Congrats to a fellow moto rider who won NYS lottery!

90smoto
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90smoto 11/14/2017 1:57pm
11/14/2017 1:57pm Edited Date/Time 11/14/2017 9:59pm
Colton Harrison a longtime and very fast Upstate NY expert rider won a million bucks on a $5 scratch off! Very cool to see a fellow moto dude win it big. Wanted to give him a shout out and figured vital could also use a little positivity during the off-season... instead of threads bitching about Ronnie Mac or about Chad Reed not signing # plates haha. Oh and Coltons reply to what he would do with the cash..."buy a new dirt bike" ! Kick ass Colton you deserve it kid



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aeffertz
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aeffertz 11/14/2017 2:29pm
11/14/2017 2:29pm
Waiting on the "So I opened my wallet" thread! Grinning

Congrats, that's awesome.
mattyhamz2
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mattyhamz2 11/14/2017 2:36pm
11/14/2017 2:36pm Edited Date/Time 11/14/2017 2:36pm
Awesome! Congrats to him. If I had won that million, id probably have a 2018 YZ450, an FC450 and an FC350 in the garage Tongue
peelout
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peelout 11/14/2017 2:41pm
11/14/2017 2:41pm
sweet!

those Carhartt beanies are only $10, i figure he could buy one to match every shirt he owns instead of just that one
Myke
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Myke 11/14/2017 2:45pm
11/14/2017 2:45pm
Congrats!. Let him know I have a nice 08 crf450 for sale.

What does he end up with after all fees $300,000?

The Shop

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pmshortt2
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pmshortt2 11/14/2017 2:47pm
11/14/2017 2:47pm
Now he has the money to buy some land and open up a track!!!
nascarnate326 11/14/2017 3:43pm
11/14/2017 3:43pm
pmshortt2 wrote:
Now he has the money to buy some land and open up a track!!!
That sounds like a very quick way to throw away 100,000. I like it.
m.hardesty16 11/14/2017 3:59pm
11/14/2017 3:59pm
Maybe he can buy land a make a track for his fellow upstate NY riders.
mattyhamz2
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mattyhamz2 11/14/2017 4:07pm
11/14/2017 4:07pm
pmshortt2 wrote:
Now he has the money to buy some land and open up a track!!!
nascarnate326 wrote:
That sounds like a very quick way to throw away 100,000. I like it.
That sounds like a very quick way to throw away 100,000. I like it.
More like $200,000-$300,000
plowboy
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plowboy 11/14/2017 4:10pm
11/14/2017 4:10pm
After taxes, he should bank about $604,000. Enough for a smart fella to augment an income and live out the rest of his days in pretty reasonable fashion.
Markee
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Markee 11/14/2017 4:19pm
11/14/2017 4:19pm
plowboy wrote:
After taxes, he should bank about $604,000. Enough for a smart fella to augment an income and live out the rest of his days in pretty...
After taxes, he should bank about $604,000. Enough for a smart fella to augment an income and live out the rest of his days in pretty reasonable fashion.
Like cutting grass at the local golf corse stoned on some budds creek!
Falcon
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Falcon 11/14/2017 4:25pm
11/14/2017 4:25pm
Good news for that guy, although I always thought that particular sum would be the worst amount to win.

Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.

The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
yak651
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yak651 11/14/2017 4:29pm
11/14/2017 4:29pm
Congrats to him, what's up with that chicks arm?!
plowboy
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plowboy 11/14/2017 4:36pm
11/14/2017 4:36pm
plowboy wrote:
After taxes, he should bank about $604,000. Enough for a smart fella to augment an income and live out the rest of his days in pretty...
After taxes, he should bank about $604,000. Enough for a smart fella to augment an income and live out the rest of his days in pretty reasonable fashion.
Markee wrote:
Like cutting grass at the local golf corse stoned on some budds creek!
Lol, I was thinking more of buying a real nice fixer upper property and working at home depot for employee discounts. If you are handy life could be sweet on 600k. Trouble is most people aren't that smart, I guess.
plowboy
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plowboy 11/14/2017 4:36pm
11/14/2017 4:36pm
Falcon wrote:
Good news for that guy, although I always thought that particular sum would be the worst amount to win. Win $10M and you can retire, right...
Good news for that guy, although I always thought that particular sum would be the worst amount to win.

Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.

The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
Too true.
Bruce372
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Bruce372 11/14/2017 4:40pm
11/14/2017 4:40pm
Did he make more than Marvin at the MEC?
plowboy
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plowboy 11/14/2017 4:43pm
11/14/2017 4:43pm
Bruce372 wrote:
Did he make more than Marvin at the MEC?
I'm not sure if Marvin even had the "lump sum" option.
90smoto
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90smoto 11/14/2017 4:55pm
11/14/2017 4:55pm
Myke wrote:
Congrats!. Let him know I have a nice 08 crf450 for sale.

What does he end up with after all fees $300,000?
He chose the lump sum option. After taxes the interview said just under $530,000. He's a good dude and a hell of a rider. Turned expert really young at like 14 and would regularly run up front.
90smoto
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90smoto 11/14/2017 4:58pm
11/14/2017 4:58pm
I remember former pro Travis Preston also won the California lottery back in the day. I forget the amount but it was a decent amount as well

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-MAVERICK-
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-MAVERICK- 11/14/2017 5:12pm
11/14/2017 5:12pm
Falcon wrote:
Good news for that guy, although I always thought that particular sum would be the worst amount to win. Win $10M and you can retire, right...
Good news for that guy, although I always thought that particular sum would be the worst amount to win.

Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.

The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
Depends how old you are I guess. But with a million you can have a pretty cushy life. Pay the house off, pay off the odds and ends and life would be really comfortable.

