Welcome Guest
Log In | Register )
You last visited December 7, 2016, 11:24 am
All times shown are
Eastern Time (GMT-5:00)

Nasty stat, this

Topic closed. 19 replies. Last post 11 years ago by Coin Toss.

Page 1 of 2
PrintE-mailLink
Coin Toss's avatar - shape barbed.jpg
Zeta Reticuli Star System
United States
Member #30470
January 17, 2006
10351 Posts
Offline
Posted: January 17, 2006, 3:42 pm - IP Logged

In his book The Five Lessons A millionaire Taught Me, Richard Paul Evans wrote that a study showed over 80% of lottery winners are bankrupt within five years.

Crazy

    KyMystikal's avatar - 1457224010054
    Florence, Alabama
    United States
    Member #8658
    November 13, 2004
    1993 Posts
    Offline
    Posted: January 17, 2006, 3:45 pm - IP Logged

    I believe him!!!

    I love doubles and remember, it's just a game!!!!!!

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
      Member #30470
      January 17, 2006
      10351 Posts
      Offline
      Posted: January 17, 2006, 3:50 pm - IP Logged

      Wonder why that is?

      What? 


        United States
        Member #17555
        June 22, 2005
        5582 Posts
        Offline
        Posted: January 17, 2006, 3:57 pm - IP Logged

        This is only indicative of the essence of what mankind is. In a fast paced, super-size it society, helping every poor soul that knocks on your door, without money management will lead to a self destructive state and deplete the money and soul.

        If I had a choice, I'd rather never win the jackpot if I knew ahead of time that at the end I would lose it all. To me that feeling would be ten times worse than winning it in the first place. What you don't know, don't hurt you.

          Zoozie's avatar - back
          South Fort Myers
          United States
          Member #26835
          November 23, 2005
          454 Posts
          Offline
          Posted: January 17, 2006, 3:59 pm - IP Logged

          It's true. Majority of the lottery winners are low-middle class and do not know how to manage large amounts of money like that.  Normally they go beyond broke and end up worse off that before they win the lottery.

          So many people think they will be happy when they win the lottery or fall into a large amount (inheritance, etc.)... those people do not change.  Happiness comes from within, not from an amount of money.  Sure they stress of paying your bills is eliminated, but you have a ton more stress due to the amount of money you must deal with now.

          One of the bad mistakes is trying to hand out money to everyone around them and buy,buy,buy,buy like that money is going to be there forever.  If I won the powerball today, you can bet I would be leaving the state as soon as possible and move far away.  Stick the money in the bank and live off the interest for at least a year - give me time to wrap my head around it all.  Yes, I would set up TRUST FUNDS for my nieces and my own children - not to be touched until they are at least 25 or older (or for college).

          I would then start putting the interest into a charity organization that I would create during my year of "hiding"... its a tax write-off for one - and the other is you MUST give back in order to reap the rewards!

          A 20,000 foot mansion is not on my agenda.  Living comfortably the rest of my life is.  Having the freedom to sleep in, pay bills on time, read books, travel, walk on the beach, watch the sunset drinking coffee.  Then watch out - 'cause after that year, I will probably develop more businesses to generate bigger tax write-offs and continue to grow that money.  Who in the world needs a million dollar painting hanging on their wall?  Geeeeeeze

           

          Zoozie  Dance

           

          "Whatever the mind can conceive and believe, it can achieve"
          Napoleon Hill


            United States
            Member #17555
            June 22, 2005
            5582 Posts
            Offline
            Posted: January 17, 2006, 4:06 pm - IP Logged

            You're right Zoozie, A 20,000 foot house wouldn't be on my agend either.

            More like a 100,000 foot HOUSE. LOL

            The paintings, Hummers and diamond rings are all just showing status, nothing more nothing less. It's to show the person's societal level of achievement. There are numerous examples of that in the animal kingdom. What dominating male will impress the female, either with the most colorful plumes of feathers, or a perfect symmetry of a nest.

              truecritic's avatar - PirateTreasure
              Michigan
              United States
              Member #22395
              September 24, 2005
              1583 Posts
              Offline
              Posted: January 17, 2006, 4:17 pm - IP Logged

              Zoozie

              That is how some of the lottery winners went broke...by starting businesses that failed. Be careful, when you win it!

