How cool is this!

Boris Godunov · January 10, 2003, 17:41

A good friend of mine here in NYC whom I hadn't seen in about 3 months or so called me up today out of the blue to have lunch, saying he had big news. He sounded apprehensive about it, so I was worried something bad had happened, like he'd split up with his longtime boyfriend.

Well, turns out that the big news was that he had won a million dollars! I was floored. He's 25.

He won it playing some stupid TV game show, no less. So now he is seeking to invest some and perhaps buy a vacation home somewhere in the Poconos or in Vermont that he can rent out and get additional income from.

Now how cool is that?

And lunch was on him, of course.

Asher · January 10, 2003, 17:45

Cool.
How much does he get after tax?

GePap · January 10, 2003, 17:47

Double post, see bellow.

Arrian · January 10, 2003, 17:47

That's awesome. After taxes, I'd guess $600K Asher.

-Arrian

GePap · January 10, 2003, 17:48

A million dollars from a TV show... which one?

The first thing he needs is to hire a money manager for a couple of hours to get know the law and how best to keep most of that money.

Also: he might make more renting out a room he buys in a major metropolis, like NYC.

reds4ever · January 10, 2003, 17:51

sod the money manager, he could invest it a lose the lot. this is the guys one shot at a life on easy street, bank it and leave it there or buy property.

Boris Godunov · January 10, 2003, 17:52

I don't want to say which one, due to privacy concerns.

Yeah, it's about $600,000 after taxes. I put him in touch with the financial planner my company uses for our 401(k) plans, as he is an excellent, level-headed advisor and a super nice guy to boot.

When I told the advisor my friend would be calling, he said "Great! Unless I'm drunk at the time, I'll be happy to talk to him!"

Boris Godunov · January 10, 2003, 17:54

Quote:

Originally posted by reds4ever
sod the money manager, he could invest it a lose the lot. this is the guys one shot at a life on easy street, bank it and leave it there or buy property.

I doubt the money manager would have him invest any sizeable portion in stocks. It would likely go into low-risk, low-yield funds, CDs, etc. Plus, buying the vacation home would be an investment in and of itself.

The manager would make things easier for him, though.

The Mad Monk · January 10, 2003, 17:54

That 's always a reassuring thing to hear from one's money manager.

Provost Harrison · January 10, 2003, 17:56

If only he'd won it in the UK...no tax

Asher · January 10, 2003, 17:56

Which gameshow was he on?

"Who Wants to be a Millionaire"?

Bereta_Eder · January 10, 2003, 17:56

Thats tres cool actually

i just hope he's not an *******.

i hate when money go to *******s

Boris Godunov · January 10, 2003, 17:59

I'm not generally friends with *******s, thank you very much.

And Asher, I said I'm not sayin'!

Harovan · January 10, 2003, 17:59

In Germany, lottery wins are also tax free.

Anyway, even $600K is a lot of money for a 25 years old out of a "normal" family (meaning: non-millionairs). He should invest it wisely. A house seems good. May be his own little enterprise, for a start.

Asher · January 10, 2003, 17:59

He didn't win that money did he.

Who did he con?

reismark · January 10, 2003, 18:00

Quote:

A good friend of mine here in NYC whom I hadn't seen in about 3 months or so called me up today out of the blue to have lunch, saying he had big news.

Did he happen to say where he'd been the past 3 or so months, perchance?

And before you ask, yes, there's a solid reasoning behind me asking you this

Bereta_Eder · January 10, 2003, 18:03

@ Boris
or you just dont realize it because....

Boris Godunov · January 10, 2003, 18:04

Pattycakes, I'm don't keep *******s for friends. After all, I'm not friends with you.

Reismark, it wasn't Survivor.

Pekka · January 10, 2003, 18:05

That IS cool! Congrats to him.. Some how I'm not even jealous.. weird.

reds4ever · January 10, 2003, 18:06

i don't know about US tax laws, but in the UK you don't have to pay tax on any income unless you live in the county a set ammount of time (per tax year), is it the same in the US? if so your friend may find a few months in Bora Bora very rewarding!

Boris Godunov · January 10, 2003, 18:06

I'm not jealous, either.

Ok, that's a lie. I'm very happy for him. But dammit, I WANT THAT MILLION DOLLARS!!!!

Bereta_Eder · January 10, 2003, 18:06

Im glad you're dont keep *******s for friends after all

Besides I always thought friendship goes deeper than that

Im just teazing you you fool. dont get all excited

reismark · January 10, 2003, 18:07

Quote:

Reismark, it wasn't Survivor.

Damn, you figured out what I was thinking

What other show could it have been though... there aren't that many other game shows out there with both $1,000,000 prizes and privacy concerns big enough for you to conceal this information from us

Arrian · January 10, 2003, 18:08

reds4ever,

US tax law is more... demanding. They tax you on anything and everything.

-Arrian

Provost Harrison · January 10, 2003, 18:08

I keep *******s for friends (whatever those asterisks represent?!), that's why I come here

Boris Godunov · January 10, 2003, 18:12

Resimark, he's already had a couple of shysters track him down and try to solicit money from him, so he's being very cautious about it and doesn't want his information broadcasted. It wouldn't be very hard for people to find out who he is if I gave away the show.