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Lottery winners share money advice

Topic closed. 43 replies. Last post 11 years ago by rdc137.

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United States
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November 18, 2005
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Posted: March 28, 2006, 9:18 pm - IP Logged

The best rule of thumb that I use(well maybe someday) is to take the advertised jackpot and divide by 4.Say the Powerball jackpot is 100 million.Ok,so I win and take the lump sum.Now I get approximentally 50% of the total.Next the estimated taxes,both federal and state are about 50%.This is a rough estimate,with any error on the side of more money to me instead of the taxman.So looking at a 100 million jackpot,I see 25 million after it's all said and done.Any small percentage over the 25% is "fun money".

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    iowa
    United States
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    February 16, 2006
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    Posted: March 28, 2006, 11:03 pm - IP Logged

    About 18 years ago a local man won an Illinois lottery jackpot, about 2.8 million,which spread out over 20 years was about $140,000 a year. Not great, but an okay sum of money. He tried his best to remain anonymous, because he was already going through bankruptcy proceedings and was trying to finish it up before he claimed the money so that he wouldn't have to pay his debts. The only person other than family that he told was their priest, who promptly gossiped it to the whole community. Somebody got ticked off(and rightfully so) that he was trying to squirm his way out of a debt that he legally and morally owed, and tipped off the authorities. He then had to pay his bills, which he damn well should have payed anyways. Now on the downside of this, him and his wife had just had a baby before the win, and received a kidnapping threat. Just an example of why someone shouldn't be allowed to remain anonymous, and a reason why they should be allowed to. Kind of a damned if you do, damned if you don't situation for the lawmakers in the anonymity rules. Just imagine a kidnapping threat on your child over such a relatively measly sum of money. I'm not saying I wouldn't love an extra 140k every year, but damn. There are a whole lot of nuts in the world. And quite honestly, if your "friends" and relatives are that damn greedy, you are better off without them. I personally have no illusions about my family. We don't have money and everyone is already jealous of one another over stupid, petty little things. When my grandfather's brother died, my aunt was mad as hell because he left his money to my grandfather. She thought that his nieces and nephews should have received the money(i.e. her). I was going to buy tickets for one of the $300 million-plus jackpots once and my aunt asked me what I would do if I won. I said " Probably give everyone in the family a million apiece, and then buy a G-IV private jet." I was really just joking about the jet, but she informed me I should give everyone in the family more money, and that she wasn't that greedy. I tried to explain the inherent hypocrisy in what she had just said, but she couldn't grasp the obvious. So if I ever do win they are going to get even less, if anything at all. So as you can see you don't even actually have to win the money for your relatives to be greedy jackasses. I always think ahead that's why I qualified my statement with a probably. Never promise anybody, anything. Or you will probably end up in court over someones jealousy. 

      TheGameGrl's avatar - character catafly.jpg
      A long and winding road
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      Posted: March 28, 2006, 11:29 pm - IP Logged

      Nah I promise my enemies they wont get a dime! And they can dern well take me to court on that promise!As to the rest of the story....its debatable as Im sure thru the years some embellishment has been added. Priests do not divulge confessions even under a court order, so there in lays the flaw to that story. It may well be that the guy had fallen upon hard times and been going thru bankruptcy ( which isnt a moral issue, its a financial issue).  The one family that recently won the PB fessed up to bankrupcy prior and under the ruling they are *forgiven* of the debts and dont have to pay the creditors/financial institutions. Depending on how it was filed weighs heavily on what does need paid back. If the guy hadnt claimed the winning til after the judge ruled , no amount of squeeling will do any good. He was legimate in his claim and has the right to file based on the laws of bankruptcy.