                Zoozie's avatar - back
                South Fort Myers
                United States
                Member #26835
                November 23, 2005
                454 Posts
                Offline
                Posted: January 17, 2006, 4:23 pm - IP Logged

                LOL truecritic - you said it exactly "WHEN" I win it, not if.  I already have a mind set of winning, just don't know when it will happen.  As far as businesses go, we own various businesses in our family and I own some personally - none of us have went bankrupt as of yet.  But we are also very tight with our money (or conservative).  Sure you can lose a ton of money when you start a business, but if you have the knowledge before hand... the statistics go way down on failing.

                Zoozie  Dance

                 

                "Whatever the mind can conceive and believe, it can achieve"
                Napoleon Hill

                  tntea's avatar - Lottery-059.jpg

                  United States
                  Member #5344
                  June 30, 2004
                  23641 Posts
                  Offline
                  Posted: January 17, 2006, 4:28 pm - IP Logged

                  I would continuing living where I am  and driving what I drive..

                  I see that winning the jackpot would make a huge difference.

                   

                  I personally know a man who is a small business owner , who is barely getting by each month with his business, who once was a millionaire.  He downsized completely because of some trouble with the IRS.. however, he has said many of times, that happiness is only a state of mind, he doesn't remember being any happier when he was going to Vega, traveling around the world, than he is right now watching his business sail forward.

                   

                  So with that in mind, I dont money will really make a person happy.

                       OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                    KyMystikal's avatar - 1457224010054
                    Florence, Alabama
                    United States
                    Member #8658
                    November 13, 2004
                    1993 Posts
                    Offline
                    Posted: January 17, 2006, 4:33 pm - IP Logged

                    I'm going to get a double wide on 26" spinners and have hydraulics on it. I'm going to have the fattest trailer in the park. lmao

                    ROFL

                    I love doubles and remember, it's just a game!!!!!!

                      Coin Toss's avatar - shape barbed.jpg
                      Zeta Reticuli Star System
                      United States
                      Member #30470
                      January 17, 2006
                      10351 Posts
                      Offline
                      Posted: January 17, 2006, 5:50 pm - IP Logged

                      The Missouri lottery website has some great information on it under "If you win".

                       

                        konane's avatar - wallace
                        Atlanta, GA
                        United States
                        Member #1265
                        March 13, 2003
                        3333 Posts
                        Offline
                        Posted: January 17, 2006, 5:55 pm - IP Logged

                        I'm going to get a double wide on 26" spinners and have hydraulics on it. I'm going to have the fattest trailer in the park. lmao

                        ROFL

                            I Agree!        Green laugh  Green laugh Green laugh 

                        Good luck to everyone!

                          johnph77's avatar - avatar
                          CA
                          United States
                          Member #2987
                          December 10, 2003
                          832 Posts
                          Offline
                          Posted: January 18, 2006, 4:13 am - IP Logged

                          In his book The Five Lessons A millionaire Taught Me, Richard Paul Evans wrote that a study showed over 80% of lottery winners are bankrupt within five years.

                          Crazy

                          Something left out here. Minimum amount won? Jackpots vary in size. And few lottery winners win jackpots, therefore the amount won isn't about to make one rich in the first place.

                          If you're talking a minimum of a million dollars, look at it this way - a nice house in a reasonable middle-class neighborhood can't be had in most areas for less than $100K, and some places where real estate prices are vastly inflated can run five times that and more. new furnishings naturally go with that. And, of course, one or more new cars.

                          Point here is they might be financially broke without money in the bank, but they're probably a lot better off estate-wise than they were before they won.....

                          gl

                          j 

                          Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

                          Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

                           =^.^=

                            Coin Toss's avatar - shape barbed.jpg
                            Zeta Reticuli Star System
                            United States
                            Member #30470
                            January 17, 2006
                            10351 Posts
                            Offline
                            Posted: January 18, 2006, 10:30 am - IP Logged

                            He was talking about multi-millions I think, like the powerball guy in West Virigina.

                             
                            And no, not better off than before winning, but bankruot.  

                              Avatar
                              BILOXI, MISSISSIPPI
                              United States
                              Member #19651
                              August 3, 2005
                              621 Posts
                              Offline
                              Posted: January 18, 2006, 10:41 am - IP Logged

                              a better question is winners below 10 million can end up 0    it would be harder with more then 10 million