Why some jackpot winners blow it

Reply #33

mylollipop — Sat, 07 Jul 2007 08:19:42 GMT

Tell your neighbor that is scrooge for the paper that you love her, but she can buy her own paper. The info is yours to keep. You are cutting out a stingy neighbors obituary. Oops, that would be cruel, but I think she'd get the message. It seems like you need to learn to say NO too. That is how I learned to say NO. Preface it with love and just say NOOOOOO

Reply #32

aftermath — Fri, 06 Jul 2007 19:42:51 GMT

If I won I would stick all the money into Real Estate(Apartments or office Buildings) and just collect the rent.

When people come running for the money I will simply tell them the honest truth what I did and that the money is all tied up.

Reply #31

mountainman — Fri, 06 Jul 2007 03:45:18 GMT

Like I said on a previous response, I am not trying to preach.

Reply #30

justxploring — Fri, 06 Jul 2007 02:03:57 GMT

If I ever want to give my opinion on the Fair Tax I will write it in my blog. However, there are many sites online that offer a lot of the reasons I would give anyway. It's not as equitable as it sounds, but this thread isn't the place for a political debate. It won't work and it will promote more corruption in this country.

Reply #29

codmander — Fri, 06 Jul 2007 01:59:06 GMT

hmm no excuse for going broke on a big jack 5% tbill rate for 6 months umm heck every 6 months you can get a killer check just on intrest lets not forget the law of large figures

Reply #28

JackpotWanna — Fri, 06 Jul 2007 01:55:43 GMT

Taxes and not saying no to handouts.

Reply #27

mountainman — Fri, 06 Jul 2007 00:51:38 GMT

I apologize, I am not trying to preach or yell. One last thought, under the current tax system most individuals are losing 50 percent or better to taxes.

Reply #26

mountainman — Fri, 06 Jul 2007 00:48:18 GMT

Have you been to the website? The Fair Tax is very fair. You only pay the 23 percent on purchases; no income tax and then tax on everything else. Notice the chart, at the end of the month most people will get a rebate of a certain percent. Right now, under the current tax system, you are being taxed on income, food, clothes, gas, etc. Payroll tax alone is almost 7 percent

Reply #25

justxploring — Thu, 05 Jul 2007 05:28:45 GMT

I agree that the tax system needs to be changed, but the so-called 23% Fair Tax is not the way to do it. It isn't fair at all. It's robbing the American people even more. It would ruin this country.

(Actually, I shouldn't complain since I never spend any money anyway.

Reply #24

mountainman — Thu, 05 Jul 2007 05:08:36 GMT

The tax system is definitely messed up when you are receiving less than 600,000 out of a million. Fairtax.org

Reply #23

mountainman — Thu, 05 Jul 2007 05:05:08 GMT

Animal Liberation and PETA were the ones that I knew from the news. My way of giving is to adopt a pet at the Humane Society or the local vets office.

Reply #22

LuckyLilly — Wed, 04 Jul 2007 19:04:51 GMT

And don't forget, many states take their share too, so ya gotta subtract that. That's almost another 8% for my state so my net is only $598k on each million.

Reply #21

hypersoniq — Wed, 04 Jul 2007 18:49:24 GMT

One step to getstarted is to figure out how much you will actually be getting.

MANY winners get burned on taxes. The bottom line right now is you owe 35% on anything you earned in excess of $311,000... The lottery withholds 25% even on millions.

Grab a calculator and...

step one... enter the jackpot amount (assume a cash game like match6) $1,000,000

step 2... multiply by 0.75, this is what you have when you get the check... $750,000

step 3... enter the jackpot again, multiply by 0... [ More ]

Reply #20

manzplan — Wed, 04 Jul 2007 05:59:39 GMT

that is sound advice..... people think they can sit back and live off from interest whilst spending and playing santa claus...... it's just not the way it is. You have to make your money work to get more if you wanna play santa claus....

If you have a small family and not give to others and live within the means of the Jackpot win you can live off the interest for the rest of your life. But only by keeping your winnings intact.

from what I have seen people posting on here.... some... [ More ]

Reply #19

manzplan — Wed, 04 Jul 2007 05:54:50 GMT

No not them. However they are classified as a terrorist organization by the FBI.

I am talking about HSUS. Who also collect funds posing as people's local Humane Societies. However they don't actaully use any of the money they collect to help animals. The use the money to do more fundraising and spread an Animal Rights and Vegan idealogy. Which I guess would be okay if they were honest to people about doing that. However they are not.

It's important that people understand that wh... [ More ]

Reply #18

hypersoniq — Wed, 04 Jul 2007 02:56:23 GMT

Jackpot winners tend to blow it because they cut off their Income Stream . Think about it... Bill Gates could have done nothing but relax after the first few hundred million.

You need to keep making money, you just have to figure out how to do it on YOUR terms. I would NOT work for someone else... but I would find a stream of income, be it investments... my own business (a skatepark with unique safety features), something.

I would save a TON of money initially by paying in full the cost

Reply #17

mountainman — Tue, 03 Jul 2007 18:43:26 GMT

Animal Liberation Army

Reply #16

SirMetro — Mon, 02 Jul 2007 17:33:27 GMT

Actually, I think the question itself is a misnomer.

Consider this, those who are hit with a financial windfall and then go thru it all. They don't blow it. They merely continue a lifestyle they are accustom to, but at a larger scale. There are those out there whose way of life is debt. They do not know how to live their life within their financial means. Be it they earn $50 K a year or a Million.

