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Lottery winner claims simplicity is key to happy life

Topic closed. 18 replies. Last post 11 years ago by LOTTOMIKE.

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Chief Bottle Washer
New Jersey
United States
Member #1
May 31, 2000
23262 Posts
Posted: June 16, 2005, 7:23 am - IP Logged
    Morrison, IL
    United States
    Member #4657
    May 13, 2004
    1884 Posts
    Posted: June 18, 2005, 12:34 am - IP Logged
    There's theory and there's reality.  the theory of taking the cash and investing is good, but the reality is you will spend some of that cash right now -- probably more than you should because you have so much.  Before you realize it, $10 million is gone in the first year.  Cars, trips, clothes, houses -- for yourself and some family.  Nothing wrong with that, but then you won't have "more" money at all than if the lottery invested it for you.  Because you have less to invest.
    You have to admit there's a problem with people not being able to handle suddenly being rich.  I'd rather live on 26 installments, and be rich enough each year than take the chance I'd end up like those HUNDREDS of people you see in those "where are they now?" lottery news stories. 

      Yeah, but a winner who chooses annuity could still foolishly end up borrowing against future payments, so it wouldn't make much of a difference.  If one is careless with money, he or she will probably end up blowing his or her winnings in a short period regardless of payment option.

      metro Atlanta area
      United States
      Member #4122
      March 23, 2004
      49 Posts
      Posted: June 19, 2005, 1:17 pm - IP Logged
      the people who say they want to "invest."  well, you can invest the annual amount you receive each year.  You get $2 or $3 million each year, you DON'T have to spend it all.  Throw half of it into the stock market or a business or whatever.  But, if you screw up and lose it in some stupid investment (we all have a learning curve, you know?) then at least you won't have lost ALL your money.  You still have the next annual check coming for $2 or $3 million. 
      it's just that sometimes people must think they are so smart because through luck (or a computer draw) they picked the right lottery numbers.  Or they go into a  haze of craze or something.  For whatever reason, they start spending the money like they think that's going to happen over and over and they don't realize THIS IS IT.  (oh, sure there's the woman who won a million twice in one year -- I'm just saying don't spend the money like you are sure that's going to happen to you.)  The annuity plan is just to safeguard yourself from your own worst behavior.  And that worst behavior has happened to enough people that it's apparently like a temporary craziness that can't be explained.  So, best to make the decision ahead of time -- annuity -- and live a long prospersous life. 
        LOTTOMIKE's avatar - cash money.jpg
        United States
        Member #7853
        October 15, 2004
        11338 Posts
        Posted: June 25, 2005, 10:16 pm - IP Logged


         I think it's safe to say that he is not related to Jack Whittaker.

        thats a good thing.....