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Sejare1

Supposedly that’s like 8 percent of the GDP of Laos lol


BryceT713

I heard it was 6%


carbonclasssix

Due to inflation it's now down to about tree fiddy


colonelKRA

Goddamnit monster leave us alone!!


FalcoPhantasmtheGod

I ain't givin you no god damn tree fiddy loch Ness monstah! Get your own god damn money!


Lady_of_Tardis

![gif](giphy|n43Kx7PeptN0k|downsized)


BryceT713

Actually, I heard it was 7%


ChineseNoodleDog

In fact, I heard it was 8%


BryceT713

Dang. I heard that too.


OnewordTTV

It was 8 percent but then once you put this guy's total in with it then it's 6 percent... I did the shitty math don't worry.


Gemmabeta

You can fund the MD Anderson Cancer Center for two and a half months with this money. On a side note, it costs the GDP of Laos to run the Mayo Clinic for one year.


awesomehippie12

Which cancer center? Doesn't MD Anderson have multiple sites?


No-Understanding23

Double checked and you sir are correct


starry_cobra

Coincidentally, it'll also pay for 8 percent of his hospital bills


DuchessOfAquitaine

I hope he wins his fight against cancer and goes on to live happily ever after!


ashifatul_salleh

Even if he doesnt, he can go peacefully knowing his family he left behind will be financially independent, his kid can go to college... If he has wife n kids...


Lazerus42

His grandkids will be independent. His kids should do whatever the hell they want after opening the required cancer foundation for Laotian immigrants. Edit: glad to see some awesome convo off of my off handed sarcastic comment. Props below to the quality of it... didn't mean to spawn that, but awesome.


InVodkaVeritas

You can have your money safely, and perpetually grow forever while taking a small percentage of the returns. 8 million invested allows you to safely withdraw 200K per year (2.5%) as a salary that would grow each year at a rate to match inflation. Forever. Literally forever. Assuming he takes the lump sum amount and pays all of his taxes, he will end up with $284 Million. Source: https://www.usamega.com/mega-millions/jackpot/2024/3/26 That means he could set up himself plus 34 family members with permanent 200K annual salary incomes that rise annually to match inflation. If you're trying to set up your family, this is the way to go. Having 200K per year in your pocket before you do anything else. You can work hard and make more, or you can live a suburban dream life without working at all. Work as much, or as little, as you want. Take a year off to write a book and travel a world. Invest in college savings accounts for your children. And so on. It's up to you. That is the ultimate freedom right there. It's not 1 guy living in obscene wealth, but his whole family having the freedom from financial worries.


play_hard_outside

Thank you for this post. You get it *perfectly.* and I came here to say this myself. Seeing this posted here is music to my ears. Furthermore, it is infinitely pleasing to me that you used a 2.5% SWR instead of the more typical 4%. The lower level is far more reasonable and is all but guaranteed to last forever even in today's economic climate.


DirtyDan413

As someone who's never had enough money to invest, why is the 2.5% better


ArachnidUnhappy8367

The rule of thumb on a balanced portfolio is that you can expect 7-8% ROI a year on average in the long term. The historical rate of inflation for the last century is about 3% per year. Meaning that 3% eats into your 7-8% ROI for a net return of 4-5%. This net is what allows your pot of money to actually grow. By using 2.5% instead of 4%. You’re leaving a buffer rather than consuming most or all of your net return. Meaning that when the market eventually goes down. You’re really just consuming that buffer you never withdrew in the first place. Otherwise if you had no buffer you would end up drawing down your original principle which would decrease your future earnings. As well at a 2.5% draw rate. What this also means is that your portfolio only has to return 5.5% to keep your payments coming in. Which, at historical, current and future market conditions. A 5.5% ROI is actually kind of easy to make every year consistently.


drewlb

the 7% figure is already inflation adjusted. The gap between 7% and 4% is to allow for downward movements in some years. If you get past the first ~10yrs at 4%, then chances are that you can actually take out more and still never run out. Simple calculator that illustrates the different rates https://engaging-data.com/will-money-last-retire-early/


00000000000004000000

[What I like reddit for, vs what redditors likes reddit for.](https://imgur.com/a/L6IF3xe) LMAO!!


Ventez

Interestingly the Norwegian Sovereign Wealth Fund only draws at about 2% per year.


