How lottery winners spend their money

Dec 15, 2012, 12:41 am (90 comments)

After the Big Win

Lottery winners: What separates the ones who live happily ever after from the ones who, five years later, wind up drunk, broke, in jail or hounded by the IRS?

Stephen Danish knows. In fact, the Virginia Commonwealth University professor of psychology is such an expert on the subject that the Virginia Lottery has hired him to counsel winners. Asked how many winners he has helped, he puts the number is in the double digits.

He once told the Roanoke Times that he can tell how well (or badly) somebody will handle a lottery windfall when he hears them talk about their future: If they talk only about spending, he says, he knows they're in trouble; if, though, they talk about what they want to accomplish with the money, he knows they're going to be okay.

Winners who go on to lead successful lives, he says, are those who had well-defined goals, plans and ambitions long before they ever bought a ticket. They view money not as a plaything to be frittered away, but as a tool with which to gain some practical end. The more specific their ambition, the better.

Jay Vargas, according to the Tampa Tribune, was just 19 when he won a Powerball jackpot of over $35 million in 2008. At first, Vargas told the paper, he partied hardy. What saved him from a life of dissipation? Ambition. He knew what he liked: hot women and professional wrestling. Eventually he found a way to invest himself and his money in these two.

He founded Wrestlicious, a Tampa TV production company whose programming features gorgeous, sweaty women in small costumes grappling with one another. It went into syndication in 2010.

Asked by a Wrestlicious interviewer on the eve of his show's debut if he felt his money had been well spent, Vargas said: "I think it has. Time will tell of course. It certainly has been an awesome learning experience. Best case, we have a huge hit. Worst case, I have a tax write-off." The show did a premiere season but has since gone into hiatus.

Likewise, William Kiefer of Katy, Texas, knew what he liked: nuns.

In 2010, Kiefer, according to the Houston Chronicle, won what was then the largest prize in Texas Lottery history—$144 million. "The greatest gift my parents gave me," he announced in a statement, "was to be raised a Christian. I plan to give 60 percent of all [my] after-tax winnings to charity."

"We are proud to count Mr. Kiefer among our players," said Lottery Executive Director Gary Grief in response. "Many winners plan to give to charity, but I don't think we've ever seen generosity quite like this."

Among the causes Kiefer has supported is the care of retired Catholic nuns. Sister Deenan Hubbard of the Sisters of Charity of the Incarnate Word, speaking to the Houston Chronicle, described Kiefer as a really good man with a big heart. Kiefer, who has refused to grant interviews to any news organizations except the Texas Catholic Herald, said the other objects of his charity would include abused children and Haitian relief.

Professor Danish notes that no matter what kind of person you are—goal-focused or a sybaritic layabout-- winning the lottery can be tough: "You're bombarded by people asking, threatening, trying to do whatever they can to get money from you. To be able to say 'no' is difficult but important, because otherwise you'll find you have no money left."

It's not bad to give it all away, he clarifies. "That's fine. But that has to be your plan. You have to know how much you have, how much you want to give away, and how much you need to keep."

The holder of the winning ticket is not the only one fate favors when someone wins the lottery: The merchant who sold the ticket also cashes in.

In 2011, a supermarket customer on Long Island won $72 million from the New York State Lottery. The winning ticket was sold him at a ShopRite owned by Mannix Family Supermarkets. Kevin Mannix, owner of the company, says that he got $10,000 from lottery officials for having sold the winning ticket.

"Yes, I'm sitting in my office looking at an enlargement of the check right now," Mannix tells ABC. He donated part of his winnings, he says, to the Salvation Army, some to the Food Bank of New York, and some to Project Hospitality, which is providing relief for victims of Hurricane Sandy. "That was the appropriate thing to do," he says. After that, he had exactly $1 left over, which he used to play the lottery.

He didn't win.

Mannix's ShopRite has been lucky once before. Six years ago, a group of 10 bakery employees split a $19 million ticket. Nine of them, says Mannix, decided to keep working and are still on the job. None went wacky or became a drunk or wound up in jail. Some, he says, "bought their dream house." Others salted away the money, to be used later to pay for college for their grandkids. Some paid off mortgages. A few took trips. "They didn't spend foolishly," says their boss. "They're hardworking, blue collar people. It's a great story with a great ending."

There are sad stories as well. On Monday, DeeDee Moore, the Tampa woman accused of swindling and then killing lottery winner Abraham Shakespeare, was found guilty of first degree murder and other charges. Shakespeare had won $30 million in the Florida Lottery but gave it away to people who simply asked for it. His luck ran out when he met Moore.

"Abraham Shakespeare was your prey and victim. Money was the route of evil you brought to Abraham. You are sentenced to life in prison you shall not be elegible for parole," Judge Emmet Battles told Moore. You can read more about this story here.

Thanks to rdgrnr for the tip.

ABC News

Comments

Win$500Quick's avatarWin$500Quick

This is why I already have my "to-do" list. Winners who blow their money are the ones who did not have a plan before or after they won.

