For some lottery winners jackpot is a 'nightmare'

Comment #53

Maverick — Sat, 27 Nov 2004 21:23:42 GMT

Quote: Originally posted by jim695 on November 27, 2004I don't need a mansion, nor the enormous responsibility that comes with such an ostentatious purchase. Living in a mansion advertises the fact that you have a lot of money, so unless you win enough to cover the cost of round-the-clock security, in addition to property taxes, upkeep and maintenance, staff salaries (gardeners, housekeepers, etc.), insurance (homeowners' and general liability), bodyguards and a battery of lawyers, you're much b... [ More ]

Comment #52

Wonka — Sat, 27 Nov 2004 21:23:33 GMT

Yeah easier said than done. Granted these folks have no discipline but how could you not spend money on those around you? That'd be hard...

Comment #51

Maverick — Sat, 27 Nov 2004 21:20:05 GMT

Quote: Originally posted by hypersoniq on November 27, 2004ask yourself how much fun it would be to have to clean a 10 bedroom mansion... don't get more house than you need, and it doesn't have to be NEW to make you happy. I have my eye on a really nice lakefront nearby that is well under even a half million. The big shift will be from Making money to Keeping money.Exactly

Comment #50

DoctorEw220 — Sat, 27 Nov 2004 19:47:48 GMT

Quote: Originally posted by CASH Only on November 22, 2004 Not a nightmare for the newest Mega Millions winner-reports say he chose CASH...the problem is not people who choose to take thre anuity. it's those who take the annuity, but consolidate the remaining payments to a lump sum.

Comment #49

jim695 — Sat, 27 Nov 2004 19:22:21 GMT

Hypersoniq:Excellent post!I'm happy to see that someone understands that winning a jackpot and then managing that wealth has less to do with knowing the value of a dollar than living within your means.Your two-step plan, while simple, embraces the millionaires' code of frugality; millionaires don't become millionaires by spending money. That's not meant to suggest that all wealthy people are tight-fisted, but the majority will complain about the price of almost anything they buy. Ask any waitr... [ More ]

Comment #48

CASH Only — Sat, 27 Nov 2004 16:52:10 GMT

Zzzzzzzzzzz...old news...

Comment #47

hypersoniq — Sat, 27 Nov 2004 14:41:21 GMT

It really would be simple...A. Have a plan beforehandB stick to it.That's it.Consider what it means to live within your means, then plan on extending that into retirement... doing that could set you up for life as you know it minus a job... Also consider retirement, and healthcare... I had looked into comprehensive plans that would run you 1,600 a month as a family, but would be 100%, not the 80/20 split most employers offer.Once you have been around the block, you can ask yourself how much fun... [ More ]

Comment #46

camden2004 — Tue, 23 Nov 2004 01:14:37 GMT

Well, I dunno if its a nightmare BUT If they let me win a couple of millions then I will come back on this forum in a couple of months and let you guys know how everything is going. lol

Comment #45

CASH Only — Mon, 22 Nov 2004 14:53:17 GMT

Not a nightmare for the newest Mega Millions winner-reports say he chose CASH...

Comment #44

four4me — Sun, 21 Nov 2004 01:54:14 GMT

JIm: I agree with thisDon't spend - invest.Let's look at the same scenario,Although I haven't broken it down as well as you have. I thought about this scenario on more than one occasion. And since I'm approaching my mid fifties. I opted in my mind to go the route I stated above. If it were any less than 10 million. I would possibly take 250,000 to 500,000 and make some living changes. Then invest the rest, while it matures and live off the principal. Not to difficult a task for me since I live o... [ More ]

Comment #43

Maverick — Sun, 21 Nov 2004 01:54:06 GMT

lol@clean the pool.. nah, a technical data write-up would be niceThanx

Comment #42

jim695 — Sun, 21 Nov 2004 01:49:49 GMT

Maverick:If you need some technical data written up and organized in a dry, boring but concise manner, then sure, I'll work for you. If, on the other hand, you're looking for someone to clean your pool or to give you financial advice, then I'll have to pass, since I'm not qualified for either position.