Milton__Obote

It’s a more realistic estimate of gains


Vindersel

Exactly. Anyone could live a more than decent life on 100k I'd argue, so give me 4million and ill leave 100% of that principal for those after me... as long as its in a trust so they can't be stupid with it lol. If I actually get 5.5% or something in a given year I'm just winning more.


Drewbeede

It's funny to consider that lump sum after taxes is one billion less.


callisstaa

In the UK we pay taxes on the ticket so if you win you get the jackpot as stated. It's never this high though. I think the highest was £210m which isn't far off what these guys won.


kevinnoir

Mental isnt it, Euro millions @ £210m, paying out almost as much as a $1.2 BILLION US lottery....


cyberslick1888

What is the average cost per ticket in both countries?


RatLabGuy

thats not all of it though. The lump-sum payout is substantially less money than the 30-year payout amount. Either way - the IRS loves Powerball too.


Master_JBT

Why are taxes so high for it? Isn’t the lump sum usually in the ballpark of 50-60%?


motoxim

Dang you really get more money if you have more money in first place.


WheresMyDinner

Ah the first step to become rich. Be born in a family that is already rich.


idwthis

I like how you said "travel ***a*** world" and not "***the*** world." If I was able, I'd go explore Proxima Centauri b, the closest planet to us in a habitable zone that isn't Mars. Too bad winning a lottery jackpot doesn't give one the ability to carry such an adventure out.


YesNoButAlsoYes

Hey, clueless person here. When you say invested, where do you actually go to do that? Do you talk with the bank? Or a financial advisor about it?


InVodkaVeritas

Find a respected, established investment firm in your local city and demand a named-partner be the manager of your fund. Then hire a separate legal team from a law firm to review the contract before you sign it as a precaution. After that, just collect your checks and don't do anything crazy with your money.


Numerous-Bluejay-501

You mean you wouldn't just drop that all into a Fidelity account, VTSAX and relax? lol


cherokeevorn

Why only $284m when he won 1.3b, im not a american so this seems very odd,and paying taxes on winnings?


callisstaa

> Assuming he takes the lump sum amount and pays all of his taxes, he will end up with $284 Million. That's fucking mental. From a 1.3bn win? In the UK we pay tax on the ticket and get the full amount as stated.


SixtyN42

Hang on, so he walks away with less than 10% of what he won? I mean $285m is a fortune but damn. That doesn't sound fair at all.


saruin

There's just one little flaw that quite a few (or many) lottery winners end up going bankrupt within a few years and possibly worse off. Even things will happen that are completely out of their control (jealousy within certain family members left out). There's a famous reddit post that dives into the details and on how "you're so literally fucked" if you win the mega millions lottery. They also posted a very lengthy reply on what you should actually do if you win. Didn't mean to sour the vibes but introducing some of the harsh realities when it comes to the lottery.


KayKnee1

...and nobody else


Lost-My-Mind-

Or, ya know.......just a cancer foundation. Cancer affects everyone. We should help everyone with cancer.


Ok-Cut-2730

Hopefully, at least now he can afford to purchase the best package deals of treatment America has to offer.


famousPersonAlt

And maybe there will still be some money left for a burger.


jbcraigs

Despite the jokes healthcare is not that expensive in US. He would easily be able to afford some fries too!


John-Snow-247

Same. The world needs more good in it


houseyourdaygoing

Wishing him all the best!


deegum

Obviously a lot of people would love to win this money, but it’s hard to feel too upset when this is the guy who won. Hopefully this makes his journey easier or at least takes the stress off his family.


The_Last_Ball_Bender

I'm upset he only gets 1/3 of the winnings after taxes. It just feels like such a big fuck you :/


deegum

I never understood that. Why advertise the amount only to take taxes? Why not just put that money straight into public services and advertise the adjusted price?


viromancer

The amount can vary depending on a person's tax situation to some degree. The total winnings are typically described as the annuity amount over X years. So $900M total payout might be $30M paid out over 30 years. In this case, you're most likely paying nearly the full amount of taxes, because $30M/year + your salary is going to put you into a way higher tax bracket than normal. Let's say the total payout was $6M paid out over 30 years or $3.5M lump sum though. If you take the lump sum, your income for that year is now $3.5M + your salary, and you'll pay income tax on that amount. If you take the annuity, your income is only $200k/year, which you'll end up paying less taxes for over the lifetime due to being a lower tax bracket for the duration of the payout. So they just advertise the total amount of the annuity to simplify it, because anything else is going to depend on your situation and whether or not you choose to take the annuity.


whatanerdiam

Yeah, having terminal cancer would be horrible, but somehow it'd be made worse knowing you're a billionaire and can't have fun with the money. Let's hope he pulls through.


hotwater101

No, it definitely doesn't make it worse. He's likely have relative back in Laos that he'll be able to help with his newfound wealth. He now knows that he can take care of all the people that he's close to for the rest of their lives very easily.


whatanerdiam

Yeah, that's true. Life changing money for generations.