Toronto

How is Wrestlicious an example of ambitions (rather than spending) leading decision-making after a winfall being more successful? 1) The outcome isn't even certain yet, 2) That's the dumbest idea and probably why the thing is on hiatus

ImDaBakerLady

Well good for the ones who do something positive with it and sad for the ones who destroy their lives. Everyone who has bought Tickets has always had the thought of what they would do and spend it on. Some i guess get caught up in the excitement and go wild with it. For me, im more logical with what i would do. i had several thoughts on if i won. Many positive and many Negative.

 My husband of course has made some pretty wild ideas that of course i laugh and say NO!  He said we can build a waterslide in the house lmao... Im more down to earth with thinking in the long run of making every penny count. To plan our future and our Daughters Future.. Also had to explain to him, the negative point of winning. Friends would change, family will change. The lotto can be such a burden and a blessing.

So for the Winners , i Hope more make good of it...

Also anyone know? For Mega Million/Powerball has their ever been a Winner in Oregon... See alot of California's and Eastern state Winners...

helpmewin's avatarhelpmewin

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

Well good for the ones who do something positive with it and sad for the ones who destroy their lives. Everyone who has bought Tickets has always had the thought of what they would do and spend it on. Some i guess get caught up in the excitement and go wild with it. For me, im more logical with what i would do. i had several thoughts on if i won. Many positive and many Negative.

 My husband of course has made some pretty wild ideas that of course i laugh and say NO!  He said we can build a waterslide in the house lmao... Im more down to earth with thinking in the long run of making every penny count. To plan our future and our Daughters Future.. Also had to explain to him, the negative point of winning. Friends would change, family will change. The lotto can be such a burden and a blessing.

So for the Winners , i Hope more make good of it...

Also anyone know? For Mega Million/Powerball has their ever been a Winner in Oregon... See alot of California's and Eastern state Winners...

waterslide sounds like Fun Smiley

DC81's avatarDC81

Quote: Originally posted by Toronto on Dec 15, 2012

How is Wrestlicious an example of ambitions (rather than spending) leading decision-making after a winfall being more successful? 1) The outcome isn't even certain yet, 2) That's the dumbest idea and probably why the thing is on hiatus

Tax write off. I doubt he lost much (maybe even did profit) on it unless his partners ripped him off, that sort of thing doesn't require much in way of a budget. That said, it may be on "hiatus" but this is one of those cases where "hiatus" means dead.

Wasn't a good investment but he kind of did what he wanted though I'm sure the other guys had his ear the whole way but in the end it wasn't something that ate a significant chunk of his winnings..

s5thomps's avatars5thomps

If I am ever fortunate enough to win the lottery I would follow the 2 rules of investing by Warren Buffet.

                                                   Rule# 1 Never lose money

                                   Rule# 2 Never forget Rule #1

                                         Sun Smiley

savagegoose's avatarsavagegoose

say you had $10 mill in investment income  and owed $1 mill a year in taxes.

 year 1, $1 mill loss on  investment 1

year 2 $1 mill loss on in investment 2

 year 3 $1 mill loss on investment 3

 

and they where all hobbies you had a dream of  operating?  you still had 9 mll of income, and just happened to blow the taxes on failed investments?/ hobbies?

 

Still the thing about having definite plans stands. people with plans do better than people with no plans. cuz if you dont plan your life someone else will.

 

"Best case, we have a huge hit. Worst case, I have a tax write-off."

was the quote i recall.

rdgrnr's avatarrdgrnr

"...the ones who, five years later, wind up drunk, broke, in jail or hounded by the IRS?"

Well, at least I don't have to worry about that.

I'm already a drunk!  Hyper Stretch 

dallascowboyfan's avatardallascowboyfan

He was on Lottery Changed My Life, he has since moved back in with his parents seems like he has learned from the Wrestlicious debacle. Anyway he seems like a bright kid.

dallascowboyfan's avatardallascowboyfan

Quote: Originally posted by rdgrnr on Dec 15, 2012

"...the ones who, five years later, wind up drunk, broke, in jail or hounded by the IRS?"

Well, at least I don't have to worry about that.

I'm already a drunk!  Hyper Stretch 

Cheers

Cletu$2's avatarCletu$2

Steven Danish's opinion is just that...an opinion.Everyone seems to have an opinion on how lottery winners should spend their money.Why should Steven Danish be any different?

Jaxxx

Quote: Originally posted by rdgrnr on Dec 15, 2012

"...the ones who, five years later, wind up drunk, broke, in jail or hounded by the IRS?"

Well, at least I don't have to worry about that.

I'm already a drunk!  Hyper Stretch 

ROFL....They say timing is everthing.....well you definitely got great timing!!!

Ronnie316

Quote: Originally posted by dallascowboyfan on Dec 15, 2012

Cheers

       Cheers

Artist77's avatarArtist77

Quote: Originally posted by Toronto on Dec 15, 2012

How is Wrestlicious an example of ambitions (rather than spending) leading decision-making after a winfall being more successful? 1) The outcome isn't even certain yet, 2) That's the dumbest idea and probably why the thing is on hiatus

I have seen worse ideas take off and make a ton of money.  Look at Jersey Shore Show, etc. Better to try if you have a creative idea than not at all.

