Tiger Woods: I'm not a billionaire

[Doomsday101]

Last week, Forbes reported that Tiger Woods was the first athlete to earn $1 billion. One problem, though: Woods says he doesn't have that much money. At a Presidents Cup news conference Tuesday, a reporter asked Woods directly about the Forbes report.

Reporter: "This last week, it was announced you hit the billionaire status. What's that like to learn?"

Tiger Woods: [Laughs] "Well, one, I haven't, so I don't know where that number came from."

Forbes cited estimates of Woods's earnings from endorsements, tournament winnings, appearance fees and his nascent golf-course design business. Other than tournament winnings, Forbes could only guess at the other income of the famously circumspect Woods, and the business magazine admitted its figures could not be exact.

As for Woods, only his accountant knows if Tiger is a billionaire athlete yet, but if it did not happen on Sunday [after his $10 million FedEx Cup win] it is likely only a matter of months or his next check from Nike.

Woods is certain to be the first billionaire athlete, but we'll never know when it happens. He likely won't know right away either, and when he does learn, the only acknowledgment of the fact will probably be a private smile behind the tinted windows of a Buick SUV.



Read more: http://blogs.golf.com/presstent/2009/10/tiger-im-not-a-billionaire.html##ixzz0TGFhhKNl

 

[joseephuss]

Aren't "earning a billion dollars over a career" and "being a billionaire" different things?

 

[Doomsday101]

Aren't "earning a billion dollars over a career" and "being a billionaire" different things?

Yes. I would say a person with a net value of 1 Billion is a Billionaire. Tiger though very well could be coming close to that mark.

 

[ThreeSportStar80]

Woods stated it correctly... He's not a billionaire.

 

[Rogah]

Aren't "earning a billion dollars over a career" and "being a billionaire" different things?

That's what I would say. In fact, I would guess that if he just earned his $1 billionth dollar, then his net worth is probably half that after taxes, depreciation, capital losses in the rough economy, etc, etc.

 

[kmp77]

Like when you win $1 million and they call you a millionaire. Taxes take 30% so you're not even close to a millionaire.

 

[Sarge]

Like when you win $1 million and they call you a millionaire. Taxes take 30% so you're not even close to a millionaire.

30% ?

You're off by about 20%.

 

[jimmy40]

Like when you win $1 million and they call you a millionaire. Taxes take 30% so you're not even close to a millionaire.

Well I'd still take it.

 

[kmp77]

30% ?

You're off by about 20%.

"The Texas Lottery withholds 30 percent on prizes of $600 or more"

I guess it varies by state.

 

[jimmy40]

"The Texas Lottery withholds 30 percent on prizes of $600 or more"

I guess it varies by state.

but don't you still have to pay federal income tax after that?

 

[theogt]

Aren't "earning a billion dollars over a career" and "being a billionaire" different things?

You would think such a simple concept wouldn't be beyond a magazine like Forbes.

 

[theogt]

but don't you still have to pay federal income tax after that?

Texas does not have a tax on lottery winnings.

On $1 million, your total federal income tax (assuming no deductions/credits and that is your only income for the year) will be around 32.7%.

 

[HoleInTheRoof]

You guys are right. It wasn't until I made my second billionth dollar that I considered myself a billionare.