Civil-Guidance7926

I think he's going to donate a good bit to cancer research


atomicant13

One of my housemates used to work with him. She says he’s one of the nicest people she has ever met.


joytothesoul

That is so wonderful.  I wonder at what the nicest person will do with a windfall like that and knowing due to cancer that life is limited and precious.  


No-Spoilers

Id imagine, as most immigrants from 2nd and 3rd world countries do, is help their families.


WillyBarnacle5795

Please be tipping point into utopia


Airick39

Lump sum then?


iguess12

Fuck you for making me laugh


NoPlanz

Nah. Both Powerball and MM annuities can be inherited. If a jackpot winner dies before receiving all annual installments, the balance of the prize will be paid to the winner's estate. Upon receipt of a court order, annual prize payments will continue to be paid to the winner's heirs. Other provisions may also apply depending on the laws of the lottery paying the prize. https://www.powerball.com/faqs


Van-garde

I think he did take the lump. Him and a friend threw down $100 for tickets and won. Iirc, they’re splitting $430,000,000.


Tribaltimmy

That's crazy that it loses almost 1 billion in value before it touches his hands.


egothegreat

The billion amount is the approx value paid out over the life of the annuity before taxes


Respond_Spare

See. For a second I thought you would make it clear


Gemmabeta

But what if you need CASH NOW?


The-Dudemeister

CALL J G WENTWORTH 1 877 CASH NOW!!!


slowwithage

I want my money… and I want it noOw!


CorruptedAura27

It's YOUR money. Use it when YOU need it!


x3knet

🎶 I have a structured settlement and and I need cash now 🎶


Ok-Job-4926

Call JG Wentworth


Ok-Job-4926

877-CAS-HNOW


onehiguy

877-cashnow


Ok-Job-4926

I have an annuity and I need cash now....


MaleficentDraw1993

🗣🎶CALL JG WENTWORTH 877 CASH NOW🎶


LobstaFarian2

I have a structured settlement, and I need cash now.


larryisnotagirl

They’ve helped thousands, they’ll help you too!


BadWithMoney530

I would absolutely take the lump sum. I don’t trust them to not find some sort of legal loophole and stop paying it out


Lollipop126

You should take the lump sum anyways as the lump sum invested diversely will almost definitely outgrow the annuity. That's why the annuity is more than the lump sum; they also invest it, but don't give it all out to you. However, I don't think I've heard of a modern stable-government run lotto not paying out the annuity, so I wouldn't worry about that.


bumbletowne

Article says he took lump sum


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ChadsworthRothschild

Aaaaaand I’m going to hell.


Careless-Passion991

r/furiousupvote Also, this was a total whoosh for most of the replies.


notthatogwiththename

Lump Sum? The guys name is Cheng Saephan


Foxhound34

"He's Laotian. Ain't you Mr. Kahn?"


jwg020

What ocean?


NovelNeighborhood6

So is that Chinese or Japanese?


UniversalCoupler

Yes


Papaofmonsters

Cotton was so turbo racist against Japanese he could spot any other Asian ethnicity on sight so as not to be surprised.


I4Vhagar

![gif](giphy|TyPydeCmjKQ2Q)


djarvis77

File this in the shit i love to hear dept.


FalcoPhantasmtheGod

Same man, I was happily surprised!


1776cookies

I wish him well.


Careless-Passion991

I also wish him the best. But also fuck that guy. Respectfully.


PuddingCalm6809

Exactly! I’ve always tried to imagine a person that really needs it as the winner, and this put some fuel back in that tank.


bassistmuzikman

Maaan, that dude should not have told anyone he won the lottery. Vultures gonna be circling for the rest of his life now.


WIN_WITH_VOLUME

Some states don’t give you the choice.


Cantomic66

Yeah I looked it up and yeah you can’t stay anonymous in Oregon if you win the lottery.


