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Lottery winners broke, busted

Topic closed. 22 replies. Last post 7 years ago by computerhead723.

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dopey7719's avatar - Lottery-049.jpg
Midlands, SC
United States
Member #69698
January 14, 2009
303 Posts
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Posted: June 26, 2009, 8:56 pm - IP Logged

What a sad situation.  The kids are probably in foster care or with another relative.  An addict hit 15,000 a few months ago in town.  You know where he is?  Back on the corner asking for change...I was sure he would be found dead somewhere from an overdose.  Lots of addicts by scratch-offs.  That's why a majority of the liquour stores and gas stations are in poor neighborhoods and sell the lottery.

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    United Kingdom
    Member #57145
    December 19, 2007
    31 Posts
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    Posted: June 27, 2009, 8:01 am - IP Logged

    Stupid Stupid Stupid, iv seen to many stories about people who won big amounts of money and they become broke in a short time.

      viksmart's avatar - moon
      New Member
      Florida
      United States
      Member #75127
      May 27, 2009
      22 Posts
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      Posted: June 27, 2009, 8:15 am - IP Logged

      I bet they are wishing that the infamous get out jail free card existed.......

      I let gambling be my only vice as to not get tied up in others lol.

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        Baton Rouge, LA
        United States
        Member #4602
        May 7, 2004
        699 Posts
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        Posted: June 27, 2009, 8:45 am - IP Logged

        Love the adult answers or opinions verses those made from less then matured individuals.

        One can judge a circumstance, yet not JUDGE the persons. There in lays the difference between being an adult and remaining neutral.

        I prefered the commentary about intervention, informative without casting stones.

        I lost money in the stock market and I can assure folks that it was a FOOLISH RISK and one that I will not endure again. But that doesnt make my being a FOOL. Big difference.

        Good post.

        What I think is all people have problems in their lives and money can either solve or magnify them, and in this case it magnified them.

        I'm sure that for ever story like this one, there are many more of people who have won and gone on to have happy lives enjoying their money and living in peace.

        Prisoner Six

        "I am not a number, I am a free man!"

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          United States
          Member #10720
          January 23, 2005
          933 Posts
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          Posted: June 27, 2009, 12:25 pm - IP Logged

          I thought dope dealers were usually multi-millionaires? Always on the News you see them find stacks of $100's in rubber bands. It would have been an interesting press conference: "Now that I won, I plan to retire from the dope dealing business!"

            HaveABall's avatar - rocket

            United States
            Member #72448
            March 18, 2009
            1228 Posts
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            Posted: June 27, 2009, 3:58 pm - IP Logged

            But this man never was a millionaire!  He simply won a $1 million ANNUITY; which only paid out a gross of $50,000/year over 20 years. 

            Now let's look at that beginning $50,000 ... subtract the high New York Lottery STATE tax (possibly a county tax too) of at least 10%, PLUS simultaneously subtract the high FEDERAL lottery taxes of 31%.  Hum, how much is the probable net remainder after taxes that this man gets to keep for spending, investing, or saving?  The remainder amount is a maximum of only $29,500 a year!

            You may notice that this $29,500 amount is certainly not enough to provide much yearly livelyhood for a household of 2 adults and 4 children.  Rather, assuming this man was still able to keep his moderate paying security job (the article didn't indicate if he was still employeed) receiving gross of $50,000+/year, the amount of these two annual incomes ($79,500) is only enough to each year SLOWLY pay down:  credit card debt, 2 vehicle debt, modest 3-bedroom house debt, a good family supper out once a month, a 4-day vacation MAX, a small bit of drugs. 

            Thus, if one or both of the adults became unemployed or unemployable (health), such would lead to financial devistation, depression, and possibly drug or alcohol usage (it's common).  Put on your thinking caps folks!  I wish this family well, and can understand how it makes no financial sense to pay a total of $15,000 in 2 jail bails in order to get themselves released from jail, especially if their savings accounts only add up to $5,000 or so.

            Having several millions of dollars in my financial accounts means receiving several valuable services each day!

            Disney

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              New Member
              Central IL
              United States
              Member #76443
              June 28, 2009
              1 Posts
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              Posted: June 28, 2009, 7:09 am - IP Logged

              I just don't understand the hostility here.  Sure, most lottery winners seem to spend there loot on things I find silly, but it is their money, lucky S.O.B's though they may be.  Honestly, I don't see why anyone is bothered by how he spent his money.  Whether the money is gone because he put it up his nose or into a hedge fund, the story makes no mention of him blaming the lottery or his lottery winnings for his problems.  It doesn't even mention that he spent his winnings on drugs, which is the direction most posters seem to be going.

                computerhead723's avatar - lightbulb
                Buffalo
                United States
                Member #54397
                August 17, 2007
                245 Posts
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                Posted: June 28, 2009, 1:41 pm - IP Logged

                But this man never was a millionaire!  He simply won a $1 million ANNUITY; which only paid out a gross of $50,000/year over 20 years. 

                Now let's look at that beginning $50,000 ... subtract the high New York Lottery STATE tax (possibly a county tax too) of at least 10%, PLUS simultaneously subtract the high FEDERAL lottery taxes of 31%.  Hum, how much is the probable net remainder after taxes that this man gets to keep for spending, investing, or saving?  The remainder amount is a maximum of only $29,500 a year!

                You may notice that this $29,500 amount is certainly not enough to provide much yearly livelyhood for a household of 2 adults and 4 children.  Rather, assuming this man was still able to keep his moderate paying security job (the article didn't indicate if he was still employeed) receiving gross of $50,000+/year, the amount of these two annual incomes ($79,500) is only enough to each year SLOWLY pay down:  credit card debt, 2 vehicle debt, modest 3-bedroom house debt, a good family supper out once a month, a 4-day vacation MAX, a small bit of drugs. 

                Thus, if one or both of the adults became unemployed or unemployable (health), such would lead to financial devistation, depression, and possibly drug or alcohol usage (it's common).  Put on your thinking caps folks!  I wish this family well, and can understand how it makes no financial sense to pay a total of $15,000 in 2 jail bails in order to get themselves released from jail, especially if their savings accounts only add up to $5,000 or so.

                like  your  forcast  ...of  the  money  trial  ...............

                 

                it  is  a  sad  story  ...money  gets  you  in  deep  stuff  and  makes  you  fell  so  good   but  when  your  in  jail  and  your  broke  its  just  another  dream ;Hit With Stick

                 

                .lets  get  a  GET  OUT  OF  JAIL  FUND  DRIVE  going ... well  right  after  I  get  my $$ million @