Cletu$2's avatarCletu$2

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

Well good for the ones who do something positive with it and sad for the ones who destroy their lives. Everyone who has bought Tickets has always had the thought of what they would do and spend it on. Some i guess get caught up in the excitement and go wild with it. For me, im more logical with what i would do. i had several thoughts on if i won. Many positive and many Negative.

 My husband of course has made some pretty wild ideas that of course i laugh and say NO!  He said we can build a waterslide in the house lmao... Im more down to earth with thinking in the long run of making every penny count. To plan our future and our Daughters Future.. Also had to explain to him, the negative point of winning. Friends would change, family will change. The lotto can be such a burden and a blessing.

So for the Winners , i Hope more make good of it...

Also anyone know? For Mega Million/Powerball has their ever been a Winner in Oregon... See alot of California's and Eastern state Winners...

Yes,there have been Powerball winners in Oregon.I'm not  sure about MegaMillions,though.

Welcome to Lottery Post!

Ronnie316

Quote: Originally posted by Artist77 on Dec 15, 2012

I have seen worse ideas take off and make a ton of money.  Look at Jersey Shore Show, etc. Better to try if you have a creative idea than not at all.

Yeah.... Who ever thought "Snooki" would be a good idea.........What?

Stack47

Quote: Originally posted by Cletu$2 on Dec 15, 2012

Steven Danish's opinion is just that...an opinion.Everyone seems to have an opinion on how lottery winners should spend their money.Why should Steven Danish be any different?

"I plan to give 60 percent of all [my] after-tax winnings to charity. "We are proud to count Mr. Kiefer among our players," said Lottery Executive Director Gary Grief in response"

It depends on what "others" believe should be the winner's priorities because whether they give 60% of their winnings to charity or blow it, they still only have 40% left. Some will even find fault with which charities that winner donated to. There are players that believe because they bought a ticket, they have a vested interest in how the winnings are spent.

It's still "a dollar for a dream" and there are just as many dreams as there are opinions of how the winnings should be spent.

Ronnie316

Quote: Originally posted by Artist77 on Dec 15, 2012

I have seen worse ideas take off and make a ton of money.  Look at Jersey Shore Show, etc. Better to try if you have a creative idea than not at all.

Or who ever thought illiterate white people living in a trailer would be popular.........What?

bigguy5's avatarbigguy5

Quote: Originally posted by Win$500Quick on Dec 15, 2012

This is why I already have my "to-do" list. Winners who blow their money are the ones who did not have a plan before or after they won.

amen,   you smart.    have  a plan,  so  many  player  don,t.    iamu  with  you

noise-gate

At the end of the day- its not what you make, it's what you keep.
Those who end bankrupt after having won the lotto have only themselves to blame.
If l ever get such a windfall- l am telling no-one, not my friends, the neighbors, the kids & especially extended family.
I will pick my own charities. I have my plan in place and it has no room for Vultures..

Ronnie316

Quote: Originally posted by noise-gate on Dec 15, 2012

At the end of the day- its not what you make, it's what you keep.
Those who end bankrupt after having won the lotto have only themselves to blame.
If l ever get such a windfall- l am telling no-one, not my friends, the neighbors, the kids & especially extended family.
I will pick my own charities. I have my plan in place and it has no room for Vultures..

At "the end of the day" its NOT what you kept........... Its what you enjoyed spending that counts......

Ronnie316

Quote: Originally posted by bigguy5 on Dec 15, 2012

amen,   you smart.    have  a plan,  so  many  player  don,t.    iamu  with  you

Im going to waste my time, AND blow my money..........

noise-gate

" keep" as in : l will spend this the way l want with no external input from Vultures..

Cletu$2's avatarCletu$2

Quote: Originally posted by Ronnie316 on Dec 15, 2012

Im going to waste my time, AND blow my money..........

Why not piss it away?It's not like you spent a lifetime workin' for it,right?

Ronnie316

Quote: Originally posted by noise-gate on Dec 15, 2012

" keep" as in : l will spend this the way l want with no external input from Vultures..

Ok, I just don't understand misers who hoard cash in such a way as to die rich while living broke.....

noise-gate

No hoarding for this boy..l cannot help thinking about that lotto winner from Florida who in trying to be generous ends up under a concrete slab.
" loose lips sink ships"...going in national tv and telling folk about your sudden fortune is B.S, a recipe for disaster.
As someone pointed out here  a few days ago- siblings seem to think that the lotto winnings should be divided equally amongst. family is nonsense.
Absolutely no hoarding...period.Let the Dollar circulate.

