Welcome Guest
Log In | Register )
You last visited January 19, 2017, 4:14 pm
All times shown are
Eastern Time (GMT-5:00)

Lottery Winner's Plans? Paying the Bills

Topic closed. 51 replies. Last post 7 years ago by dk1421.

Page 3 of 4
4.73
PrintE-mailLink
rcbbuckeye's avatar - Lottery-043.jpg
Texas
United States
Member #55889
October 23, 2007
5756 Posts
Online
Posted: April 24, 2010, 9:28 am - IP Logged

I am happy for the young man. He should be able to afford a consultant on the best option for him and how to save, distribute, and invest his money. On another note, I thought you could not sell yourself a ticket in the store or is that in certain states with certain games or is it just store policy. I have heard so many scam stories about these clerk selling themselves tickets and when to buy them. I also found out through a store clerk that when you request a Quick Pick that you can tell them not to request the first Quick Pick that comes up. That you can request the 50th set of numbers or what number you decide the machine to print. Has  LP members had a clerk to tell you that?

The other story said that Natasha Woody sold the ticket to him and that he said to her that if he won he would give her $2 million.

Here in Tx, once the tic is printed you can't cancel it, and we have to decide on cash option or annuity at the time of purchase.

CAN'T WIN IF YOU'RE NOT IN

A DOLLAR AND A DREAM (OR $2)

    Avatar
    New Member
    Merrill
    United States
    Member #90161
    April 23, 2010
    2 Posts
    Offline
    Posted: April 24, 2010, 11:27 am - IP Logged

    The kid just instantly made every Dentist in town his friend among greedy, cut-thoat, decietful new friends. I really hope the best for him. It's every ones dream to have alot of money but, I think that is to much money for one kid. The lottery should devise a way to payout to a hundred top winners when the jackpot gets that high. In some cases, all to much money will altimately do is, ruin a life.

      Tenaj's avatar - michellea
      Charlotte NC
      United States
      Member #17406
      June 18, 2005
      4054 Posts
      Offline
      Posted: April 24, 2010, 11:41 am - IP Logged

      Congratulations to him!

      takeemtothebank

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19900 Posts
        Offline
        Posted: April 24, 2010, 12:00 pm - IP Logged

        The kid just instantly made every Dentist in town his friend among greedy, cut-thoat, decietful new friends. I really hope the best for him. It's every ones dream to have alot of money but, I think that is to much money for one kid. The lottery should devise a way to payout to a hundred top winners when the jackpot gets that high. In some cases, all to much money will altimately do is, ruin a life.

        PowerBall does that when its jackpot reaches a new record amount.

        Ohio tried that years ago when its SuperLotto game attracted more players in the area than any other game and people stopped playing, especially its out of state players.  When its top prize amount was limited to what players could win playing other games with better odds, they stopped playing.  People play PB and MM in spite of their high odds because of their large payouts.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          Avatar
          New Member
          Nevada
          United States
          Member #26473
          November 18, 2005
          6 Posts
          Offline
          Posted: April 24, 2010, 2:42 pm - IP Logged

          Curious---assuming your scenario comes to fruition, doesn't that mean the 'dollar' becomes virtually worthless, whether it's 'dollars' coming to you every year from an annuity for 30 years or 'dollars' already paid out to you with a cash option?

          I mean, either way...aren't we all basically screwed if our 'dollars'...no matter how many of them we have or the time frame we collect them in, are worthless when 'the colossal house of cards' collapse based on our foreign debt?

          So what's the difference if and when all this happens if someone takes the cash option or annuity in a big lotto win now?

          Good question!  In this day and age, with the global eceonomy, you don't have to stay in dollars (at least, not yet anyway).  There exist a variety of ways to "hedge" your dollar position.  The most obvious are phyical gold and, at the moment better yet, silver.  Then there are futures contracts in metals and foreign currencies.  Before the faint of heart freak out about futures, you should know that the only thing "scary" about futures is the leverage which is available.  There is no law that says you have to leverage them as far as you can.  The principal reason they exist, in the first place, is for the transferance of some risk, such as the falling dollar, from someone holding an actual postion to a group of speculators willing to assume that risk.  In other words, they're essentially a form of insurance.

          There are domestic banks who will sell you CD's denominated in foreign currencies and insured by the FDIC (for whatever that's worth).

          So, take the dollars now, while they're still worth something, and hedge your bet.  That's what the elites have done for centuries.  That's why they're still rich, and still getting richer.

            DC81's avatar - batman39
            MI
            United States
            Member #54830
            August 31, 2007
            985 Posts
            Offline
            Posted: April 24, 2010, 3:25 pm - IP Logged

            The annuity is no safer than the cash option if you're a fool, IMO it can be worse. Personally with direction our country is going and has been going over the last 30+ years I would want to get as much of my liquid assets as I could away from the Dollar especially with being young to the point where I'll be at retirement age (at least what it is currently) when the Powerball annuity would end and 30 years is a long time and has a large opening for all things of nasty things to happen, including total financial meltdowns, government bankruptcy and our paper currency becoming more useful as toilet paper. Not to mention significant tax increases that income bracket is going to have.

