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continuation of winning the lottery topic

Topic closed. 15 replies. Last post 12 years ago by Tang.

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Elizabeth03's avatar - cat anm.gif
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Posted: May 22, 2005, 10:57 pm - IP Logged

Continuation of  question?

If you didn't feel you could trust your friends or family right away, with your jackpot win. Would you hold off on telling anyone?

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
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    Posted: May 23, 2005, 8:19 am - IP Logged

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      FLORIDA
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      Posted: May 23, 2005, 6:23 pm - IP Logged



      Continuation of  question?

      If you didn't feel you could trust your friends or family right away, with your jackpot win. Would you hold off on telling anyone?





      My answer depends on the size of the jackpot. If it’s huge then my immediate family receives a certain amount of money in some form of trust paying in annuity form for say 30 years. It probably wouldn’t be enough to retire with but it would allow them to further ones education and assist in bill paying (mortgage, etc). Some of my friends would receive the same offer. This would be a non-negotiable deal. If they found it not to their satisfaction then they could decline a guaranteed income supplement that would have lasted 30 years. Other friends would probably get an occasional meal paid for etc. All of this would of course be handled through a legal firm.

       As for people wanting to use my cash to live their dreams it is only going to happen IF you can do it with what you get in that once a year check. If I lose someone that I consider a friend or a family member because I wouldn’t give them $1,000,000.00 to open a restaurant then I’ll always feel bad that they didn’t appreciate me and what I tried to give them.

      If it’s a small win then everyone will have the facts laid out to them that it’s a small jackpot and I’m not in Donald Trump’s league. For my family I’d offer to pay half on tuition. That is as long as I approved of the purpose classes being taken. Sorry to offend but I’m not spending money to have someone take painting classes in Paris. My friends would have to be happy to get an occasional meal out without having to pick up their check.

      However much I win it has to last me till I’m dead however long or short a time that would be in the future. I’m not going broke trying to make the world happy.

        RJOh's avatar - chipmunk
        mid-Ohio
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        Posted: May 23, 2005, 7:25 pm - IP Logged

        I have never felt it was the responsibility of friends and family to support each other financially regardless of the amount of money they have.  If doing something for a stranger, friends or family made me feel good and I could afford it then I did it, if not I didn't.  I've never won a lottery jackpot and yet every week I get calls from someone I've never met asking for money to make theirs or someone else's dream come true and I tell most of them I'm not interested and if I ever won a lottery jackpot I would hire someone to tell them the same thing.  I'm ready to be a lottery jackpot winner.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          danisiri's avatar - Avatar all_for_Jesus.jpg

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          Posted: May 23, 2005, 9:20 pm - IP Logged

          I have considered the family and friends issue too.  I like the idea of setting up an annuity so that people have a constant flow of money, the only caveat is that people usually want control of "their" money.  Plus, if you are managing the annuity for them, you are probably under legal liability for the money. 

          I had also thought of giving family members a flat sum in proportion to the jackpot.  That way they can do whatever they want with the money.  But once they know you won and even though you tell them that is all they get, you probably will still be hit up with business propositions and "loan" requests.

          Of course if the jackpot is small (<$50 million - relatively speaking, this is small to me), then I probably will not tell anyone that I won and only help people out when they truly needed it and I could afford it.  I already have a plan in place for any money I win, and I require a certain amount to achieve the goals.

          Now, all I need to do is win!

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            New Member
            Chicago, IL
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            Posted: May 24, 2005, 5:00 am - IP Logged

            I've decided if I win the lottery, Im not giving too much of anything to anybody. My money is suppose to last me for my lifetime and support my family.  I will help folks out with their education if I see fit.  I had thought about giving money to people, but my friends are bad in handling money. I would hate to give someone $100,000 and watch them waste it on bling bling. I decided if someone is gonna get a large lump sum from me, they will be required to take a money management course before they are granted the money.

            But I'm with deadsantaclaus.. friends better be happy to get a free meal. I may give each of my friends a trip. But other than that, Im not givin out money like im Oprah.

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              FLORIDA
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              Posted: May 24, 2005, 8:40 am - IP Logged



              I have considered the family and friends issue too.  I like the idea of setting up an annuity so that people have a constant flow of money, the only caveat is that people usually want control of "their" money.  Plus, if you are managing the annuity for them, you are probably under legal liability for the money. 