Comment #41

Maverick — Sun, 21 Nov 2004 01:40:17 GMT

jim695, can i hire you when i win a huge jackpot

Comment #40

jim695 — Sun, 21 Nov 2004 01:27:21 GMT

Four4me:I hope you will accept this in the spirit in which it's intended, and the following should not be construed as a personal attack.The scenario you've outlined for yourself is doomed to fail from the outset. Let me explain what I mean:You've won an 18 or 20 million dollar jackpot (depending on the state's tax structure), and now you have a cashier's check for 10 million and change. You've already planned to spend $2 million on houses, cars, clothes and insurance for your family, so now you... [ More ]

Comment #39

four4me — Sat, 20 Nov 2004 22:16:03 GMT

I won around 10 million clear after taxes. open eyes first please

Comment #38

DoctorEw220 — Sat, 20 Nov 2004 21:39:38 GMT

if you won $10 million,you'd spend $2 million right off the top paying the taxes.

Comment #37

four4me — Sat, 20 Nov 2004 21:17:01 GMT

I'm fairly sure if I won around 10 million clear after taxes. I would spend about 2 million right of the top. New house or houses. One on the east coast one on the west coast New furnishings for those houses. All new clothes and necessary belongings. Upgrade to new transportation. All this would come real close to 2 million. Insurance for everything including the wife and kids. Yea 2 million easily spent. Set up a real good portfolio invest in stocks and bonds. A trust for the wife and kids. Tie... [ More ]

Comment #36

Maverick — Sat, 20 Nov 2004 20:56:47 GMT

Thats true. I guess some people just dont think of protecting themselves their winnings. Well i hope we at least learn from their loss.I'll be a cheap-ass now, a cheap-ass when i win a jackpot lol

Comment #35

four4me — Sat, 20 Nov 2004 20:52:03 GMT

I don't know but when you win a lot of money on that 1 dollar purchase. It's like common since goes out the door. The high you get from winning all that money can drive people to do the strangest things. I imagine many people get very buy happy. They start buying everything they never could afford. Many people might think of buying things as an investment. Thinking that if for some reason they needed money they could sell off the stuff they bought. If you never invested in a portfolio before you... [ More ]

Comment #34

Maverick — Sat, 20 Nov 2004 20:47:34 GMT

Quote: Originally posted by DoctorEw220 on November 20, 2004new york has had 2 mega millions jackpot-winning tickets that have gone unclaimed. some people take too long, or lose the ticket.Now that is a topic even better than lottery rigging losing your winning millions. If thats not from merely losing the ticket, then i say those people are simply fools. But one should not even get close to losing a ticket as it is... NEVER NEVER NEVER.You know i wonder if maybe they figured they'd cash it in... [ More ]

Comment #33

DoctorEw220 — Sat, 20 Nov 2004 20:41:55 GMT

i've noticed that as well, with a few exceptions (phin suy- won $128 million mega millions jackpot). a lot of them choose to wait a while before claiming the ticket. also, new york has had 2 mega millions jackpot-winning tickets that have gone unclaimed. some people take too long, or lose the ticket.

Comment #32

Maverick — Sat, 20 Nov 2004 20:31:02 GMT

From what I seen in NY I notice the winners are not in a pic holding that giant check until say about 6 months after the ticket was brought in. I look at www.nylottery.org.