            You can't predict random.

              Avatar
              New Member
              Springfield Tennessee
              United States
              Member #90162
              April 23, 2010
              8 Posts
              Offline
              Posted: April 24, 2010, 4:09 pm - IP Logged

              I agree with you.He should've contacted an attorney right off the bat.Those ex's are gonna try to rip him a new one I would imagine.Never the less,I am one of those that are happy to see someone catch a break.Just hope he don't do like the guy from Kentucky.

                dpoly1's avatar - driver
                PA
                United States
                Member #66141
                October 16, 2008
                1679 Posts
                Offline
                Posted: April 24, 2010, 10:51 pm - IP Logged

                I hope that the winner does well ...

                I would take the cash option if I won.

                I want to be the first big Mega Millions winner in PA .... and I will take the money and run .... and spend .... and invest!

                I have been planning for many years for a big win if it comes my way!

                Best wishes to all .... win or not! Sun Smiley

                US Flag

                  Tenaj's avatar - michellea
                  Charlotte NC
                  United States
                  Member #17406
                  June 18, 2005
                  4054 Posts
                  Offline
                  Posted: April 24, 2010, 11:06 pm - IP Logged

                  I'm with you all the way on this.

                  (1) He is young

                  (2) He has young children, should something happen to him they can continue to get the money for the remainder of the annuity period.

                  Here's one dad that does'nt have to worry about saving up for college.

                  I Agree!

                  An annuity is the smart thing to do if you can depend on it.  But what if something happens that make what you have in place no longer exists.  I know that sounds crazy but it can happen.

                  Thats the reason I would get cash.  Give me my money now.That's my story and I'm sticking with it.

                  takeemtothebank

                    Avatar
                    New Member

                    United States
                    Member #90264
                    April 24, 2010
                    1 Posts
                    Offline
                    Posted: April 24, 2010, 11:14 pm - IP Logged

                    Well I've been reading this place's posts long enough to know that you don't claim the money using your own name.  So what was he thinking?  We have to assume that he doesn't know any better.  That is frightening because like someone said above he will now have all the "vulture" so called money experts who will extract all the money out of him that is possible by steering him in the "wrong" direction.  Knowing most of those "so called experts" they will get him to invest into the stock market.  Well then why don't they just take him to Vegas instead!?!?! 

                    I think this young man would be much better off if he got some serious counseling from someone like Susan Bradley who now has those workshops for people who come into these windfalls.  It certainly can't hurt for this guy to get some seriously good counseling and that they guide him towards the right direction in terms of investments, legal counsel, trusts and just some serious asset protection.  This young man, if he doesn't get that sort of help will surely head down the highway to hell much like many who have come before him.  People in general are just NOT prepared for a windfall of this magnitude.  It's like having kids as no one has trained you to raise kids.  They don't give classes on that nor do they for this kind of money management. 

                    I fear for people's well being that are suddenly thrust into such an enviable position.  To have to make decisions that are so far-reaching and important to not just his future but also his children's.  As much as I agree with someone who wrote above that the United States' dollar is sure to be devalued substantially I still say that he should take the annuity.  The only way that he shouldn't take the annuity is if he has the discipline to get the best advice out there and to listen to said advice.  At least with the annuity he can always "right the ship" after screwing up (if he does.)  Of course nowadays with all the media and close scrutiny that comes with this young man's announcement that he has some serious money he may end up in that position where he gets himself in SO deep that he takes one of those absolute rip-off deals where they buy your future annuity payments.  It's sad to see people get themselves in debt like that.  The money can do so much good yet people allow themselves to go down that highway to hell (remember David Edwards?) 

                    I really want something good to happen to this guy and his kids but the odd makers would probably bet against him considering his age and his background.  If people like Jack Whittaker who was already a very wealthy man before he won the $314 million (took home about $113 million in cash) couldn't control himself then this young man will certainly have the odds stacked against him. 

                    He should have set up that trust and claimed the monies that way.  Anonymity would have been his best friend had he done it right.  Now that the secret is out of the bag he will have hell to pay for one bad decision.  NEVER, EVER GO PUBLIC !  For those of you who enjoy reading about people who won millions then lost their friends and went through hell then get your hands on the book by John Tippin called I Did It: My Life After Megabucks. It's available on Amazon. It tells the story of a guy who at that time had claim to the largets ever slot machine win in the world and how he decided to go public and the effect it had on him and his life.  Great read. 

                    "Never ever go public !!"

                      THRUST's avatar - f35l

                      United States
                      Member #88435
                      March 16, 2010
                      397 Posts
                      Offline
                      Posted: April 25, 2010, 12:07 am - IP Logged
                      People knowing who you are isn't the problem, it is not having your affairs in order before you collect. Some states make you collect in person and use your name, town, state and image...you agree to it when you buy the ticket. If you are smart you will have everything in order so you can go collect the money, do what the lottery people need you to do and then get the h3ll out of there. This guys big mistake was collecting too soon.
                      If you do your homework and have a plan in place before you collect...you shouldn't have anything to worry about. All the doom and gloom about people knowing who you are is nonsense.

