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How lottery winners spend their money

Topic closed. 90 replies. Last post 2 years ago by helpmewin.

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Piaceri's avatar - sarsony1
Wannabe Won Percenter
Republic of Texas
United States
Member #57557
January 9, 2008
997 Posts
Offline
Posted: December 16, 2012, 9:27 am - IP Logged

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

face

singlewinnersinglewinnersinglewinner   

    Artist77's avatar - batman14

    United States
    Member #121750
    January 16, 2012
    3281 Posts
    Offline
    Posted: December 16, 2012, 9:33 am - IP Logged

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

    lol

    Just as the bird sings or the butterfly soars,

    because it is his natural characteristic,

    so the artist works.

    by Alma  Gluck


      United States
      Member #116272
      September 7, 2011
      20244 Posts
      Offline
      Posted: December 16, 2012, 9:37 am - IP Logged

      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


        United States
        Member #116272
        September 7, 2011
        20244 Posts
        Offline
        Posted: December 16, 2012, 9:38 am - IP Logged

        lol

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


          United States
          Member #116272
          September 7, 2011
          20244 Posts
          Offline
          Posted: December 16, 2012, 9:44 am - IP Logged

          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's avatar - sarsony1
            Wannabe Won Percenter
            Republic of Texas
            United States
            Member #57557
            January 9, 2008
            997 Posts
            Offline
            Posted: December 16, 2012, 9:49 am - IP Logged

            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

            face

            singlewinnersinglewinnersinglewinner   


              United States
              Member #116272
              September 7, 2011
              20244 Posts
              Offline
              Posted: December 16, 2012, 9:58 am - IP Logged

              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 avatar - sharan
                Listens to the wind
                Michigan
                United States
                Member #81740
                October 28, 2009
                19932 Posts
                Offline
                Posted: December 16, 2012, 2:00 pm - IP Logged

                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.

                There's only one US Flag

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                  nanaimo,bc
                  Canada
                  Member #93112
                  June 21, 2010
                  22 Posts
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                  Posted: December 16, 2012, 5:24 pm - IP Logged

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

                  I Agree!

                    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                    Oklahoma
                    United States
                    Member #82391
                    November 12, 2009
                    5402 Posts
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                    Posted: December 16, 2012, 9:53 pm - IP Logged

                    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?

                    I Love Pink & Green 1908

                      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                      Oklahoma
                      United States
                      Member #82391
                      November 12, 2009
                      5402 Posts
                      Offline
                      Posted: December 16, 2012, 9:54 pm - IP Logged

                      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

                      I Love Pink & Green 1908

                        helpmewin's avatar - dandy
                        u$a
                        United States
                        Member #106669
                        February 22, 2011
                        17481 Posts
                        Offline
                        Posted: December 17, 2012, 11:01 am - IP Logged

                        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 avatar - img1901pn
                          NEW YORK. RIVERHEAD
                          United States
                          Member #106375
                          February 17, 2011
                          9145 Posts
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                          Posted: December 17, 2012, 11:58 am - IP Logged

                          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

                          PETS#=105-215

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                            New Member
                            oregon
                            United States
                            Member #136623
                            December 15, 2012
                            14 Posts
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                            Posted: December 17, 2012, 12:11 pm - IP Logged

                            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..

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                              New Member
                              oregon
                              United States
                              Member #136623
                              December 15, 2012
                              14 Posts
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                              Posted: December 17, 2012, 12:15 pm - IP Logged

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

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