Successful Winners

Reply #25

Tialuvslotto — Sat, 14 Nov 2015 13:27:38 GMT

Usually flat tax proposals do away with all deductions. Typically there is a income floor, below which you pay no tax, or a much reduced rate and then everyone else pays the flat tax. You, Cynthia Stafford, Warren Buffet, everyone. There is a whole raft of economic studies that are devoted to calculting the rate that would be revenue neutral. Flat Tax

Tax return is one piece of paper: How much income did you have? If your income is above floor amount, calculate flat tax payable = income X 20

Reply #24

Teddi — Sat, 14 Nov 2015 01:39:50 GMT

The whole hobby vs business thing is just a way to make sure people don't use businesses as a front to get around gift laws. All those who've been busted have been those who clearly weren't running a business and clearly using their businesses to circumvent tax laws. Ridiculous they didn't think a part-time receptionist making 6 figures + an expense account, company car and full benefits would raise red flags.

And actually, no. You don't have to make a profit, you just have to make sure you l... [ More ]

Reply #23

Stack47 — Fri, 13 Nov 2015 21:04:08 GMT

The other night one of the presidential candidates purposed a 20% flat tax for everyone, but didn't go into details like will tax payers still get deductions for dependants. Nothing new, candidates from both parties have purposed getting rid of the IRS since the 1916 election.

Reply #22

music* — Thu, 12 Nov 2015 14:15:00 GMT

Let us vote for the Fair tax or the Flat tax and get rid of the IRS. Thanks mikeintexas.

Reply #21

mikeintexas — Thu, 12 Nov 2015 03:39:24 GMT

After I posted that, I had a nagging suspicion that some of my advice might not be correct, and it wasn't. You CAN deduct losses for 3 of 5 years, but you can also have your business classified by the IRS as a hobby , which would disqualify you from many of the regular business deductions. They can also use other criteria in classifying it that way and they DO expect you to make a profit. That said, even a small amount of profit could satisfy that requirement, I reckon. Still, it would be pruden... [ More ]

Reply #20

Stack47 — Thu, 12 Nov 2015 02:53:09 GMT

How much of the winnings they have after a few years really depends on the individual and how they decide to spend, save, invest, etc. their windfall. Being a successful lottery winner is very subjective because priorities are so different.

Jack Whittaker who is probably considered one of the most unsuccessful jackpot winners donated millions to several churches and other charities and probably considerably more than some successful winners won total.

Reply #19

mikeintexas — Wed, 11 Nov 2015 23:12:07 GMT

^ This. Especially this: If money affords you the freedom to do whatever you want, why not actually do whatever you want?

I can think of all sorts of businesses that a winner could start that wouldn't be much of a hassle; it just depends upon what type of business you want to have. Of course, it should be something they enjoyed doing; for example, if someone loved to cook, then they could open up a small diner or restaurant. Yes, that could be a headache if you HAD to make money, but there... [ More ]

Reply #18

Teddi — Wed, 11 Nov 2015 01:21:13 GMT

Isn't that the beauty of being human? Diversity? We don't all like or want the same things. One winner is content to stay in a motel room with his horde of cats, another prefers a sprawling mansion in a gated community. Each considers their own to be the better choice.

Warren Buffett is 85 years old and worth over $60 Billion. Why is he still working? Why is Oprah still going into an office each day? Why is Butch Stewart building more Sandals hotels instead of lazing on the beach? None of the... [ More ]

Reply #17

travelintrucker — Tue, 10 Nov 2015 04:32:28 GMT

I'm on my way to Tennessee and I went through Dalton, GA. I was thinking, I wonder how Ed Nabors is doing.

Reply #16

music* — Mon, 09 Nov 2015 17:52:15 GMT

with savagegoose. The older I get the less I am inclined to start a business or invest in the Stock market. So your wise advice is taken, Stay in your budget.

May I suggest CDARS.com and ICS which is Insured Cash Sweep .com. ICS is at the bottom of the first page for CDARS.com.

Reply #15

savagegoose — Sat, 07 Nov 2015 12:31:53 GMT

I would say; all the ones we never heard from again. Are the successes. When you have it made, jis it really your life long dream to put all of you into making a business work? Taxes, redtape shoddy contractors, compliance, new tax rules, compensation claims. you could be fishing on your modestly sized yacht, or cruising the alps in your sports car, or laying on a pristine beach looking at blue sky and blue seas and white sands. what ever,,, just staying in your budget.

business schimsines... [ More ]

Reply #14

yupyup79 — Sat, 07 Nov 2015 04:41:25 GMT

What ever happened to Christopher Shaw in Missouri? Havent heard a thing since he won.

