if you won the Big One- how would you prevent yourself from ending up penniless?

Reply #38

New York — Fri, 31 May 2013 05:50:04 GMT

Open up an all you can eat Spanish/Chinese buffet.

Keep the money flowing in one way or another. Or maybe move somewhere whereupon money is worth more. :D

I don't wanna get married though. I hear they get to keep half.

Reply #37

LottoBoner — Fri, 31 May 2013 05:34:55 GMT

Maybe she came with a price because she was a california elegant angel

Reply #36

LottoBoner — Fri, 31 May 2013 05:31:00 GMT

el gordo fantastico

Reply #35

LottoBoner — Fri, 31 May 2013 05:27:28 GMT

I would invest in a penny making factory where I would charge two cents for every one cent coin made.

I would be IN THE MONEY

Reply #34

savagegoose — Fri, 31 May 2013 04:59:26 GMT

easy, id say to loved one who won multi millions, give me a million, when you are peniless ill give you a job,.... @ my subway franchise, el gordo up there now works at.

Reply #33

savagegoose — Fri, 31 May 2013 04:57:46 GMT

el gordo

Reply #32

savagegoose — Fri, 31 May 2013 04:47:38 GMT

vote for ron paul

Reply #31

redhot7 — Fri, 31 May 2013 04:45:31 GMT

Six Tips on How to Avoid Squandering a Financial Windfall

How to Establish Financial Boundaries With Relatives and Friends

Reply #30

Ronnie316 — Thu, 30 May 2013 15:49:19 GMT

Try some laddered bonds

Reply #29

dager — Thu, 30 May 2013 14:30:25 GMT

There is a firm down here that I have used for a long time ran buy a guy I know personally, and have full trust in, and he was offering a plan with 5% (guaranteed) annual for 10 years, but it locks the money up that period as well, and I doubt he can offer that to new clients at thsi point in the US economy.

Reply #28

Ronnie316 — Thu, 30 May 2013 14:22:24 GMT

I will give a house and car to everyone I know from my past. How many do you think will end up hating me

Reply #27

jjtheprince — Thu, 30 May 2013 14:17:11 GMT

Very true, it's really all about the income you can create with it without even having to touch or dip into your pinciple. I would almost consider $60,000,000 rich if someone could earn 10% per year on that kind of investment. 10% would net you $500,000/month before taxes which is really enough money to do a lot with. You wouldn't need to work, could take vacations anywhere, and could purchase most anything (within reason). Problem is that it's pretty much impossible to earn 10% on anything nowa... [ More ]

Reply #26

dager — Thu, 30 May 2013 14:09:38 GMT

I completely agree with that sentament about $10,000,000 vs $250,000,000.

In my opinion you only truly reach millionaire status if you have a continuing income. A one time lotto win doesn't cut it.

So you won $60,000,000? So what? Create residual income with it, and then you'll be a true millionaire.

Reply #25

jjtheprince — Thu, 30 May 2013 14:03:38 GMT

Just live a normal middle class lifestyle, that what I would do.

Even if I won a $50,000,000+ JP after taxes, I would still only buy a car that cost no more than about $35,000, or a home that costs no more than about $300,000. I have no need for Ferraris or a home on Fisher Island in Miami. That kind of stuff really is for BILLIONAIRES, not mere millionaires.

The problem is that people think that anything over about $10,000,000 is rich. It's not, it's upper middle class. I don't consider a... [ More ]

Reply #24

Straight — Thu, 30 May 2013 13:48:17 GMT

I never won

Reply #23

dager — Thu, 30 May 2013 13:47:18 GMT

The local news here asked a similar question recently.

It's always interesting how many people win who have no idea how to manage money. The first thing I would do is contact a close friend who runs an investment firm, and has a background in law to find out what the taxes were going to be, and what I can donate right off the bat to minimize taxes I have to pay, and possibly get a return. From what I understand (at least in my state) there is a certain amount of gambeling proceeds a person ca... [ More ]

Reply #22

joshuacloak — Wed, 29 May 2013 09:56:34 GMT

u sir win right thinkin award!

even mega rich who get richer ever year live by that rule

yes the filthy RICH spend millions folks, but they have millions more coming in then going out via investments

lottery winners who go broke/poorer ever year

#1 Don't invest will

#2 always spend more then they have coming in

i think they should limit spending to 4% of total wealth per year, if your muti-millioner that is

how u would go broke then i love to see!

to show u the math... [ More ]

Reply #21

noise-gate — Wed, 29 May 2013 04:33:03 GMT

l recall reading about Edwards blowing $200,000 in a week or two with his wife or gf in Vegas right after he won- his attorney who got him the advance said l knew right there and then Here was someone who would have a hard time handling Money ...

In response to Coin Toss's post...

How about by avoiding the things that other winners who have gone broke have done?

An immediate trip to Vegas? Vegas offers very few payouts that can compare with a lottery win. Unless one is a compl... [ More ]

Reply #20

redhot7 — Wed, 29 May 2013 03:33:29 GMT

By learning how to say the simplest word in the English language.

