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Beast Games Winner on $10 Million Win and Taxes?!

April 02, 2025 / 00:44

This episode discusses a $10 million wire transfer, tax implications, and charitable contributions. The conversation features insights on funding research for rare diseases.

The guest shares their experience of receiving a significant wire transfer without prior notification, expressing surprise and curiosity about tax deductions. They mention the potential tax burden in the U.S. and how charitable contributions can alleviate some of that.

Additionally, the guest highlights their motivation for joining Beast Games, which is to fund research for their son's rare disease. They emphasize the importance of using the funds for charitable purposes.

TLDR

A guest discusses a $10 million wire transfer and funding research for their son's rare disease.

Episode

0:44

00:00:00

just a wire for the entire $10 million went to my bank account and they really didn't tell me like they didn't call me

00:00:05

and say, "Hey, is it in there?" They just said, "Hey, this is going to come

00:00:07

sometime in the next couple days." And I looked down and it was there and I'm

00:00:10

like, "Oh my gosh." How much do you lose with tax? Is it a real issue? Yeah. I

00:00:13

don't know how it is in New Zealand, but in the States, you contribute to charity. There's other kind of tax

00:00:18

exempt or tax deductible investments you can make. But if I didn't do anything, I

00:00:21

would pay over 50% in tax. Wow. I mean, it's still not bad. No, I mean, I'm not

00:00:26

complaining. The good news is the purpose for me joining Beast Games was to try to help kind of fund and find a

00:00:30

cure for my son's rare disease. A good chunk is going to go to kind of funding

00:00:34

research through charitable form. So, um, my taxes will not be 50%, but I don't know what they'll be until early

00:00:40

next year.

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Episode Highlights

$10 Million Surprise
A sudden deposit of $10 million leaves the speaker in disbelief.
“Oh my gosh.”
@ 00m 09s
April 02, 2025
Tax Concerns
Discussing the impact of taxes on a large sum of money.
“I would pay over 50% in tax. Wow.”
@ 00m 21s
April 02, 2025
Funding Research for a Cure
Joining Beast Games to help fund research for a rare disease.
“A good chunk is going to go to kind of funding research.”
@ 00m 32s
April 02, 2025

Episode Quotes

Oh my gosh.
Beast Games Winner on $10 Million Win and Taxes?!
Wow. I mean, it's still not bad.
Beast Games Winner on $10 Million Win and Taxes?!
A good chunk is going to go to kind of funding research.
Beast Games Winner on $10 Million Win and Taxes?!

Key Moments

Tax implications00:12
Funding research00:27