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(CNN)   20-year-old man wins $450 million jackpot. Future plans include losing it all, going back to McDonald's in a couple of years   ( money.cnn.com) divider line
    More: Spiffy, Dow Jones, Missler, Dow Jones Industrial Average, Dow Jones Indices, Mega Millions, S&P Dow Jones, Shane Missler, Mega Millions jackpot  
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4033 clicks; posted to Main » on 13 Jan 2018 at 7:05 AM (26 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-01-13 07:08:19 AM  
CACA, that is all.
 
2018-01-13 07:15:09 AM  
Yeah, but it will be the best couple of years EVAR.
 
2018-01-13 07:15:10 AM  
And Missler accepted his prize money through an LLC -- named Secret 007, a lottery spokesperson confirmed to CNNMoney.
Public records show the LLC was established two days ago, on January 10, so it's likely Missler set up the firm to accept his lottery winnings.
That's smart financial planning, says Florida financial adviser Mari Adam.


Missed it by that much
 
2018-01-13 07:25:38 AM  
Life's a beach.
 
2018-01-13 07:29:50 AM  
Won it on Jan 5th so the new lower 2018 tax bracket on the wealthy saved him over $7 million in taxes.

Doubly-lucky bastard.
 
2018-01-13 07:32:36 AM  
All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.
 
2018-01-13 07:34:30 AM  
At least somebody young won for once, rather than a 70-year-old who only has a few years left to enjoy it.
 
2018-01-13 07:42:59 AM  

jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.


If you're smart with money, it's always better to take the lump sum.

Therein lies the problem though... most people aren't smart with money.
I really hope this guy is, or at least getting good advice.
 
2018-01-13 07:52:54 AM  
The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).
 
2018-01-13 07:54:24 AM  

neofonz: Won it on Jan 5th so the new lower 2018 tax bracket on the wealthy saved him over $7 million in taxes.

Doubly-lucky bastard.


Saved him?  I thought once you got over a certain point the government started giving you money.
 
2018-01-13 07:57:38 AM  
If I won that kind of money, I would do so much dumb shiat I would need my own Fark tag
 
2018-01-13 07:58:22 AM  
I hate this guy
 
2018-01-13 08:03:01 AM  

bot68: I hate this guy


of course you do
 
2018-01-13 08:06:56 AM  
This guy is pretty cool. He wins the MegaMillions, tells his brother first and then tells his Dad the next morning over coffee, then sets up an LLC the week before turning in the winning ticket to the lotto folks.
I'd be so farking paranoid I'd staple the ticket to my underwear, not tell a single person that I won, set up an LLC within 20 mins of winning then hire a farking armored car to take me to Lotto HQ the minute they opened. I'd probably have them stop by Party City first so I could by oversized sunglasses and a fake beard.
 
2018-01-13 08:08:09 AM  

Mister Peejay: neofonz: Won it on Jan 5th so the new lower 2018 tax bracket on the wealthy saved him over $7 million in taxes.

Doubly-lucky bastard.

Saved him?  I thought once you got over a certain point the government started giving you money.


Depends on how good your lobbyists are. :)
 
2018-01-13 08:10:12 AM  

jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.


It's if you expect the economy to continue to grow, and invest wisely, lump sum is great.  If you expect our economy is in a bubble, take the annuity.

Should have taken the annuity.  If you want something big right now, every bank in the world will write you a loan
 
2018-01-13 08:11:59 AM  
No Florida tag?  Well, at least there will be plenty of opportunities for the Follow-up tag, I'm sure.
 
2018-01-13 08:16:19 AM  

Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).


The winner is from Florida, he's young, and he won the lottery. He seems to have done a smart thing by setting up an LLC, but without further details, it could mean anything from smart money management to bad business venture. The Florida Tag may win out.
Odds of him not screwing up are much better than winning MegaMillions.
 
2018-01-13 08:18:46 AM  

Mongo No.5: jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.

It's if you expect the economy to continue to grow, and invest wisely, lump sum is great.  If you expect our economy is in a bubble, take the annuity.