Ronnie316

I think I will avoid anyone who wants to write a book about me, or looks like they need an exorcism...

cbr$'s avatarcbr$

US FlagProfessor Stephen Danish counseling winners, is a good idea. 85% of the winner really want the windfall , but they're not prepare for it. They haven't set any goals, about what is next,

Ronnie316

Quote: Originally posted by cbr$ on Dec 15, 2012

US FlagProfessor Stephen Danish counseling winners, is a good idea. 85% of the winner really want the windfall , but they're not prepare for it. They haven't set any goals, about what is next,

Another destroyed life is part of the fun of how the lottery works. Real nice wake up call for the rest of us.

rdgrnr's avatarrdgrnr

I find it very intriguing that ImDaBakerLady joined LP just to respond to an article about Professor Steven Danish.   Blue Thinking

Ronnie316

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

Well good for the ones who do something positive with it and sad for the ones who destroy their lives. Everyone who has bought Tickets has always had the thought of what they would do and spend it on. Some i guess get caught up in the excitement and go wild with it. For me, im more logical with what i would do. i had several thoughts on if i won. Many positive and many Negative.

 My husband of course has made some pretty wild ideas that of course i laugh and say NO!  He said we can build a waterslide in the house lmao... Im more down to earth with thinking in the long run of making every penny count. To plan our future and our Daughters Future.. Also had to explain to him, the negative point of winning. Friends would change, family will change. The lotto can be such a burden and a blessing.

So for the Winners , i Hope more make good of it...

Also anyone know? For Mega Million/Powerball has their ever been a Winner in Oregon... See alot of California's and Eastern state Winners...

You have a pool in your house that has NO water slide????/ What a piker...... Get a slide.........

ImDaBakerLady

Thank you all for the warm welcomes :)

 I have been reading these post for a long time now.. several post i wanted to comment on but was'nt sure about the member thing...

To those about the Water slide, yes would be fun but not in the house lol....

Im what you call the Typical buzz kill on my husband and childs parade...

Hate being the bad guy sometimes, but someone has to keep their feet on the ground or the whole house be a amusement park HaHa...

HoLeeKau's avatarHoLeeKau

Quote: Originally posted by rdgrnr on Dec 15, 2012

I find it very intriguing that ImDaBakerLady joined LP just to respond to an article about Professor Steven Danish.   Blue Thinking

Haha.  She's from Oregon, so thought she probably lived in Baker Oregon.

ImDaBakerLady

Quote: Originally posted by HoLeeKau on Dec 15, 2012

Haha.  She's from Oregon, so thought she probably lived in Baker Oregon.

 HaHa, not exactly,more near the coast side of oregon. I Bake goodies,  the name says it lol :)

dallascowboyfan's avatardallascowboyfan

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

Well good for the ones who do something positive with it and sad for the ones who destroy their lives. Everyone who has bought Tickets has always had the thought of what they would do and spend it on. Some i guess get caught up in the excitement and go wild with it. For me, im more logical with what i would do. i had several thoughts on if i won. Many positive and many Negative.

 My husband of course has made some pretty wild ideas that of course i laugh and say NO!  He said we can build a waterslide in the house lmao... Im more down to earth with thinking in the long run of making every penny count. To plan our future and our Daughters Future.. Also had to explain to him, the negative point of winning. Friends would change, family will change. The lotto can be such a burden and a blessing.

So for the Winners , i Hope more make good of it...

Also anyone know? For Mega Million/Powerball has their ever been a Winner in Oregon... See alot of California's and Eastern state Winners...

Welcome to the LP Thumbs Up

HoLeeKau's avatarHoLeeKau

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

 HaHa, not exactly,more near the coast side of oregon. I Bake goodies,  the name says it lol :)

Well, I eat goodies.  Maybe we should get together.  Wink

ImDaBakerLady

Quote: Originally posted by HoLeeKau on Dec 15, 2012

Well, I eat goodies.  Maybe we should get together.  Wink

Lmao... to cute.. my husband says your reply was the funniest, I agree! :)

Seattlejohn

I have simple plans.  When I win the lottery, I'll immediately avoid publicity like the plague; apparently, publicity seeking lottery winners have a higher rate of failure than non-publicity seekers.  Then, I'll pay my taxes up front, for the full 35% (paying at 25% (which the lottery defaults to) without considering how much your full tax bill will end up being is how most winners get in trouble with the IRS).  After paying taxes, I'm officially retired.  I'll gift my immediate family & close friends I already have (who have stuck with me through thick & thin).  Then, I'll buy my dream house & car.  After that, I'll put aside a set amount for frivilous spending (which is what financial planners advise winners to do, to get the crazy spending out of your system; in my case, it'll be an all expense paid (by me) trip to vegas with my buddies).  Then, I'll invest the rest into long term, safe, fire & forget investments (that I don't have to check the market on a daily basis for) and live off the interest within a written monthly budget; the excess income above my monthly budgeted needs goes to charities I've already designated.  Lastly, I'll volunteer my time at local charities; gotta stay busy or there's too much of a temptation to spend money to alleviate the boredom.

nanaimo

seattlejohn- a very good planning and i agree with youBanana

greeneye's avatargreeneye

If I was to win in the 50 to 100s of millions range  ,the 1st material object to be bought would be 50 Lbs of GOLD


Wealth Preservation is THE KEY**


Silver . 5000 ounces of Bullion****Platinum & Palladium would be next..

