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$360 MILLION: Powerball jackpot raised on huge sales

Topic closed. 69 replies. Last post 4 years ago by rdgrnr.

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Toronto
Canada
Member #138397
January 26, 2013
179 Posts
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Posted: May 14, 2013, 11:34 pm - IP Logged

... Or it means they did their homework before hand, or is already competent with managing money through other means. Nothing is absolute, everything depends

on circumstances especially with something like winning such a huge lottery. While Jill's advice is good in general, saying everyone MUST follow it and those who

don't are going to go bankrupt or are stupid is just silly and not true.

    Teddi's avatar - Lottery-008.jpg

    United States
    Member #142499
    May 13, 2013
    1186 Posts
    Offline
    Posted: May 15, 2013, 2:02 am - IP Logged

    ... Or it means they did their homework before hand, or is already competent with managing money through other means. Nothing is absolute, everything depends

    on circumstances especially with something like winning such a huge lottery. While Jill's advice is good in general, saying everyone MUST follow it and those who

    don't are going to go bankrupt or are stupid is just silly and not true.

    If 70% of all JP winners go bankrupt within 5 years, tells me the rushing into it head first doesn't work and that discipline is needed to not become another statistic.

    If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition? Where's the fire?

    I see those people being both impulsive and having a penchant for instant gratification. Nothing wrong with that on the face of it, but that combo is what leads to many to bankruptcy. They had to buy this, they had to get that. The urge to spend regardless of possible financial and emotional consequences. 

    The endorphin rush of an impulsive activity will oftentimes outweigh commonsense and reasoning. So yes, if they can't even hold back a few weeks and instead they have to go for the gratification they will get when claiming that money, those people's odds of keeping their money long term is significantly lowered. I'm not looking at who is following the guidelines as a predictor for who will keep their money. I'm looking at who is disciplined enough to follow them...purely from a psychological POV. Tell tale behavior patterns that spell failure or success. 

     

     

    Watch a few episodes of TLCML, most episodes were filmed between 2007 and 2011. Some of those winners were only a year or 2 into their winnings at the time the episodes were filmed. I guarantee, you can watch the winners featured and predict who will be broke now and who won't. Then Google them to see if you're right. I have yet to be wrong. What is neither silly, stupid nor untrue is that those are the ones who help make up the 70% failure rate.

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      Elgin, IL
      United States
      Member #93542
      July 2, 2010
      318 Posts
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      Posted: May 15, 2013, 2:15 am - IP Logged

      I'm not excited, but I still bought a ticket. I no longer get excited over large jackpots. I just buy a ticket and throw it to the side.

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        Elgin, IL
        United States
        Member #93542
        July 2, 2010
        318 Posts
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        Posted: May 15, 2013, 2:28 am - IP Logged

        I find it quite humorous that so many large lottery jackpot winners think it will be just fine to stay in their current home while still working...even if it's only for a few days. A large windfall is life changing, NOTHING will ever be the same. If the winner(s) doesn't take the appropriate steps prior to claiming their prize then they have no one to blame but themselves for the chaos that is now facing them.

        I don't think it really matters how "close knit" of a community you live in because neighbors and strangers will look at you in a totally different light. Granted if you already reside in a private, heavily guarded community you might be fine but chances are you're not.

        Prior to claiming your prize, you need to assemble a group of trusted advisors/attorneys to form your trust as well as get you an advance loan to move you and your entire family. No need to pack up the entire house, just take your important documents and anything with sentimental value along with some clothing and LEAVE. You can arrange to have movers come in and take the rest of your belongings to a storage facility.

        This is just the start. I can't stress enough how critical it is to take at least 3-4 weeks if not more to get everything in order prior to having one of your attorneys claim your prize. If you are insolvent and feel you need to claim your prize as quickly as possible in order to get some funds then you are mistaken. Your payout usually takes at least several weeks for all the participating states to fund the jackpot. One of your advisors and/or attorneys should have no issues getting you a few hundred thousand to keep you afloat until your main payout gets wired into your financial institution.

