They are better off poor then winning even $1 million

Store clerk wins $258.5 million Powerball

Today’s news is one of those things that makes a cat want to philosophize about. My human and her mate have discussed issues like this; but, of course, they have never asked for my opinion on the subject. Now, it’s my chance to have a say in the matter.

According to the news, a 29-year-old father of three; a 10-year old son and a 7 and 5 year old daughter, who was raised by his grandparents in rural southern Missouri, won $258.5 million. The picture of the man shows he is missing his two front teeth which he later indicates that he now can afford to have fixed. His story also indicated that $28.96 in his bank account and that a friend had allowed him to purchase a 1998 Ford Ranger pickup, which the friend had been asking $1,000.00 for, in installments of $100.00.

This man has to figure out whether he would like to accept a one time payment of 124,875,122, or take the jackpot in 30 payments over twenty-nine years; although, the article does not indicate how much each payment would be. So, let’s take a look:

A one time payment looks almost promising, doesn’t it; it appears that he will get half of what he won; of course, the article forgets to state that most likely, that amount is before taxes which means; should he take a one time payment after taxes he will get approximately $41.5 million. Based on the mentioned one time payment amount, if the man accepts thirty payments he would receive approximately $4,162,504 per payment, less taxes that would mean $1,387,501 annually after taxes.

But, wait! The article states he has three children by two women, but does not indicate whether or not he presently lives with either woman; so lets get into the child support issue. At 25% for the two children, his newly modified child support payment would be $31218,780 and most likely that would become his annual child support payment. If he took payments, he would only have to pay $1,040,626 annual for the two kids. Of course there is a third child who receives 17% -- need I say more?

Without taking into consideration of this man is a drinker, and therefore would be required to fund an insurance company just in case he say, got in a fight or an accident when he was drunk. Oh, yes, his regular vehicle insurance would have to be modified as well. This poor man who just won $258.5 million dollars should be in debtor’s prison by the end of two years!

Therefore, cats everywhere, warn your humans; they are better off poor then winning even $1 million; unless of course they are already rich, then it’s just another drop in the bucket for the winner!