Reply #13

Teddi — Sat, 07 Nov 2015 00:51:24 GMT

The problem is that you're thinking about it from the point of view of someone struggling to make a success of their business because they have loans hanging over their heads, a mortgage or lease that must be paid regardless of sales or lack thereof, and possibly even investors breathing down their necks.

Instead, you should be thinking of it as a person getting the opportunity to do what they always wanted to do but never having the funds to do it. Winning a jackpot is about having opportun... [ More ]

Reply #12

ArizonaDream — Sat, 07 Nov 2015 00:28:55 GMT

I'd call someone sucessful if they invested sensibly and lived off the interest.

Or even just managed their spending so the money lasts the rest of their life.

Those are the ones who never make the news.

Reply #11

SergeM — Fri, 06 Nov 2015 20:45:42 GMT

I thought that he ran one or more gyms. The trainer told me many years ago, that someone did his best to win the lottery. Money can make money. You won't get rich easily by buying stocks for 100 USD. It is easier to loose money.

Reply #10

Redd55 — Thu, 05 Nov 2015 20:30:18 GMT

Winning a jackpot should reduce stress, not increase it. Running a business is very stressful. Better to invest in the market and small ventures run by other people and in something that you know about. You are still contributing to the creation of jobs and hopefully see a monetary return but without the headaches or a financial drain. Running yourself ragged because you always wanted to have your own [fill in the blank] is dumb.

Reply #9

Stack47 — Thu, 05 Nov 2015 04:52:19 GMT

Reply #8

Teddi — Thu, 05 Nov 2015 01:30:02 GMT

The irony of this question is that most successful winners are successful because they keep a low profile. We don't really know how they spend or invest their winnings, but I count it a success that they're not in the news, since that means they are NOT being sued, or being killed, or committing suicide, or filing for bankruptcy. No news is good news in lottery world.

I think the only three winners we can say with an over 90% certainty who have parlayed their winnings into successful bu... [ More ]

Reply #7

dr65 — Wed, 04 Nov 2015 20:45:01 GMT

Sad but true. It's hard for some people to be genuine with other's good fortune when it

comes to lots of money. Family isn't too good at handling it either.

Funny how a 'that's too bad' comment sounds a lot more genuine when misfortune hits but

an 'I'm so happy for you' when great things happen sounds empty and meaningless.

I've been on the receiving end of both.

Some people are awful.

Reply #6

MaximumMillions — Wed, 04 Nov 2015 17:21:53 GMT

Nobody wants to read about people who live happily ever after in real life. People want the disaster movie.

They want to see people who had a chance and squandered it all so they can feel superior.

Like the Fisherman's fable

http://www.pitt.edu/~dash/grimm019.html

Reply #5

noise-gate — Wed, 04 Nov 2015 05:00:16 GMT

Mr Duke will always have money, why? Because his into bicycles, not motorcycles, bicyles. He bought a bunch of them and ended up opened up a bike shop if l am not mistaken. I read where his charitable donations were something like $2-4 mil in the years since he won a jackpot of $200 mil and that was about 10 plus years ago .However it's his money and he can do whatever he wants with it.

Reply #4

Elizabeth03 — Wed, 04 Nov 2015 04:47:16 GMT

Alot of successful winner's, out there- hopefully they don't over spend, and hold onto their wealth

Reply #3

music* — Tue, 03 Nov 2015 21:44:06 GMT

Use the search box here at Lottery Post. It is located at the top right of this page.

You will read about the Arizona couple who won big and took the twenty-year annuity. They got the last check this year or last year. They are Don Shirley Pence, $102 million 17 years later. May 23,2012

You need to hunt for stories of successful winners. They can be found in the U.S. and the U.K. here at Lottery Post.

Reply #2

RJOh — Tue, 03 Nov 2015 17:41:18 GMT

He owned a business when he won his jackpot and he was immediately worth half of it plus what he already owned which should have been at least that much. I imagine with the expense of living day to day and not decreasing his worth is hard enough let alone trying to become a billionaire.

Reply #1

SoleWinner21 — Tue, 03 Nov 2015 15:57:25 GMT

Yeah, Brad Duke. $220 million win . I read somewhere his net worth is just over $120 million or something from investments. His goal was to reach a billion but I doubt that will happen.

Successful Winners

TooTallLuke — Tue, 03 Nov 2015 15:12:52 GMT

We've all heard stories of lottery winners who've blown it all and lost everything, but what about the ones who have taken their lottery win and turned it into a bigger win? Do you know of any