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(Newser)   Not an April Fools' joke: Powerball winner covers rent for his neighborhood   (newser.com) divider line 199
    More: Cool, Powerball, Powerball jackpot, Pedro Quezada, New York Daily News  
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20049 clicks; posted to Main » on 01 Apr 2013 at 12:32 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-01 11:17:10 AM
Oh bad idea. Unless he gets everyone in the 'hood to sign a contract stating "i understand this is a one time gift and expect no other gifts...."
 
2013-04-01 11:53:51 AM
Neighbors said "I'll Cover You" was a bit of a let down, but "Seasons of Love" was pretty God damned inspiring.
 
2013-04-01 12:01:54 PM
That money will be gone in 14 months.
 
2013-04-01 12:26:29 PM
Unless that's a "goodbye forever" gesture he better throw out his cell phone, cancel his land line and chainsaw down the telephone pole out front.

His life is going to look like an outtake from Pitt's World War Z movie.
 
2013-04-01 12:31:53 PM

Sleeping Monkey: That money will be gone in 14 months.


I'll take the under.
 
2013-04-01 12:34:13 PM
did he pay his child support yet
 
2013-04-01 12:34:31 PM
And the child support he owed has already been paid, according to TFA.
 
2013-04-01 12:34:57 PM

TrollingForColumbine: did he pay his child support yet


doh RTFA
 
2013-04-01 12:37:41 PM
If I ever... I'd probably keep about 15-20mil in the bank, and the rest would go to friends/family, and charity (the girl down at the strip club).
 
2013-04-01 12:38:32 PM
This spineless pushover will be broke in five years if he's already paying other people's bills. Good luck to him with fending off freeloaders. This "charity" is a bad precedent.
 
2013-04-01 12:38:47 PM
What a douche!
 
2013-04-01 12:39:03 PM

Sleeping Monkey: That money will be gone in 14 months.


^ This.  Hitting the lottery is useless unless you bank most of it.
 
2013-04-01 12:39:27 PM

AdolfOliverPanties: Neighbors said "I'll Cover You" was a bit of a let down, but "Seasons of Love" was pretty God damned inspiring.


1.bp.blogspot.com
 
2013-04-01 12:40:22 PM
Good, even if he had been a bad guy for being behind on child support at least he is doing some good now.
 
2013-04-01 12:40:31 PM

Sleeping Monkey: That money will be gone in 14 months.


This again. Completely gone and he will be bag in the "hood" pretty quickly. Every swindler and shady character not to mention mysterious "family" members will start showing up and asking for money.
 
2013-04-01 12:41:04 PM

SurfaceTension: Sleeping Monkey: That money will be gone in 14 months.

I'll take the under.


DO you have even the slightest conception of how much money that is?  If he stuck that money in dull investments that yeilded him say 5% per year, he'd be hard pressed to spend the  interest on that mcuh money, let alone dent the principle.  You could spend every waking hour of the rest of your life on Rodeo Drive in Beverly Hills, buying things as fast as you can, and not come close to spending $100 million, let alone $300 million.  And if he DID manage to give it all away, good on him.  As I told my wife when we were discussing what to do with the jackpot were we to win it, I would feel morally obligated to give away about 98% of it- morally obligated to my son, that is, so his life wouldn;t be ruined by inheriting so much money that it made all his hope and dreams and ambitions seem pointless.  As Warren Buffet said, "I want ot ensure my kids have enough money to do anything they want with their lives, but not so much that they can do nothing with them"
 
2013-04-01 12:41:07 PM
First thing I do when I win powerball is to stop renting and MOVE
 
2013-04-01 12:41:42 PM

WildManBand: This spineless pushover will be broke in five years if he's already paying other people's bills. Good luck to him with fending off freeloaders. This "charity" is a bad precedent.


Mandatory financial counseling should be part of the lottery process. All too often unsophisticated people win money (especially if they win something small like 1 million) and don't know how to handle it.
 
2013-04-01 12:45:40 PM

Magorn: As I told my wife when we were discussing what to do with the jackpot were we to win it, I would feel morally obligated to give away about 98% of it- morally obligated to my son, that is, so his life wouldn;t be ruined by inheriting so much money that it made all his hope and dreams and ambitions seem pointless.


Your son needs bigger hopes, dreams, and ambitions, if a mere $300 million would make them pointless.
 
2013-04-01 12:46:54 PM
SurfaceTension


Sleeping Monkey: That money will be gone in 14 months.

I'll take the under.


I want to see the odds in Vegas on this first...
 
2013-04-01 12:47:07 PM
Sounds like his heart is in the right place. Now I hope he grows a brain. God, please don't let this money destroy the man...
 
2013-04-01 12:48:13 PM

Sleeping Monkey: That money will be gone in 14 months.


It will be when his ex sues him for what she feels she is entitled to..
 
2013-04-01 12:48:52 PM
What will his neighbors think of him when the Tax Man comes for his percentage of that Monetary Gift they all got?
 
