If you won a $100 mil MM / PB jackpot, and ended up losing it all...

Reply #45

mikeintexas — Sat, 22 Nov 2014 13:49:15 GMT

Sorry, I misunderstood.

Reply #44

savagegoose — Sat, 22 Nov 2014 07:45:14 GMT

actually i wass speaking abuot their thoughts, not mine. i have no problem waiting.

Reply #43

savagegoose — Sat, 22 Nov 2014 07:43:18 GMT

yeah i have multiple friends who have stated they want this and that if i win , from houses to sports cars. of course ive always said it depends on what i win. Im guessing if i won $10M or so im losing a few friends.

Reply #42

Teddi — Fri, 21 Nov 2014 23:26:58 GMT

So true. I completely agree. I personally think they have to be dumber than a box of rocks to lose everything.I have worked out every scenario in my head, and the only way I end up broke and homeless is if we actually had a World War Z -type event occur. Hell, I'd even have a Plan B back up funds in the event I awoke from a prolonged coma and found out that a court appointed POA had mismanaged my estate. My contingencies have contingencies.

My only vices are shoes and handbags, but I'm not a... [ More ]

Reply #41

mikeintexas — Fri, 21 Nov 2014 20:39:06 GMT

You're probably right, but I know...I KNOW...if I win, I won't be one of them. You can look at a list of those actors/celebs who lost their fortunes and the common thread is that they're dumber than a stump or got taken advantage of.

Reply #40

mikeintexas — Fri, 21 Nov 2014 20:36:01 GMT

I understood that, and that was one of the reasons I didn't reply right after you posted it. I wanted to reply, but just couldn't get into the spirit of your intention. Yes, it IS mind boggling, beyond comprehension...at least as far as I am concerned.

If I win a hundred million, there are some fairly pricey things I want - a live water ranch, a BMW and a nice, new crew cab Ford pickup. There are a few other things I'd like to have, but nothing is really all that expensive. I guess one of... [ More ]

Reply #39

LottoMetro — Fri, 21 Nov 2014 20:33:13 GMT

You're spot on and it's because those athletes actually worked for their money! They acquired it through effort even though it may have been a lucky opportunity. In contrast, people who just have money handed to them would be more inclined to blame the money itself as their life was different prior to having it, and they never worked towards having the money, so as to speak. It's like someone suddenly and magically gifted with beauty would blame the beauty and not themselves for catcalls and wha... [ More ]

Reply #38

Teddi — Fri, 21 Nov 2014 20:31:51 GMT

I say give it time. An individual winner landing hundreds of millions used to be few and far between. Now that they're occurring with increased regularity, we'll see their bankruptcy stories too. Sure they may take a longer time to blow through that amount, but I believe in history and history has precedence for this. If pro athletes and entertainers and business owners can lose it all ($100 million, $200 million even $300 million) and they had to work for that money, then there should be no rea... [ More ]

Reply #37

Teddi — Fri, 21 Nov 2014 20:05:55 GMT

Hey Savage, I actually never saw your post. I was responding to noise-gate's initial question.

I've watched ESPN's 30 for 30: Broke episode a few times. It's about professional athletes who were once multimillionaires who lost it all. The similarities between their stories and that of lottery winners who've lost it all are staggering. Most of them go from poverty to being a one percenter overnight. They usually have poor impulse control in their spending habits, people (usually family members... [ More ]

Reply #36

noise-gate — Fri, 21 Nov 2014 18:45:11 GMT

..losing $100 mil is mind boggling too be sure Mike- that is why l stated For entertainment purposes .

bTW: l had read that Jack Whittaker had lost the lion's share of his fortune, but l cannot say for certain whether that is true or not.. The old adage applies believe half of what you see and some of what you hear/ read

Reply #35

ThatScaryChick — Fri, 21 Nov 2014 18:24:37 GMT

Oh I agree. I don't believe most people who win large jackpots lose it all like he did.

Reply #34

mikeintexas — Fri, 21 Nov 2014 18:23:01 GMT

Thanks f/ that, but I bet he's the rare exception. He was one of those who spent like he had a hundred million.