      ~~Is it true, Is it kind,Is it necessary. ~~~

       Thanks be to the giving numbers: 1621,912,119 02014

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        iowa
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        February 16, 2006
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        Posted: March 29, 2006, 12:47 am - IP Logged

        I didn't say he confessed it to the priest, I said that he told him. As far as what a priest should or shouldn't do, I guess in your little world priests never molest little kids. Because, after all, they are not supposed to do that either. And to your theory of embellishment, my best friend dated the guys daughter, as did I a year later. So unless his daughter was embellishing the story, it's true. I guess there is the flaw in your flawed attempt at deconstructionist logic. And by the way it's spelled squealed. Maybe you should spend some time studying a third grade spelling list, and then familiarize yourself with reading comprehension. I stated that he was going through bankruptcy proceedings, not had went through the proceedings. And if you think that someone that borrows a bunch of money to start a business, fails,and then is trying to avoid paying back the debt while he is sitting with a 2.8 million dollar ticket isn't a moral issue.... well, that speaks volumes about your character, or lack thereof.   

          justxploring's avatar - villiarna
          Wandering Aimlessly
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          Posted: March 29, 2006, 1:26 am - IP Logged

           

           " I can't say I feel sorry for him, because we don't know if he was a deadbeat Dad or his wife is being vindictive. "

          Dead being the key word here: Ty Cobb died in 1961. I've heard of a death tax, but geeezzz...

          He was probably named after a famous baseball player because the night he was conceived, his father finally made it past first base!

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            Coastal Georgia
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            Posted: March 29, 2006, 7:57 am - IP Logged

             

             " I can't say I feel sorry for him, because we don't know if he was a deadbeat Dad or his wife is being vindictive. "

            Dead being the key word here: Ty Cobb died in 1961. I've heard of a death tax, but geeezzz...

            He was probably named after a famous baseball player because the night he was conceived, his father finally made it past first base!

            LOL

             

             

                                           

                          

             

             

              rundown99's avatar - cigar

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              Posted: March 29, 2006, 12:13 pm - IP Logged

              I say it all the time.  Go to a state where you can be anonymous.

              Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

              If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

                loves2lotto's avatar - Lottery-029.jpg
                Charlotte, North Carolina
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                March 28, 2006
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                Posted: March 29, 2006, 1:08 pm - IP Logged

                I currently live in charlotte, NC and if you win you have to atleast give your name and what city you are from. It's the same way in SC. BummerDisapprove. They are already ruining it for me even before our lottery starts. But I have no family here so I may just make it out with the hair on my head.  Jester

                I see a huge powerball win in my future!

                                        Hyper

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                  December 30, 2002
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                  Posted: March 29, 2006, 3:10 pm - IP Logged

                  $100,000 or even $500,000 is not a tremendous amount of money in the age of Mega Millions.  The surprising thing is the sense of entitlement people have from a lottery winner, as opposed to people who make their money in other ways.

                  >Her surprise came in the form of a big tax bill. Greer said she had set aside some money for taxes, but the bill came in higher than she expected.

                  What's with this? Property tax? Did they tax her the special lottery winners rate?

                  >She told the tale of one lottery recipient who won $5 million and gave each of her siblings $50,000. The siblings resented that the winner gave them a relatively small share.

                  Good to know. I can just as easily be resented for giving nothing and save myself $100,000.

                   

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                    Delaware
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                    January 14, 2006
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                    Posted: March 29, 2006, 4:54 pm - IP Logged

                    3/28/2006

                    Hi 'loves2'........now don't say that, you have as much chance as anyone, and you deserve to win ... be positive about it....ckeck your States rules on Lottery winning. I am here in Maryland, and those residents of Maryland and the Nation's Capitol, who win Lottery prizes can do so annonymously, if we so choose.......and no one ever finds out, unless we tell ......

                    Smash

                    Last time I checked DC Lottery requires those winning $5000 or more to have their picture taken when they claim the prize. They then put those pictures on their website.

                     I am not aware of MD have the right to remain anonymous. Do you know where I could confirm either of these? I'm not saying you are wrong, but I am curious.

