Let's say you are Justin Atkins and you just won $300,000..........
What you do with the money? Invest it? Buy an annuity package? Buy or pay off your house?
Let's say you are Justin Atkins and you just won $300,000..........
What you do with the money? Invest it? Buy an annuity package? Buy or pay off your house?
I'd hand it over to the wife so I'd have someone to blame if we ever went broke... In all seriousness I'd get our investment guy involved and go from there... Dan
Pay taxes with most of it.
Will he have to pay self-employment FICA on all $300,000? That is 15% off the top, plus income tax.
Stop fishing immediately then I could say I made money fishing. Wait that would a lie because I would still be in the hole.
well probably close to half is gone after taxes.....then I'd probably use the rest to buy/pay off home
Social security (12.4%) will on hit the first $127,200 of his NET earnings for the year but Medicare (2.9%) will hit it all. Plus he will have his normal income taxes.Originally Posted by Charles Prestridge
I don't know where we are, but we are making darn good time.
A lot of those guys incur substantial debt to play the game. A win like that would take care of whatever debt he may have, then taxes state & fed, so who knows what's left.
If his accountant is worth anything he might break even after all the write-offs. I't all the endorsements where he will make the money.
If he's lucky he'll be able to pay off his gas and lodging credit cards.
Put it in the bank and join the Elites?!
2011 Skeeter ZX225
225 Yamaha HPDI Series 2
Minn Kota Ultrex 112 52"
Console: HDS 16 Carbon
Bow: HDS 12 Carbon, Solix 12 G2, Mega 360, Garmin 106 SV, LVS 34
He would be better off to do 5 year averaging, unless he expects to win more each year in the future.
I fished with an Elite Series pro a few years ago. He was doing alright for himself on the tour but was talking about getting out of them and moving on. When I asked why especially when he had been doing so well he said the nickname some guys had for that series was the Delete Series because that's what it did to your bank account. I kind of laughed but he didn't seem to think it was very funny. So maybe Justin should find a really good investment guy rather than go to the Elites 樂
Last edited by fishmaster; 08-16-2017 at 02:14 PM. Reason: spelling correction
I'd buy a "Happy Meal" and head for the next tourney.
2007 Skeeter 21i 300HDPI
Who knows...the kid might be the next KVD, the money at least gives him a shot. Better to be out there young.
This. A pro fisherman has legit business expense (lodging, mileage, equipment depreciation and such). A good tax guy can make some of the income go away. Hope he has one.
Besides taxes and SocSec, he'll be able to pay for some entry fees for next year.
I'll take Curtain No. 3 and the new house Monte, also known as a bird in the hand, or a sure thing
If it were me, I'd invest.
He'll probably just keep TX fishing until it's all gone.
Lucky for him fishermen got to keep that method.
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