The idea that he won a bunch of money playing poker and no longer has to work is so utterly preposterous, only someone as dumb as him would say this.
Of course his claim is a lie as demonstrated below.
There are two components to showing that his claim of winning “more than a million” in poker and never having to work again are false.
Component #1: Wisdom & Experience
Component #1, Fact 1: He is clearly an idiot. With the bad grammar, the idiotic and easily debunked lies, falling for satire, the inability to do basic math and the comically bad sports and political predictions, it is clear he has a mediocre IQ.
Component #1, Fact 2: He has no experience in high finance. If you go from living paycheck to paycheck, does it sound right that you will know the best things to invest in and the best tax and asset protection strategies along with figuring out an income stream from your investments? He has said he had large student loans and was angry about it and he also said he went to a financial advisor but did not listen to what was said. Think about this, about 70% of lottery winners (with much, much more than he claims to have won) end up broke and 80% of NBA players (with much, much more than he claims to have won) end up bankrupt. Yet a guy with a low IQ and no experience somehow figured out how to manage wealth in a very short period of time. Laughable.
Component #2 Math. Breaking down his claims in specific detail, the math simply doesn’t hold up. Using very conservative figures in his favor demonstrate this.
Component #2, Fact 1: Taxes. He has said he has “casino paperwork” on these winnings. So he had to have paid taxes. Let us use numbers favorable to his position to show how much he paid.
Total Winnings Assumption: $1,200,000. Tax rate: 28% (this is very fair, the actual rate is over 35% when you combine fed & state).
Taxes paid: $336,000. Leftover amount: $864,000
Component #2, Fact 2: Paying off Debts
Again, using his words. He said he paid off home, cars and paid off student loans. Using very conservative estimates:
Home: Assume he paid off $200,000 in outstanding mortgage, kept home and lives there.
Student loan debt for him + wife = $50,000
Two new cars = $70,000
Leftover total: $544,000
Component #2, Fact 3: Income stream(s) He could have bought another house and rented out the old one but that then takes you to at least below $400,000 net cash. Further, even if he did not, see component #1, Fact 2 for reference in him figuring out the stock market or other ways to manage a big sum of money. Finally, he has said on multiple occasions “every penny” of his wife’s paycheck goes “into the bank.” So assume he took a gamble and invested $200,000 of the leftover amount. That isn't enough to generate enough income for 2 people to live off in perpetuity. It isn't enough to generate six month's worth of living expenses.
So a guy in his late 30’s with no experience in finance is putting every penny of his wife’s paycheck in the bank (a completely idiotic thing to do, BTW) and they are living off of $544,000 (he has lost more than $50,000 gambling in the last 3 years) and he has to never work again.
Totally laughable.