Should have taken the annuity.  If you want something big right now, every bank in the world will write you a loan


Consider the lump sum the principal that you'll invest and live on (that's what the annuity is, after all), and you only have to do better than a few percent over time to come out ahead.

Is each annuity payment taxed as regular income? If so, you come out waaaay behind as opposed to living off the investments of the lump sum (taxed at capital gains rate).
 
2018-01-13 08:19:27 AM  

Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).


If you do "waste" it all on meth and escorts, make sure you die in the process, and go out with a huge bang. No going back to a normal life from that high.

Just first transfer a certain amount to your family (or not, if you hate them), and leave it in your will that any money leftover goes to animal shelters.
 
2018-01-13 08:23:15 AM  
I'll send the roommate to him, she will suck the life and money out of him.
 
2018-01-13 08:35:04 AM  

Summoner101: And Missler accepted his prize money through an LLC -- named Secret 007, a lottery spokesperson confirmed to CNNMoney.
Public records show the LLC was established two days ago, on January 10, so it's likely Missler set up the firm to accept his lottery winnings.
That's smart financial planning, says Florida financial adviser Mari Adam.

Missed it by that much


Time to mail some random past due invoices to 007 and hope for the best
 
2018-01-13 08:37:24 AM  
Maybe the Smart Money(tm)thinks there isn't going to be a future.
Build, stock and arm your bunker now.
Decommissioned Missile Silo?

(Haha! The Rhooskies never updated their targeting database!)
 
2018-01-13 08:48:31 AM  
Why did he take the installments? Dumbass will be broke/dead in 5 years
 
2018-01-13 08:57:12 AM  

Mongo No.5: jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.

It's if you expect the economy to continue to grow, and invest wisely, lump sum is great.  If you expect our economy is in a bubble, take the annuity.

Should have taken the annuity.  If you want something big right now, every bank in the world will write you a loan


This.

Always use other peoples' money.
 
2018-01-13 08:59:40 AM  

eyeq360: Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).

The winner is from Florida, he's young, and he won the lottery. He seems to have done a smart thing by setting up an LLC, but without further details, it could mean anything from smart money management to bad business venture. The Florida Tag may win out.
Odds of him not screwing up are much better than winning MegaMillions.


I assume that his business plans involve gator wrestling and something involving airboats.  That is what all of the rest of the country knows about Florida.

/well, besides the cocaine smuggling
 
2018-01-13 09:02:14 AM  
I know what I would do with it.
img.fark.netView Full Size
  Drive right past this club and invest it and live off of the interest for the rest of my life.
 
2018-01-13 09:08:49 AM  

neofonz: jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.

If you're smart with money, it's always better to take the lump sum.

Therein lies the problem though... most people aren't smart with money.
I really hope this guy is, or at least getting good advice.


I don't buy the argument that it is always better to take the lump sum.  The argument is that if you invest wisely, you come out ahead, but a financial adviser telling you this, especially a Florida Financial Adviser, is like an Alligator telling you that you can save money on a swimming pool by swimming in the swamp.  He may not have your best interest at heart.
 
2018-01-13 09:18:20 AM  

eyeq360: Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).

The winner is from Florida, he's young, and he won the lottery. He seems to have done a smart thing by setting up an LLC, but without further details, it could mean anything from smart money management to bad business venture. The Florida Tag may win out.
Odds of him not screwing up are much better than winning MegaMillions.


The fact that he declined to have his picture taken, or give a lengthy interview is a good sign, though taking the lump sum at his his, and with the reasoning given, makes me concerned about the intentions of his financial adviser.  Florida financial advisers are known to have the same passion for their investors financial well being, as Harvey Weinstein had for the careers of young Hollywood starlets.
 
2018-01-13 09:20:23 AM  

Summoner101: And Missler accepted his prize money through an LLC -- named Secret 007, a lottery spokesperson confirmed to CNNMoney.
Public records show the LLC was established two days ago, on January 10, so it's likely Missler set up the firm to accept his lottery winnings.
That's smart financial planning, says Florida financial adviser Mari Adam.