Reply #33

ThatScaryChick — Fri, 21 Nov 2014 18:19:27 GMT

David Lee Edwards won 41 million on Powerball ($27 million after taxes) and he went completely broke before he passed away.

http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html

Reply #32

mikeintexas — Fri, 21 Nov 2014 18:10:39 GMT

idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable.

Maybe for you, but people who, after they depart this mortal coil, will leave loved ones behind and want to (help) provide for a better future for them would disagree.

------

Maybe I've missed it, but I don't recall ever reading about someone who won a hundred m... [ More ]

Reply #31

lejardin — Fri, 21 Nov 2014 17:06:44 GMT

Go Plenty of cash, gold, silver etc. Food saver vacuum seal cash excellent idea, next to Jimmy Hoffa, too fuuny.

Reply #30

savagegoose — Fri, 21 Nov 2014 15:54:00 GMT

Well I was being flippant. i already knew how this thread was going, and thought i would throw in a curve ball comment.

the thing about instant wealth is people rarely see it the same as earned wealth. either the instant wealth gainer or all their critics and jealous followers.

if the winner happened to have had a life of welfare , drugs and crime,. it is not like they're ever going to have had to delay satisfaction , saving for a goal or working towards it. and a win sets off in their hea... [ More ]

Reply #29

Teddi — Fri, 21 Nov 2014 06:13:08 GMT

You know something, I will never understand anyone who views winning millions a curse, even if they lose it all. It seems to me the lottery is the only windfall described as a curse. I've never heard anyone who had a huge salary but lost their jobs, describe their employment as a curse. Even athletes and Hollywood stars who've gone bankrupt have never said it was a curse. Which entrepreneur whose startup ended up netting them millions or billions have ever said it was a curse? Mark Cuban, Jeff B... [ More ]

Reply #28

Teddi — Fri, 21 Nov 2014 05:51:40 GMT

This was an excellent thread.

Personally, all I can say is that it would be IMPOSSIBLE for me to lose that amount of money. Right hand to God, it would be literally not figuratively, impossible. And not because I'd never by anything expensive. I personally don't see the point in playing for big bucks and then not going for my dream house, dream car and dream vacation spots.

But I'm cautious, analytical and always have a contingency plan. If the very first purchase I have to make is a Food... [ More ]

Reply #27

Goteki54 — Fri, 21 Nov 2014 05:28:29 GMT

Since I would have taken the annuity, I wouldn't have lost it thus I would be just fine.

Reply #26

jjtheprince — Fri, 21 Nov 2014 03:57:16 GMT

Just couldn't do it! Lol

I'm just that frugal. OK, how about a $500,000 house, that's as high as I'd be willing to go. Is that better?

Any more than that the government will leave me broke

Reply #25

noise-gate — Thu, 20 Nov 2014 20:08:33 GMT

...with Doc Dre- that's way too frugal. Just in case you were not made aware of it, there was a $200 mil lottery winner awhile back whose only purchase l believe was a fleet of bycles - no kidding. I think he opened up a bycle shop and that was it...

Far be it for me to tell people how to spend their lottery winnings, but let's be realistic, you have to step out of your bubble..Prince

Reply #24

lejardin — Thu, 20 Nov 2014 16:52:25 GMT

I agree. I would consider a $300,000 house as long as it had the land and location with it. Then renovate and go off the grid, install solar, etc as much as possible.

Its hard to think of losing that kind of money, however, it is also shocking how fast life can throw you a curve.

Certainly wouldnt mind trying to manage a win like that.

Reply #23

Drenick1 — Thu, 20 Nov 2014 15:42:31 GMT

Having $100 million after taxes and only buying a $300,000 house is a bit frugal. That is the equivalent of someone having $100,000 in savings and buying a $300 house.

With that kind of money, you really have to put everything in perspective.

Reply #22

jjtheprince — Thu, 20 Nov 2014 14:24:41 GMT

Even if you win $100 million after taxes it's still best to live a middle class lifestyle.

I'd spend no more than $300,000 on a house maybe buy a decent pre owned $30,000 car. Those would be my only big purchases.