TheGameGrl's avatarTheGameGrl

Interesting points-

1: learn to say "NO" to folks (strangers in particular) seeking hand outs.

2: Say Yes to causes that have been endearing to your principles in life whatever that maybe. Unless its a cause to harm others.....

3: Its absolutely IMPOSSIBLE to say you wont tell a soul. The lottery will find out, Uncle sam will find out, so get real and deal with the wealth maturely . Even if you have a "fictious trust" papers have to filed by a lawyer, so you'll need to be "telling" someone.

4: Enjoy it, it can make you or break you, that is your choice to make.

DC81's avatarDC81

Quote: Originally posted by Artist77 on Dec 15, 2012

I have seen worse ideas take off and make a ton of money.  Look at Jersey Shore Show, etc. Better to try if you have a creative idea than not at all.

Wasn't really creative though... It's an idea that's been done and failed repeatedly over the last 25 or so years even in times when that business was at its peak. Don't recall it being his idea but that of the guy who contacted him and is responsible for that bad idea multiple times in the past and I think is the one who is going to be trying it again.

savagegoose's avatarsavagegoose

i have a plan for when i win,  start making plans.

rdgrnr's avatarrdgrnr

Quote: Originally posted by HoLeeKau on Dec 15, 2012

Haha.  She's from Oregon, so thought she probably lived in Baker Oregon.

I used to work for a bakery as a pilot.

I'd take the dough from here and pile it over there.

Nyuk, nyuk, nyuk, nyuk, nyuk...

Piaceri

Quote: Originally posted by TheGameGrl on Dec 15, 2012

Interesting points-

1: learn to say "NO" to folks (strangers in particular) seeking hand outs.

2: Say Yes to causes that have been endearing to your principles in life whatever that maybe. Unless its a cause to harm others.....

3: Its absolutely IMPOSSIBLE to say you wont tell a soul. The lottery will find out, Uncle sam will find out, so get real and deal with the wealth maturely . Even if you have a "fictious trust" papers have to filed by a lawyer, so you'll need to be "telling" someone.

4: Enjoy it, it can make you or break you, that is your choice to make.

I Agree!  This.

 

Expanding on #3: Remain as anonymous as your state will allow. As a single woman living alone, I would need that protection. (Well, that and my glock.) A series of trusts nested within each other may provide some, but get professional advice. Talk to a good tax lawyer and a financial planner first. Tell them you want to preserve the wealth for future generations and give cash to certain family members, but you want certain things for yourself.  And ask if you can afford those certain things and can afford to support them year after year. It's fine and dandy to purchase that dream home, but will you be able to maintain the costs of that dream home year after year without depleting your winnings? Maintenance can be expensive. You have to set ground rules with yourself and with your family if you are going to share (I cannot imagine not sharing with my family). A lottery win is not a money tree that grows infinitely. 

I'd like to get back into a very expensive hobby I've enjoyed in the past, but I'd have to have good financial advice to keep from draining funds. Money goes out of your accounts a lot faster than they go in. 

Planning and budgeting, with professional advice and guidence are the key to successful living with a lottery. 

I'm hoping that someday I can test these ideas! White Bounce

Artist77's avatarArtist77

Quote: Originally posted by rdgrnr on Dec 15, 2012

I find it very intriguing that ImDaBakerLady joined LP just to respond to an article about Professor Steven Danish.   Blue Thinking

lol

Ronnie316

Quote: Originally posted by Piaceri on Dec 16, 2012

I Agree!  This.

 

Expanding on #3: Remain as anonymous as your state will allow. As a single woman living alone, I would need that protection. (Well, that and my glock.) A series of trusts nested within each other may provide some, but get professional advice. Talk to a good tax lawyer and a financial planner first. Tell them you want to preserve the wealth for future generations and give cash to certain family members, but you want certain things for yourself.  And ask if you can afford those certain things and can afford to support them year after year. It's fine and dandy to purchase that dream home, but will you be able to maintain the costs of that dream home year after year without depleting your winnings? Maintenance can be expensive. You have to set ground rules with yourself and with your family if you are going to share (I cannot imagine not sharing with my family). A lottery win is not a money tree that grows infinitely. 

I'd like to get back into a very expensive hobby I've enjoyed in the past, but I'd have to have good financial advice to keep from draining funds. Money goes out of your accounts a lot faster than they go in. 

Planning and budgeting, with professional advice and guidence are the key to successful living with a lottery. 

I'm hoping that someday I can test these ideas! White Bounce

Your neighbors will protect you for a small "protection" fee.....Yes Nod

Ronnie316

Quote: Originally posted by Artist77 on Dec 16, 2012

lol

I thought a pool slide in the house was a VERY good idea..........

Ronnie316

Quote: Originally posted by ImDaBakerLady on Dec 15, 2012

Thank you all for the warm welcomes :)

 I have been reading these post for a long time now.. several post i wanted to comment on but was'nt sure about the member thing...

To those about the Water slide, yes would be fun but not in the house lol....

Im what you call the Typical buzz kill on my husband and childs parade...