2013-04-01 12:49:55 PM

Magorn: DO you have even the slightest conception of how much money that is? If he stuck that money in dull investments that yeilded him say 5% per year, he'd be hard pressed to spend the interest on that mcuh money, let alone dent the principle.


$388 million at 5% is $20m/yr. Not chump change, but I can easily imagine a situation where someone can blow through that money in short order, OTHER than financing a political campaign.

=Smidge=
 
2013-04-01 12:51:34 PM

Magorn: DO you have even the slightest conception of how much money that is? If he stuck that money in dull investments that yeilded him say 5% per year, he'd be hard pressed to spend the interest on that mcuh money, let alone dent the principle. You could spend every waking hour of the rest of your life on Rodeo Drive in Beverly Hills, buying things as fast as you can, and not come close to spending $100 million, let alone $300 million.


His take-home is probably about $100M after taxes and the amount they cut off when you receive the lump sum. For people who are unsophisticated at managing sudden wealth, it's shockingly easy to spend $100M in a year or so. This guy is going to have about 500 "friends" and "relatives" come out of the woodwork asking for handouts. Buy a few houses for them, invest in a few of their "business ideas," and POOF the money will be gone as if he never had it.

Instead of the lump sum, the annuity is probably the best way for 99% of lottery winners to go, unless they are already professional money managers or have trusted estate planners.
 
2013-04-01 12:51:37 PM

Marcus Aurelius: Sleeping Monkey: That money will be gone in 14 months.

^ This.  Hitting the lottery is useless unless you bank most of it.


Yes, a couple of wild weekends and he'll be broke.  You can't see me, but I'm rolling my eyes so hard right now.
 
2013-04-01 12:52:02 PM
Pangit:

First thing I do when I win powerball is to stop renting and MOVE

This.

Maybe I should buy several small cottages or condos all over the world install a lovely lass in each one.

Then I'd start buying politicians.
 
2013-04-01 12:52:39 PM
This might be one of those Brewster's Millions kind of things.  He's gonna spend all of it as quickly as possible to avoid letting his ex take 50%.
 
2013-04-01 12:52:45 PM
the 44-year-old is due to today appear in state Superior Court in Paterson, for an afternoon hearing stemming from a child support warrant he had been issued.

That gets thrown out as soon as you've paid it, sometimes even if you haven't, just to avoid taking the time to enforce it. Or so I've heard.
 
2013-04-01 12:53:29 PM

nocturnal001: WildManBand: This spineless pushover will be broke in five years if he's already paying other people's bills. Good luck to him with fending off freeloaders. This "charity" is a bad precedent.

Mandatory financial counseling should be part of the lottery process. All too often unsophisticated people win money (especially if they win something small like 1 million) and don't know how to handle it.


Dave Ramsey Method would work, but it would involve a drastic change in thought. Ramsey followers aren't supposed to gamble. When gambling is the reason you are 300 mil richer, it might be hard to quit.
 
2013-04-01 12:53:42 PM
Listen to you foolish people saying he should bank all that money as opposed to spending it all like a drunken sailor, for shame. The man has made the quantum leap into the "job creator" heliosphere, so he has a moral obligation to get that money back into the community where it is so sorely needed. "Put it all in the bank and live off the interest" you say, encouraging the same 1%-er tactics you're always lamenting in these threads...
 
2013-04-01 12:54:21 PM

Kyosuke: What will his neighbors think of him when the Tax Man comes for his percentage of that Monetary Gift they all got?


Do you know how I know that you know very little* about the gift tax?

*In keeping with the spirit of TFA, I was trying to be charitable here.
 
2013-04-01 12:55:06 PM

Marcus Aurelius: Sleeping Monkey: That money will be gone in 14 months.

^ This.  Hitting the lottery is useless unless you bank most of it....


...and claim your winnings anonymously via a lawyer and a "blind trust" so any charitable giving is not to get the hordes off your lawn.

/I wouldn't even tell my family
 
2013-04-01 12:55:23 PM
So said his friend. We'll see what Pedro actually said later...my guess is he meant his actual neighbors not the whole block.
 
2013-04-01 12:56:31 PM
Maybe he should have paid the remainder of his child support in advance, or put a certain amount in an untouchable trust fund for those kids.

Otherwise he's gonna be behind in child support again, probably no later than this time next year.
 
2013-04-01 12:56:54 PM

JohnBigBootay: Sounds like his heart is in the right place. Now I hope he grows a brain. God, please don't let this money destroy the man...


This! I was hoping to hear this for a long time, a lottery winner that actually does something nice for the community he lives in.  I remember a story that I despised about a factory owner winning a few million in the lottery, a few months before he won he had to fire employees because he didn't have the money to pay them, yet the story said he will use some of the money to "expand" the factor without mentioning if the owner planned to hire back the people he fired or not (I hope he did, but for some reason I doubt it). It may be a one time rent payment, but these days that money is more needed than ever thanks to stagnant wages from cheap bosses. I hope this Powerball winner does more good stuff like this, because it shows that there is humanity left in some people, just don't let money destroy himself.
 
2013-04-01 12:56:59 PM

Kyosuke: What will his neighbors think of him when the Tax Man comes for his percentage of that Monetary Gift they all got?


