Math problem

[mountain]

No right or wrong answers but I would be interested in educated guesses. How much is in the bank in February 2017?

10 years ago Timmy gets lucky in a casino poker game and wins $1 million dollars. Assuming a 28% tax bracket, his take home is approximately $720,000. Let's say that he averages a 7% return on his investments.

Timmy has no outstanding long term debts but has the following expenses/lifestyle:
* wife and 2 kids
* season tickets to pro basketball team
* season tickets to pro baseball team
* helps family member with college expenses
* wagers $1,000 per game on sporting events
* holds special events for the followers of Timmy Nation at casinos or ball parks

I may be leaving some expenses out but based on most people I know with a wife and 2 kids, the $720,000 would have been spent 3 years ago, maybe sooner.

 

[boss415]

What if Timmy has a job? Paid poster at 25 cents a post ?

 

[mountain]

What if Timmy has a job? Paid poster at 25 cents a post ?

Add 10 days to my above answer

 

[boss415]

Timmy boight not one but 2 houses. How much now

 

[mountain]

Timmy boight not one but 2 houses. How much now

Wow, didn't know that. The problem isn't solvable because he ran out of cash in 2009.

 

[boss415]

Wow, didn't know that. The problem isn't solvable because he ran out of cash in 2009.

Dont forget putting the cousin through law school. Now how much ?

 

[TomGshotput]

10 years ago Timmy gets lucky in a casino poker game and wins $1 million dollars. Assuming a 28% tax bracket, his take home is approximately $720,000. Let's say that he averages a 7% return on his investments.

If he can average a 7% return during the worst economic disasters in our countries history (Obama administration), he's obviously a investment fund manager and has at least $20 million in the bank

 

[Willie99]

playing a game he really doesn't know how to play?

only if Timmy's head smashed through a windshield creating a mental disability that makes one delusional, and he's "living the dream", a/k/a hallucinating

 

[thecentaur]

 

[LENBO]

Wil they be serving NE clam chowder at the soup kitchen tomorrow ?

 

[thecentaur]

Reminds me of a comic strip I saw long ago:

 

[thecentaur]

No right or wrong answers but I would be interested in educated guesses. How much is in the bank in February 2017?

10 years ago Timmy gets lucky in a casino poker game and wins $1 million dollars. Assuming a 28% tax bracket, his take home is approximately $720,000. Let's say that he averages a 7% return on his investments.

Timmy has no outstanding long term debts but has the following expenses/lifestyle:
* wife and 2 kids
* season tickets to pro basketball team
* season tickets to pro baseball team
* helps family member with college expenses
* wagers $1,000 per game on sporting events
* holds special events for the followers of Timmy Nation at casinos or ball parks

I may be leaving some expenses out but based on most people I know with a wife and 2 kids, the $720,000 would have been spent 3 years ago, maybe sooner.

Wait

What if Timmy has access to a couple of the worst local bookies in history who offer stale and unavailable lines any where else, PLUS he only recognizes and collects at the end of the season on a sport he is ahead, but refuses to acknowledge or pay bets on sports he ends up way down on going back years? He does this by telling people whom he owes that he will pay them they just need to meet him at some vague location where 5000 other people are.