Woman Gets $475K Out Of $800K Game Show Prize After Taxes; Dave Ramsey Slams 'Thieving Government'

In 2020, Tyler Boulden and her grandmother, Nellie Wallace, from Quarryville, Pennsylvania, won $1.67 million on the NBC game show "The Wall," splitting the amount to receive roughly $800,000 each. Boulden sought advice from Dave Ramsey about managing her winnings, particularly concerning taxes, gifting to family, and purchasing a house. Ramsey emphasized the high tax rates on game show earnings, and Boulden confirmed she would receive around $475,000 after taxes. The Internal Revenue Service and Pennsylvania state taxes significantly reduced her net take-home amount.

Boulden also dealt with family expectations about sharing her winnings. Ramsey advised against giving much to extended family, highlighting the potential for dependency and entitlement issues. Boulden's family dynamics included pressures and expectations from relatives, but Ramsey stressed the importance of setting boundaries. Boulden planned to buy a new house with her winnings and was advised to pay in cash to avoid mortgage interest. Consulting a fiduciary financial advisor was recommended to help manage her newfound wealth, balance expenses, and prevent lifestyle inflation, ensuring long-term financial stability. (Full story)

On an episode of the Lex Fridman Podcast, Jeff Bezos discussed his long-term project, the 10,000-Year Clock, which is being constructed inside a mountain in West Texas with a $42 million investment. The clock, designed by Danny Hills, stands 500 feet tall and operates without human intervention, ticking annually, chiming centennially, and releasing its cuckoo every millennium. Bezos emphasized the clock's purpose as a symbol for long-term thinking, urging humanity to consider the vast scale of time and its impact on our actions. Constructed with durable materials like marine-grade stainless steel and high-tech ceramics, the clock is engineered to withstand the ravages of time. Bezos envisions the clock as a powerful reminder to extend our planning horizons, highlighting its potential to foster long-term thinking that could address significant global challenges like climate change. (Full story)

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Amidst ongoing economic instability and rising living costs, Americans' perceptions of financial security differ significantly across generations, according to a recent Bankrate survey. Baby Boomers, facing high healthcare costs and retirement needs, believe they require $556,000 to feel wealthy, while Generation X, balancing child-rearing and elder care expenses, aims for $574,000. Millennials, influenced by the gig economy and dealing with student debt, target $480,000, and Generation Z, prioritising financial stability and flexibility, feels comfortable with $461,000. Despite these targets, only 6% of Americans earn the income they believe necessary for financial security, highlighting widespread financial insecurity exacerbated by rising costs. (Full story)

As of July 1st, Greece has implemented new labour laws allowing certain sectors to adopt a six-day working week, extending the workweek from 40 to 48 hours to boost employment and productivity. This change targets private businesses offering 24-hour services, excluding the food service and tourism sectors. Prime Minister Kyriakos Mitsotakis's government defends the move as necessary due to a shrinking population and a shortage of skilled workers, exacerbated by significant emigration among young, educated Greeks since the debt crisis. However, labour unions criticise the initiative as a rollback of workers' rights disguised as flexibility, highlighting that Greeks already work the longest hours in Europe and face low wages and high living costs. The legislation also encourages pensioners to return to work, raising concerns about unfair burdens on retirees while young Greeks struggle with employment. The success of the initiative is uncertain, with questions about its impact on productivity and worker well-being. (Full story)