Comment #31

8Ball — Sat, 20 Nov 2004 14:11:04 GMT

I agree with everything I've read but what should be addressed is when most people purchase lotto tickets some use monies they cannot spare in hopes of winning the big one and become addicted to the game and lose everything even BEFORE they win! These are some of the same people who have won the lottery! I think if you purchase tickets wisely that you can manage the money wisely and have the foresight to hire the right people to insure your future.You are dicussing cases where only the ones th... [ More ]

Comment #30

tg636 — Fri, 19 Nov 2004 21:31:29 GMT

The reason they give for not giving anonymity is the public would suspect an inside job or scam in winning, which is reasonable especially in a state where gangster Whitey Bulger won the lottery. But I don't see why they have to announce the name the second the person claims the prize, except for their own selfish publicity purposes. Why not give 2 years before making the name public, and then only giving the name and location where the ticket was bought, with no current address or other infor... [ More ]

Comment #29

golotto — Fri, 19 Nov 2004 20:25:17 GMT

If more states would allow the option of total anonymity for jackpot recipients, it would give them the cushion of protection they need following the life-altering dvent. Anonymity would provide one with the time to carefully make decisions and seek prudent advice in many areas including long term finances.Since this basic privacy option is not given by most states, I agree that one who happens to match the numbers must make every effort to protect themselves with the first and most important st... [ More ]

Comment #28

urbossmanpimpin — Fri, 19 Nov 2004 14:35:57 GMT

jim695 you made some very very very good points. Thank you for your reply. I have new insight on what to do with a winfall.

Comment #27

DoctorEw220 — Fri, 19 Nov 2004 05:23:20 GMT

Quote: Originally posted by four4me on November 19, 2004 I also think when people win a lot of money they get intoxicated by it's effect on them being able to buy whatever they want and do things they only dreamed about.And some who win smaller amounts might spend it all trying to win again. Like if you win 2,000.00 on a scratch off for a buck. You might pay off a few small bills with it. More likely you'll spent twice the amount you won trying to win again. Common sense doesn't fit into the equ... [ More ]

Comment #26

four4me — Fri, 19 Nov 2004 05:07:29 GMT

I also think when people win a lot of money they get intoxicated by it's effect on them being able to buy whatever they want and do things they only dreamed about.And some who win smaller amounts might spend it all trying to win again. Like if you win 2,000.00 on a scratch off for a buck. You might pay off a few small bills with it. More likely you'll spent twice the amount you won trying to win again. Common sense doesn't fit into the equasion when the effect of winning takes over. People say w... [ More ]

Comment #25

waynr — Fri, 19 Nov 2004 03:59:34 GMT

Quote: Originally posted by twisted on November 18, 2004 Quote: Originally posted by waynr on November 18, 2004Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity. Even if there was a cure for stupidity, these people would still be too stupid too look for it. (i'm just trying to make a joke) I personally think that everyone has the ability to be smart or stupid. But sometimes, due to your mental state, you just ca... [ More ]

Comment #24

Maverick — Thu, 18 Nov 2004 21:40:40 GMT

HOLY SHYT !!! is all I can think of here! Now this is more interesting than the topic of lottery rigging lol. I can understand how this can spiral and have a certain amount of money loss, but DAMN, losing it all?! Yes my mind would be full of flowers, but whatever spending/giving I make, I would at the same time watch money coming in money coming out very carefully within my bank account... I suck at math LOL... but watch it I would!Amen

Comment #23

twisted — Thu, 18 Nov 2004 15:30:38 GMT

Quote: Originally posted by waynr on November 18, 2004Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity.Even if there was a cure for stupidity, these people would still be too stupid too look for it. (i'm just trying to make a joke) I personally think that everyone has the ability to be smart or stupid. But sometimes, due to your mental state, you just cant avoid being stupid . Right now I have exhausted my... [ More ]

Comment #22

tg636 — Thu, 18 Nov 2004 14:58:58 GMT

One way to look at it is to think of how hard it is to save money right now, as a working stiff. Open up a savings account and see how long it takes you to save $20,000. 2-4 years, maybe, if you live frugally? That's a lot of work, sacrifice, it's tough to do. Think about that when you have that check for $100,000 or whatever it is. If you have a real appreciation for how tough it is to make and save money, you'll be careful with what you have. It's not found money to be blown...it's a chan... [ More ]

Comment #21

waynr — Thu, 18 Nov 2004 14:20:29 GMT

Money money money. Decisions decisions. They made bad choices, probably out of stupidity. If only money could buy a cure for stupidity.

