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Would you give away $40 million?

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saskskier
Posts: 4774 - Karma: 10,005
This is crazy. Guy in Calgary won $40 million in the lottery, but decided he's done well enough in life he doesn't need it and is setting up a family trust to donate to charities of their choice over the years.

Dec 17 2013 3:59PM
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GeneralGinger
Posts: 37 - Karma: 67
What a good man.
Dec 17 2013 4:06PM
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Mag
Posts: 8155 - Karma: 14,809
I wouldn't necessarily say he's an excessively good man(a truly good man would have given it away/done good with it without anyone ever knowing), this sounds like a man who was deeply in love and is doing it to show his wife his love as it were.
Dec 17 2013 4:14PM
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Tinga
Posts: 11349 - Karma: 2,333
if you look at all the major lottery winner of the past, some of them said it ruined their lives. probably a smart move on this guys part.
Dec 17 2013 4:15PM
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saskskier
Posts: 4774 - Karma: 10,005
I've heard that too. I wonder how much of that is because people go form a low/middle class lifestyle to having millions of dollars and not knowing how to manage it or the impact it has on their relationships. It sounds like this guy was the CEO of a pretty large company here in Alberta and likely would have the ability to manage a large increase in his wealth.

That said, it's pretty awesome he's giving it away.
Dec 17 2013 4:24PM
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TijmenDal
Posts: 4849 - Karma: 1,295
What you're trying to say is that humble man would give it away without anyone knowing. It's not a lesser act because it's public.

And yes, if I won 40$ and I'd done well for myself and was retiring and had more than enough money, sure I'd give it away.

If I'd won 40$M right now at 22 years old I'd probably start my own charity with 90% of that money. No way I need more than 4 million for the rest of my life.
Dec 17 2013 4:30PM
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snowpocalypse
Posts: 1036 - Karma: 3,525
I'm broke so no. If I was in a place in my life that the house was paid for, kids through college and life was comfortable why not, you can't take it with you in the end.
Dec 17 2013 4:31PM
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TooMuchSwag
Posts: 23 - Karma: 31
the only logical thing to do would be to buy 40,000,000 $1 lottery tickets
Dec 17 2013 4:40PM
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MemeLord2
Posts: 175 - Karma: 51
yes.. good guy...
OR he just doesnt want to pay the taxes haha

but I always wanted to save the rainforest
Dec 17 2013 5:13PM
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saskskier
Posts: 4774 - Karma: 10,005
Lottery winnings aren't taxed in Canada.
Dec 17 2013 5:17PM
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cool_name
Posts: 4295 - Karma: 3,131
Fuck that, do you know how much blow you could afford with 40 million?

Lots
Dec 17 2013 5:18PM
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J.D.
Posts: 21362 - Karma: 5,142
Did you even read the thing? He attempted to keep it quiet, but the lottery has rules for prizes over a certain size and you have to publicly declare that you won, get your picture taken etc. They use it to market the lottery - a "this could be you!" type of thing. It's why his photo shows him in a hat and sunglasses, he wanted to remain as anonymous as possible.
Dec 17 2013 5:20PM
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Sno.
Posts: 12155 - Karma: 6,152
No. The only scenario in which I would "give away" 40 million is if I took the cash option in a 350 million dollar win.
Dec 17 2013 5:21PM
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mski
Posts: 4791 - Karma: 3,803
What would he have actually gotten after everything was said and done?

Id love to get a million a year for 40 years. Quit my job, buy a small home, start my own little side business, hook up my family and friends, and travel like a motherfucker.
Dec 17 2013 5:22PM
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whoa-dere
Posts: 10596 - Karma: 7,103
good for him but i would never do that haha. he is a CEO already so 40 mil might not be a huge amount to him
Dec 17 2013 5:24PM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
No.
Dec 17 2013 5:25PM
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Sno.
Posts: 12155 - Karma: 6,152
Why does he buy lottery tickets? That's the real question.
Dec 17 2013 5:26PM
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no_steeze
Posts: 23992 - Karma: 4,272
A lot of people's spouses divorced them after they won and took most of their money
Dec 17 2013 6:03PM
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freestyler540
Posts: 13083 - Karma: 18,725
I would not be the type to give it all away, especially at my age. But I would donate a good amount to charity too.
Dec 17 2013 6:05PM
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kevmac
Posts: 347 - Karma: 1,172
I would be interested in seeing how many people it helps that would make a good tv show I bet
Dec 17 2013 7:49PM
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Wallisch_pl
Posts: 5260 - Karma: 1,022
why the fuck was he playing the lottery in the first place then
Dec 17 2013 7:56PM
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t-roy
Posts: 4041 - Karma: 52
the company he was CEO of was bought by Wesco for over $1 billion dollars...