Hate being the bad guy sometimes, but someone has to keep their feet on the ground or the whole house be a amusement park HaHa...

If you have a husband who is willing to spend time with the kids turning the house into an amusement park I say....... Let them go for it. lol. lol. I once turned the back yard into a mini bike dirt track........

Piaceri

Quote: Originally posted by Ronnie316 on Dec 16, 2012

Your neighbors will protect you for a small "protection" fee.....Yes Nod

That would be fine. I have very nice neighbors. One strung his Christmas lights across my garage (I live in a townhouse duplex). Another's little 5 year old baked cookies, put them in boxes with a Bible quote about the birth of Jesus, and gave them to her neighbors including me!

They are all good people. But my glock is sufficient, backed up with a .12 pump. Yes Nod

Ronnie316

Quote: Originally posted by Piaceri on Dec 16, 2012

That would be fine. I have very nice neighbors. One strung his Christmas lights across my garage (I live in a townhouse duplex). Another's little 5 year old baked cookies, put them in boxes with a Bible quote about the birth of Jesus, and gave them to her neighbors including me!

They are all good people. But my glock is sufficient, backed up with a .12 pump. Yes Nod

Its always nice to have kind neighbors.... And the pump action sounds good too......Lurking

sully16's avatarsully16

Quote: Originally posted by TheGameGrl on Dec 15, 2012

Interesting points-

1: learn to say "NO" to folks (strangers in particular) seeking hand outs.

2: Say Yes to causes that have been endearing to your principles in life whatever that maybe. Unless its a cause to harm others.....

3: Its absolutely IMPOSSIBLE to say you wont tell a soul. The lottery will find out, Uncle sam will find out, so get real and deal with the wealth maturely . Even if you have a "fictious trust" papers have to filed by a lawyer, so you'll need to be "telling" someone.

4: Enjoy it, it can make you or break you, that is your choice to make.

My favorite is number 1, Say no to those seeking handouts.

nanaimo

Quote: Originally posted by sully16 on Dec 16, 2012

My favorite is number 1, Say no to those seeking handouts.

I Agree!

dallascowboyfan's avatardallascowboyfan

Quote: Originally posted by rdgrnr on Dec 15, 2012

I find it very intriguing that ImDaBakerLady joined LP just to respond to an article about Professor Steven Danish.   Blue Thinking

And she hasn't posted since.....What?

dallascowboyfan's avatardallascowboyfan

Quote: Originally posted by TheGameGrl on Dec 15, 2012

Interesting points-

1: learn to say "NO" to folks (strangers in particular) seeking hand outs.

2: Say Yes to causes that have been endearing to your principles in life whatever that maybe. Unless its a cause to harm others.....

3: Its absolutely IMPOSSIBLE to say you wont tell a soul. The lottery will find out, Uncle sam will find out, so get real and deal with the wealth maturely . Even if you have a "fictious trust" papers have to filed by a lawyer, so you'll need to be "telling" someone.

4: Enjoy it, it can make you or break you, that is your choice to make.

#1....Thumbs Up

helpmewin's avatarhelpmewin

Quote: Originally posted by Win$500Quick on Dec 15, 2012

This is why I already have my "to-do" list. Winners who blow their money are the ones who did not have a plan before or after they won.

I Agree!

surimaribo24's avatarsurimaribo24

Quote: Originally posted by Win$500Quick on Dec 15, 2012

This is why I already have my "to-do" list. Winners who blow their money are the ones who did not have a plan before or after they won.

I Agree!Thumbs Up

ImDaBakerLady

Quote: Originally posted by Ronnie316 on Dec 16, 2012

If you have a husband who is willing to spend time with the kids turning the house into an amusement park I say....... Let them go for it. lol. lol. I once turned the back yard into a mini bike dirt track........

HaHa , Dirt bike tracks are fun. When i was a kid we would take our bikes and RC cars out and run wild with them......For me, was more with RC cars, i wasnt so great on the bikes. Hurt myself alot and once i knocked the wind out of me, i didnt want to try that again lol

Dont get me wrong , I do let them enjoy their fun and it would be fun..

ImDaBakerLady

Quote: Originally posted by dallascowboyfan on Dec 16, 2012

And she hasn't posted since.....What?

LOL... been a very busy lady making goody boxes... Sales have been wonderful Big Smile

dallascowboyfan's avatardallascowboyfan

Quote: Originally posted by ImDaBakerLady on Dec 17, 2012

LOL... been a very busy lady making goody boxes... Sales have been wonderful Big Smile

Glad to see you back, your new nickname is goodies(the goody lady)....White Bounce

Nikkicute's avatarNikkicute

Quote: Originally posted by Piaceri on Dec 16, 2012

I Agree!  This.

 

Expanding on #3: Remain as anonymous as your state will allow. As a single woman living alone, I would need that protection. (Well, that and my glock.) A series of trusts nested within each other may provide some, but get professional advice. Talk to a good tax lawyer and a financial planner first. Tell them you want to preserve the wealth for future generations and give cash to certain family members, but you want certain things for yourself.  And ask if you can afford those certain things and can afford to support them year after year. It's fine and dandy to purchase that dream home, but will you be able to maintain the costs of that dream home year after year without depleting your winnings? Maintenance can be expensive. You have to set ground rules with yourself and with your family if you are going to share (I cannot imagine not sharing with my family). A lottery win is not a money tree that grows infinitely. 