              I had also thought of giving family members a flat sum in proportion to the jackpot.  That way they can do whatever they want with the money.  But once they know you won and even though you tell them that is all they get, you probably will still be hit up with business propositions and "loan" requests.

              Of course if the jackpot is small (<$50 million - relatively speaking, this is small to me), then I probably will not tell anyone that I won and only help people out when they truly needed it and I could afford it.  I already have a plan in place for any money I win, and I require a certain amount to achieve the goals.

              Now, all I need to do is win!





              Remember I’ve given them an option to handle their money if they want. Take the guaranteed checks for 30 years or just walk away and be ungrateful. After they take the offer of money in annuity payment form they do have an option of selling their annuity payments if they want. They would negotiate with some firm that buys annuities and they can receive a lump sum. Granted it would be for a lesser amount then the payments over time. That is their problem though to deal with not mine.

              If they end up blowing it and have nothing left in either the short term or distant future then that’s also not my problem. I’ve tried to provide a semi-safe way to supplement a few close friends and family members (say 5 people) incomes and their lives. I would be able to face the rest of my life knowing I’d tried to do what I thought was the right thing for a select few.

               

              If for some reason someone gets stupid with their money or their life the gift is in form of a trust. If they get sued for whatever reason the only money that they could have taken away would be from their annuity trust. Money that I’ve already given away and hold no option over.  My money is separate from this trust and legally not available to them or those that would take legal action against them in the future.

                danisiri's avatar - Avatar all_for_Jesus.jpg

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                Posted: May 24, 2005, 8:57 pm - IP Logged






                I have considered the family and friends issue too.  I like the idea of setting up an annuity so that people have a constant flow of money, the only caveat is that people usually want control of "their" money.  Plus, if you are managing the annuity for them, you are probably under legal liability for the money. 

                I had also thought of giving family members a flat sum in proportion to the jackpot.  That way they can do whatever they want with the money.  But once they know you won and even though you tell them that is all they get, you probably will still be hit up with business propositions and "loan" requests.

                Of course if the jackpot is small (<$50 million - relatively speaking, this is small to me), then I probably will not tell anyone that I won and only help people out when they truly needed it and I could afford it.  I already have a plan in place for any money I win, and I require a certain amount to achieve the goals.

                Now, all I need to do is win!





                Remember I’ve given them an option to handle their money if they want. Take the guaranteed checks for 30 years or just walk away and be ungrateful. After they take the offer of money in annuity payment form they do have an option of selling their annuity payments if they want. They would negotiate with some firm that buys annuities and they can receive a lump sum. Granted it would be for a lesser amount then the payments over time. That is their problem though to deal with not mine.

                If they end up blowing it and have nothing left in either the short term or distant future then that’s also not my problem. I’ve tried to provide a semi-safe way to supplement a few close friends and family members (say 5 people) incomes and their lives. I would be able to face the rest of my life knowing I’d tried to do what I thought was the right thing for a select few.

                 

                If for some reason someone gets stupid with their money or their life the gift is in form of a trust. If they get sued for whatever reason the only money that they could have taken away would be from their annuity trust. Money that I’ve already given away and hold no option over.  My money is separate from this trust and legally not available to them or those that would take legal action against them in the future.



                Ahh.  I see what you are saying.  As for the suing, I was thinking if they (your family and/or friends) turned around and sued you for a specific amount claiming that it was promised to them.  Money does crazy things to people.  When my grandfather died, I watched as distrust, anger, and envy arose amongst his children and sixth wife in dividing his estate, as meager as it was. 

                If I do an annuity, I would probably tell the person, "You can have this lump sum of money.  I greatly recommend an annuity or some type of fixed income investment - bonds, etc.  But you are free to do what you want with it."  Perhaps, I would make the amount variable - where an annuity would be a larger amount while the lump sum would be significantly smaller in order to avoid some people's tendency to overspend or waste money.

                But, I have to win first.  Once I get to that point and depending on the amount, I will decide what I will do and will likely employ the advice of a professional financial advisor to see what the best options are for myself and those to whom I wish to give.  No use spending too much time researching into these things when I can spend my time doing more valuable things!