SDhampir

That is such utter bs! I'd leave the country😭


rodejo_9

Yep, I'm gone within the next week.


mrkrabz1991

There are good arguments on both sides. One side is that everyone contributed to the pot, so the public should be able to find out who their money went to. It helps with the transparency of the lotto system and ensures the money isn't shuffled away to some lotto officials. The other side is safety concerns about letting everyone know who just became a billionaire overnight. I believe almost every state gives you a good amount of time to claim your ticket (up to 6 months typically), so that would give any winner ample time to prepare and possibly move/hire security and attorneys.


slip-slop-slap

Nah I don't think everybody should be able to find out. That's a really weak reason to force winners to go public


TheTrevorist

>That's a really weak reason to force winners to go public People who work for the lottery will rig it. https://www.rd.com/article/man-rigged-lottery-five-times/


Jiggy90

McDonalds' monopoly game was anonymous. Turns out family friends of the game operators were winning and had been for years.


oldwellprophecy

It’s a dance. In California you don’t get to stay anonymous but you only have to pay the 15% federal tax and the state doesn’t tax lottery winnings. In many states if you’re anonymous you have to pay both federal and state taxes which can reach up to 40%.


Suckonherfuckingtoes

15% to possibly get murdered right after or 40% and still have quite a bit of cash with an almost guarantee that, if I'm smart and tell pretty much fucking no one, I won't die. Bye bye 40%. Why the fuck would I need more money and even more reason for people to cave my skull in?


aimlessly-astray

40% of $1.3 Billion isn't that bad, though. You still get a little over half a billion dollars.


Star_chaser11

Yes in some states it’s the law to reveal the winner


Psychological_Yam364

In 🇨🇦 we don't have a choice you have to be public but we also aren't taxed on our winnings


Gemmabeta

> we also aren't taxed on our winnings Which is why the top lottery prize in Canada is capped at $70 million.


iamagainstit

Honestly, even with taxes and lump sum, that is still like $500M that’s more than you can go through even with handouts


gofigure85

White guy from Iowa: Hey! I'm your 7th cousin twice removed! But family is family and gimme money


Alert-Boat-9579

It’s all jokes but he’s a mien dude, lao immigrant but racially he is mien, you can tell by his sash and his last name saephanh. Mien people have HUGE families and your joke ironically is how it’s really going to be for him. 


ernster96

that just might be enough to cover his medical bills.


Ghumie

Hahaha, those $100 Tylenols add up quick don’t they


heresyforfunnprofit

Ironically, he can now afford to pay directly for his care, so it will be cheaper that way.


freezingprocess

That is about 6% of his home country's GDP.


BryceT713

I heard it was 8%


nevans89

Lol above you said you heard it was 6%, PICK A LANE!! /s


BryceT713

Hey man. I'm just sayin what I heard.


TheLastLaRue

I heard it was 7%


BryceT713

Huh. I hadn''t heard that.


Slight_Peanut_9718

What’d you hear? I heard something, but not sure what.


Minx-Boo

Congratulations!!


Bolawan

I just read this on Instagram and the difference in the comments is astronomical. People say Reddit is a cesspool but not one person complaining about immigrants or 'illegals' winning.


Pinksters

You dont even have to be a citizen to play the lottery, oddly enough. Nothing to bitch about.


Royal-Procedure6491

My brother was sadly one of those commenting on FB about illegals. I guess FB knows I'm his brother and shows me any time he comments on a picture that's viewable to the public. I wish it wouldn't, though.


SixSigmaLife

To claim a prize, undocumented immigrants must have an identification document issued by the country of origin, such as a passport. There are also some states that require the winner to present a tax identification number. I bet the comments would be far worse if he was Nigerian. It is also worth noting that taxes on the prize are higher for non-citizens, who must pay between 30% and 40%, in addition to state taxes. Meanwhile, US citizens pay 25% to 30%


Imaginary_Chip1385

IG comments are just pure brainrot or edgy teens nowadays 


RoundCollection4196

reddit comments are remarkably clean compared to other social media


SoybeanArson

I hope he beats the cancer, but if not, that's one hell of a "last blast" fund. I hope he lives it up


Cantomic66

This guy should’ve done with [this old commenter](https://www.reddit.com/r/AskReddit/s/0cAtWjUCR3) said of what to do if you win the lottery.


Holdfastwolf

I saw a lot of really smug people shitting on this dude for collecting the money right away, but hell, that's what I'd do if I had major medical expenses to pay for 


hurix

wait why would anyone not want to collect right away?


