$1,000,000 tourney win!!!

[Rob LaMoy]

Man, I thought you guys would be all over this. Did anyone else get goose bumps watching the video of Scott Suggs hoisting up the first ever check in a bass tourney for $1,000,000????:blink:



Made me do some serious thinking, tell ya that much. That is some life changing coin right there. Not to mention the endorsement, sponsor, and speaking money he'll make over the next year.



I'd pay my $300,000 or so to Uncle Sam and then invest the rest and live off the interest. $700,000 at a 10% ROI (which is not unreasonable to obtain at all) would give me $70,000 a year for the rest of my life, residual, withouth ever touching the principle. I could get by with that and fish forever.



What would you do with it???? :huh:

 

[Kieth Fedo]

First I'd have to pay off the 911...smugly tell my wife I told you it would pay for itself, then go back to work Monday morning.

 

[Randy Walls]

I'd walk in, tell the wife to pack that I just won $1,000,000. When she would ask where are we going I would say, i don't care where you go as long as it is not here! Ha ha!



Just kidding, would probably do the same as you suggest Rob. That way I could fish and fish and fish and ............................





Randy!

 

[BJ Laster]

I've probably watched the video online 100 times...yes it was awesome!

 

[Mini]

Rob,



$70k would only cover entry fees and expenses....how ya gonna feed the family w/o dipping into that principle?



FLW Championship winners dont get nearly as much as Bassmaster Classic winners in endorsments, speaking and appearances. I know its hard to beleive, but it is what it is.



Winning the Classic is a career defining win. Winning the FLW Championship is a great payday.



Mini

 

[Jim in VA]

Not to throw cold water on the fantasizing (I do it too whenever I pick up a Powerball ticket), but upper income tax brackets are closer to 35%, so $1 million is more like $650,000. Then throw in state income taxes (most states have these) and figure another 5% to 6% off of the $1 million and you're down to $590,000.



And I'm sure that to get to that point, there were consider expenses and/or debt incurred so that Suggs will need to address those out of principle.



As for interest rates, yes, 10% is not unreasonable or unheard of, but is generally the type of rate you get for long term investments with a higher risk profile held over time. A more conservative figure for short-term annual rates is more like 3% to 5%. So off of $590,000, we're looking at $17,700 to $29,500 per year without touching the principle or accounting for expenses/debt to get to the prize.



Given that lower amount, its really tough to support a family with this sum, let alone turn that into an annunity that allows early retirement. Still, its a nice sum that would allow you to continue in the fishing circuit, seek endorsement deals, etc. So I wouldn't sneeze at it!

 

[Bill McElroy]

Mini,......winning the BMC didn't do much to help Clausen....

 

[Texas Transplant]

And to tag onto Jim C. - those folks are self-employed. Their tax bite will be closer to 45% and maybe higher, because of the tax bracket and having to pay 'both ends' of the tax bite. They are not 'employees' of FLW, so somebody has to pay the 'employer' portion.



Regardless, nice to see someone cash a big check.



Tex

 

[fatrap]

I'd invest in a Hooters Resturant.



fatrap

 

[Scott Hammer TOXIC]

Consistent top 10's or at least in the $$ is the way to be successful on the trail. One time paydays in the big picture are like lottery winners, they usually end up broke. Woo Daves lives pretty well off his 1 BMC win but he still fishes TX and has a lot of "other" fishing related income.



TOXIC

 

[TrepMan]

I'm with Jim and Tex, you're talking closer to $500k after taxes, and realize taking the interest out each year you still have to pay taxes (fed, state, local) on those earnings every year. I went through this with the boys a few years back when they would see the MegaMillions billboard for $10-20m, we'd sit down and do the math on initial tax, investment rates (figure 5% conservative per annum), taxes each year, plus other income you might have.... gave them a good appreciation for a) our government gouges us in taxes and what do we get for it? b) makes then think hard about when they are old enough to vote what type of politician they want on THEIR payroll spending THEIR money, and c) realize hard work, saving $$, making smart decisions is the key to having $$ and for long term, not wining a single lottery.



But YES Rob, that was a great clip and i'd LOVE to cash a $1000 tourney check, heck with a Million!!! LOL

 

[Greg Meyer]

The 13.XX% of self employment tax ends after someting like $100,000.00... But, I would like to write that tax payment check! Because, I would love to discuss that problem with an accountant... and have "only" the after tax portion...

 

[Rob LaMoy]

$1,000 ain't nuthin' anymore Trep, barely pays for the gas!

 

[Berry Lindley]

You guys need to move to TN and get away from those state income taxes. Something to think about before cashing in that lottery ticket.

 

[Mini]

Clausen left BASS for FLW. Thats why it didnt do him much good. After the Woo rule was in effect Luke was screwed.



KVD had success in the FLW, you never hear his name mentioned there.



The Classic still holds more weight than the FLW Championship.



Mini

 

[Ken Neeley]

Rob,

What was the "serious thinking" about???



You gonna finally become a full-time BTF???

 

[TrepMan]

Rob - "$1,000 ain't nuthin' anymore Trep, barely pays for the gas!" i'm glad some of you can afford that, I thought blowing $15 bucks in gas in my 115 HP for a Monday night pot tournament was a lot!!! LOL



I tell ya gang, between the price of boats, gas, and all ... I don't know how Rob or anyone else would go part-time in a set of BFL/BASS trails, let alone a full time pro unless a) you are independantly wealthy, b) such a good marketing/sales person that you ahead of time line up enough sponsors to cover all of your costs, fees, gear, gas, insurance... or c) just like going broke! That is not a slam on anyone who fishes part/full time, just an observation. For me, even if I was in the US and realy wanting to fish and was good at it, i wouldn't consider doing even a 6-8 lake BFL trail as a boater unless I had enough $$ in the bank to do it all (boat, gas, hotels, food, gear..) in cash, can't see using credit cards for anything as high risk of returns, and making sure I could pay all my home, family, food, mortage, retirement account stuff first. But thats why i'm still in management in IT, not fishing professionaly!! Oh and because I STINK at fishing!!! LOL



Trep

 

[Texas Transplant]

Most of the pro's will tell you this. If you plan on your 'winnings' paying your bills/mortgage, forget it. You better have the sponsorships, speaking engagements and other $$$ coming in. The tourney $$$ are the gravy on the potatoes, and for some, the dessert afterwards.



In large part, many of the pro's hope that their winnings pay their entry fees the next year.



Tex