Missed it by that much


He did it wrong. He needed to set up two Trusts: a claiming one, and a bridge trust.

Reason being: lottery wins are subject to Freedom Of Information Act requests. You just dump the money straight into one Trust like that, a journalist gets to know who you are... but if you do the two-leg approach, you can have the Claiming Trust set up in the name of an LLC that specializes in such things. Their lawyer goes to the claiming event, says what you gave him to say (hint: nothing with any actual details of who you are), and under client confidentiality then has the money transferred to the second Bridge Trust (which is not bound by the same FOIA rules, so you can be named as sole beneficiary).

The name of the second Trust is mentioned as part of the first trust's details, so that comes out in an FOIA request... as long as he didn't name the Bridge Trust something like Shane Missler Trust or Port Richey Missler Trust (or anything else that would identify him to anyone), he'd have the money and nobody but the legal firm that deals with trusts and estates would know the identity of the man behind the mask.

But he didn't do that. He got it half right... but the difference between getting it right and not quite getting it right is only having people know if you want them to know and a life where your chances of being sued, kidnapped, threatened, or killed just went up by thousands of a percent. "About 70 percent of people who suddenly receive a windfall of cash will lose it within a few years, according to the National Endowment for Financial Education. "
 
2018-01-13 09:35:42 AM  

Ostman: Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).

If you do "waste" it all on meth and escorts, make sure you die in the process, and go out with a huge bang. No going back to a normal life from that high.

Just first transfer a certain amount to your family (or not, if you hate them), and leave it in your will that any money leftover goes to animal shelters.


Feed a dog - starve a child
 
2018-01-13 09:41:25 AM  
Squirrel half of that away in savings, squirrel half of the half in investments after a lot of homework, take the final quarter and get a place away from people with a sign out front that says, "No girls, no cooties, and no solicitations."
 
2018-01-13 09:43:35 AM  

Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).


I'd spend half on wine women and song.

The other half, I'd probably waste.
 
2018-01-13 09:52:32 AM  

jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.


That's a little on the low side. According to TFA, he got $281,874,999.

What's more, "Financial advisers typically recommend accepting the lump sum. The thinking goes that if the money is wisely invested, the returns can amount to a much larger payout over the next three decades."
 
2018-01-13 09:56:02 AM  

eyeq360: Rev Rick White: The guy is young so maybe a lump sum isn't best way to go and it will force him to stay on a leash.

Please dude, be the guy that we are all proud of for winning the lottery.   Don't waste it all on meth and escorts (and if you do share it with me).

The winner is from Florida, he's young, and he won the lottery. He seems to have done a smart thing by setting up an LLC, but without further details, it could mean anything from smart money management to bad business venture. The Florida Tag may win out.
Odds of him not screwing up are much better than winning MegaMillions.


He is from Maine.  Only recently moved to Florida.
 
2018-01-13 10:02:05 AM  

winedrinkingman: neofonz: jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.

If you're smart with money, it's always better to take the lump sum.

Therein lies the problem though... most people aren't smart with money.
I really hope this guy is, or at least getting good advice.

I don't buy the argument that it is always better to take the lump sum.  The argument is that if you invest wisely, you come out ahead, but a financial adviser telling you this, especially a Florida Financial Adviser, is like an Alligator telling you that you can save money on a swimming pool by swimming in the swamp.  He may not have your best interest at heart.


In the annuity option, the yearly amount increases by 5% (Megamillions). So basically, by taking the lump sum, you're betting that you or your advisors can can get better than a 5% return. Add in some tax benefits of spreading out income (unless you go offshore), and you need a 6-7% average return to break even. On the other hand, there is a risk something big might happen in 30 years (lottery quits paying, market collapses, run-away inflation makes remaining annuity worth much less, etc.)
 
2018-01-13 10:09:50 AM  
>Financial advisers typically recommend accepting the lump sum. The thinking goes that if the money is wisely invested

A 20 year old should have taken the 30 years of payments.

