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How lottery winners spend their money

Topic closed. 90 replies. Last post 1 year ago by helpmewin.

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dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
Oklahoma
United States
Member #82391
November 12, 2009
5223 Posts
Offline
Posted: December 17, 2012, 3:53 pm - IP Logged

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

I Love Pink & Green 1908

    Nikkicute's avatar - nnjx1k
    RIGHT HERE!!
    United States
    Member #123295
    February 17, 2012
    2094 Posts
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    Posted: December 18, 2012, 4:08 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

    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 .


      United States
      Member #116272
      September 7, 2011
      20244 Posts
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      Posted: December 18, 2012, 9:33 am - IP Logged

      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 avatar - YheaShea
        Boise, ID
        United States
        Member #94285
        July 17, 2010
        1609 Posts
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        Posted: December 18, 2012, 11:07 am - IP Logged

        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.


          United States
          Member #116272
          September 7, 2011
          20244 Posts
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          Posted: December 18, 2012, 11:10 am - IP Logged

          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 avatar - YheaShea
            Boise, ID
            United States
            Member #94285
            July 17, 2010
            1609 Posts
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            Posted: December 18, 2012, 11:15 am - IP Logged

            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 avatar - driver
              PA
              United States
              Member #66141
              October 16, 2008
              1434 Posts
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              Posted: December 18, 2012, 4:31 pm - IP Logged

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

              You must be prepared in life!

              dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

               

              Eschew Poverty ........... Vote Conservative!

                Avatar
                Texas
                United States
                Member #132460
                September 4, 2012
                483 Posts
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                Posted: December 20, 2012, 8:59 am - IP Logged

                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...

                  Avatar
                  Ga
                  United States
                  Member #120459
                  December 20, 2011
                  114 Posts
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                  Posted: December 21, 2012, 8:19 pm - IP Logged

                  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 avatar - dandy
                    u$a
                    United States
                    Member #106669
                    February 22, 2011
                    16496 Posts
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                    Posted: December 21, 2012, 8:45 pm - 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

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

                                     

                      rdgrnr's avatar - walt
                      -Ridge Runner- Oracle of the Appalachians
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
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                      Posted: December 21, 2012, 9:04 pm - IP Logged

                      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 avatar - Lottery-012.jpg
                        egg harbor twp.south jersey shore
                        United States
                        Member #112972
                        June 29, 2011
                        3096 Posts
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                        Posted: December 21, 2012, 9:24 pm - IP Logged

                        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

                        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                          helpmewin's avatar - dandy
                          u$a
                          United States
                          Member #106669
                          February 22, 2011
                          16496 Posts
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                          Posted: December 21, 2012, 9:25 pm - IP Logged

                          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...

                                           

                            Avatar
                            New Member
                            chicago, il
                            United States
                            Member #23932
                            October 18, 2005
                            3 Posts
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                            Posted: December 29, 2012, 2:47 pm - IP Logged

                            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


                              United States
                              Member #138503
                              January 29, 2013
                              10 Posts
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                              Posted: January 29, 2013, 6:03 am - IP Logged

                              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.