Comment #20

Pick 3 Fairy — Thu, 18 Nov 2004 14:20:20 GMT

I have always thought what I would do if I won. I think a lot of people assume that if they win the lottery that all their troubles are over. Not true. Winning the lottery should secure your financial future for retirement and a comfortable living. Pay a few bills and invest the rest. I know a couple that won $25,000.00 on a $2 scratch off. Within a few weeks, both were broke (from buying even more scratch offs and one was dead within 6 months. So winning is not always a good thing. If I... [ More ]

Comment #19

doubledee32 — Thu, 18 Nov 2004 13:47:36 GMT

I totally agree with the above post-These stories are about people who NEVER knew HOW to manage money in the first place. If your bad with cash from your job then you'll only get worse once you win. I already know what I'd do if I won 1. Get the money thru a lawfirm2. Make sure to setup a limited trust for myself and my brothers(2) so we can take care of our children.3. Pay off all imediate bills and go with a major accounting firm on any future taxes on the interest from my accounts.... [ More ]

Comment #18

ayenowitall — Thu, 18 Nov 2004 10:15:36 GMT

The lottery is a game of chance. It offers a chance to win a lot of money. All the rest of the things that people usually associate with winning the lottery are just hype. There are no guarantees about financial independence, fame, happiness, power, lasting material wealth, or peace of mind. Whatever any person does with his or her lottery winnings - wisely or unwisely - is entirely up to that individual.Good luck to anyone who might be lucky enough to win big,aye

Comment #17

dvdiva — Thu, 18 Nov 2004 04:50:07 GMT

I think's that if stupid people win they are still stupid.After blowing 16k I won awhile ago I can definately say that watching where your money is going is the big first step. If you can't handle a credit card and want a new car when you dont have the money then you are doomed if you win to be in poverty soon.

Comment #16

JVB1 — Thu, 18 Nov 2004 04:45:42 GMT

I am a financial advisor and the saddest thing I have ever seen was regarding a lottery winner. A bartender used to have a BUM(really a BUM) by his lottery ticket and told him that if we win I'll split it with you. He won about $2,000,000 and split it with the BUM. He go about $650,000.He comes in my office, wearing the Lottery t-shirt they gave him, ripped dirty pants, greasy hair, no teeth, and a wife to match. They smelled. The sad part is that when they recieved the money they were no l... [ More ]

Comment #15

DoctorEw220 — Thu, 18 Nov 2004 04:39:54 GMT

exactly. a lot of lottery winners are uneducated, and have not learned the value of a dollar. even the oldestm lottery winners can be darn near braindead, or will pass the money onto their braindead kids. either way, the money will be spent in a short time. unless the winner has understood the value of a dollar, they are doomed to being broke within a few years.

Comment #14

RJOh — Thu, 18 Nov 2004 02:47:29 GMT

That article proves you don't have to be smart to win a lottery, all it takes is a little luck and enough smarts to buy a ticket. Players like myself like to think if they play smart they will get lucky, but I'm beginning to think that not true either.RJOh

Comment #13

CASH Only — Wed, 17 Nov 2004 22:13:29 GMT

All (or almost all) the wins in the article were annuity-only.

Comment #12

jim695 — Wed, 17 Nov 2004 21:39:33 GMT

What most Americans don't understand is that money is not an end in itself, but a means to an end. In any capitalistic society, the amount of money a person has access to directly corresponds to the amount of freedom that person has to move about within that society. The Robber Barons of the early 20th century understood this principal, and exploited it without shame.Steal a loaf of bread to feed your children, you go to jail because you don't have enough money to pay for the bread. Steal millio... [ More ]

Comment #11

urbossmanpimpin — Wed, 17 Nov 2004 20:36:17 GMT

articles like these are mind blowing to say the least. . . . but very true. Reguardless of the winfall I cant say that I would trust alot of people with that information. I guess I am in a good position right now in my life so those things won't happen WHEN I win. I would just say that I got a good job and depending on how much money it was I could probably do it with a job.The thing about it is this.......you have to remember that not everyone is going to be happy for you when you win. Ex..... [ More ]