At least that way he couldn't blow it all on blackjack and hookers before he was 30.
 
2018-01-13 10:12:06 AM  

justanothersumguy: He is from Maine. Only recently moved to Florida.


Once you move down from the panhandle, most of Florida was originally from New England.

/Or at least it seems that way.
 
2018-01-13 10:15:57 AM  

fat_free: This guy is pretty cool. He wins the MegaMillions, tells his brother first and then tells his Dad the next morning over coffee, then sets up an LLC the week before turning in the winning ticket to the lotto folks.
I'd be so farking paranoid I'd staple the ticket to my underwear, not tell a single person that I won, set up an LLC within 20 mins of winning then hire a farking armored car to take me to Lotto HQ the minute they opened. I'd probably have them stop by Party City first so I could by oversized sunglasses and a fake beard.


The only thing different he should have done was wait until some outrageous news story dominated the airwaves so the announcement would more or less fly under the radar.

Oh, wait.  Nevermind.
 
2018-01-13 10:20:04 AM  
Always take lump sum.
Taxes are low now.
If You choose you can invest in the same bonds that the anuity does to get the same income - or you can take more risk or diversify internationally.

The mooches will come at you just as hard if it is $3 million a year or a single $90 million check.
 
2018-01-13 10:22:12 AM  

jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.


Lump sum is the smart move. You'll make far more in interest even with a conservative investment than the original amount.
 
2018-01-13 10:25:21 AM  

Lusiphur: jayessell: All those financial advisors, most of his life ahead of him and he took Lump Sum?

That's 120 million after taxes.

I guess the advisors wanted to be paid in a lump sum.

Lump sum is the smart move. You'll make far more in interest even with a conservative investment than the original amount.


Plus, at the end of 30 years, you'll still have the "lump" and will continue to get returns. With the annuity, at the end of 30 years, the lottery people get the "lump"
 
2018-01-13 10:40:00 AM  

StoPPeRmobile: Feed a dog - starve a child


I believe you have overlooked the better option:

Little Boy And Dog Fighting
Youtube WmpH9QWyJl0
 
2018-01-13 10:41:02 AM  

Jackpot777: Summoner101: And Missler accepted his prize money through an LLC -- named Secret 007, a lottery spokesperson confirmed to CNNMoney.
Public records show the LLC was established two days ago, on January 10, so it's likely Missler set up the firm to accept his lottery winnings.
That's smart financial planning, says Florida financial adviser Mari Adam.

Missed it by that much

He did it wrong. He needed to set up two Trusts: a claiming one, and a bridge trust.

Reason being: lottery wins are subject to Freedom Of Information Act requests. You just dump the money straight into one Trust like that, a journalist gets to know who you are... but if you do the two-leg approach, you can have the Claiming Trust set up in the name of an LLC that specializes in such things. Their lawyer goes to the claiming event, says what you gave him to say (hint: nothing with any actual details of who you are), and under client confidentiality then has the money transferred to the second Bridge Trust (which is not bound by the same FOIA rules, so you can be named as sole beneficiary).

The name of the second Trust is mentioned as part of the first trust's details, so that comes out in an FOIA request... as long as he didn't name the Bridge Trust something like Shane Missler Trust or Port Richey Missler Trust (or anything else that would identify him to anyone), he'd have the money and nobody but the legal firm that deals with trusts and estates would know the identity of the man behind the mask.

But he didn't do that. He got it half right... but the difference between getting it right and not quite getting it right is only having people know if you want them to know and a life where your chances of being sued, kidnapped, threatened, or killed just went up by thousands of a percent. "About 70 percent of people who suddenly receive a windfall of cash will lose it within a few years, according to the National Endowment for Financial Education. "


Is that how they got to know who he was?
 
2018-01-13 10:41:10 AM  
Good for him. When I heard Florida I assumed the winner would be some 85 year-old wealthy person.
 