His family probably wouldn't have noticed an extra 40 mil laying around :P

Still sounds like an awesome guy though.
Dec 17 2013 8:06PM
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Olimar
Posts: 3535 - Karma: 4,076
"But when bearing alms, let not your right hand know what your left hand is doing" Matthew 6:3
Dec 17 2013 8:15PM
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Anathema
Posts: 21048 - Karma: 5,061
well i think the question should be more like "would you gave away 5% of your current wealth"

or however the hell much the guy is worth.
Dec 17 2013 8:18PM
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youngdtay
Posts: 3122 - Karma: -112
Seems to me like you're just reaching for a reason to not like the guy. I'd believe it's pretty tough to win and subsequently donate 40 million dollars without someone hearing about it.
Dec 17 2013 8:40PM
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Mag
Posts: 8155 - Karma: 14,809
On the contrary. The guy impresses me more as he's not doing it for fame.
Dec 17 2013 8:43PM
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RonJeremiah
Posts: 146 - Karma: 436
Crazy. The owner of Snapchat turned down a 3 BILLION dollar offer from facebook for the company.
http://www.usatoday.com/story/tech/2013/11/13/report-facebook-offered-snapchat-3-billion/3517929/
Dec 17 2013 8:49PM
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Sno.
Posts: 12155 - Karma: 6,152
bad move, imo. snapchat is about to be obsolete.
Dec 17 2013 8:50PM
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skiierman
Posts: 28699 - Karma: -5,563
Yeah but you realize that a majority of people who waste their money on the lottery are either old as shit, or dumb as fuck. All the horror lottery stories you hear are the dumb fucks who don't realize that you can get it in yearly payments. They all just cash out and end up being used by everyone around them. I wish I had a retarded friend that won the lottery... my life would be set.
Dec 17 2013 8:55PM
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Dr.Dealgood
Posts: 2587 - Karma: 1,352
You could probably start that hunt right here on NS ....
Dec 17 2013 9:07PM
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Wallisch_pl
Posts: 5260 - Karma: 1,022
that happened a while ago
Dec 17 2013 9:43PM
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TheClap.
Posts: 21664 - Karma: 4,140
Little late to the party...
Dec 18 2013 12:31AM
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cool_name
Posts: 4295 - Karma: 3,131
why would you want to get it in yearly payments, the amount you would lose in interest would be huge not mention with inflation the money would worth less and less each year. If i ever i win (which i doubt because i never play haha) i would use the money to buy a apartment complex that way you would get yearly payments that would be inflation adjusted as well as a large growing asset
Dec 18 2013 3:41AM
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Labattski
Posts: 201 - Karma: 74
What a dumb ass... If I won 40 mil I would pay off all my friends and fams mortgages lol and then live the fucking life with no need to work ever again
Dec 18 2013 4:48PM
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Huck_Norris
Posts: 11487 - Karma: 18,627
Then why the fuck even play?!?? I mean for fuck's sake, if you don't want it why try to win it? What an idiot.
Dec 18 2013 4:51PM
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Joshua.
Posts: 2957 - Karma: 6,230
I would give it away if I was that comfortable financially.

However, I wouldn't give it to charities, but rather to people in my life who I know work hard and are under appreciated. I honestly don't trust charities.
Dec 18 2013 4:55PM
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fujarome
Posts: 8630 - Karma: 1,561
I remember reading somewhere that the best option depends on what you plan on doing with it. If you plan to invest, the lump sum is usually best because you can go in with more. If you want to buy stuff and pretty much just be rich....annuity.


I'd take the yearly sums. It would be nice knowing that no matter what, you have a big check coming your way each year. Plus you end up with a huge amount more than the lump sum.
Dec 18 2013 4:58PM
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GayWolf420
Posts: 37390 - Karma: 120,134
good stuff. i got respect for the wealthy who are generous about their money. there is nothing wrong with being rich, its just if you act like a total fucker about it or not.
Dec 18 2013 5:22PM
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mski
Posts: 4791 - Karma: 3,803
Your still going to pay those taxes, I mean after winning 40 the first 25% is taken by the fed gov and anywhere from 5% to 10% to that state.

