MAIN FORUM

Comments

  • tgowen

    • Blogger of the Month

    Tomorrow I can only assume that many of us are entering the day with dreams of winning a cool million.

    But what if you actually do win? What will you do? Are you going to quit DFS? Maybe you play more…

    Personally, my gut reaction would be to call it a day and walk away from DFS. I’d buy a nice house, get a good vehicle, pay off any debt, and go to work as the happiest person in the building (I’m a teacher).

    As much as I’d like to say I’d keep playing, in my heart I know that the only way I’d be able to play would be by upping the stakes. The small time days of playing only a couple of bucks a week would be gone, and I have no desire to turn this into a career.

    Of course I have no idea how it would all play out, but as of now this is the plan I have set after tomorrow ends.

    Best of luck everyone.

  • FanFooBaa

    $1,000,000
    Minus – Federal Taxes – $250,000
    Minus CO Taxes – $75,000

    Leaves me with $675,000

    I buy the house I am renting for $545,000

    Leaves me with $130,000

    I buy my dream Jeep (seen in my avatar) for $100,000 from Starwood Motors.

    Now with no mortgage/rent my largest bill is gone forever. I work part time, go to the gym a lot, take naps, go camping, go fly fishing and keep playing DFS! I’d keep about $10,000 in my DK account to play with!

    Can you tell I’ve thought about this before??

    Good luck everyone!

  • MRCOOKONUTS

    Can you hide from Uncle Sam?
    Doubt it..but there are ways to lower your tax rate.

  • MRCOOKONUTS

    @FanFooBaa said...

    $1,000,000
    Minus – Federal Taxes – $250,000
    Minus CO Taxes – $75,000

    Leaves me with $675,000

    I buy the house I am renting for $545,000

    Leaves me with $130,000

    I buy my dream Jeep (seen in my avatar) for $100,000 from Starwood Motors.

    Now with no mortgage/rent my largest bill is gone forever. I work part time, go to the gym a lot, take naps, go camping, go fly fishing and keep playing DFS! I’d keep about $10,000 in my DK account to play with!

    Can you tell I’ve thought about this before??

    Good luck everyone!

    You are single I assume because no way your scenario works if you have wife and kids at home.

  • FanFooBaa

    @MRCOOKONUTS said...

    Can you hide from Uncle Sam?
    Doubt it..but there are ways to lower your tax rate.

    Yes, but I believe the earnings are considered “gambling profits” which are taxed at a higher rate. I cant hide, Im married with kids, I dont want to wind up in the clink for white collar tax evasion! :)

  • FanFooBaa

    At one point there was a guy claiming to be a DFS tax accountant here in the forums, would love to hear his thoughts, his knowledge is undoubtedly better than mine!

  • Ntucker2

    quit this dumbass subway I’m working at for dfs money lol

  • FanFooBaa

    @MRCOOKONUTS said...

    You are single I assume because no way your scenario works if you have wife and kids at home.

    Nope married with kids, whats wrong with my scenario? My wife would LOVE me to pay off/buy the house we are in. I love my work so I wouldnt stop working, I am a video spokesperson from home with my own green screen studio…

  • MRCOOKONUTS

    Married with kids you say?
    So you going to force your wife to work full time while you take it easy,work part time and enjoy the good life?
    Medical emergencies,future college tuitions,car,home repairs. etc etc.
    650grand goes a long way when single.A person who is single can live comfortably on the top prize for the next 25years.

  • FanFooBaa

    @MRCOOKONUTS said...

    Married with kids you say?
    So you going to force your wife to work full time while you take it easy and enjoy the good life?
    lol

    No shes a stay at home mom as it is. Who am I kidding anyway, some guy will win with with ONE entry who knows nothing about football and who’s wife picked the players because she “likes the team colors” or “likes the mascot” or “”(player-popup)Aaron Rodgers”:/players/aaron-rodgers-11601 is hot”… lol

  • MRCOOKONUTS

    @FanFooBaa said...

    No shes a stay at home mom as it is. Who am I kidding anyway, some guy will win with with ONE entry who knows nothing about football and who’s wife picked the players because she “likes the team colors” or “likes the mascot” or “”(player-popup)Aaron Rodgers”:/players/aaron-rodgers-11601 is hot”… lol

    Hey its a wonderful thought and you gotta be in it to win it so anything is possible.No harm in wishful thinking..

  • FanFooBaa

    Lets hear what some other people would do with the $$!

  • MRCOOKONUTS

    I would give all my winnings to the democratic party to help elect the wonderful Hilary Clinton. NOT!!!!!