I'd like to get back into a very expensive hobby I've enjoyed in the past, but I'd have to have good financial advice to keep from draining funds. Money goes out of your accounts a lot faster than they go in. 

Planning and budgeting, with professional advice and guidence are the key to successful living with a lottery. 

I'm hoping that someday I can test these ideas! White Bounce

I'm used to hearing the rich purchasing $40mil $50mil or even $100mil homes but I've

always wondered about the upkeep and I think that's where people get into trouble,

they don't think about what the bills are going to be every month.

 

Everytime I see a big home, I always wonder what the light bill is lol .

Ronnie316

Quote: Originally posted by Nikkicute on Dec 18, 2012

I'm used to hearing the rich purchasing $40mil $50mil or even $100mil homes but I've

always wondered about the upkeep and I think that's where people get into trouble,

they don't think about what the bills are going to be every month.

 

Everytime I see a big home, I always wonder what the light bill is lol .

Its the same as your house, the more lights they use the higher the bill............

HoLeeKau's avatarHoLeeKau

I always wonder what the tax and insurance bill is.  I think some areas have a luxury tax on certain homes, so if the rest of us are paying 1% property tax, they're paying 2 or 3% which can add up to a whole lotta dough on a 50 million dollar house.

As for electricity, my provider just implemented a step system where if you use more than X KWH per month, you're billed at a higher rate.  Even with my little house I sometimes go over the minimum, so I imagine the huge houses are always billed at the higher rate.

Ronnie316

Quote: Originally posted by HoLeeKau on Dec 18, 2012

I always wonder what the tax and insurance bill is.  I think some areas have a luxury tax on certain homes, so if the rest of us are paying 1% property tax, they're paying 2 or 3% which can add up to a whole lotta dough on a 50 million dollar house.

As for electricity, my provider just implemented a step system where if you use more than X KWH per month, you're billed at a higher rate.  Even with my little house I sometimes go over the minimum, so I imagine the huge houses are always billed at the higher rate.

I do not think a house is considered a "luxury item"............... YET.................

HoLeeKau's avatarHoLeeKau

I think some areas tax certain homes that have very high values with a luxury tax. 

Just looked it up on wiki and they agree.  This article also says high value cars can have a luxury tax.

dpoly1's avatardpoly1

Well, I think about plans for anything that may happen!

You must be prepared in life!

jamella724

Wow...what a great and noble deed for William Kiefer of Texas...Most winners will enjoy their winnings to the fullest by  spending it on purchasig new houses, cars, travels, gadgets, vacations etc...but for Mr Kiefer, helping and sharing what he won with others is the greatest thing I read on lottery winnings...

Brcebrce

If he wants some reading material for his clients, he should get an article on David Edwards or Jack Wittaker for a list of stuff of stuff to not do. No plan spending with no budget Yeah all the stuff you shouldn't do.

helpmewin's avatarhelpmewin

Quote: Originally posted by Piaceri on Dec 16, 2012

That would be fine. I have very nice neighbors. One strung his Christmas lights across my garage (I live in a townhouse duplex). Another's little 5 year old baked cookies, put them in boxes with a Bible quote about the birth of Jesus, and gave them to her neighbors including me!

They are all good people. But my glock is sufficient, backed up with a .12 pump. Yes Nod

my neighbors house looks like The Griswold family's Christmas Vacation Green laugh

rdgrnr's avatarrdgrnr

Quote: Originally posted by helpmewin on Dec 21, 2012

my neighbors house looks like The Griswold family's Christmas Vacation Green laugh

I hope Cousin Eddie doesn't drain his RV in front of your house.

haymaker's avatarhaymaker

Quote: Originally posted by rdgrnr on Dec 21, 2012

I hope Cousin Eddie doesn't drain his RV in front of your house.

LMAO, don't know how you do it,

but keep on keepin on,  LOL

helpmewin's avatarhelpmewin

Quote: Originally posted by rdgrnr on Dec 21, 2012

I hope Cousin Eddie doesn't drain his RV in front of your house.

Green laughthat show is so funny, i never get tired of it...

LetMeWinIt2

There is a small number of folks who go broke compared to number of people who actually win and stay wealthy. I myself like to win before the end of year before this non-sense with fiscal cliff. No telling how much taxes will be taken out of our winnings starting 2013. Ive cashed in a ticket for an auntie earlier this year. It was a $5.00 Scratch-OFF Bingo Game and she won $200,000.00. With Illinois being the greedy state with high taxes the final prize amount was $140,000.00 BS. Its good they take the taxes out up front but the amount they get is to much. I wish everyone good luck fortune health and wealth in the upcoming year. Gotta be in it to win it!Star. Oh when I do win I'm buying a Maserati Quattroporte slightly used. Thumbs Up

tuzahu

there are some episodes of LOTTERY CHANGED MY LIFE on Youtube, anyone have them recorded that can upload the rest of the series?  I no longer get those channels and do miss that show, it's so motivating.

