Cowboy Hunks

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Cowboy Hunks

Postby olywaguy » Mon Jun 08, 2009 9:10 am

This latest cowboy hunk is also the winner of the powerball that was worth over $ 232 million.

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South Dakota Cowboy Neal Wanless Wins $232 million Powerball Lottery

Neal Wanless, a 23-year-old rancher in South Dakota in one of the country’s poorest areas, has won the Powerball prize of $232 million, which is one of the largest jackpots in the history of the US lottery. The young adult plans to spend his prize by repaying his neighbors, who have shown his struggling family kindness, as well as give some to charity.

At ceremony for the Powerball lottery on Friday, Wanless told reporters that his family has received help from the community to stay afloat, and he intends to repay them for that help. The Wanless family has been struggling to make ends meet by selling scrap metal, and this has been hard with the declining price of iron in Todd County. According to the Census Bureau, this is the seventh poorest county in the nation as of 2007.

After taxes, the single rancher will take $88.5 million home. Along with repaying neighbors and giving to charity, he plans to spend his money wisely, possibly buying more land in addition to their 320 acres already. Talking to his horse Eleanor, he said that it would be nice to ride on a bigger ranch.

Neal Wanless chose the numbers of the birthdays in his family to win the prize, purchasing $15 dollars worth of tickets from a convenience store in Winner, a neighboring town, during a trip to purchase feed for their livestock a month ago. Sharon Ulmer, a manager at the convenience store, said that the money went to a good home, as the family can use it.




Now how is it possible to win $ 232 million and only bring home $ 88 million? This is crazy!! That's way below half of his winnings. Looks like two-thirds of his winnings went to taxes. Who's the big winner?...the IRS!!
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Postby Cajun » Mon Jun 08, 2009 9:45 am

232M is the value of the annuity that pays out over 20 years - lump sum payment is about 140M - take out 37% for taxes, and you get 88M.......

Everyone with brains takes the lump sum.
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Postby nimby » Mon Jun 08, 2009 10:32 am

Cajun wrote:Everyone with brains takes the lump sum.


Why? He's only 23. Doesn't he think he'll live another 20 years?
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Postby Cajun » Mon Jun 08, 2009 10:44 am

nimby wrote:
Cajun wrote:Everyone with brains takes the lump sum.


Why? He's only 23. Doesn't he think he'll live another 20 years?


Regardless of his age, he can do better with the money on an ROI (return on investment) than a 20 year annuity will pay........
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Postby furface » Mon Jun 08, 2009 11:12 am

This may help s'plain it: Lump sum vs annuity.
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Postby nimby » Mon Jun 08, 2009 11:12 am

Very doubtful in today's economic climate, and for the forseeable future, Cajun. But to each his own I guess. Is the annuity underwritten by anyone outsidede of the feds? What about tax implications on lump sum vs. annuity?

See, that amount of a lottery win is just stupifying to me. :shock: . I'm just glad it's a young and needy person who will do good with it.

FYI: I could easily blow $83 million in just a few short years. And Not on drugs or hookers. :lol:

With the annuity I'd have to be disciplined.
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Postby LtotheP » Mon Jun 08, 2009 3:25 pm

Cajun wrote:232M is the value of the annuity that pays out over 20 years - lump sum payment is about 140M - take out 37% for taxes, and you get 88M.......

Everyone with brains takes the lump sum.


You guys seem to have a much more complicated system. Im pretty sure everyone in Canada just gets what the lotto is advertised at (give or take a few dollars). Plus the government doesnt take any in tax!

Still - 100 million lottery is unheard of here.
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Postby olywaguy » Mon Jun 08, 2009 11:39 pm

Well, I think I would've taken the annuity. The steady income would be good and I will likely still be alive 20 years from now. However, it would be good to find out if the money could go to my heirs (more likely my younger sister).
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Postby edu999 » Tue Jun 09, 2009 10:04 am

I'd take the lump sum, as well.

Anybody who blows through $80+ million in just a few years deserves to lose $80+ million in just a few years.

Carlos, if you take the annuity and you die before the final payment is sent to you, the remaining payments go to your estate (and therefore your heirs and creditors).
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Postby jkav » Tue Jun 09, 2009 8:12 pm

I'd take the lump sum, too. I wonder what inflation would do to the annuity over the 20 years. Of course, once you get into the upper millions, is there really a difference?
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Postby nimby » Wed Jun 10, 2009 1:54 pm

edu999 wrote:Anybody who blows through $80+ million in just a few years deserves to lose $80+ million in just a few years.



Yea, but for me and the ones I care about, what a blast we'd have!!! :P
I don't need $80+ million to live. I'd put some away, obviously, but I'd enjoy it too. What good is it sitting in the bank? Spend it and you help the economy grow. Everyone benefits.
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Postby Guinness Fan » Wed Jun 10, 2009 6:25 pm

80 million...I'm happy if I win ten bucks on a scratch ticket....
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Postby olywaguy » Fri Jun 12, 2009 9:53 am

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Re: Cowboy Hunks

Postby Rico » Sat Jul 09, 2011 5:28 am

Just to show I don't think everything about Texas is bad. :wink:

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