Reply #21

Drenick1 — Wed, 19 Nov 2014 20:07:48 GMT

My husband and I are too conservative with our spending habits to blow through $30M, $50M or even $100 million. Even though I went to college, I have elected to be a stay at home mom who occasionally helps out her husband at his doctors office.

Anyone who loses that amount of money will always resort to blaming it as a curse and wishing they never won in the first place.

Basic financial skills are a pre-requisite when attempting to absorb the intricacies that a huge windfall brings.

Reply #20

savagegoose — Wed, 19 Nov 2014 15:33:13 GMT

i would call winning lotto a curse! ja a curse. because if i had never won i would never ever feel as terribly much like the miserable failure at a being human than i feel now.... a curse

Reply #19

mikeintexas — Wed, 19 Nov 2014 15:28:44 GMT

Sorry, Floyd, I credited Stack when it was you who educated me on the gift tax exemption. Mea Culpa

I also agree with you about the 30 million bucks. You could spend 5 million and unless you lived on Park Avenue or in Beverly Hills, you could live very comfortably off even the small interest paid on 25 million...at least I could.

Reply #18

KY Floyd — Wed, 19 Nov 2014 07:50:44 GMT

Really, each state should require any large JP winner to take some sort of financial educational/literacy course

Are you suggesting that the state spend taxpayer money to help out people who are millionaires, or do you think the state should be telling people what to spend their money on? Anyone who wants to educate themselves is free to do so. If not, life is tougher when you're stupid, but it's a free world.

I'm a firm believer in learning from one's mistakes, but even more of a fan of... [ More ]

Reply #17

mikeintexas — Tue, 18 Nov 2014 21:02:16 GMT

man much = mean much

Reply #16

mikeintexas — Tue, 18 Nov 2014 20:38:21 GMT

I hear ya. I honestly doubt I'd buy an entire bottle of champagne just to drink on my own. I might even buy a bottle of Andre for $7 tops, but I'd probably settle for a diet D.P. I was just trying to point out how foreign I find the idea of blowing through such a large amt. of money.

I just can't see blowing a hundred million. The only way I could lose that all would be to trust a shady financial adviser and I will go mainstream on that, use the firm that has my IRA plus the stocks I inher... [ More ]

Reply #15

mikeintexas — Tue, 18 Nov 2014 20:28:15 GMT

No, I don't, but I believe there's an accountant in here, don't remember her (think it was a female) name. Stack is pretty sharp on those financial things, he's lined me out on a couple of things, particularly about the gift tax exemption. My advice would be to research it as much as you can, even now before winning the lottery...doesn't cost anything and it's always cool to gain knowledge, right?

Personally, IF I ever win, I'm getting as much help with it as I can. (Thanks to CDana, I kno... [ More ]

Reply #14

haymaker — Tue, 18 Nov 2014 20:15:02 GMT

Mikeintexas,

My budget is very simalar to yours, albeit not so detailed LOL

Most definitely would lock up a big %

Not sure how to celebrate it, cause I don't drink champy, cept a sip or two for a wedding toast.

Maybe I'd have to see their beerlist LOL

Reply #13

music* — Tue, 18 Nov 2014 18:55:19 GMT

HI Mike in Texas, Great to read your advice. I now have an investment question. Do you know anything about indexes or index funds ? I just watched the CEO of Calstrs , a $185 billion retirement fund for California teachers, and other State employees. He is 60% invested in Indexes. Like the S P 500 index. The Dow index ?

I will google this question. Thanks for the help music

Reply #12

mikeintexas — Tue, 18 Nov 2014 17:46:13 GMT

Really, each state should require any large JP winner to take some sort of financial educational/literacy course just for their own good.

Not a bad idea, but I dislike the require part. Should offer would be better, IMHO.

I was reading in here when this was first posted and started to reply right away, but changed my mind. It's the If you...ended up losing it all that I just can't wrap my head around. I'm a firm believer in learning from one's mistakes, but even more of a fan of lear... [ More ]

Reply #11

jjtheprince — Tue, 18 Nov 2014 03:25:31 GMT

Well to me it wouldn't be a curse because we have the free will to choose how to spend, invest, and who to trust with our investments. It would be my own dumb fault if I squandered it all.

