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

April 02, 2025 / 00:44

This episode discusses tax implications of large sums, charitable contributions, and funding for rare disease research. Guests share personal experiences regarding finances and philanthropy.

A participant recounts receiving a $10 million wire transfer without prior notice, expressing surprise at the amount. They mention concerns about taxes on such a sum, particularly in the United States.

The conversation shifts to the importance of charitable contributions, especially in relation to funding research for a rare disease affecting a family member. The guest highlights the intention behind joining Beast Games to support this cause.

Overall, the episode emphasizes the balance between financial gain and social responsibility, showcasing personal anecdotes and the impact of philanthropy.

TL;DR

A surprise $10 million wire sparks discussion on taxes and funding rare disease research.

Video

00:00:00
just a wire for the entire $10 million
00:00:02
went to my bank account and they really
00:00:03
didn't tell me like they didn't call me
00:00:05
and say, "Hey, is it in there?" They
00:00:06
just said, "Hey, this is going to come
00:00:07
sometime in the next couple days." And I
00:00:09
looked down and it was there and I'm
00:00:10
like, "Oh my gosh." How much do you lose
00:00:12
with tax? Is it a real issue? Yeah. I
00:00:13
don't know how it is in New Zealand, but
00:00:14
in the States, you contribute to
00:00:16
charity. There's other kind of tax
00:00:18
exempt or tax deductible investments you
00:00:19
can make. But if I didn't do anything, I
00:00:21
would pay over 50% in tax. Wow. I mean,
00:00:24
it's still not bad. No, I mean, I'm not
00:00:26
complaining. The good news is the
00:00:27
purpose for me joining Beast Games was
00:00:29
to try to help kind of fund and find a
00:00:30
cure for my son's rare disease. A good
00:00:32
chunk is going to go to kind of funding
00:00:34
research through charitable form. So,
00:00:36
um, my taxes will not be 50%, but I
00:00:39
don't know what they'll be until early
00:00:40
next year.

Badges

This episode stands out for the following:

  • 60
    Most shocking

Episode Highlights

  • A Surprising Deposit
    The moment of realization when the $10 million appeared in the bank account.
    “Oh my gosh.”
    @ 00m 09s
    April 02, 2025
  • Tax Concerns
    Discussing the implications of taxes on a large sum of money.
    “Wow. I mean, it's still not bad.”
    @ 00m 24s
    April 02, 2025
  • Funding Research
    Joining Beast Games to help fund research for a son's rare disease.
    “The purpose for me joining Beast Games was to try to help.”
    @ 00m 27s
    April 02, 2025

Episode Quotes

Key Moments

  • Big Deposit00:09
  • Tax Talk00:24
  • Purposeful Funding00:27

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