Component #2 Math. Breaking down his claims in specific detail, the math simply doesn’t hold up
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 $150,000 in outstanding mortgage, but keeps home.
2[SUP]nd[/SUP] Home: $350,000
Student loan debt for him + wife = $50,000
Two new cars = $70,000
Leftover total: $244,000
So assume he took a massive and stupid gamble and invested $200,000 of the leftover amount. There is no way he got lucky and picked the right stock and using a balanced approach, 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 $244,000 (he has lost more than $50,000 gambling in the last 3 years) and he has to never work again.
Totally laughable.
Anyway, here is how all the dumb bluster ended anyway:
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 $150,000 in outstanding mortgage, but keeps home.
2[SUP]nd[/SUP] Home: $350,000
Student loan debt for him + wife = $50,000
Two new cars = $70,000
Leftover total: $244,000
So assume he took a massive and stupid gamble and invested $200,000 of the leftover amount. There is no way he got lucky and picked the right stock and using a balanced approach, 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 $244,000 (he has lost more than $50,000 gambling in the last 3 years) and he has to never work again.
Totally laughable.
Anyway, here is how all the dumb bluster ended anyway:
hno:
ointer:
