Author Topic: Co-worker scratch ticket winner  (Read 6662 times)

dude

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Co-worker scratch ticket winner
« on: April 23, 2014, 10:48:59 AM »
$50K winner; cleared 35 after taxes.  Bought a new snowmobile, trailer, took his whole family to brunch, gave them each some cash, as well as some other purchases.  Didn't mention putting dime one of this windfall into savings or an investment account.  I couldn't help but thinking to myself, "damn, I would have spent maybe $5k on a fab vacation for the wife and me, and the other $30k would have gone straight to Vanguard."  Different strokes for different folks, I guess.

dragoncar

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Re: Co-worker scratch ticket winner
« Reply #1 on: April 23, 2014, 11:24:30 AM »
Brunch??!??  Antimustachian wall of SHAME!

J/K I love brunch.

MissStache

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Re: Co-worker scratch ticket winner
« Reply #2 on: April 23, 2014, 11:42:36 AM »
Brunch??!??  Antimustachian wall of SHAME!

J/K I love brunch.

Yeah, brunch was the one thing there that WASN'T facepunchy!

randymarsh

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Re: Co-worker scratch ticket winner
« Reply #3 on: April 23, 2014, 11:43:43 AM »
Didn't mention putting dime one of this windfall into savings or an investment account. 

Hey there Buzz Killington, why invest when you can buy brunch???

senecando

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Re: Co-worker scratch ticket winner
« Reply #4 on: April 23, 2014, 11:59:52 AM »
Does it cost more cause it's like a pre-release lunch? Or is it cheaper b/c it's like a four hour-old breakfast?

payitoff

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Re: Co-worker scratch ticket winner
« Reply #5 on: April 23, 2014, 12:03:24 PM »
They probably love Mimosas, who doesn't love Mimosas??

Winston

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Re: Co-worker scratch ticket winner
« Reply #6 on: April 24, 2014, 09:26:39 AM »
Brunch: the meal that allows you to drink alcohol in the morning and not seem like an alcoholic.

BFGirl

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Re: Co-worker scratch ticket winner
« Reply #7 on: April 24, 2014, 10:13:33 AM »
Brunch: the meal that allows you to drink alcohol in the morning and not seem like an alcoholic.

LOL!!

Roland of Gilead

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Re: Co-worker scratch ticket winner
« Reply #8 on: April 24, 2014, 10:37:48 AM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

dragoncar

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Re: Co-worker scratch ticket winner
« Reply #9 on: April 24, 2014, 11:35:34 AM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

Good analysis (although I believe withholdings on lottery winnings are often over-aggressive), but can we stick to the important topic at hand?  I'm talking about brunch, of course.

strider3700

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Re: Co-worker scratch ticket winner
« Reply #10 on: April 24, 2014, 12:17:24 PM »
Brunch: the meal that allows you to drink alcohol in the morning and not seem like an alcoholic.

If you drink Rum first thing in the morning  you're not an alcoholic. You're a pirate.

MountainFlower

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Re: Co-worker scratch ticket winner
« Reply #11 on: April 24, 2014, 02:37:29 PM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

That would be 30% tax, which is probably 25% federal and 5% state.  Do you have to pay FICA on winnings?  Don't have any comments on brunch.  I guess I'm a dud; it's something we never do.

Roland of Gilead

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Re: Co-worker scratch ticket winner
« Reply #12 on: April 24, 2014, 02:40:05 PM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

That would be 30% tax, which is probably 25% federal and 5% state.  Do you have to pay FICA on winnings?  Don't have any comments on brunch.  I guess I'm a dud; it's something we never do.

No, you only pay FICA on earned income.  Otherwise I would gamble during retirement to generate money to fund a Roth and get the saver's credit.

dragoncar

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Re: Co-worker scratch ticket winner
« Reply #13 on: April 24, 2014, 03:12:31 PM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

That would be 30% tax, which is probably 25% federal and 5% state.  Do you have to pay FICA on winnings?  Don't have any comments on brunch.  I guess I'm a dud; it's something we never do.

Try it, you might like it.  ONE OF US.  ONE OF US.

rocksinmyhead

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Re: Co-worker scratch ticket winner
« Reply #14 on: April 24, 2014, 04:39:59 PM »
Well if they paid $15K on 50K then they are near the 33% tax bracket which means they have a taxable income near $200,000.  It is quite possible that they didn't need to put this money into investments if they are already saving $60,000 to $70,000 a year.

That would be 30% tax, which is probably 25% federal and 5% state.  Do you have to pay FICA on winnings?  Don't have any comments on brunch.  I guess I'm a dud; it's something we never do.

Try it, you might like it.  ONE OF US.  ONE OF US.

hahaha. one pretty mustachian way we love to do brunch is have 5-6 people over and everybody brings something. mimosas, eggs, cinnamon rolls, whatever. even in our tiny kitchen we can manage to cook a surprising amount of things at once, especially if it's nice out and we do bacon or hashbrowns outside on the grill. totes fun, and everyone gets to enjoy a more luxurious brunch spread than we would cook for just ourselves, at a much cheaper price than brunch out (esp. with the alcohol). it is SO. AWESOME.

jordanread

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Re: Co-worker scratch ticket winner
« Reply #15 on: April 24, 2014, 05:12:41 PM »
If you drink Rum first thing in the morning  you're not an alcoholic. You're a pirate.

Yes!!!

samburger

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Re: Co-worker scratch ticket winner
« Reply #16 on: April 24, 2014, 05:32:17 PM »
A $35,000 windfall could buy me and the spousal unit 1,400 brunches. That's almost four straight years of brunch!

What a win that would be.

the fixer

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Re: Co-worker scratch ticket winner
« Reply #17 on: April 24, 2014, 06:14:04 PM »
The only solace I can take in this extremely unpleasant story is how equally horrified those people would be if I won $35k in the lottery and just invested it.

Roland of Gilead

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Re: Co-worker scratch ticket winner
« Reply #18 on: April 24, 2014, 06:16:21 PM »
A $35,000 windfall could buy me and the spousal unit 1,400 brunches. That's almost four straight years of brunch!

What a win that would be.

If you invested the $35,000 in pork belly futures, it is likely you would never run out of brunches...or bacon.

dragoncar

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Re: Co-worker scratch ticket winner
« Reply #19 on: April 24, 2014, 06:25:38 PM »
A $35,000 windfall could buy me and the spousal unit 1,400 brunches. That's almost four straight years of brunch!

What a win that would be.

If you invested the $35,000 in pork belly futures, it is likely you would never run out of brunches...or bacon.

Buy a little farmland and some pigs and chickens.  Plant a little orange grove and get your juice fermentation on.

Fishingmn

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Re: Co-worker scratch ticket winner
« Reply #20 on: April 25, 2014, 11:39:20 AM »
Or if he'd have taken that $35k, invested it and used a 4% SWR he could have had enough to buy a nice brunch for the family every single month forever!

MgoSam

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Re: Co-worker scratch ticket winner
« Reply #21 on: April 25, 2014, 11:47:38 AM »
Brunch: the meal that allows you to drink alcohol in the morning and not seem like an alcoholic.

If you drink Rum first thing in the morning  you're not an alcoholic. You're a pirate.

"To err is to human, to aaarrr is to pirate"
-Unknown, but I would like to shake the hand of whoever came up with this.