Comment #10

four4me — Wed, 17 Nov 2004 19:39:27 GMT

Lottery tickets should come with a disclaimer advising people to realize the consequences of the actions should they win the big one. Many people play hoping they might win and if they do sometimes they go berserk loose all track of the consequences of their actions. Some people think because they are suddenly millionaires that they will always be millionaires even if they spend like crazy. Many people who win probably feel as if they are somehow immune to problems and can buy their way out of a... [ More ]

Comment #9

twisted — Wed, 17 Nov 2004 19:10:36 GMT

Quote: Originally posted by Phokas on November 17, 2004Luck and total incompetence are the two things all these people have in common. Most lotteries advise winners to seek financial counselling from the outset. These people are ignorant and it is clear they never had any notion of financial discipline long before their wins. If they did they wouldn't have gone crazy when they were lucky enough to win. No one should have any sympathy for them. When people say money is a curse they speak only of... [ More ]

Comment #8

Jaynee — Wed, 17 Nov 2004 18:58:24 GMT

I agree that these people were probably not the most responsible BEFORE they won the money.My husband and I also have a detailed plan of what we'd do should we win - first being contact our financial advisor and create a trust and don't tell ANYONE that we won. Not a single soul.

Comment #7

DoctorEw220 — Wed, 17 Nov 2004 18:32:04 GMT

some people just let money go to their heads.

Comment #6

Pick-4_Master — Wed, 17 Nov 2004 17:54:56 GMT

Oh by the way when I got out of the Military in 1990 I had $10,000 saved that I lived off of for about 2 yrs.so if I just had $1 million dollars I could make it work for me and live off it for 5 yrs or more easily.

Comment #5

Pick-4_Master — Wed, 17 Nov 2004 17:49:54 GMT

Money does solve your problems (FINANCIAL)if it's used responsibly and properly,I've read just as many GOOD stories about lottery winners as BAD .I've always been responsible with money since being in the Military in my early 20's so a JACKPOT win would be very easy for me to handle considering that I've already made plans on how to use and manage the money.People who were never responsible with money are the cause of there problems not the money.If you gave 2 people 1 million dollars and i... [ More ]

Comment #4

fxdwg — Wed, 17 Nov 2004 17:21:25 GMT

Not being the brightest bulb in the pack. I hope should lady luck ever shine on me that I have a simple plan in place. 1 would be to contact my lawyer and financial planner ( both of whom I do know and trust) 2 I have little need for phone (other than one does need one for verification purposes) I would cancel my land-line and just go with my wireless ( only a handful of people know this number) Not being one who is wanting any media coverage I would set up a trust(things get a little fuzzy here... [ More ]

Comment #3

tg636 — Wed, 17 Nov 2004 17:18:40 GMT

Everyone should have a copy of this article so that if you do win, you can hand it out to family and friends when you say no to their requests.

Comment #2

Todd — Wed, 17 Nov 2004 17:00:03 GMT

Comment #1

Phokas — Wed, 17 Nov 2004 16:42:15 GMT

Luck and total incompetence are the two things all these people have in common. Most lotteries advise winners to seek financial counselling from the outset. These people are ignorant and it is clear they never had any notion of financial discipline long before their wins. If they did they wouldn't have gone crazy when they were lucky enough to win. No one should have any sympathy for them. When people say money is a curse they speak only of their OWN inability to handle it.

For some lottery winners jackpot is a 'nightmare'

Lottery Post — Wed, 17 Nov 2004 15:40:40 GMT

Winning the lottery turned life into a nightmareFor a lot of people, winning the lottery is the American dream. But some say the reality is more like a nightmare. Winning the lottery isn't always what it's cracked up to be, says Evelyn Adams, who won the New Jersey lottery not just once but twice (1985, 1986) to the tune of $5.4 million. Today the money is all gone and Adams lives in a trailer. I won the American dream but I lost it, too. It was a very hard fall. It's called rock bottom, says... [ More ]