Originally published at: Florida man who won $1 million lottery plans on "upgrading to an electric toothbrush" | Boing Boing
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Whoa, slow down there Bud .
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I get the good feeling that he won’t be one of the lottery winners who blows it all within three years, as is often the case. Enjoy your toothbrush and flip-flops, sir!
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A man with a plan, OK & go get’em tiger.
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Very sensible.
My advice is for EVERYONE to get a good electric toothbrush, and either floss or a water pik. Trust me, it is worth the investment.
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Approves:
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Modest. Practical.
I suspect he just said he was from Florida to throw the spongers off the track.
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After taxes, and that toothbrush, and 30 years of brush heads, about $598,000 left.
Subtract another $98,000 in splurges, that’s a half a million. If you use that for retirement, and apply the 4% rule, that’s $20,000 in sustainable income for life. Not too shabby.
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A REAL “Florida Man” would have already spent the money on . . . $1million worth of more scratch tickets.
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Unfortunately, between state and federal taxes, you generally have to reduce the winnings by 50% to get an accurate measure of how much you end up with.
So he’s starting closer to $500K, still not too shabby.
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Florida doesn’t have an income tax, so he’s got that going for him which is nice. On the other hand, he’s in Florida.
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Ah, right, I forgot.
Federal tax rate on the winnings will be about 37%, I think.
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As long as he doesn’t buy a real green dress. That’d be cruel.
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Some lottery tickets actually have a positive expected value. Buying an individual ticket is still a poor choice, of course, but buying a significant enough number could be rational!
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Plus, you get to scratch them all!
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Finally someone who deserves his winnings.
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Good luck getting that electric toothbrush now, bubby; when the guv’mnt be takin’ half yous money!
Way to go, Brian! Dream big, buddy. Dream big.
Is there such a thing? Maybe some that don’t make that annoying sound.
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