I'd certainly give advice to other winners so they could avoid the same, but it would pretty much be nothing we already haven't heard from others who have lost it all.

Really, each state should require any large JP winner to take some sort of financial educational/literacy course just for their own good.... [ More ]

Reply #10

WesternRedDoug — Mon, 17 Nov 2014 21:36:25 GMT

I'm in my early 40's and I always thought how amazing it would be to help friends...not make them millionaires or anything, but clear everyone's existing mortgages and debts. Give some flexibility for jobs and keep more salaries. The problem comes in where I would draw draw the line: 4 families, 5 families, 8, 10...? Throw on gift taxes and... Boom!

Gone.

so if that were to happen to me, I don't think I could face the music. That'd be embarrassing.

Reply #9

LottoMetro — Mon, 17 Nov 2014 18:20:40 GMT

Well, in that case, if I lost it all I would write a memoir, How I Won $100 Million and Lost It All, which undoubtedly would make me rich again. It would tell my tale and rationalize why I am not unintelligent and how I came out better because of it. I say this tongue-in-check, because a big winner (loser) would never truly admit the reality that they feel stupid about losing it all and that they know they blew an opportunity to better themselves and their future.

Reply #8

noise-gate — Mon, 17 Nov 2014 18:15:41 GMT

with you - however in keeping with the topic at hand the forum we find ourselves in, this question is a valid one LM. Is it possible for one to lose that kind of money, absolutely, bad investments, bad decisions, greedy family members, lawsuits etc.. The list goes on and on.

I did mention for entertainment purposes only .. Therein lies the rub.

Reply #7

Shelby Mustang — Mon, 17 Nov 2014 17:18:39 GMT

I wish i could play along but I cannot even force myself to even think I could lose that kind of money...but now if you want to add in charitable donations, and just paying people's mortgages, light bills, buying groceries and such now maybe half of it but certainly not all of it

Reply #6

LottoMetro — Mon, 17 Nov 2014 17:12:27 GMT

Look at it another way. You just lost the love of your life. Do you...

Label it a curse on your part ? Grant an interview to enlighten the hopeless romantics on what to do/not to do? Or be happy that you're right back where you started and accept that life really does go on (easy-come/easy-go philosophy)?

As you can see, this can apply to other concepts besides vast wealth (or even love). What attitude/perspective you approach it from depends on how much weight you put on the outcome... [ More ]

Reply #5

RedStang — Mon, 17 Nov 2014 16:01:11 GMT

Not sure what's worse. Claiming it and losing it all or just not claiming it.

Reply #4

haymaker — Mon, 17 Nov 2014 14:19:48 GMT

The other day I spilled something on the kitchen counter and said What a dumbass

My wife said you called yourself a dumbass ?

Well yea, I criticize myself even tougher than I do others.

So I know I would'nt call it a curse, but I certainly would be curseing at myself harshly and not trying to soften it by saying

Oh I'm happier now w/out the money

Reply #3

helpmewin — Mon, 17 Nov 2014 13:12:41 GMT

The blame game i would blame the investors and move on, Let it snow

Reply #2

HenryPatt — Mon, 17 Nov 2014 07:43:45 GMT

After consuming large amounts of alcohol I would probably stick to the easy comes easy go philosophy

Reply #1

noise-gate — Mon, 17 Nov 2014 03:25:48 GMT

I generally don't lol at my own posts, but it's beginning to look like a hilarious fact when NO-ONE wants to post an answer to this topic for fear of coming off as the dunderhead who lost $100 mil ..

Okay- I feel your pain guys gals

If you won a $100 mil MM / PB jackpot, and ended up losing it all...

noise-gate — Sun, 16 Nov 2014 22:57:30 GMT

For: Entertainment Purposes only...* l would like to think that we have a savvy thinking bunch here from time to time..

However...

..Would you label it a curse on your part.?

..Grant an interview to enlighten the wannabe winners on what to do/not to do?

..Be happy that you right back where you started ... the easy come easy go philosophy?

** Have a Great coming week stay Healthy People.