Feb 222016
 

Who Would You Tell?

Awhile ago you guys were asked who you would tell if you won the lottery.  Here are the results. Thanks to everyone who voted. 🙂

16-02-poll-results-winning-lottery

 

Roughly a quarter of readers said they will keep the secret to themselves. I happen to be in this category as well. But I would tell my spouse if I had one. I think she would eventually find out sooner or later. Half of the people polled feel the same way and would tell their immediate family members. Only 4.6% would post it on Facebook and don’t mind if all their friends knew. We all have our reasons for how we voted. I personally think nothing bad will happen if nobody knows you’re rich. 🙂 But you can obviously put money to good use anytime.

Last month 3 tickets split the record $1.6 billion Powerball jackpot in the U.S. The winners have 60 days to make a decision on whether they want to take the lump sum payment, or the annuity payments spread out through 29 years, a dilemma most people wouldn’t mind having.

Option 1: Lump Sum

  • Divided among the 3 tickets, each cash lump sum will be $310 million.
  • The winner would get their money right away, but pay 40% in taxes. (The IRS taxes lottery winnings like income tax)
  • After tax lump sum will be $187 million for each winning ticket.

Option 2: Annuity Certain

  • Winning ticket holders will receive 30 payments over the next 29 years.
  • The first payment of $7.5 million will be made immediately, and slowly increase with interest to about $31 million on the final payment, with a combined total of $529 million.
  • If the winner dies the annuity payments will continue and go into his or her estate to be passed on to any heirs.
  • Powerball invests the entire cash value of the annuity in various U.S. government securities. The winner won’t be taxed on investment income within the annuity because Powerball will be the entity investing the money.

I would probably go with option 2 and choose the annuity over the lump sum just for the tax savings. 🙂 Which would you choose?

——————————————————————–
Random Useless Fact

16-02-eat-cake-in-one-sitting

————————————-

By the way, I’m currently on vacation in the Caribbean right now and won’t be back until next week so I won’t be very active on the blog in the meantime. 🙂

Oct 282013
 

It seems a lot of my friends are getting engaged and married lately. Darn, that makes me feel old lol 😆 One question you might ask if you’re planning a wedding is how much money to spend on a cake 😀 So here’s a budgeting guide for wedding cakes.

Some people over estimate how much cake they actually need. This often leads to a lot of it being left over. Proper planning can reduce wasted food and money 🙂 From what I’ve heard the general rule is each finger slice of cake can cost between $2 to $5. This is for a typical buttercream or fondant wedding cake with vanilla icing. However larger cakes with 3 more more tiers can cost up to $8 per slice because stacking becomes more difficult and more work goes into transportation. So make sure to budget accordingly to avoid walking on thin icing later 😀

To give a rough estimate using the numbers above, a wedding cake for a small reception of 25 people should cost around $150. A cake for 100 would be about $500. And for 200 people it would be $1,200. Simply extrapolate these numbers if you gateau-ver 200 guests 😀 These estimates will get you a pretty decent cake and should be enough for most couples.

However there is always a range of options you can choose from, so ask around and sponge off your friends for ideas 🙂 High end specialty cake makers that can add exotic ingredients or wedge in 😀 additional services can charge $10/slice or more. The cake at Prince William and Kate Middleton’s wedding in 2011 was $80,000, and looked absolutely stunning!

13-10-royal-wedding-cake

Continue reading »