                      TheGameGrl's avatar - character catafly.jpg
                      A long and winding road
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                      Posted: March 29, 2006, 6:05 pm - IP Logged

                      I didn't say he confessed it to the priest, I said that he told him. As far as what a priest should or shouldn't do, I guess in your little world priests never molest little kids. Because, after all, they are not supposed to do that either. And to your theory of embellishment, my best friend dated the guys daughter, as did I a year later. So unless his daughter was embellishing the story, it's true. I guess there is the flaw in your flawed attempt at deconstructionist logic. And by the way it's spelled squealed. Maybe you should spend some time studying a third grade spelling list, and then familiarize yourself with reading comprehension. I stated that he was going through bankruptcy proceedings, not had went through the proceedings. And if you think that someone that borrows a bunch of money to start a business, fails,and then is trying to avoid paying back the debt while he is sitting with a 2.8 million dollar ticket isn't a moral issue.... well, that speaks volumes about your character, or lack thereof.   

                      Welcome to the board newcomer!

                       Please read th rules Todd has created .

                      Personal character attacks are less then welcoming here so do take care to refrain from them.

                       

                      ~~Is it true, Is it kind,Is it necessary. ~~~

                       Thanks be to the giving numbers: 1621,912,119 02014

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                        Coastal Georgia
                        United States
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                        October 30, 2003
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                        Posted: March 29, 2006, 7:00 pm - IP Logged

                        I didn't say he confessed it to the priest, I said that he told him. As far as what a priest should or shouldn't do, I guess in your little world priests never molest little kids. Because, after all, they are not supposed to do that either. And to your theory of embellishment, my best friend dated the guys daughter, as did I a year later. So unless his daughter was embellishing the story, it's true. I guess there is the flaw in your flawed attempt at deconstructionist logic. And by the way it's spelled squealed. Maybe you should spend some time studying a third grade spelling list, and then familiarize yourself with reading comprehension. I stated that he was going through bankruptcy proceedings, not had went through the proceedings. And if you think that someone that borrows a bunch of money to start a business, fails,and then is trying to avoid paying back the debt while he is sitting with a 2.8 million dollar ticket isn't a moral issue.... well, that speaks volumes about your character, or lack thereof.   

                        Welcome to the board newcomer!

                         Please read th rules Todd has created .

                        Personal character attacks are less then welcoming here so do take care to refrain from them.

                         

                        I Agree!  No room for personal attacks on this board.

                        We all can agree to disagree without insulting remarks.

                        DD

                         

                                                       

                                      

                         

                         

                          dumars798's avatar - batman17
                          Atlanta
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                          December 20, 2005
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                          Posted: March 30, 2006, 1:38 am - IP Logged

                          The only way 2 hide your idenity

                          is 2 give your lucky ticket 2 your

                          grandma/grandpa n have them

                          go in and collect your winnings,

                          lucky me i have honest grand-

                          parents that would love 4 me 2

                          live a comfortable lifestyle with

                          me n my family! Cool 





                                  Smart bets...... Equal Phat Pocket$!

                                               

                                       





                            dvdiva's avatar - 8ball

                            United States
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                            September 17, 2003
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                            Posted: March 30, 2006, 1:48 am - IP Logged

                            I would far rather have a winning ticket without privacy than a loosing one with privacy. Still the big thing to check for wins larger than this is if the state allows trusts to claim the ticket. I know Washington state allows it but Oregon doesn't. All state run lotteries have links to the laws that they are based on and in reading those you can tell what they allow or not.

                            Ultimately it depends on how much you win. Smaller amounts can easily hide their identity if they are smart. A giant jackpot like the first pot that breaks 400 million if one person wins they can forget hiding anything. 

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                              Posted: March 30, 2006, 9:00 am - IP Logged

                              I really don't think you can hide or be anonymous to family and friends, which seems to be where the trouble is. It's easy to say "no way' to a stranger, a little harder when someone you know is in need or claims they are in need.  The key is being decisive and tough minded about what you will do and won't do with the money and sticking to your guns.