RIP OFF: AMERICA'S GOT TALENT WINNER GETS 1 MILLION OVER 40 YEARS!!!

[gregg75]

TV Guide says the winner gets an annuity that pays a million over 40 YEARS. They can also get a lump sum which would be substantially smaller.

NOW, I KNOW SOMEBODY MADE SOME BIG MONEY ON THIS SHOW!!!!! They should be able to pay more than that.

I'm just glad I wasn't suckered in to watching such a spectacle......the hosts were enough to keep me tuned out.....and after hearing this, I'm glad I did.

 

[TroyG]

$1,000,000 over 40 years=$25,000 a year. No wonder why this year's winner has gotten himself suckered.

 

[ajc_trw]

$1,000,000 over 40 years=$25,000 a year. No wonder why this year's winner has gotten himself suckered.

At $25k a year he won't be paying much in Fed/State taxes unless he has a good job to add to that.

If he's unemployed $25k is over $2k a month which is enough to live on till he gets his big break.

Busboys & Waiters in LA make can much less and work way harder. If that's getting suckered where do I sign up!

 

[landtuna]

TV Guide says the winner gets an annuity that pays a million over 40 YEARS. They can also get a lump sum which would be substantially smaller.

Couple observations:

1. These shows are not likely to produce much in the way of entertainment. Whether they are worth watching depends upon your threshold for pain.
2. The contestants sign paperwork before appearing that covers the awards (as well as all the other incidentals) so they are aware of the payoff schedule should they win.
3. You didn't say whether the smaller payoff was the normal jackpot minus tax withholding (standard stuff) or some sort of other smaller payout - either way though they would have known up front.
4. Given the talent that is usually present on these shows either payout is a pretty good day's work.

 

[Skynet74]

Yeah Howard Stern pointed this out last week. The title of your post pretty much is exactly what he said. RIP OFF. Don't forget to take away almost half for taxes.

 

[Yeziknoradio]

$1,000,000 over 40 years=$25,000 a year. No wonder why this year's winner has gotten himself suckered.

If he's unemployed $25k is over $2k a month which is enough to live on till he gets his big break.

Well, they never DID say how the million would be paid.
It's not a lie, it's still a million.
The killer is that it's interest free, so years from now, that's still the same yearly payment...even if the cost of living climbs...
So, if one were to accept the million over 40 years and buy a new car every year, would it be possible in ten years? Most likely not.
(just an example...)