Psychologically, I would have a hard time coming to terms that I left $150M on the table.
Based strictly on the numbers, the lump sum is the better choice. Youre only earning around 3% on the money by taking the annuity. Any decent financial advisor should be be able to earn you a much better return.
That said, given that a large percentage of winners blow all the money in five years, the enforced discipline of an annuity is probably wiser for most,
I remember in earlier years of lotteries when people would win "a million" or so they would often ruin their lives living above their needs. I wonder if that is still common when you get into the hundreds of millions?
Its still common. Many 9 figure winners go bankrupt. If you you have poor financial discipline, getting more money doesnt improve it.
He said you have to realize I got there Thursday afternoon and didn't leave until Sunday morning
+ 1 ... if he is smart he hires a lawyer and an accountant immediately.
Then again, he has never been enticed by the allure that big money will bring to him.
It costs money to be one of the big boys on the block never mind avoiding lawsuits for whatever.
Wishing him nothing but the best.
He said you have to realize I got there Thursday afternoon and didn't leave until Sunday morning
50% of Americans live paycheck to paycheck. And yes some have no choice: theyre extremely poor or had some catastrophic event wipe them out. But most live that way because they spend everything that comes in. Double their salary and in a year theyre still no better off financially.
Quote:
club here in Vegas. I said what are you nuts?
He said you have to realize I got there Thursday afternoon and didn't leave until Sunday morning
50% of Americans live paycheck to paycheck. And yes some have no choice: theyre extremely poor or had some catastrophic event wipe them out. But most live that way because they spend everything that comes in. Double their salary and in a year theyre still no better off financially.
My sister is that way. She is a VP in BP. Flown all over the world, has multiple homes, nanny, housekeeper, etc. She earns well over 6 figures. If I was to look at her savings, I would wager to discover close to none. Years ago when she was working for NASA, I had to help her out to pay her mortgage. At that time she was earning over 80K, but still did not have enough to pay her mortgage that month. She spends it as quick as she earns it.
Hell, I did that at home living with my parents. I loved the 60's.
Quote:
In comment 13785270 gtt350 said:
Quote:
club here in Vegas. I said what are you nuts?
He said you have to realize I got there Thursday afternoon and didn't leave until Sunday morning
50% of Americans live paycheck to paycheck. And yes some have no choice: theyre extremely poor or had some catastrophic event wipe them out. But most live that way because they spend everything that comes in. Double their salary and in a year theyre still no better off financially.
My sister is that way. She is a VP in BP. Flown all over the world, has multiple homes, nanny, housekeeper, etc. She earns well over 6 figures. If I was to look at her savings, I would wager to discover close to none. Years ago when she was working for NASA, I had to help her out to pay her mortgage. At that time she was earning over 80K, but still did not have enough to pay her mortgage that month. She spends it as quick as she earns it.
That sounds like a ton of expenses. She ll need a seven figure salary
Not anymore :)
If the kid is smart, he'd take a certain % and set up an annuity for himself and designated heirs.
Quote:
.
+ 1 ... if he is smart he hires a lawyer and an accountant immediately.
And an auditing firm.
Quote:
at such a young age. Certainly, no one is guaranteed a tomorrow, but it is likely that he would be alive for the next 20 years. Seems like an awful lot to give up just to take a lump sum. Of course, he would have to budget and live on $20M a year, but I'm sure he would manage.
If the kid is smart, he'd take a certain % and set up an annuity for himself and designated heirs.
Or if he was really smart he'd spend it all on Bitcoin
I kid I kid
I just sent him one... i hope he accepts!
Quote:
.
+ 1 ... if he is smart he hires a lawyer and an accountant immediately.
so both of those guys can steal from him
hookers and blow daily.
Transparency
If I won the lotto I'd be terrified at the idea of my name and privacy going out the window and everyone bugging me for money. But I would get a sadistic kick out of ignoring any girl who had previously not given ME the time of day who suddenly come running back
Transparency
I think you may be correct. That's why I think you will sometimes read about people waiting until it's closer to the deadline before turning in the ticket. By then much of the initial hoopla has come and gone.
He's already off to a bad start.
Exactly. With that much money, it becomes a challenge to spend it. Even if he had elected to take the annuity, $22M/yr for 20 years is still a shit ton of money.
Quote:
In comment 13785223 Jim in Fairfax said:
Quote:
.
+ 1 ... if he is smart he hires a lawyer and an accountant immediately.
so both of those guys can steal from him
Sorry - you are right. I forgot to mention his first purchase should be a shot gun (doesn't even have to be loaded). Just walk into the offices of the lawyer and accountant and put the gun on the table and say "Gentlemen - proceed".