For some lottery winners jackpot is a 'nightmare'Previous TopicNext Topic

exactly. a lot of lottery winners are uneducated, and have not learned the value of a dollar. even the oldestm lottery winners can be darn near braindead, or will pass the money onto their braindead kids. either way, the money will be spent in a short time. unless the winner has understood the value of a dollar, they are doomed to being broke within a few years.

I am a financial advisor and the saddest thing I have ever seen was regarding a lottery winner.  A bartender used to have a BUM(really a BUM) by his lottery ticket and told him that if we win I'll split it with you.  He won about $2,000,000 and split it with the BUM.  He go about $650,000.

He comes in my office, wearing the Lottery t-shirt they gave him, ripped dirty pants, greasy hair, no teeth, and a wife to match.  They smelled.  The sad part is that when they recieved the money they were no longer eligable for welfare, medicaid, food stamps, section 8 housing allowance.  His increase in expenses blew his new found wealth almost immediately.

All the other BUMS were begging from him, he bought a car full list price, he started showing up everyday looking for cash.  WHen I pleaded with him to stop spending and invest the money, he turned like a pitbull.  WIfe got nasty and they moved everything to a bank where the guy killed him.  The BUM is broke and back cleaning up bottles at the Bar.

I think's that if stupid people win they are still stupid.

After blowing 16k I won awhile ago I can definately say that watching where your money is going is the big first step. If you can't handle a credit card and want a new car when you dont have the money then you are doomed if you win to be in poverty soon.

The lottery is a game of chance. It offers a chance to win a lot of money. All the rest of the things that people usually associate with winning the lottery are just hype. There are no guarantees about financial independence, fame, happiness, power, lasting material wealth, or peace of mind. Whatever any person does with his or her lottery winnings - wisely or unwisely - is entirely up to that individual.

Good luck to anyone who might be lucky enough to win big,

aye'

I totally agree with the above post-These stories are about people who "NEVER" knew "HOW" to manage money in the first place. If your bad with cash from your job then you'll only get worse once you win. I already know what I'd do if I won

1. Get the money thru a lawfirm

2. Make sure to setup a limited trust for myself and my brothers(2) so we can take care of our children.

3. Pay off all imediate bills and go with a major accounting firm on any future taxes on the interest from my accounts.

I have always thought what I would do if I won.  I think a lot of people assume that if they win the lottery that all their troubles are over.  Not true.  Winning the lottery should secure your financial future for retirement and a comfortable living.  Pay a few bills and invest the rest.  I know a couple that won $25,000.00 on a $2 scratch off.  Within a few weeks, both were broke (from buying even more scratch offs and one was dead within 6 months.  So winning is not always a good thing.  If I were to win the lottery, I would ask to remain anonymous.  I would pay off my bills, give 10% to the one who made it possible, keep the house I live in cause I like it and it is comfortable, I would not tell my family other than my spouse and one very special friend that I would help because I know she would never tell anyone and would invest the money and give myself a yearly bonus to buy little extras and when I am no longer in this world my family would inherit what is left that would be set up in a trust that could not be borrowed against so that they may have a little financial help thru out their lives.  The main thing is to get smart if you are not smart already and plan, plan, plan, not spend, spend, spend.

Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity.

One way to look at it is to think of how hard it is to save money right now, as a working stiff.  Open up a savings account and see how long it takes you to save $20,000.  2-4 years, maybe, if you live frugally? That's a lot of work, sacrifice, it's tough to do. Think about that when you have that check for $100,000 or whatever it is.  If you have a real appreciation for how tough it is to make and save money, you'll be careful with what you have. It's not "found money" to be blown...it's a chance to be free. If you spend until you are broke, you are a slave again.  

Quote: Originally posted by waynr on November 18, 2004

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Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity.

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HOLY SHYT !!! is all I can think of here! Now this is more interesting than the topic of lottery rigging lol. I can understand how this can spiral and have a certain amount of money loss, but DAMN, losing it all?! Yes my mind would be full of flowers, but whatever spending/giving I make, I would at the same time watch "money coming in & money coming out" very carefully within my bank account... & I suck at math LOL... but watch it I would!

Amen

Quote: Originally posted by twisted on November 18, 2004

Quote: Originally posted by waynr on November 18, 2004

Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity.

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Even if there was a cure for stupidity, these people would still be too stupid too look for it. (i'm just trying to make a joke) I personally think that everyone has the ability to be smart or stupid. But sometimes, due to your mental state, you just cant avoid being "stupid". Right now I have exhausted my mind by learning from their experiences and thinking about what I would do if I win. But who knows what my mental state would be when I win (maybe 25 years from now). I just hope that I'm at the right place at the right time. Hopefully soon.

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I also think when people win a lot of money they get intoxicated by it's effect on them being able to buy whatever they want and do things they only dreamed about.

And some who win smaller amounts might spend it all trying to win again. Like if you win 2,000.00 on a scratch off for a buck. You might pay off a few small bills with it. More likely you'll spent twice the amount you won trying to win again. Common sense doesn't fit into the equasion when the effect of winning takes over. People say well if I won once maybe I can win again so they go out a buy all different kinds of scratchers trying to win a bigger prize.

Quote: Originally posted by four4me on November 19, 2004

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I also think when people win a lot of money they get intoxicated by it's effect on them being able to buy whatever they want and do things they only dreamed about.

And some who win smaller amounts might spend it all trying to win again. Like if you win 2,000.00 on a scratch off for a buck. You might pay off a few small bills with it. More likely you'll spent twice the amount you won trying to win again. Common sense doesn't fit into the equasion when the effect of winning takes over. People say well if I won once maybe I can win again so they go out a buy all different kinds of scratchers trying to win a bigger prize.

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jim695 you made some very very very good points. Thank you for your reply. I have new insight on what to do with a winfall.

If more states would allow the option of total anonymity for jackpot recipients, it would give them the cushion of protection they need following the life-altering dvent. Anonymity would provide one with the time to carefully make decisions and seek prudent advice in many areas including long term finances.

Since this basic privacy option is not given by most states, I agree that one who happens to match the numbers must make every effort to protect themselves with the first and most important step being an unpublished phone number. Also, immediately following ticket validation, consider taking an extended road trip for a week or two. I like the idea posted earlier of going exclusively with a new cell phone account and completely eliminating your home phone access except for internet use. This will allow you to contact the people you choose for financial advice. For the time being, give the new cell number to only those who must have it.

... the lottery never fails to surprise!