Its not a lack of knowledge, but more of a refusal to accept responsibility. How many times d... [ More ]

Reply #15

SirMetro — Mon, 02 Jul 2007 17:26:14 GMT

Slight correction:

People Eating Tasty Animals

Reply #14

manzplan — Mon, 02 Jul 2007 07:58:01 GMT

No the other one...... that is most definately not your local humane society

Reply #13

mountainman — Mon, 02 Jul 2007 07:52:26 GMT

PETA: People Eating Delicious Animals

Reply #12

mountainman — Mon, 02 Jul 2007 07:51:03 GMT

probably PETA.

Reply #11

manzplan — Mon, 02 Jul 2007 06:22:27 GMT

Thing is even on this site....... where we don't know other players personally..... if you say that you will say No to requests for money some people get really bent out of shape about that....

Call you Greedy and such......

Now if you win and say No to people you know and No to high profile charities in your community and such....... think about the pressure that will be put on you as a winner of a large jackpot.....

Personally I just luagh at people who hold this view....... [ More ]

Reply #10

Stack47 — Sun, 01 Jul 2007 22:30:18 GMT

When I worked in the casinos, we would constantly hear players telling other players, I'll get you lunch, watch this. Then they'd call the floor supervisor and ask for comps for the table.

I believe this type of person is much more likely to spend a large portion of their jackpot winnings playing the role because they will a big shot until the money is gone.

I think that some jackpot winners that blow it all or blow a lot of it do so because of other people.

When I read some of t... [ More ]

Reply #9

MIlottoplayer — Sun, 01 Jul 2007 12:50:45 GMT

Lottery winners just need to learn how to say NO . I mean I've got one sister and my parents are still alive. My wife has one brother and her mom and still alive. We would definitely give them some money. But then there's the problem of my wife's extended family. I mean seriously she's got around 15 or so aunts or uncles...can you imagine if we didn't say NO to all of them. The money would be gone in no time. So no matter what happens there will be people who will be upset at you and it... [ More ]

Reply #8

hearsetrax — Sun, 01 Jul 2007 12:02:11 GMT

Well put,manzplan.....

I know for a fact I'd have a hard time saying no to SOME friends

but as for the rest of the people sending solicitations for possibly phoney needs .... I'd use them for kindling for the fireplace and then send them all a picture of the above act with a penny with a note saying add 99 more and pray like the was @ the door and close by saying thank you for adding to the pile

Reply #7

manzplan — Sun, 01 Jul 2007 06:51:44 GMT

because some winners begin to experience Lottery Guilt. They feel guilty the got so much money quickly for some reason and try to justify that they won this over others buy helping others out. They don't want to appear as if they have changed whatever that means. This also happens to certian other types that come into quick huge sums of money..... IE Athletes, Musicians.

Peer Pressure on Lottery Winners is huge.... if you really want to understand this point then when the next lottery show... [ More ]

Reply #6

Guru101 — Sun, 01 Jul 2007 00:05:31 GMT

If I won a big jackpot, I don't think I would blow it, however, I certaintly am going to divulge a little immediately after claiming it. I'm going to take a few vacations, buy a Corvette and Lamborghini, a new house, and lots of electronics. All because I just want to know what it's like to experience the expensive life . After that I'll start my own business and invest a lot of it towards Intel, Microsoft, and other companies.

Reply #5

Coin Toss — Sat, 30 Jun 2007 22:15:01 GMT

guesser

Not near as many, if any, are going to try it when you're penniless. What's the point in that?

Find yourself in the street and see who your true friends are.

Hit the lottery and find out how many want to be your friend.

Coin Toss

Reply #4

guesser — Sat, 30 Jun 2007 20:09:50 GMT

I'm not buying it.

People that blow money because of others ? Then they were that way all along, and have nobody to blame but themselves.

Warren Buffett got rich by - using other peoples' money.

If you let people walk all over you if/when you are 'rich', then chances are you do the same when you are penniless. You may think you are meaning well, or doing well, or you feel good for doing it, but that's part of the reason you are penniless.

Reply #3

justxploring — Sat, 30 Jun 2007 15:15:51 GMT

I would definitely change some habits, but I think I'd always look for a good deal. I've seen some very wealthy people shopping in thrift stores and outlet centers. There is a big difference between being cheap and being practical.

As far as why some jackpot winners blow it is concerned, looking back on my life, I could have done a lot of things better. I also took a lot of bad professional advice that hurt me. Perhaps if I were a jackpot winner 20 years ago, I would have blown a lot of... [ More ]

Reply #2

Coin Toss — Sat, 30 Jun 2007 14:30:57 GMT

Good post, manzplan.

I remember seeing an interview with a jackpot winner that blew most of it and he kept saying, All I knew was that I had millions and could by people cars, so I just kept doing that. Then one day I realized I had millions. Meaning I had had millions, not anymore.

Reply #1

manzplan — Sat, 30 Jun 2007 08:02:49 GMT

Actually I believe that the dreaded others is one of two reasons lottery winners mess up.....

Of course you have those who spend on themselves to their downfall....

However you have those who spend on others to their downfall.

Then you have those who do both....

Sure other wealthy people have people that set about after their money. But certian types of people who come into quick money are targeted more so by people wanting to get money from them.

Some lottery winners are the... [ More ]

Why some jackpot winners blow it

Coin Toss — Sat, 30 Jun 2007 05:07:03 GMT

This is just a theory of mine, see what you think.

I'm sure everyone here has had dealings with people who are constantly trying to make themselves look good, even if it ivvolves others (who they usually give no credit to).

When I worked in the casinos, we would constantly hear players telling other players, I'll get you lunch, watch this. Then they'd call the floor supervisor and ask for comps for the table.

(Floor people learn to avoid these players and when they can't to give the... [ More ]