CONSIDER THIS: All I Want Is You

By MICHAEL RODRIGUEZ
Managing Editor
editor@sbnewspaper.com

Michael Rodriguez

Michael Rodriguez

Would you call me a liar if I said that, upon winning a $500 million lottery jackpot, I’d keep only 0.1 percent of the winnings? Would you think me a fool? Maybe you’d wonder why on earth I’d even think of giving all that money away.

Let’s look at that number, 0.1 percent, for what it represents to me before getting lost in imagining what you could do with hundreds of millions of dollars at your disposal.

Roughly, 0.1 percent of $500 million is about $500,000. With half a million dollars, I could pay off the debt my wife and I have incurred over the years, buy a modest home with comfortable living accommodations, pay for the education of our future children (as well as our own) and have plenty left over to put in savings.

That’s all I really want.

I have desires for certain luxuries, of course, but that’s all they are—desires. And I say this not to portray myself as some sort of holier than thou do-gooder, but to make a point about perspective.

Recently, there’s been much discussion in our community about the money spent by our municipal and school district leaders. “Waste” is actually the word that bloggers have used in their criticism of the San Benito CISD Board of Trustees for engaging in a costly investigation into suspended Superintendent of Schools Antonio G. Limón. Over at the City of San Benito, “expense” is all but a dirty word for the financially-strapped municipality. While I’m not in any position to decide whether the school district’s expenditures on the Limón investigation are reckless or justified, nor am I able to tell you whether the City has reason to implement a strict policy of fiscal conservatism, what I can say for certain is that it’s difficult to make any determinations until knowing the whole story.

Let’s find out if there was cause to investigate the superintendent before dismissing the situation altogether. The real waste would be to prematurely end a probe that, before it’s all over, will cost tens of thousands of dollars; if not up to $100,000 should the district pay another interim superintendent well into the new year.

I’ve also found it interesting that the City is often criticized for its hesitancy in funding certain projects and programs. Take the Boys and Girls Club of San Benito, for instance. I’m not saying that I was against funding the Club when it was in financial dire straits earlier this year and, at the threat of closure, pleaded for assistance. What I considered refreshing, though, was the fact that the City exercised the safeguarding of its monies to the extent that its officials first exhausted all other options and alternatives on the table before finally providing financial aid to the Club.

Take into consideration, however, that my opinion is limited to these specific cases. To offer my thoughts on whether these entities are currently exercising responsibility with our tax dollars may be unfair at this point.

Going back to my original questions about whether or not you might consider me a fool, a liar or perhaps just plain crazy for giving up $499,500,000 … What if I were to tell you that I planned to give $2 million to each member of my family and my wife’s family, $50 million to our church (Grace Point Fellowship in Harlingen), $20 million apiece to the City and school districts in San Benito on the condition that the money is spent on widespread infrastructure repairs, economic development and education, and the remainder—about $160 million—to international charities?

It’s possible your opinion might change. How about we wait and see what transpires in our community before becoming judge, jury and executioner? Consider that the choices our leaders make may still turn out to be in our best interest.

Everything I do is for my wife, for my family. “All I want is you” is the thought (it’s also a fantastic U2 song) about my wife that keeps replaying in my head when I consider what I’d do with $500 million. I hope and pray that our leaders think the same of the people they represent when making those tough decisions. After all, we’re worth the careful consideration.

Permanent link to this article: https://www.sbnewspaper.com/2013/11/22/consider-this-all-i-want-is-you/

9 comments

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  1. An education is life’s winning lottery ticket up until you have to cash it in.

    • Paco Rabanne on November 25, 2013 at 3:41 pm
    • Reply

    Dear Lottery Wannabe Winner

    There is some element of truth to your statement in that the IRS requires a minimum withholding of 25% of the profit of any gambling win in excess of $5,000. However, the NET for a major jackpot winner often is misleading; winners pay additional taxes to the IRS when they file their returns. This is at the federal level, not the state level since Texas doesn’t collect state income taxes. In other words, if you earn more than $146,000 in any one year, you’re going to be paying Uncle Sam a heck of lot more in taxes than 25%.

    Second, in order to receive a net pretax amount of $500m from a lottery at today’s interest rates, you’d have to win a $1 billion lottery. Not to say that won’t happen, but the largest lottery ever won in the US was $656 million in a Powerball lottery in 2012.

    • Paco Rabanne on November 23, 2013 at 8:10 pm
    • Reply

    Dear Editor,

    It’s laudable that you would be willing to give away a potential fortune, but the math is a little off. Normally when a lottery is won, you get the option of taking it one lump sum or annually over a period of years (usually over a 20-25 yrs period).

    Assuming that you take the lump sum option (which is usually the best financial option), a $500,000,000 winning would be worth roughly $282,000,000 when you actually receive the money in year 1. The financial concept is that a dollar is more valuable today than in year 25. Assume you discount the winnings at 5% over 25 years, you get the $282m number.

    After you get those winnings, you’ll need to pay Uncle Sam because taxes are always a certainty, alongside death. With those kind of dollars, Uncle Sam gets 39.6% of the winnings so the after tax number is roughly $170 million, which is much lower than the initial assumed winnings in your article.

    If you take .1% of the winnings, you’ll be left with around $170,000, which is probably isn’t enough to realize the goals you framed in your article (house, debt, college education).

    That being said, the point of your article is well taken. The school district continues to make decisions as if money as it were free. At some point of time, the citizens of San Benito will be forced to pay the bills of these ill advised decisions in the form of higher taxes.

    Regards

    1. I actually attempted to account for the taxes in the remainder of the winnings but not nearly as specific as you have. With that said, I’d also pay you to handle my finances, Paco. Haha! Well said, sir! Kudos.

      • Lottery Wannabe Winner on November 25, 2013 at 11:04 am
      • Reply

      I believe the Federal government taxes lottery winnings at 25%. As far as I know, Texas does not tax the winnings. Assuming all that is correct, 500M lump sum winning would leave 375M, after taxes.

      • The Ghost of Pancho Villa on November 25, 2013 at 2:35 pm
      • Reply

      Tomatoe, Tomato, I just want my 10% cut of any of your lottery winnings or I will keep haunting the San Benito News building.

        • Jacob Lopez on November 27, 2013 at 2:52 pm
        • Reply

        Stop turning off the lights when I’m in the bathroom!

        1. That was actually me.

          • The Ghost of Pancho Villa on November 27, 2013 at 3:53 pm
          • Reply

          Stop reading in the bathroom!

          It is the San Benito Library News!

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