Rent in Paterson? $800 tops. Plus if you are renting in Paterson, you probably don't pay taxes.

This guy has cleared $150M after taxes. He can spend $10M a year for the next 10 years and still have $50M plus interest / dividends / capital gains. He will die before that money runs out. I am insanely jealous of his fortune. Good for him, that lucky prick.
 
2013-04-01 12:58:00 PM
Powerball winner goes broke in six months because he makes stupid decisions like that.
 
2013-04-01 12:58:03 PM
How does Child Support (legally) work in a case like this. Is he obligated to pay more (again, legally, not morally) because he "earned" more this year?
 
2013-04-01 12:58:09 PM
Magorn


SurfaceTension: Sleeping Monkey: That money will be gone in 14 months.

I'll take the under.

DO you have even the slightest conception of how much money that is? If he stuck that money in dull investments that yeilded him say 5% per year, he'd be hard pressed to spend the interest on that mcuh money, let alone dent the principle. You could spend every waking hour of the rest of your life on Rodeo Drive in Beverly Hills, buying things as fast as you can, and not come close to spending $100 million, let alone $300 million. And if he DID manage to give it all away, good on him. As I told my wife when we were discussing what to do with the jackpot were we to win it, I would feel morally obligated to give away about 98% of it- morally obligated to my son, that is, so his life wouldn;t be ruined by inheriting so much money that it made all his hope and dreams and ambitions seem pointless. As Warren Buffet said, "I want ot ensure my kids have enough money to do anything they want with their lives, but not so much that they can do nothing with them"


Never underestimate the power of stupid.

If he is smart he will bank it but in the early stages of the game he has already shown VERY poor business decisions and I would venture to guess they will keep getting worse since it is doubtful he will hire an accountant, and if he does it will be Uncle Louie.
 
2013-04-01 12:59:37 PM

Magorn: I would feel morally obligated to give away about 98% of it- morally obligated to my son, that is


Yeah, I'm sure your son wouldn't hate your farking guts for the rest of your life, either. Or your wife. Be much better for both of them if she divorced your ass immediately, took her half, and let you piss away 98% of what you had left.
 
2013-04-01 01:00:02 PM

nocturnal001: Good, even if he had been a bad guy for being behind on child support at least he is doing some good now.


He was a bad father and none of his giving will make up for that.
 
2013-04-01 01:00:45 PM
Most of my friends already think I've secretly won the lottery, from the way that I live. I figure if I did win that big, I'd just keep living my current lifestyle.

 . . . might add some hardwood floors in my house though.
 
gja [TotalFark]
2013-04-01 01:00:45 PM
I don't think there would be much left for myself. I am not that grabby/materialistic. All things in perspective, I suppose. Having lost family/friends/pets to cancer and other medical things I have come to the clarity that there is only so much money can solve, and your health is not one of them. Some of my family have very deep pockets indeed. Even having the resources of $$,  coupled with a life being careful for their health, didn't stop ol' man death from dropping by.

So, I would be doing a lot of anon funding of health related things, because as advanced as we humans have been able to reform our minds/brains we haven't been able to make any real inroads where the human body is concerned inasmuch as making it more durable, resilient, etc...

The old "dust to dust" still is relevant. Isn't going to change anytime soon, methinks.
 
2013-04-01 01:01:04 PM

H31N0US: Kyosuke: What will his neighbors think of him when the Tax Man comes for his percentage of that Monetary Gift they all got?

Rent in Paterson? $800 tops. Plus if you are renting in Paterson, you probably don't pay taxes.

This guy has cleared $150M after taxes. He can spend $10M a year for the next 10 years and still have $50M plus interest / dividends / capital gains. He will die before that money runs out. I am insanely jealous of his fortune. Good for him, that lucky prick.


Apparently you don't read lottery stories. There's more stories about jackpot winners going broke in 10 years than there are success stories. People just don't comprehend it and end up spending way more than they thought until it's all gone.
 
2013-04-01 01:01:47 PM

Popcorn Johnny: Marcus Aurelius: Sleeping Monkey: That money will be gone in 14 months.

^ This.  Hitting the lottery is useless unless you bank most of it.

Yes, a couple of wild weekends and he'll be broke.  You can't see me, but I'm rolling my eyes so hard right now.


Maybe you're unaware that most lottery winners blow through their "fortune" pretty quickly.
 
2013-04-01 01:02:49 PM
Maybe he should form his own Robin Hood Liberation Front.
 
2013-04-01 01:04:03 PM

Magorn: If he stuck that money in dull investments that yeilded him say 5% per year



You think you can get 5% on investments these days?
 
2013-04-01 01:04:21 PM
This guy will be broke within two years, tops.
 
2013-04-01 01:06:36 PM

bruegel: nocturnal001: Good, even if he had been a bad guy for being behind on child support at least he is doing some good now.

He was a bad father and none of his giving will make up for that.



Probably yes, we don't know the details to be fair though.  I do think people can redeem themselves though (or at least I like to think that). Of course it's easy to be good when you have unlimited money.
 
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