Holdfastwolf

Something something "he should have hired a lawyer" something something something "set up a hard to trace trust fund to collect under the name of and stay anonymous" yadda yadda etc. 


sunshineandzen

Only works in some states. Not sure about Oregon, but at least in California, it’s impossible to stay anonymous. Only some states allow you to collect via a trust


GM35444

Yeah here in Oregon you can't be anonymous. Stinks. 


marr

Oh yeah let's opt to spread payments out over thirty years while I battle this recurring cancer wcgw


usmcnick0311Sgt

I don't feel so bad that I didn't win. I'm happy they won!


ApoptosisPending

The irs is thrilled


BlueFox1978

Good luck to you


doozerman

“So is he Chinese or Japanese?”


dadjokes97

Cure for cancer incoming


JosiesYardCart

The Best.


TravisOG

r/PenmanshipPorn


DeadSwaggerStorage

Imagine signing a $1.3 billion dollar check….


Dealer-95-

So, are ya Chinese or Japanese? ![gif](giphy|EZtyCO7XuSJIk)


killersoda

I'm glad I'm not the only person that thought of this.


Kebobthebuilder2

“The ocean?”


user_bits

I fear for him. I hope he gets the guidance and support he needs because that kind of money and publicity makes you a target, even from your own family.


Minkypinkyfatty

And it's gone.


pvrhye

After his medical bills he'll probably have enough to buy a coffee.


Darthsnarkey

So how is it ok that he pays 50%+ in tax but if it's a billionaire we cry foul trying to tax them basically anything???


Papaofmonsters

Income taxes vs capital gains taxes vs wealth taxes. They are all different things.


wuapinmon

/r/MadeMeSmile


Friendsofhippos

Today I was just thinking if anyone won… Reddit & me in sync


Interesting-Lake-430

I hope this is true...if so awesome!!!


de_pizan23

[Yep](https://www.oregonlive.com/portland/2024/04/oregon-winners-of-historic-13-billion-powerball-jackpot-revealed.html).


MuskokaGreenThumb

That’s so awesome. Hopefully. The guy beats that nasty disease and can enjoy the money


bdd4

Oh. Well, I don't feel disappointment at all, then. This is great!


LongjumpingLow9700

🙏🏾🥺god this man and his family


dressedbymom

The ocean. What ocean?


RiddleMeWhat

As a cancer survivor wuth chronic medical problems and the medical bills to match, this warms my heart. Good for him!


Iwannagolf4

Well happy for him that he can fight harder and hopefully win! Good luck sir we are rooting for you to win again!


Sweaty-Feedback-1482

I love this! I was fortunate enough to visit Laos. While it seems pretty clear their government is trash, the people there are wonderful, kind, and caring!


kalzEOS

How much tax will be taken out of that? Also, I hope that he beats cancer. Hey cancer, look over here, fuck you 🖕


cupareo98

I'm glad someone who really needed it got it.


Knoebst

The right is going to fume at this lmao


amathis6464

People are so mad they keep having to mention his whole life story and background check right In the headline…. Why can’t it just be “Oregon man wins power all” It’s a good way to show your discontent while trying to act like they are happy about this. Stupid.


Darkpurplebee

how much is that after taxes?


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rodejo_9

Yeah nearly half a bil is still a shit ton of money. I'd be happy with 10 mil.


bajookish_amerikann

Almost everyone would be happy with just 100,000


funandgames12

They take like 40- 45% in taxes or something. He will get to keep just over half.


gkn_112

Good for him!


tucsonkim

LOUD AND PROUD RIP


YeltsinYerMouth

Fuck yeah, good for him!


Ok-Sleep-3400

Fisnnly someone who at least seemingly deverves it


[deleted]

Good for him.


Imbalancedben

Couldn't have been a better person


arciem

Hell yeah!


Youngrazzy

Good for him


jeffofreddit

Reminds me of a song…won lottery and died the next day..isnt that ironic


OhWow10

Ha. Great story!! Love it


randomguyonreddit678

The government:


Kelyaan

Is the 1.3 before or after tax? Do Americans Tax lotto?


MFADER

Finally, someone who might give away their winnings. The American Dream is still alive boys.


paperfett

His family is set for generations.


punkrawkstar

Good for them!


isabps

Today is a good day.


Lovis1522

My Man.


AirikBe

That lettering is sick!


Gullible_Ad3436

I heard him on the radio today and was so glad he won!


Sufficient_Neat_5517

It went to someone who really needs it. Awesome!!