The word: NO

Reply #19

PlayToWin47 — Wed, 29 May 2013 01:25:49 GMT

I've always been able to manage my money and live within my means, even when friends and family around me didn't. Since I don't have any desire to be extravagant and wasteful, I think I would be just fine.

I would give myself a weekly or monthly allowance, similar to my paycheck now ... maybe give myself a raise if I won enough. For the most part, the only difference would be that the money would be coming from some sort of interest bearing account instead of from a job.

Reply #18

billionaire2bee — Wed, 29 May 2013 01:22:29 GMT

Hmmm look at people like Billy Bob Harrell, Jack Whittaker, David Lee Edwards, and of course Victoria Zell....and I'd do the opposite of what they done...or better yet dont do anything near the type of things they did

Reply #17

mk123 — Wed, 29 May 2013 00:59:12 GMT

Very Simple - STOP playing lottery...

Reply #16

KY Floyd — Wed, 29 May 2013 00:37:59 GMT

I'd only have half as many swords in my collection as David Edwards.

Reply #15

jackpotismine — Wed, 29 May 2013 00:26:55 GMT

Simple. Live as if you're still poor. That way you won't overspend.

Reply #14

RJOh — Wed, 29 May 2013 00:25:59 GMT

What measures would you take to prevent this happening to you your loved ones ?

None, if my loves ones are so lazy that they are depending on me for not ending up a statistic then they got a problem that's not my problem.

Reply #13

yoho — Wed, 29 May 2013 00:19:40 GMT

you could be a billionaire who doesn't have pennies (thus is penniless).

That's why my method is best; save a penny somewhere and forget about it.

Reply #12

onlymoney — Wed, 29 May 2013 00:17:06 GMT

I thought I already explained how.. Simple, spend less than you earn or have.

Reply #11

JonnyBgood07 — Tue, 28 May 2013 23:41:34 GMT

if you won the Big One- how would you prevent yourself from ending up penniless?

...it's simple really.

Don't take up a newfound crack or heroine addiction.LOL

Reply #10

onlymoney — Tue, 28 May 2013 23:26:33 GMT

Simple, spend less than you earn or have.

Reply #9

Artist77 — Tue, 28 May 2013 23:22:33 GMT

I would eat and eat and eat till I could not move so I could not get out of my bed to spend money. Then I would get my own TV reality show called the Obese Lottery Winner.

Reply #8

dallascowboyfan — Tue, 28 May 2013 23:08:33 GMT

Saying NO

Reply #7

Coin Toss — Tue, 28 May 2013 21:34:10 GMT

noise-gate,

How about by avoiding the things that other winners who have gone broke have done?

An immediate trip to Vegas? Vegas offers very few payouts that can compare with a lottery win. Unless one is a complete attention monger and wants to play hi-roller, which is still reidiculous.

Taking an entourage with you is even more ridiculous.

Nobody needs a fleet of cars or multiple mansions.

Nobody needs to walk around with more bling than most people are worth.

Etc...etc...ad n... [ More ]

Reply #6

CARBOB — Tue, 28 May 2013 21:05:15 GMT

When I lived in Modesto, there was a very young man,who won the California lottery. I don't recall the total amount he received, but it was a sizeable amount. He should have been able to enjoy his life, if he didn't act stupid. Which is exactly what he did. He was broke in about 5 years. I read about in the local newspaper. I also played poker with a man, in Livermore, who won the lottery. He took annual payments. I'm guessing his age, at that time, to be around thirty. He told me he would recei... [ More ]

Reply #5

yoho — Tue, 28 May 2013 20:58:29 GMT

I'd put a penny in a jar, and forget about it.

Reply #4

BuyLow — Tue, 28 May 2013 20:55:41 GMT

My written plan includes spending a small defined portion of my winnings on me things houses, cars, etc...upfront. The remaining monies would be invested and I would live very well off of the income and/or interest generated. I will never frivoulsly spend a large portion of my winnings, never. And I have no problem saying NO, to anyone.

Reply #3

noise-gate — Tue, 28 May 2013 20:36:16 GMT

WB- the ex is a reminder of a friend of mine who married his HS sweetheart Twice, she cleaned out his savings and 401k in the process. It was painful yet he says She came with a price ..nowadays he laughs at it.

Now you know. .

Reply #2

whiteballz — Tue, 28 May 2013 19:32:59 GMT

how about your old ex

your topics are great.

I like the one you started asking people if they would be afraid about their ex coming after them https://www.lotterypost.com/thread/260947

I think someone needs to tell their ex to take a hike.

Reply #1

Stack47 — Tue, 28 May 2013 19:27:45 GMT

With zero interest on any of the winnings, the last big jackpot winner could spend about $13,000 every day for the next 60 years to spend all of it. Are there multi-million jackpot winners who are now penniless or did they just blow the majority of their winnings in ways you find unsatisfactory

if you won the Big One- how would you prevent yourself from ending up penniless?

noise-gate — Tue, 28 May 2013 19:09:17 GMT

News stories abound of poor unfortunate souls who won millions only to end up a statistic. What measures would you take to prevent this happening to you your loved ones ?

Do you see yourself creating friendships with people who come out of the woodwork, how about your old ex flame from high school, looking out for your best interests- must count for something. .right