Finally flew a Cirrus

SkyDog58 said:
Did you see that the most recent mega millions winner was a 20 year old. His lump sum payout is $281 million. Can you imagine being that young and having that much money? Crazy.
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I cannot imagine. But I hope he becomes smart and does not try to manage that large sum by himself.
 
frfly172 said:
Could be a touch of jealousy.
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Sounds like it. If I could afford one I would buy it. A pilot acquaintance just bought one or is in the process. I haven't even seen it yet and my eyes are green already...
 
TRocket said:
Damn you!!! I was 43 minutes late apparently.

Before I even opened the thread I thought to myself, no way someone hasn't beat me to it already
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Well I waited and waited, no one took it, so I finally did. :D
 
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I've heard the seats are wicked uncomfortable.
 
paflyer said:
I've heard the seats are wicked uncomfortable.
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Surprisingly they really weren’t that comfortable. Not medieval torture device by any stretch of the imagination, but did provide some discomfort to my back.
 
SkyDog58 said:
Did you see that the most recent mega millions winner was a 20 year old. His lump sum payout is $281 million. Can you imagine being that young and having that much money? Crazy.
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Hopefully he's stupid and reckless with the money (and says yes when people like me ask him to buy us a new Cirrus).
 
Zeldman said:
I cannot imagine. But I hope he becomes smart and does not try to manage that large sum by himself.
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Skyrys62 said:
Hopefully he's stupid and reckless with the money (and says yes when people like me ask him to buy us a new Cirrus).
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Seems like we have some disparate opinions on this. :D
 
Zeldman said:
I cannot imagine. But I hope he becomes smart and does not try to manage that large sum by himself.
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Hope he manages it by himself. The payout for a 280mil win is maybe 100mil after taxes. If he puts it in a savings account he is still set for life. Where lottery winners and sports stars get in trouble is from all the hangers-on who start to leech off them and push them into 'investments' and tax dodges. Oh, and spending like a billionaire of course, eg on 'someone who flies them around'.

But that's not limited to young people either. I had a neighbor who inherited 15mil including a 100 acre estate on the Potomac but in the end wasn't able to pay her electrical bill. NYC attorneys and financial advisors will bleed you dry in a few short decades.
 
weilke said:
Hope he manages it by himself. The payout for a 280mil win is maybe 100mil after taxes. If he puts it in a savings account he is still set for life. Where lottery winners and sports stars get in trouble is from all the hangers-on who start to leech off them and push them into 'investments' and tax dodges. Oh, and spending like a billionaire of course, eg on 'someone who flies them around'.
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The other thing people with newfound money do is try and turn their big inheritance or winnings into much bigger money. That implies risk. More risk than they need to take and usually more than they are qualified to evaluate.

Your first goal after getting a big payoff is to make sure you don't throw away a lot of money trying to turn it into a ridiculous sum of money.
 
I think we're focusing on the wrong part of the thread.

I hope to fly one someday and I hope to be able to afford one someday too.
 
weilke said:
Hope he manages it by himself. The payout for a 280mil win is maybe 100mil after taxes. If he puts it in a savings account he is still set for life. Where lottery winners and sports stars get in trouble is from all the hangers-on who start to leech off them and push them into 'investments' and tax dodges. Oh, and spending like a billionaire of course, eg on 'someone who flies them around'.

But that's not limited to young people either. I had a neighbor who inherited 15mil including a 100 acre estate on the Potomac but in the end wasn't able to pay her electrical bill. NYC attorneys and financial advisors will bleed you dry in a few short decades.
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He won $480 mil. The $280 is the lump su payout . . . Good for him. Put $50 mil each in five places (different banks and investment houses) and enjoy blowing the other 30 . . . . . Houses, cars, planes, boats, travel, family . . . .
 
It's an awesome ride!
 
I saw a news piece on this 20 year old. He saved up and paid cash for his first car, well before being a lottery winnner. That automatically makes him smarter than me. And he retired this week. So now he’s outsmarted me twice...
 