        Good luck to whomever wins and I hope it's one of you from LP but please take your time and tell no ONE other than your spouse...this means keeping a secret from your in-laws, neighbors, co-workers, friends and children.

        I agree 100%

         

        If my family were to win tonight, starting  Friday or next week we will get legal advice, try to find a new place while not telling a soul other than the 3 people who live in our house, which is my parents and me. Our cat cannot talk. We will pack up the entire house because everything is of value and once we're gone, we're gone, period. My big brother and other family won't find out until everything is place. Our lips are sealed.

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          Elgin, IL
          United States
          Member #93542
          July 2, 2010
          318 Posts
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          Posted: May 15, 2013, 2:34 am - IP Logged

          Another thought I had in regards to Jill's post is if you live in a state when you can remain anonymous when claiming I don't see a neccessity to move ASAP.

          But I totally agree with taking several weeks--or longer--to get things in order.

          Even If I did I would still move ASAP. It's best and very safe.

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            Toronto
            Canada
            Member #138397
            January 26, 2013
            179 Posts
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            Posted: May 15, 2013, 2:49 am - IP Logged

            If 70% of all JP winners go bankrupt within 5 years, tells me the rushing into it head first doesn't work and that discipline is needed to not become another statistic.

            If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition? Where's the fire?

            I see those people being both impulsive and having a penchant for instant gratification. Nothing wrong with that on the face of it, but that combo is what leads to many to bankruptcy. They had to buy this, they had to get that. The urge to spend regardless of possible financial and emotional consequences. 

            The endorphin rush of an impulsive activity will oftentimes outweigh commonsense and reasoning. So yes, if they can't even hold back a few weeks and instead they have to go for the gratification they will get when claiming that money, those people's odds of keeping their money long term is significantly lowered. I'm not looking at who is following the guidelines as a predictor for who will keep their money. I'm looking at who is disciplined enough to follow them...purely from a psychological POV. Tell tale behavior patterns that spell failure or success. 

             

             

            Watch a few episodes of TLCML, most episodes were filmed between 2007 and 2011. Some of those winners were only a year or 2 into their winnings at the time the episodes were filmed. I guarantee, you can watch the winners featured and predict who will be broke now and who won't. Then Google them to see if you're right. I have yet to be wrong. What is neither silly, stupid nor untrue is that those are the ones who help make up the 70% failure rate.

            First of all, that number is plain wrong. There's no way 70% of all jackpot winners go bankrupt in 5 years, unless you count slot machine jackpots, jackpots

            from illegal casinos etc. Most "real" lottery jackpot like PB, MM, EuroMillions etc (Let's just say 1m+ jackpots after tax and lumpsum amount) winners wouldn't 

            go bankrupt in 5 years. Or else that woman who won 10 million in the Super 7 (canadian lotto) and lost it all in 10 years wouldn't become news. 

             

            But I'm not so much against "waiting 3 weeks" as much as I am against how Jill even tells people who you can and can't tell about the lottery win so 

            precisely, as if no one else is intelligent enough to decide for themselves. 

             

            BTW, I've been trying to look for the TLCML episodes, but could only find 1 or 2 of them. Do you have a source where I can watch a few more episodes?

            Thanks in advance.

              helpmewin's avatar - dandy
              u$a
              United States
              Member #106665
              February 22, 2011
              19911 Posts
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              Posted: May 15, 2013, 3:09 am - IP Logged

              Good luck to the people participating in this game.

              very nice commentPatriot

              Let it Snow Snowman

                Teddi's avatar - Lottery-008.jpg

                United States
                Member #142499
                May 13, 2013
                1186 Posts
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                Posted: May 15, 2013, 5:26 am - IP Logged

                First of all, that number is plain wrong. There's no way 70% of all jackpot winners go bankrupt in 5 years, unless you count slot machine jackpots, jackpots

                from illegal casinos etc. Most "real" lottery jackpot like PB, MM, EuroMillions etc (Let's just say 1m+ jackpots after tax and lumpsum amount) winners wouldn't 

                go bankrupt in 5 years. Or else that woman who won 10 million in the Super 7 (canadian lotto) and lost it all in 10 years wouldn't become news. 

