Do you see yourself broke in 10 years should you win a jackpot worth $40 million?

Reply #42

OldSchoolPa — Fri, 13 Sep 2013 12:53:47 GMT

No I would not be broke. If I won the lottery, I would seek to double my money in 10 years. My focus would be on businesses and investing in what makes dollars and sense. I do not understand hedges and options, so I would not put a single red cent in such until I schooled myself on the in's and out's of these investments. And even then, I would tread cautiously. I would likely not grant any special interview because I would merely be following Biblical investing principles (for those who have at... [ More ]

Reply #41

helpmewin — Thu, 12 Sep 2013 20:36:38 GMT

Reply #40

helpmewin — Thu, 12 Sep 2013 20:36:02 GMT

i like that annuity idea

Reply #39

helpmewin — Thu, 12 Sep 2013 20:34:54 GMT

i like the idea of having homes in a few different states and car staying there, you might need the car.

40 Million is a lot of money

Reply #38

dager — Thu, 12 Sep 2013 20:27:49 GMT

How would I end up broke? Even after I win the jackpot I have no plans to quit my job.

Reply #37

schmuckatelly — Sun, 08 Sep 2013 10:51:31 GMT

If I let my wife have it all, then yes.

Reply #36

mypiemaster — Sun, 08 Sep 2013 07:55:30 GMT

He who dies with the most toys WINS

Reply #35

mypiemaster — Sun, 08 Sep 2013 07:49:56 GMT

That all depends on if it is CA$H or annuity.

Reply #34

stunna6036 — Sun, 08 Sep 2013 01:18:05 GMT

Lol.......if I didnt take the annuity its very possible I could go broke in ten years.......at the very least I will be able to say I had a lot of fun though..........MY FRIENDS CALL ME THE BLACK CHARLIE SHEEN......hahaha

Reply #33

noise-gate — Sun, 08 Sep 2013 00:01:11 GMT

Far be it for me to think for others- but perhaps there are those who Know their spending habits and do not feel inclined to admit that there is a possibility however remote that they could end up exactly where they were before they won the lottery. As RJOH would name it the not broke zone . Hows that for originality

Reply #32

lejardin — Sat, 07 Sep 2013 23:09:09 GMT

I agree with everything you said 100%. Maybe cash withdrawal as a reserve because I would never trust our corrupt administration. Live off interest and go all cash, no credit cards, no debt, no mortgage. Help family, friends and church with the same.

Reply #31

lele100 — Sat, 07 Sep 2013 22:44:00 GMT

No way. I've known what hard times are like and crave the simple things in life ie.., strawberry ice cream sundae with a cherry on top kinda makes my day. I would probably have anxiety attacks on purchases over $100 due to the thought of ever revisiting those days.

Reply #30

Artist77 — Sat, 07 Sep 2013 22:27:40 GMT

ohhhhh I forgot that.....Good idea! You can be my first guest.

Reply #29

dallascowboyfan — Sat, 07 Sep 2013 22:24:14 GMT

Lol don't forget your own talk show

Reply #28

Artist77 — Sat, 07 Sep 2013 22:15:02 GMT

I plan to blow the $40 million in one year, eat bon-bons and crepes and weigh 1200 lbs. The I will get my own reality tv series, lose the weight and write a NY Times best seller on how I lost the weight and will make the $40 million back. I hope you all will contribute to my support when I am low on funds.

Reply #27

mikeintexas — Sat, 07 Sep 2013 21:40:29 GMT

Yes, I knew that. Not married, don't have any kids. I have some kinfolk I'd give money to, others I wouldn't. I have some friends I'd give money to, also. I'd offer to put my younger kinfolk through college - that's tax-free, as long as the money is given directly to the school. I'd also pay for any dental or other medical for my relatives, that's tax-free, too.

Reply #26

noise-gate — Sat, 07 Sep 2013 21:18:21 GMT

Like my Dad used to say Its not what you make, or win: Its what you Keep.