  • FantasyTime69

    I would take all of saahillsuds games till hes busto. And be the dfs hero of the world woohoo.

  • Rosterbate

    Probably spend most of it on hookers and blow and then just waste the rest.

  • JGENNARO29

    • $1M Prize Winner

    • 2019 DraftKings FFWC Finalist

    From experience, the govt took $320k

  • TheWeeIceMan

    Two chicks at the same time.

  • lk2000

    Pay off my g-d student loans

  • walkoff9

    100K bankroll, other 600K (after taxes) in the bank.

  • webbm1

    I’d still play DFS for sure, its fun researching, building lineups and watching the scores come in. We don’t pay tax on winnings here so I’d have plenty to spend, probably buy a house etc.

    Of course this is extremely unlikely seeing as I only have one entry for tomorrow and don’t know much about the NFL.

  • PJGuin23

    DFS Tax Guru

    @FanFooBaa said...

    At one point there was a guy claiming to be a DFS tax accountant here in the forums, would love to hear his thoughts, his knowledge is undoubtedly better than mine!

    What?

    All kidding aside, it would depend on how well you want to shelter that income so to speak plus the rate of income tax you have to pay varies greatly depending on what income you already have. Absolute worst case scenario you could be looking at a $400,000 Federal tax bill but that’s if you don’t do proper sheltering (i.e. Charities, Retirement accounts) and have high wages so to speak.

    As for me with the MM:

    - Debt such as cars and student loans are gone

    - Run scenarios to lower my tax bill. The $30,700 to PA and the $10,000 to my local tax authority (Berkheimer) are a given. Check cut. Deductible on Federal taxes when paid so they get paid quickly.

    - Cash in refinance on current mortgage with higher % down then take advantage of super low 15 year mortgage rates

    - 529 plan for daughter to lower state tax an accrue gains tax free till she goes to college

    - Vacation condo In Myrtle Beach but mainly a rental with personal use for 2-3 weeks of year.

    - Park the rest in tax free Munis and dividend paying stocks.

  • FanFooBaa

    @PJGuin23 said...

    What?

    All kidding aside, it would depend on how well you want to shelter that income so to speak plus the rate of income tax you have to pay varies greatly depending on what income you already have. Absolute worst case scenario you could be looking at a $400,000 Federal tax bill but that’s if you don’t do proper sheltering (i.e. Charities, Retirement accounts) and have high wages so to speak.

    As for me with the MM:

    - Debt such as cars and student loans are gone

    - Run scenarios to lower my tax bill. The $30,700 to PA and the $10,000 to my local tax authority (Berkheimer) are a given. Check cut. Deductible on Federal taxes when paid so they get paid quickly.

    - Cash in refinance on current mortgage with higher % down then take advantage of super low 15 year mortgage rates

    - 529 plan for daughter to lower state tax an accrue gains tax free till she goes to college

    - Vacation condo In Myrtle Beach but mainly a rental with personal use for 2-3 weeks of year.

    - Park the rest in tax free Munis and dividend paying stocks.

    Yikes, my money management skills just got served. I dont even know what half that stuff means! If I win I’ll be PMing you for advice! Charleston or Hilton Head blows Dirt-yle Beach out of the water btw!

  • flip4flop

    Win 1 mill
    Expect 300k in taxes

    DFS Roll- 50k
    Payoff cars 80k
    Invest- 200k
    Money down on new house- 300k
    Vacation account- 50k
    Upgrade most home electronics and other stuff- 20k

    Done and done

  • tarheel66

    I am playing anyone heads up $10,000 until it is all gone, to hell what the wife thinks

  • Russthabus26

    With my 680K id pay off all our bills and by myself a new vehicle. Would probably leave 20K online. As for the leftovers my wife and I would probably go to working part time.

  • Frustrated

    1 Mil

    - 500 K to taxes (probably not that high just always better to be safe than sorry and easier to calculate)

    pay off mortgage about 50K

    pay off bills about 50K

    Leaves me with 400K to play around with probably leave 100K to to keep DFS’in and 300K on whatever. Just relax maybe a vacation or two.

  • X Unread Thread
  • X Thread with New Replies*
  • *Jumps to your first unread reply

Subforum Index

RotoGrinders.com is the home of the daily fantasy sports community. Our content, rankings, member blogs, promotions and forum discussion all cater to the players that like to create a new fantasy team every day of the week.

Bet with your head, not over it!
Gambling Problem? Call 1-800-Gambler