                 

                But I'm not so much against "waiting 3 weeks" as much as I am against how Jill even tells people who you can and can't tell about the lottery win so 

                precisely, as if no one else is intelligent enough to decide for themselves. 

                 

                BTW, I've been trying to look for the TLCML episodes, but could only find 1 or 2 of them. Do you have a source where I can watch a few more episodes?

                Thanks in advance.

                Have you ever heard the expression, "you don't know what you don't know"?  I thought I knew. I took an accounting course as an adjunct to my science degree way back when, and I'm really anal about researching everything. Now I see, it was such a huge blessing that I never won a JP before, because knowing what I know now, I would probably have been in the 70% statistic. 

                The 70% applies to windfalls...legal windfalls. I can only source one place which states it's all windfalls: inheritance, lawsuit and lottery. Now, I know for sure I saw this number applied to jackpot winners, but I'd have to locate the source. But unless you can come up with a credible source saying that number is wrong, you'll pardon me if I don't just take your word for it. 

                I don't think when someone gives sound advice it should be taken as offensive. Many people who win have no clue what to do, what to expect or how to proceed. None, Nada. Zilch. They rush to claim their tickets and then wonder why their lives suddenly became nightmarish.

                Frankly, whether or not big JP winners like:

                Post, Whittaker, Shakespeare, Toth, Hill, Harrel, Carrol, Dickerson, Hurt, Adams, Basehore, Rogers, Edwards, Tirabassi, Tallmadge, Fick, Proxmire, Cohen, Gildein, McNabb, Mullins, Pittard, Griffiths, Lee, Metcalf, Zell, Dill, Sanfilippo, etc

                are the exceptions or the tip of the iceberg, there are enough of them and their stories are so godawful that I will gladly and gratefully accept any sound advice I can possibly get. 

                 

                p.s. No, sorry. I watched the episodes when they originally aired on TLC. I have no idea where to find them now.

                  dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                  Oklahoma
                  United States
                  Member #82391
                  November 12, 2009
                  6290 Posts
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                  Posted: May 15, 2013, 5:50 am - IP Logged

                  I got my 2 tickets each with powerplay. I don't want no leakages when I hit the first 5 balls.. I'm going for the $2M Jester

                  Same here maringoman Thumbs Up

                  I Love Pink & Green 1908

                    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                    Oklahoma
                    United States
                    Member #82391
                    November 12, 2009
                    6290 Posts
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                    Posted: May 15, 2013, 5:54 am - IP Logged

                    Good luck to the people participating in this game.

                    Thank you ressuccess you as well Thumbs Up

                    I Love Pink & Green 1908

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                      baton rouge
                      United States
                      Member #10797
                      January 26, 2005
                      85 Posts
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                      Posted: May 15, 2013, 7:18 am - IP Logged

                      I happened to be travelling by car thru Louisiana to Missouri, I tried my luck by buying one ticket each of PB & MM in these states LA, TN & MO.

                      Hope good luck to be a winner in any of these states.

                       

                      US Flag  Love  Lep

                        schmuckatelly's avatar - half planet.jpg
                        Jacksonville, Florida
                        United States
                        Member #140364
                        March 17, 2013
                        195 Posts
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                        Posted: May 15, 2013, 9:28 am - IP Logged

                        I find it quite humorous that so many large lottery jackpot winners think it will be just fine to stay in their current home while still working...even if it's only for a few days. A large windfall is life changing, NOTHING will ever be the same. If the winner(s) doesn't take the appropriate steps prior to claiming their prize then they have no one to blame but themselves for the chaos that is now facing them.

                        I don't think it really matters how "close knit" of a community you live in because neighbors and strangers will look at you in a totally different light. Granted if you already reside in a private, heavily guarded community you might be fine but chances are you're not.