Lots of sound advice from all. My thinking is this, if one did win $40 mil and one does have some weird spending habits at present, take ( $25-$30 mil) and put it away in low risk investments, Mutual funds,Govt Bonds etc and watch it grow. With $10- $15 mil, one could live comfortably off the interest and that also allows one to have a house and prob 2 cars.

The idea that one has to own 5 houses and 10 cars is ridic... [ More ]

Reply #25

Nydebbie — Sat, 07 Sep 2013 21:00:56 GMT

I would say no, because I saw how hard my father work . My mother died when I was a kid and he never remarry raise me by not giving me not giving me what all my friends were getting at the time. Yes, I do like good things because I did 't have them growing up , but I do know not to get stupid.

Reply #24

EdG1955 — Sat, 07 Sep 2013 20:55:59 GMT

mikeintexas - The current gift allowance without tax is $14,000 per person per year. If you're married, you and your wife could each give $14,000, for a total of $28,000 per recipient. If the recipient is married and/or has kids and you gave the max to each, it quickly adds up and you could give the family of each relative a goodly amount of cash without tax consequences to you or them.

Reply #23

Jill34786 — Sat, 07 Sep 2013 19:41:53 GMT

ttech10- you bring up a valid point on whether or not the $40 million is an annuity or take home amount. Chances are the OP is referring to a PB $40 million annuity jackpot and if the cash option it chosen would end up netting the winner roughly $12-13 million after all Federal and state taxes are factored in.

I feel the majority of LP members are well grounded and will do just fine even with the smaller net figure.

On the other hand, I find it hard to believe that anyone would stick with

Reply #22

savagegoose — Sat, 07 Sep 2013 19:10:00 GMT

i can see myself broke after 10 years of playing lotto. ok 10 more years. ive aready done a 20 year stretch of not winning any jackpot.

Reply #21

mikeintexas — Sat, 07 Sep 2013 19:00:44 GMT

I couldn't see it, at least not for me. I don't do drugs, seldom drink and don't have any desire for a mansion or loads of adult toys. I'm sure I'd spend a fair amount on the things I've always wanted and couldn't afford, but even spending a quarter of the jackpot I bet I could live off the interest from the rest.

My math might be wrong, but to blow through 40 million in ten years would require spending nearly $11,000/day and that's not considering interest on what you're not spending...un... [ More ]

Reply #20

noise-gate — Sat, 07 Sep 2013 16:49:35 GMT

Good point Greg- the more things you have the more things you worry about.

Which reminds me of something l once read- the late Steve Jobs had an annual salary of $1.00- apart from his investment stock in the company. I believe Oracle's owner gets a buck a year as well. What we already know is that these guys are Billionaires nonetheless.

Reply #19

noise-gate — Sat, 07 Sep 2013 16:41:04 GMT

Sage advice there Ridge- always laced with humor to boot.

Reply #18

Elizabeth03 — Sat, 07 Sep 2013 16:28:52 GMT

I am in Canada and hope that I would have common sense with a jackpot,

I would buy what I want or need within reason..

And I would buy 1 or 2 houses; and travel to all the places that I have wanted to go, and help people and animal's along the way..

Reply #17

noise-gate — Sat, 07 Sep 2013 16:23:44 GMT

As always- Keen insight CT...what's wrong with Jeans T-shirts, that's a major part of my weekend wardrobe. .

Reply #16

noise-gate — Sat, 07 Sep 2013 16:21:02 GMT

Savvy response LM- l agree.

Reply #15

noise-gate — Sat, 07 Sep 2013 16:19:16 GMT

Well if you know you will be okay- that's Great Bud.

Reply #14

RJOh — Sat, 07 Sep 2013 14:09:16 GMT

People who can afford to play the lotteries don't consider themselves broke and they probably will never be worst off even if they win a jackpot and foolishly lose it all. Just because a lottery winner is no longer rich and ends up back where he started doesn't mean he's broke.

Reply #13

Slick Nick — Sat, 07 Sep 2013 14:06:12 GMT

No! I would definitely do and have more things, but I would always caution myself.

Reply #12

ttech10 — Sat, 07 Sep 2013 13:40:06 GMT

I'm not sure if your $40 millions is the advertised annuity amount or take home, but I expect to have at least some of my winnings until I'm about to die of old age. I think I could have $5 million right now and make it last until then.

