When A Million Doesn't Feel Like A Million

[Dwight Hottle]

World record tuna caught on a mustad hook & the payout  Good thing the angler was not older than 55. 

 http://www.grindtv.com/outdoor/blog/51259/angler+collects+1-million+paycheck+for+catch+of+world-record+tuna/

[00 mod]

With the average American life expectancy of 77.6 (sorry old guys, it is the facts)  and Guy being 55, within the next 22.6 years he will only collect 452K of his 1 Mil winning.  That being said Uncle Sam hasn't been paid yet.....

 

 

Jeff

[NEjitterbugger]

What ever..... It is still an additional $20,000 a year that he doesn't have to work forr, and I think I would be fine with that! I would be fine if I caught a world record and got nothing in addition...

 

 

 

-It is indeed a bit bitter sweet though...

[flyfisher]

I wonder if he can give the rest away to his family after he dies.....either way I would love to be getting an extra 20k every year even if taxes took it down to 10-12k it is still free money.

[S Hovanec]

Could probably sell it to an annuity company and get more up-front.

[A-Jay]

Hey Mustad - I bet that didn't work out like you planned. 

 

Maybe you should have advertised the winnings in a fashion that actually reflected your intentions. 

 

If it's $20,00 a year for 50 years, then just say so up front.

 

Your very generous offer now appears somewhat disingenuous.

 

Perhaps it's in the small print on the reverse side of the offer, does anyone read that?

 

 

A-Jay

[00 mod]

I do remember seeing that somewhere when I signed up. Might not have been on Mustad's site, but somewhere.

Jeff

[CoBass]

I like Mustad products but 20,000 for 50 yrs? Really??? Unless it's transferable, the chances of someone collecting the full amount are pretty slim. Even if you won that in your 30's you probably wouldn't live to collect it all. $50,000 for 20 yrs I would be ok with. At least that is an amount that would make a significant difference in most peoples yearly income, and it's an amount that in most parts of the country, you could actually live on if you wanted to. I'm not saying I wouldn't want an extra 20 thousand every year but if I won a contest for a million dollars I would expect it to have a bigger impact on my life than just making things a bit easier.

[Dwight Hottle]

If they gave him a million up front he could invest the principal & at 5% annual return he would have $50,000.00 per year without touching the million. Big difference.  

[Darren.]

Well, at least he got the satisfaction of the catch!

[A-Jay]

If they gave him a million up front he could invest the principal & at 5% annual return he would have $50,000.00 per year without touching the million. Big difference.  

 

You said it .

 

"Win A Million"

 

Or

 

Actually get like $1,400 bucks a month -

 

Nice - but so not the same.

 

Might pay for a new Corevette though.

 

 

A-Jay

[Bluebasser86]

He could just put my name down on the entry. I'm not quite 27 yet so statistically I've got a shot at being around long enough to collect all the winnings 

[SirSnookalot]

First of all it's a great catch, after reading Yocom's bio probably isn't too concerned about the money.

I think a financial planner could answer this best, but it may be possible to structure the winnings payable into an estate or trust after death, everything is in the fine print.  $20k a year is petty cash to Mustad, a million at one time probably is not.

[Helluva_Engineer]

I don't even know where to start with this. First off, he did it with standup gear. Secondly, it was supposedly 180 miles offshore which is really far to say the least. just impressed by the whole thing.

[S Hovanec]

 $20k a year is petty cash to Mustad, a million at one time probably is not.

 

I would think it would have worked like the 'hole-in-one contests' that I see run around here from time to time.  The promoter buys an insurance policy to cover themselves in the slim chance someone actually pops one in.  Noone wins, you're only out the insurance money.  Someone wins, you're still only out the insurance money.

[SirSnookalot]

I would think it would have worked like the 'hole-in-one contests' that I see run around here from time to time.  The promoter buys an insurance policy to cover themselves in the slim chance someone actually pops one in.  Noone wins, you're only out the insurance money.  Someone wins, you're still only out the insurance money.

Not a bad point

[Helluva_Engineer]

I would think it would have worked like the 'hole-in-one contests' that I see run around here from time to time.  The promoter buys an insurance policy to cover themselves in the slim chance someone actually pops one in.  Noone wins, you're only out the insurance money.  Someone wins, you're still only out the insurance money.

 

Somebody at Mustad just saw this and facepalmed themselves.

[S Hovanec]

Somebody at Mustad just saw this and facepalmed themselves.

 

That's why I'm just a pee-on draftsman at a no-name civil.survey firm.  Ya know....the one's with the 'good' ideas go NOWHERE!!

[tomustang]

You said it .

 

"Win A Million"

 

Or

 

Actually get like $1,400 bucks a month -

 

Nice - but so not the same.

 

Might pay for a new Corevette though.

 

 

A-Jay

 

Soon as I read the last sentence I though about this scene:

 

 

Just enough to buy a car and then what? I'll be taxed on that!

 

Somebody at Mustad just saw this and facepalmed themselves.

 

It's a marketing ploy, it's working right now since you said their name, just like it worked as a headline/caption in a paper with their name. No doubt they spent millions on promoting it everywhere and also written that off