Plus wouldn't a large lump sum of money end up moving you into a higher taxation bracket ending up costing you more money?

Here's some facts about where the money would go in this situation

http://www.usamega.com/powerball-jackpot-annuity.asp?state=AZ&d=

http://www.usamega.com/powerball-jackpot.asp

Can you even take the lump sum in one hit? It doesnt seem like the state would be down for that.
Dec 18 2013 6:51PM
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saskskier
Posts: 4774 - Karma: 10,005
That sucks for you guys, but here in Canada, lottery winnings aren't taxed. The only 'penalty' for winning the lottery would be moving up to a higher tax bracket.
Dec 18 2013 7:19PM
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JAHBRADOR
Posts: 3004 - Karma: 17,069
ew
Dec 18 2013 7:28PM
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JAHBRADOR
Posts: 3004 - Karma: 17,069
and thats exactly how all the problems. I couldt choose between friends. Thats how you lose them.
Dec 18 2013 7:30PM
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___ASP___
Posts: 3861 - Karma: 490
.



The guy who won is actually worth over $100 million, and thats before he won the $40 mill.

He started a big electric company in Calgary among other things and is very well off, I guess 100 Mill will do that to ya haha

Obviously he has no need for the $40 mill but at the same time good on him for giving it all away.


Dec 18 2013 7:39PM
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JAHBRADOR
Posts: 3004 - Karma: 17,069
His employees must hate him so much.
Dec 18 2013 7:53PM
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theabortionator
Posts: 51644 - Karma: 162,264
Doesn't need the money yet plays the lottery


Click for larger image
Dec 18 2013 10:57PM
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skiierman
Posts: 28699 - Karma: -5,563
Are you an idiot? That's the only time you should play a frivolous game in which you stake your own fucking money in the most improbable situation that you win ANYTHING.

Oh wait maybe you're one of those jackasses that believes the lottery is only for those that really need it, which is why a single ticket costs 5 bucks in a game where the chances of winning are 1 in 3.4 billion.

Good logic there, shortbus.
Dec 18 2013 11:10PM
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Willgum
Posts: 3254 - Karma: 3,066
I like the lottery, It's like a tax for the dumb!

The only way to gamble IMO is to accept the fact that you will never make the money back that you set aside for gambling, and that it's just for fun.
Dec 18 2013 11:20PM
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PeppermillReno
Posts: 4805 - Karma: -651
A lottery ticket to a poor person gives then 10 hours of hope and dreams of grandeur.  I wouldn't slam a poor person for spending 1-2 bucks on mega millions.  Dropping 50 bucks a week on scratch tickets is different though and what you are talking about.


The guy probably buys lotto so that when he goes into his local convenience store he can give them better business.  He doesn't want to carry a 30 rack to his car he won't drink, he can only get as much gas as his tank will fit, so he probably wastes 15 bucks on lotto tickets since they support the government or whatever and he doesn't need the change from his smokes and coffee.




NOW... this is a very nice move by him.  BUt ....................

WHY THE FUCK CAN'T HE FIND 40,000 poor people and give them a grand each?  Why is it getting wasted in charities that retain 40-80% of the money donated to them to pay staff and stuff?  This guy could send someone to go door to door and put 1,000 bucks in poor peoples mailbox and actually make a difference.  BUt hes going to waste it on charities.

Dec 19 2013 12:32AM
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Sno.
Posts: 12155 - Karma: 6,152
its 1-2 dollars and the odds are 1: 259 million-- at least for mega millions.


Dec 19 2013 1:03AM
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Sno.
Posts: 12155 - Karma: 6,152
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Dec 19 2013 1:05AM
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Fun_dip
Posts: 2623 - Karma: 913
Calling BS. You wouldn't buy a couple million dollar dream homes or give some fat "thank you's" to your parents or something? I'm not saying you'd want to keep it all, but to just initially give away that large of a chunk would be stupid. That's under 100k a year for the rest of your life(assuming you don't work).
Dec 19 2013 1:13AM
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