Hank S said:
He won $480 mil. The $280 is the lump su payout . . . Good for him.
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Good. Still the feds withold 25% right off the top with another 14% due at tax time.

Put $50 mil each in five places (different banks and investment houses) and enjoy blowing the other 30 . . . . . Houses, cars, planes, boats, travel, family . . . .
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Agree on spreading the bulk of it on conservative investments with different banks. Disagree on the 'blowing' part.


After you 'blow' 30 mil you are going to go back to your investment houses and start nibbling away at the 'safe' money because 'another 5 is not going to make a difference'.

After spending on the billionaire lifestyle you will gain a high profile. Your name will show up in papers and you'll attract the attention of criminals. Next thing you are paying three retired state troopers to provide security for you and your family. Richest man I know drives a 2014 F150.

Even at the most conservative investment strategy, 200mil will pay you an annual post tax income that allows you to live and give like nobody else. No need to blow anything.
 
weilke said:
Even at the most conservative investment strategy, 200mil will pay you an annual post tax income that allows you to live and give like nobody else. No need to blow anything.
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After coming into that kind of money, spending 10% of it will be cathartic. Then live off of the investment returns and pass it on to the grandkids.
 
weilke said:
Hope he manages it by himself. The payout for a 280mil win is maybe 100mil after taxes. If he puts it in a savings account he is still set for life. Where lottery winners and sports stars get in trouble is from all the hangers-on who start to leech off them and push them into 'investments' and tax dodges. Oh, and spending like a billionaire of course, eg on 'someone who flies them around'.

But that's not limited to young people either. I had a neighbor who inherited 15mil including a 100 acre estate on the Potomac but in the end wasn't able to pay her electrical bill. NYC attorneys and financial advisors will bleed you dry in a few short decades.
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He got a lump sum 281 after taxes.
 
Paulie said:
He got a lump sum 281 after taxes.
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It was a 451mil jackpot. But that's if you take it as a 29 year annuity with a progressively increasing annual payout. If you choose the lump-sum its $281mil. Off that, the feds take a 25% withholding so no matter what the comically large check shows, his take-home this week was around $211million. Now he is very lucky as his payout is in year 1 after the great trumpist tax reform so he only owes the feds another 10% ($21mil) come april 15th 2019. He is also lucky that he is a resident of the great state of Florida so he doesn't have to give up another 2-10% on state taxes.

https://www.washingtonpost.com/news...year-old-just-retired/?utm_term=.cb4abe86fd2c
 
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weilke said:
It was a 451mil jackpot. But that's if you take it as a 29 year annuity with a progressively increasing annual payout. If you choose the lump-sum its $281mil. Off that, the feds take a 25% withholding so no matter what the comically large check shows, his take-home this week was around $211million. Now he is very lucky as his payout is in year 1 after the great trumpist tax reform so he only owes the feds another 10% ($21mil) come april 15th 2019. He is also lucky that he is a resident of the great state of Florida so he doesn't have to give up another 2-10% on state taxes.

https://www.washingtonpost.com/news...year-old-just-retired/?utm_term=.cb4abe86fd2c
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Yep, that's how it works. A lot of people misunderstand what "lump sum" means in regards to lotteries. Still gotta deal with the tax man!

I found this quote from the young winner to be hilarious.
“If there is one thing I have learned thus far in my short time on this earth it is that those who maintain a positive mind-set and stay true to themselves get rewarded”

Does he really think he received a reward for the way he is and that he didn't just get very lucky in a game of chance with extreme odds? Wow!
 
SkyDog58 said:
I found this quote from the young winner to be hilarious.
“If there is one thing I have learned thus far in my short time on this earth it is that those who maintain a positive mind-set and stay true to themselves get rewarded”

Does he really think he received a reward for the way he is and that he didn't just get very lucky in a game of chance with extreme odds? Wow!
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Yep, that's how we keep the great unwashed masses well behaved:
- be good and your god of choice will let you into heaven,
- good Karma is rewarded by good Karma
- stay on Santa's good list (he knows when you've been naughty)
- so, ya better be good if you expect to win the lottery, or what have you
 
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