In 10 years, I couldn't imagine getting close to spending everything unless I won well under $1 million. And even then I think I would just budget better.

Past the bills for the typical items/services, I really don't spend much money as it is now. Main... [ More ]

Reply #11

billionaire2bee — Sat, 07 Sep 2013 11:11:20 GMT

LOL Do you think anyone is going to say yes?? Like somebody will get on here and say I can't keep $10 in my pocket now, I'd hate to see what I'd do with a million much less 10....As to the major financial collapse...I don't really know how you could avoid it unless you vested a chuck of change in precious metals and actually took delivery on them...at least I hope cause that's my plan now LOL

Reply #10

EdG1955 — Sat, 07 Sep 2013 04:14:43 GMT

Anyone who sees themselves broke in 10 years would be best off taking the annuity option. Thirty years of graduated payments exceeding a million bucks will support a pretty good lifestyle for those 3 decades.

Reply #9

MADDOG10 — Sat, 07 Sep 2013 01:34:58 GMT

I'd say NO. I've always been somewhat frugal, and have never forgotten where I came from.

Reply #8

Greg2117 — Sat, 07 Sep 2013 01:15:35 GMT

Me too. My home is pretty empty cause I hardly buy anything. Bascially a couch and a TV and that's it. I'm not cheap it's just that I don't really care for material objects. But I have an okay job.

Reply #7

rdgrnr — Sat, 07 Sep 2013 00:55:53 GMT

You never know what life holds in store for you.

Personally, I'm fairly easy to please, I don't ask for much, nothing upsets me too much.

And if in 10 years after winning I were to be found lying in the gutter in a pool of vomit, my only hope would be that it was my own and not someone else's.

Cuz that would be lame.

Reply #6

Pita Maha — Sat, 07 Sep 2013 00:16:40 GMT

No, I do not see myself being broke in 10 years after winning $40 million. I'd be the type of person being accused of being stingy or cheap but I wouldn't care. I'd view it more accurately as being sensible and wise with money. It makes me cringe to hear of big jackpot winners bragging about all the money they're splashing about and all the overpriced useless crap they're accumulating, only to end up broke ... well, duh! $40million is more than enough for me to live the rest of my life very comf... [ More ]

Reply #5

dallascowboyfan — Sat, 07 Sep 2013 00:15:07 GMT

Nope.

Reply #4

Coin Toss — Sat, 07 Sep 2013 00:04:05 GMT

I'll say no, mainly because I'm not into mansions, upscale cars, and bling.

I am into grunge but then one of my definitions of self realization (Maslow) is when your closet only has blue jeans and tee shirts.

Reply #3

LottoMetro — Fri, 06 Sep 2013 23:53:07 GMT

I think if you're bad at budgeting then it's possible you would go broke in 10 years. Those who already handle their finances wisely won't have a problem.

I am a pretty thrifty fellow; I majored in business and economics in college and when I make a financial decision (other than playing the lottery ) I usually choose the most mathematically optimal option. For example I saved $300-500 dollars a year just by selecting an electricity provider different than the major one. I used to drive luxur... [ More ]

Reply #2

Toronto — Fri, 06 Sep 2013 23:49:48 GMT

If this was a challenge, I'd accept it. Cocaine and whores

Reply #1

haymaker — Fri, 06 Sep 2013 23:35:10 GMT

No, I think I'll be OK, I Remember when I got my current Job, it more than doubled what I was making over the old one.

My oldest sister said oh, let the partying begin but I said no, I'm not gonna do that, and I maintained the the same lifestyle,

except that I worked as much overtime as they would allow.

w/in 18 months I bought 2 trucks (used) tools and equipment for a side business, and a house.

Do you see yourself broke in 10 years should you win a jackpot worth $40 million?

noise-gate — Fri, 06 Sep 2013 22:56:20 GMT

Since only you know your present spending habits, do you foresee a spent bank or close enough or do you think the only way that would happen is if there is a major financial collapse with you being a casualty of it?

* Have a Great Weekend People.