2018-01-13 10:42:06 AM  

BullBearMS: >Financial advisers typically recommend accepting the lump sum. The thinking goes that if the money is wisely invested

A 20 year old should have taken the 30 years of payments.

At least that way he couldn't blow it all on blackjack and hookers before he was 30.


I would argue that this guy might be able to handle it.  Sure, he's 20, but he sounds like he has a good head on his shoulders.  Also, the highest tax bracket is probably just about as low as it's ever going to be, and especially with the prospect of Democrats gaining control over the next few years thanks to Trump, taxes on the wealthy will probably go up.  Might as well minimize your overall tax hit while you can.  Plus, there's always the possibility that the lottery will become unable or unwilling to pay out at some point in the future, and then he'd be screwed.

The main risk in taking the lump sum, aside from his own self-control, is that he gets into some unwise or unlucky investments (certainly possible given the soaring market primed for a correction) and takes a hit.  As long as he has a competent financial advising team, he should be able to avoid that mostly.

And for a lottery winner, losing half of $450 million that way would suck, but you'd still have $225 million.
 
2018-01-13 10:47:19 AM  

Lusiphur: Lump sum is the smart move.


The history of past lottery winners and what happened after they took the lump sum would like a word with you.
 
2018-01-13 10:51:33 AM  
For all of those saying take the lump sum, I've actually had a decent windfall some years back.
You'd be surprised how fast it can go, even with spending mechanisms, different bank accounts, conscious spending.
I've found that if the money isn't tied up in anything (investment) it will get spent.
Especially in the beginning when you decide to buy a car that isn't used, or a gift for that special someone, or cash to some close family, or that trip you always wanted to take. These things add up.

Granted, I'm this case it's a lot of money, but for smaller but still decent amounts, my point still stands.

People who have inherited or been gifted decent sums of money can attest.

Litmus test?
If you aren't saving or investing any money, even 20 bucks a month, right now, you won't be if/when the time comes no matter what you tell yourself.

If, on the other hand you are saving decent amounts (compared to your income) or better, investing, then you have a much higher probability of doing so when you get cash.
Also, much less of a chance of playing the lottery.
:)
 
2018-01-13 10:53:06 AM  

Jackpot777: He did it wrong. He needed to set up two Trusts: a claiming one, and a bridge trust.

Reason being: lottery wins are subject to Freedom Of Information Act requests. You just dump the money straight into one Trust like that, a journalist gets to know who you are... but if you do the two-leg approach, you can have the Claiming Trust set up in the name of an LLC that specializes in such things. Their lawyer goes to the claiming event, says what you gave him to say (hint: nothing with any actual details of who you are), and under client confidentiality then has the money transferred to the second Bridge Trust (which is not bound by the same FOIA rules, so you can be named as sole beneficiary).

The name of the second Trust is mentioned as part of the first trust's details, so that comes out in an FOIA request... as long as he didn't name the Bridge Trust something like Shane Missler Trust or Port Richey Missler Trust (or anything else that would identify him to anyone), he'd have the money and nobody but the legal firm that deals with trusts and estates would know the identity of the man behind the mask.

But he didn't do that. He got it half right... but the difference between getting it right and not quite getting it right is only having people know if you want them to know and a life where your chances of being sued, kidnapped, threatened, or killed just went up by thousands of a percent. "About 70 percent of people who suddenly receive a windfall of cash will lose it within a few years, according to the National Endowment for Financial Education. "


Florida winners can't remain anonymous. He set up the trust not to remain anonymous, but to immediately get the money into it. It does sound like he was able to avoid having one of those press conference acceptance ceremonies.  On the other hand, he didn't shut down his social media accounts so people were easily able to get screen shots of his profile and photos.
 
2018-01-13 10:57:55 AM  

wxboy: I would argue that this guy might be able to handle it. Sure, he's 20, but he sounds like he has a good head on his shoulders.


The fact that he claimed the prize in his own name instead of setting up a trust and staying out of the news leaves me less convinced that he can handle it.

He could have at least googled "What do you do if you win the lottery".
 
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