34-Year FoMoCo Vet Wins Lottery, Promptly Disses Dearborn's Products

Illustration for article titled 34-Year FoMoCo Vet Wins Lottery, Promptly Disses Dearborns Products

David Sneath, a longtime Ford parts warehouseman out of Livonia, hit the $136,000,000 Mega Millions jackpot on Tuesday. Rather than simply announcing that he planned to drop his job like a monkey dropping a hot penny and embark on a whirlwind squanderathon that will leave future generations of Livonians speaking of the events in hushed tones, Sneath announced to reporters gathered at Lottery HQ that he would never, ever buy a vehicle made by his emphatically erstwhile employer: "I worked for Ford Motor Co.," he said. "I won't be buying a Ford product." You tell 'em, Dave! [Associated Press]

Update: According to the Detroit Free Press, Sneath didn't mean to say "I won't be buying a Ford product." Instead, he'd meant to say "I won't be buying a foreign product," and plans to buy a new Navigator right away.

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DISCUSSION

It's a pretty simple formula: 1 percent.

Take the immediate payout. After taxes, that leaves you receiving about 1/3 of the face value of the jackpot.

Put all that into a plain ol' savings account, earning 3% interest (your mileage may vary, but if you drop $40M into any bank, I bet they'll be a little flexible, just for you). That yields about 1% of the jackpot's face value, every year, as interest.

Now, Uncle Sam is going to want his share of that, too, but that's okay, you're stil pulling in about $900K every year from this jackpot, without lifting a finger. If you can get by on less, why then the annual payout gets bigger. If you find you cannot survive on $900K, sign it all over to me and I will manage it for you.