Some people need to wake up and do something everyday in order to feel like they have a purpose. A million dollars would allow you to continue to work full time or part time depending on the type of life you want. It would definitely allow you to have more freedom and a lot less stress. A family could survive on 1 income. Wife/girlfriend could stay at home with the kids. A lot more upside than downside to a million dollars.

That said a million isn't all that much today but if you're smart with it, it can go a long way. Just don't go all rock star because you'll go broke in no time.

I'm curious to know, why are lottery winnings taxed in the US? Up here you'd be taxed on the interest you earn and that's it. So a million dollars would be exactly that not 600k. That extra 400k in the bank would make a big difference for anyone.
cali11
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cali11 11/14/2017 5:38pm
11/14/2017 5:38pm
pmshortt2 wrote:
Now he has the money to buy some land and open up a track!!!
nascarnate326 wrote:
That sounds like a very quick way to throw away 100,000. I like it.
That sounds like a very quick way to throw away 100,000. I like it.
mattyhamz2 wrote:
More like $200,000-$300,000
He will get way more than that. Around $650K after taxes. Unless he takes lump sum. Not sure how that works
cali11
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cali11 11/14/2017 5:43pm
11/14/2017 5:43pm
Falcon wrote:
Good news for that guy, although I always thought that particular sum would be the worst amount to win. Win $10M and you can retire, right...
Good news for that guy, although I always thought that particular sum would be the worst amount to win.

Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.

The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
-MAVERICK- wrote:
Depends how old you are I guess. But with a million you can have a pretty cushy life. Pay the house off, pay off the odds...
Depends how old you are I guess. But with a million you can have a pretty cushy life. Pay the house off, pay off the odds and ends and life would be really comfortable.

Some people need to wake up and do something everyday in order to feel like they have a purpose. A million dollars would allow you to continue to work full time or part time depending on the type of life you want. It would definitely allow you to have more freedom and a lot less stress. A family could survive on 1 income. Wife/girlfriend could stay at home with the kids. A lot more upside than downside to a million dollars.

That said a million isn't all that much today but if you're smart with it, it can go a long way. Just don't go all rock star because you'll go broke in no time.

I'm curious to know, why are lottery winnings taxed in the US? Up here you'd be taxed on the interest you earn and that's it. So a million dollars would be exactly that not 600k. That extra 400k in the bank would make a big difference for anyone.
My inlaws are Canadian & they tell me the same thing.
jeffro503
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jeffro503 11/14/2017 5:45pm
11/14/2017 5:45pm
That is awesome to hear! I hope Colton makes good use of that money.
pmshortt2
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pmshortt2 11/14/2017 6:31pm
11/14/2017 6:31pm
Nah he needs to use this money to get a hold of Malcom and stew WhistlingWoohooWoohoo
CarlinoJoeVideo
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CarlinoJoeVideo 11/14/2017 8:26pm
11/14/2017 8:26pm
90smoto wrote:
I remember former pro Travis Preston also won the California lottery back in the day. I forget the amount but it was a decent amount as...
I remember former pro Travis Preston also won the California lottery back in the day. I forget the amount but it was a decent amount as well
I think it was only $10-$15k? But it was enough to get him a bike then eventually back on a team. It’s a Really cool story.
TXDirt
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TXDirt 11/14/2017 8:32pm
11/14/2017 8:32pm
Who says privateteers cant make any money.
jaredkeller96
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jaredkeller96 11/14/2017 9:21pm
11/14/2017 9:21pm
kinda crazy but I worked with a guy that won the 453 million dollar lottery and ended up with 193 after taxes..but from Lafayette Indiana.
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APLMAN99 11/14/2017 9:39pm
11/14/2017 9:39pm Edited Date/Time 11/14/2017 9:43pm
Falcon wrote:
Good news for that guy, although I always thought that particular sum would be the worst amount to win. Win $10M and you can retire, right...
Good news for that guy, although I always thought that particular sum would be the worst amount to win.

Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.

The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
-MAVERICK- wrote:
Depends how old you are I guess. But with a million you can have a pretty cushy life. Pay the house off, pay off the odds...
Depends how old you are I guess. But with a million you can have a pretty cushy life. Pay the house off, pay off the odds and ends and life would be really comfortable.

Some people need to wake up and do something everyday in order to feel like they have a purpose. A million dollars would allow you to continue to work full time or part time depending on the type of life you want. It would definitely allow you to have more freedom and a lot less stress. A family could survive on 1 income. Wife/girlfriend could stay at home with the kids. A lot more upside than downside to a million dollars.

That said a million isn't all that much today but if you're smart with it, it can go a long way. Just don't go all rock star because you'll go broke in no time.

I'm curious to know, why are lottery winnings taxed in the US? Up here you'd be taxed on the interest you earn and that's it. So a million dollars would be exactly that not 600k. That extra 400k in the bank would make a big difference for anyone.
For a young guy, $1M = $30K per year. 3% income is the rule of thumb, anything more and you risk cutting into your investment and start reducing your pile.

Between federal (39.5%?), state (6.8%?), etc, the just over $500K number sounds realistic.

So that's only about $15K in income a year if you want to use it for lifetime income.

I think I'd probably get debt free and then spend whatever I had left over from the first $100K on some fun stuff, then stick the remaining $400K into some investments for retirement, even if it wouldn't all be "qualified" money. Try to retire a few years earlier.

holtergeist797 11/14/2017 9:59pm
11/14/2017 9:59pm
aeffertz wrote:
Waiting on the "So I opened my wallet" thread! Grinning

Congrats, that's awesome.
dude i thought i was crazy for thinking what’s up with all the “opened my wallet” threads. evidently there has been multiple threads

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