                      $1,000,000

                        Avatar
                        Plymouth, MI
                        United States
                        Member #23028
                        October 6, 2005
                        42 Posts
                        Offline
                        Posted: April 25, 2010, 11:28 am - IP Logged

                        Canada has a new drawing called Lotto Max.  It caps the first drawing amount at 50 million dollars.  When the jackpot goes over 50 million they draw another set of numbers for each million dollars over the first 50 million.  Last month the jackpot hit 60 million.  The next drawing there was a 50 million winner, 5 1 million dollar winners and 4 winning 500,000.  The remaining 3 milion rolled over to the next drawing which starts at 10 million.  Go to OLG.CA to read more about this game.  This game doesn't split the jackpot evenly but it did make 10 folks winners instead of just one.

                          rdgrnr's avatar - walt
                          Way back up in them dadgum hills, son!
                          United States
                          Member #73904
                          April 28, 2009
                          14903 Posts
                          Offline
                          Posted: April 25, 2010, 12:28 pm - IP Logged

                          Canada has a new drawing called Lotto Max.  It caps the first drawing amount at 50 million dollars.  When the jackpot goes over 50 million they draw another set of numbers for each million dollars over the first 50 million.  Last month the jackpot hit 60 million.  The next drawing there was a 50 million winner, 5 1 million dollar winners and 4 winning 500,000.  The remaining 3 milion rolled over to the next drawing which starts at 10 million.  Go to OLG.CA to read more about this game.  This game doesn't split the jackpot evenly but it did make 10 folks winners instead of just one.

                          I like that idea.


                                                                       
                                               
                                                                   

                           

                           

                           

                           

                                                                                                                             

                          "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                      --Edmund Burke

                           

                           

                            Avatar
                            NY
                            United States
                            Member #23835
                            October 16, 2005
                            3502 Posts
                            Offline
                            Posted: April 25, 2010, 1:21 pm - IP Logged

                            "In this day and age, with the global eceonomy, you don't have to stayin dollars (at least, not yet anyway).  There exist a variety of waysto "hedge" your dollar position.  The most obvious are phyical goldand, at the moment better yet, silver. "

                            You really need to consider the implications of having a global economy. Everything is connected to everything else. If you lived in Iceland or Zimbabwe having your  savings invested in the economies of other countries would be really meaningful when the national economy collapses. It's an entirely different matter if the economy of a major world power collapses.The US is responsible for about 1/5th of the world's GDP, and major disruptions of our economy  are going to have a serious effect well beyond political boundaries. The only difference between gold as a currency and paper as a currency is that gold also has utility as a commodity.  Paper money has value only because we accept it as having value. There's no real reason that the design of a $100 bill make it 100 times as valuable as a $1 bill. Other than the part of it's value that comes from demand for actual physical uses, gold is no different. If you don't have a physical application for it gold has no more inherent value than any other rock that people like to collect.

                            If the US economy collapses there isn't going to be any real demand for gold within the country.  No more jewelry sales, no more gold wire for electronics, whatever. Sure, a few people are going to think they'd better start embracing the gold standard, but what are they going to offer you for your gold?  Some of the worthess paper?  Maybe you can sell it to sombody in another country? Well, those people may not be buying many of our other products, and we may not be buying many of theirs anymore, so what makes you think gold will be any different? If there is some demand from elsewhere, there's going to be a major fire sale. Let's assume that you can sell for 20 cents on the dollar. You've lost 80% of your wealth, and you've now got some  foreign currency. What are you going to do with that?

                            Yeah, there's a chance that hanging onto gold will allow you to retain some wealth when the economy improves, but that won't help you through the disruptions bewteen collapse and recovery. If there is a truly major collpse you'll be a lot happier if you had invested in canned goods and a farm.

                            What would be better still, would be if people didn't freak out over one possible future problem of the many that could be unpleasant. As long as people are simply confident and continue to go about their normal routines, happily trading paper with no inherent value that paper retains its artificial value  and things just keep humming along with relatively minor bumps.

                              larry3100's avatar - larry icon2.jpg
                              Redwood City,California
                              United States
                              Member #70503
                              February 3, 2009
                              200 Posts
                              Offline
                              Posted: April 25, 2010, 7:25 pm - IP Logged

                              Congratulations Chris Shaw!. Now I would like to give you some advise. Don't be like Jack Whittaker of West Virginia. On 12-25-02 , Jack Whittaker won $314.9 million dollars. Jack chose the cash option and received a check of approximately $114 million dollars. Jack lost a lot of cash by taking that cash option. He made some bad investments and lost his grand-daughter to a drug-overdose, because Jack gave her too much money. All I want to say now is, it's my turn to win the "BIG ONE" in the lottery. Cheers