                 

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                  ILlinois
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                  Posted: May 25, 2005, 12:06 am - IP Logged

                  I have "had" (haven't seen him in  a long time)a friend that won 3.5 Mil about 18 years ago. He gave each of his five brothers and one sister $25.000 each with the ubderstanding that that's all they're going to get .

                  They were all mad at him and the last that I heard were not talking to him anymore.

                  AND, he was the nicest guy you could know.

                  Money does crazy things to people.

                  I think it was nice of him to give the $25,000 each !

                  What do you think?

                  Lottoways

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                    Posted: May 25, 2005, 12:17 am - IP Logged



                    I have "had" (haven't seen him in  a long time)a friend that won 3.5 Mil about 18 years ago. He gave each of his five brothers and one sister $25.000 each with the ubderstanding that that's all they're going to get .

                    They were all mad at him and the last that I heard were not talking to him anymore.

                    AND, he was the nicest guy you could know.

                    Money does crazy things to people.

                    I think it was nice of him to give the $25,000 each !

                    What do you think?



                    very generous - he didn't have to give them anything.

                    love to nibble those micey feet.

                     

                                                 

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                      FLORIDA
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                      Posted: May 25, 2005, 8:35 am - IP Logged



                      I have "had" (haven't seen him in  a long time)a friend that won 3.5 Mil about 18 years ago. He gave each of his five brothers and one sister $25.000 each with the ubderstanding that that's all they're going to get .

                      They were all mad at him and the last that I heard were not talking to him anymore.

                      AND, he was the nicest guy you could know.

                      Money does crazy things to people.

                      I think it was nice of him to give the $25,000 each !

                      What do you think?



                      I agree with you it was a wonderful thing that he did for them. As I said previously if my loved ones have issues with my wind fall then I wish them well. I’d never turn my back on them I am just not going to give away my life savings so they can cruise and make me go back to work

                      If they chose to go the cold shoulder route that’s fine I’ll still be on the other end of the phone line. I’ll just be enjoying my life much as I do now just with a little more time for me and less time spent earning a wage to survive.

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                        Posted: May 25, 2005, 12:01 pm - IP Logged

                        My family would get a helping hand from me if I had won a large jackpot but it would be on my terms and really small.  I have been playing the lottery and going to the casinos for years and whether I win or lose it is no ones business but mine.  I look at it as my entertainment money but they don't.  They constantly remind me if I had never began to play all these years what I could have or bought with the money.  They tell me to my face you are going to lose stop playing but I don't listen.  Frankly it makes me pissed off that they can't accept that I like to gamble.  So they will be getting each 5 dollars all of them my entire family and they are going to hear this:                                      "go win your own money because my name is on this check and you are not getting jack now can you diggit sucka!!!!!!!!!!!!!!!" 

                          rabbitfoot's avatar - 8ball

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                          Posted: May 25, 2005, 5:53 pm - IP Logged

                          I honesty don't think you could keep it a secret. But, in my case, I would give equal splits to everyone in my immediate family.

                          I play to dream and dream of winning a major jackpot!

                            danisiri's avatar - Avatar all_for_Jesus.jpg

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                            Posted: May 26, 2005, 2:25 am - IP Logged



                            I honesty don't think you could keep it a secret. But, in my case, I would give equal splits to everyone in my immediate family.



                            Indeed, my immediate family would be taken care of as well - likely since they live with me! 

                            But, as for my aunts, uncles, and cousins, we will have to see.  As I said in an earlier post, it all depends on the amount I win.  Really massive and the wealth will spread farther.  Small and I will try to keep it secret as much as possible.  Fortunately, I am in a profession that people may not be too suspicious if I build a big house or buy an expensive car - though they may wonder why suddenly now since I am known to be quite frugal.

                            Of course, 'tis all hypothetical, I need to win first!

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                              Posted: June 3, 2005, 10:10 am - IP Logged

                              I would tell my mom, sister and brother for sure.  Aside of that, there would be no need for me to tell anyone else.  I would inform my mom not to say anything to anyone else, and the same to my sister and brother.  I'm not trying to take care of my whole family, so cousins, aunts, uncles etc. will end up having to keep their jobs.