                        Prior to claiming your prize, you need to assemble a group of trusted advisors/attorneys to form your trust as well as get you an advance loan to move you and your entire family. No need to pack up the entire house, just take your important documents and anything with sentimental value along with some clothing and LEAVE. You can arrange to have movers come in and take the rest of your belongings to a storage facility.

                        This is just the start. I can't stress enough how critical it is to take at least 3-4 weeks if not more to get everything in order prior to having one of your attorneys claim your prize. If you are insolvent and feel you need to claim your prize as quickly as possible in order to get some funds then you are mistaken. Your payout usually takes at least several weeks for all the participating states to fund the jackpot. One of your advisors and/or attorneys should have no issues getting you a few hundred thousand to keep you afloat until your main payout gets wired into your financial institution.

                        Good luck to whomever wins and I hope it's one of you from LP but please take your time and tell no ONE other than your spouse...this means keeping a secret from your in-laws, neighbors, co-workers, friends and children.

                        Good advice. Thanks! I have a pool of 20 people so it will be hard to do in this order, but I'm still looking at 8.5 mill for my share so I will have fall into order once its claimed.  But, if my own private ticket wins, I most will certainly do something like this as my wife and I have already discussed/planned what we will be doing. 

                         

                        Good luck to me Wink

                          dpoly1's avatar - driver
                          PA
                          United States
                          Member #66141
                          October 16, 2008
                          1672 Posts
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                          Posted: May 15, 2013, 9:30 am - IP Logged

                          This means about $139,000,000 after the Federal Confiscation of 39%. That is about $89,000,000 in Taxes (No State or Local Tax in PA).

                          I would try to mitigate the Taxes from my secret location LOL.

                          Good luck to all on Lottery Post!

                          US Flag

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

                           

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

                            Jill34786's avatar - Lottery-006.jpg
                            Windermere, FL/Franklin, TN
                            United States
                            Member #50210
                            March 1, 2007
                            843 Posts
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                            Posted: May 15, 2013, 10:53 am - IP Logged

                            Another thought I had in regards to Jill's post is if you live in a state when you can remain anonymous when claiming I don't see a neccessity to move ASAP.

                            But I totally agree with taking several weeks--or longer--to get things in order.

                            Actually if you live in a state that allows you to remain anonymous it isn't really as discreet as it sounds. The media recently got the name of an anonymous winner through the freedom of information act and disclosed it to the public. That is why having an attorney claim your prize under a trust that can be hidden under several other trust is so important.

                            One thing I would like to clarify is that there is no need to totally alienate all your close friends. Once you have structured your financial plan you can slowly bring them back into your life if you choose.

                            There is no need to move out of town ASAP. You simply need to get your financial game plan in order(after having interviewed several attorneys/ financial experts) as well as submitting your job resignation. Once you have secured a temporary residence and finalized documents with your legal team then give yourself a couple days to relocate prior to having your trustee/attorney claim your prize. 

                            If you have close ties to your church/community, you can always give charitable contributions through your foundation at a later time which will help mitigate your tax obligations.

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                              Toronto
                              Canada
                              Member #138397
                              January 26, 2013
                              179 Posts
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                              Posted: May 15, 2013, 11:26 am - IP Logged

                              When you throw numbers around, especially outrageous ones like that, you're the one who needs to provide a source, not me. That you can only name

                              a few (many of whom took longer than 5 years, by the way), out of tens of thousands of winners (For example, the florida lottery has made over 1,200 

                              millionaires, so has the UK lottery, Australian lotteries, Canadian lotteries, etc.) clearly shows that 70% is plain wrong. It's kind of funny how you can 

                              keep saying "the 70% statistic". You may be "really anal about researching everything" now, but research alone is not sufficient; you also need critical 

                              thinking and reasoning. 

                               

                              Note that a couple thousand dollars can be considered a "windfall". It's much easier to lose a thousand than a million.