Ronnie316

Quote: Originally posted by tuzahu on Jan 29, 2013

there are some episodes of LOTTERY CHANGED MY LIFE on Youtube, anyone have them recorded that can upload the rest of the series?  I no longer get those channels and do miss that show, it's so motivating.

I think b2b has every episode recorded and cataloged by name and date. Lets hope he can upload them.

helpmewin's avatarhelpmewin

Quote: Originally posted by Ronnie316 on Jan 29, 2013

I think b2b has every episode recorded and cataloged by name and date. Lets hope he can upload them.

I Agree!

PlayToWin47's avatarPlayToWin47

I seriously would not change too much from the day-to-day way I live now.

Keeping in mind that I play Hot Lotto (as opposed to MM or PB), and would like to win only 2 - 5 million, the biggest change would be that I would quit my job, and then spend my days doing things for me and my family, instead of making money for the people I work for.

The second biggest change would be that I would bump-up the schedule for building my house ... which would be the same modest design that I have on paper now ... and already plan to eventually build (myself).

After getting the house done, I would spend more time just enjoying life, and trying to find something good to do to help others.

Since I would be collecting anonymously in KS, very few people would ever know that I won.

That's it!

billionaire2bee

Quote: Originally posted by Ronnie316 on Jan 29, 2013

I think b2b has every episode recorded and cataloged by name and date. Lets hope he can upload them.

LOL Ronnie you know it!!!...Sadly I cant upload them...they're on my DVR...When ever they show them I erase the old and just rerecord...I think you can watch some on the TLC website if you do a search for it....but yeah it's my favorite show i hope to be on it someday....I'll keep you all posted it if find out when any new episodes come out...but don't hold your breath waiting they haven't had any new ones in two years

kapla

Quote: Originally posted by PlayToWin47 on Feb 5, 2013

I seriously would not change too much from the day-to-day way I live now.

Keeping in mind that I play Hot Lotto (as opposed to MM or PB), and would like to win only 2 - 5 million, the biggest change would be that I would quit my job, and then spend my days doing things for me and my family, instead of making money for the people I work for.

The second biggest change would be that I would bump-up the schedule for building my house ... which would be the same modest design that I have on paper now ... and already plan to eventually build (myself).

After getting the house done, I would spend more time just enjoying life, and trying to find something good to do to help others.

Since I would be collecting anonymously in KS, very few people would ever know that I won.

That's it!

Agree 100% - keep it simple and you will always be a winner!

helpmewin's avatarhelpmewin

what good is Money if you can't spend itCrying

jamella724

If God will give me a chance to win  a lottery why not my God..my fist off is Hawaii...then explore the world! thats just a wild dream..

jamella724

If I will win a lottery I will spend the money wisely its a what time bigtime!

helpmewin's avatarhelpmewin

Quote: Originally posted by LetMeWinIt2 on Dec 29, 2012

There is a small number of folks who go broke compared to number of people who actually win and stay wealthy. I myself like to win before the end of year before this non-sense with fiscal cliff. No telling how much taxes will be taken out of our winnings starting 2013. Ive cashed in a ticket for an auntie earlier this year. It was a $5.00 Scratch-OFF Bingo Game and she won $200,000.00. With Illinois being the greedy state with high taxes the final prize amount was $140,000.00 BS. Its good they take the taxes out up front but the amount they get is to much. I wish everyone good luck fortune health and wealth in the upcoming year. Gotta be in it to win it!Star. Oh when I do win I'm buying a Maserati Quattroporte slightly used. Thumbs Up

Big Grin

helpmewin's avatarhelpmewin

Quote: Originally posted by jamella724 on Feb 14, 2013

If I will win a lottery I will spend the money wisely its a what time bigtime!

I Agree!

dognabit

 

 

Some will get the joke.Big Smile

psykomo's avatarpsykomo

Quote: Originally posted by Win$500Quick on Dec 15, 2012

This is why I already have my "to-do" list. Winners who blow their money are the ones who did not have a plan before or after they won.

no QUICKPIX'$ needed:

Psyko>>>>know'$$$$$$$$$$$$########

2 spend>###'$$$$$$$$$$$$########

good>>>>>###'$$$$$$$$$$$$>LUCK>>LPOS

PSYKOJack-in-the-Box

helpmewin's avatarhelpmewin

Quote: Originally posted by jamella724 on Feb 12, 2013

If God will give me a chance to win  a lottery why not my God..my fist off is Hawaii...then explore the world! thats just a wild dream..

Hawaii i like that idea Hurray!

helpmewin's avatarhelpmewin

Quote: Originally posted by Ronnie316 on Dec 16, 2012

Its always nice to have kind neighbors.... And the pump action sounds good too......Lurking

what if it was a car?

jamella724

Once I win the jackpot prize I use the money on investment. I will hire a financial advisor who will guide me on entering different kind of investments. All of these will come true soon!

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